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First Sentier Investors

M&A has come out to play

Mergers and acquisitions activity within the global listed infrastructure asset class has been strong in 2025 and looks set to continue. Transactions have been driven by industry consolidation, private market acquisitions of public market assets and low‑cost funding opportunities for listed companies.

An integrative approach to responsible investment

A holistic way of thinking that addresses multiple impacts across multiple environmental, social and governance (ESG) measures can lead to better long‑term financial and sustainability outcomes, across more measures, than more traditional frameworks.

Infrastructure: Has Net Zero gone nuclear?

Over the last decade the electricity sector has been at the forefront of decarbonisation, ahead of transport, industry and agriculture. We estimate that the rollout of renewable energy has enabled ~80% of the net zero pathway for utilities to be understood and in progress.

Infrastructure positioned to outperform in 2024

Infrastructure assets are expected to see earnings growth in 2024 and beyond, aided by structural growth drivers, especially utilities which are benefiting from energy transition.

Investors can assess nature now

Investors need well-functioning economies and societies to create stable markets. Given our economies are dependent on nature and we cannot get to net zero without nature, it is in investors’ interests to limit nature loss and protect the ecosystems.

Our take on AI (American Infrastructure)

First Sentier's global infrastructure team recently spent a couple of weeks in the US and Canada, meeting with management teams from the railroads, utilities and energy midstream sectors, as well as with regulators. This paper details their findings.

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Investment strategies

Warren Buffett's final lesson

I’ve long seen Buffett as a flawed genius: a great investor though a man with shortcomings. With his final letter to Berkshire shareholders, I reflect on how my views of Buffett have changed and the legacy he leaves.

Property

The housing market is heading into choppy waters

With rates on hold and housing demand strong, lenders are pushing boundaries. As risky products return, borrowers should be cautious and not let clever marketing cloud their judgment.

Investment strategies

Dumb money triumphant

One sign of today's speculative market froth is that retail investors are winning, and winning big. It bears remarkable similarities to 1929 and 1999, and this story may not have a happy ending either.

Retirement

Can the sequence of investment returns ruin retirement?

Retirement outcomes aren’t just about average returns. The sequence of returns, good or bad, can dramatically shape how long super lasts. Understanding sequencing risk is key to managing longevity risk.

Strategy

How AI is changing search and what it means for Google

The use of generative AI in search is on the rise and has profound implications for search engines like Google, as well as for companies that rely on clicks to make sales.

Survey: Getting to know you, and your thoughts on Firstlinks

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Investment strategies

A framework for understanding the AI investment boom

Technological leaps - from air travel to computing - has enriched society but squeezed margins. As AI accelerates, investors must separate progress from profitability to avoid repeating past mistakes.

Economy

The mystery behind modern spending choices

Today’s consumers are walking contradictions - craving simplicity in an age of abundance, privacy in a public world. These tensions tell a bigger story about what people truly value and why.

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