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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.

Latest Updates

Weekly Editorial

Welcome to Firstlinks Edition 639

Thank you for the hundreds of responses to our Reader Survey and to maximise the sample size, we’re leaving it open until this Sunday. Here is an overview of the results so far.

  • 27 November 2025
  • 1
Investment strategies

Where to hide in the ‘everything bubble’

It might not be quite an ‘everything bubble’ but there’s froth in many assets, not just US stocks, right now. It might be time to stress test your portfolio and consider assets that could offer you shelter if trouble is coming.

Investment strategies

The ultimate investing hack: dividend growth stocks

Investors often fall prey to ‘amygdala hijacks,’ letting emotion trump reason. By focusing on dividend-growth with stocks instead of volatile prices, you can steady your mindset and let compounding do the work. 

Investment strategies

CBA or global banks?

CBA’s recent pullback highlights single-stock risk. Global banks trade at lower P/Es with rising earnings and dividends, offering investors both income potential and long-term value beyond the local market.

Investment strategies

Global dividends rising, but Australia lags

Global dividend growth surged in the third quarter, with median growth of almost 6%. Australia was a notable exception as dividends fell, thanks to flagging mining company payouts.

Economy

I called inflation's rise and fall and here's what's next

In 2020, I warned that surging US money supply growth would spark inflation. By early 2023, I said US money supply was dropping dramatically and that meant inflation would decline. Here's what happens next.

Superannuation

Are excessive super funds giving Australia “Dutch Disease”?

The irony is profound: a system designed to secure Australians’ futures may be systematically dismantling the economic diversity necessary for long-term prosperity.

Investment strategies

Could your children pass the inheritance ‘stress test’?

You devote years of your life working, saving and investing, striving to build a legacy that will outlive you. Before any wealth moves to the next generation, here are six questions every parent should ask themselves.

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