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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

Interviews

AFIC on the speculative ASX boom, opportunities, and LIC discounts

In an interview with Firstlinks, CEO Mark Freeman discusses how speculative ASX stocks have crushed blue chips this year, companies he likes now, and why he’s confident AFIC’s NTA discount will close.

Investment strategies

Solving the Australian equities conundrum

The ASX's performance this year has again highlighted a persistent riddle facing investors – how to approach an index reliant on a few sectors and handful of stocks. Here are some ideas on how to build a durable portfolio.

Retirement

Regulators warn super funds to lift retirement focus

Despite three years under the retirement income covenant, regulators warn a growing gap between leading and lagging super funds, driven by poor member insights and patchy outcomes measurement.

Shares

Australian equities: a tale of two markets

The ASX seems a market split in two: between the haves and have nots; or those with growth and momentum and those without. In this environment, opportunity favours those willing to look beyond the obvious.

Investment strategies

Dotcom on steroids Part II

OpenAI’s business model isn't sustainable in the long run. If markets catch on, the company could face higher borrowing costs, or worse, and that would have major spillover effects.

Investment strategies

AI’s debt binge draws European telco parallels

‘Hyperscalers’ including Google, Meta and Microsoft are fuelling an unprecedented surge in equity and debt issuance to bankroll massive AI-driven capital expenditure. History shows this isn't without risk.

Investment strategies

Leveraged single stock ETFs don't work as advertised

Leveraged ETFs seek to deliver some multiple of an underlying index or reference asset’s return over a day. Yet, they aren’t even delivering the target return on an average day as they’re meant to do.

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