Top 10 First Sentier Holdings: Largest Stocks and Portfolio Analysis

The top 10 First Sentier holdings in its Global Listed Infrastructure Fund were led by NextEra Energy, Duke Energy, and Union Pacific as of June 30, 2026. This guide examines portfolio weights, investment strategies, and concentration risks for retail investors, financial advisers, and prospective investors evaluating the fund's exposure and potential long-term performance.

Key Takeaways

• NextEra Energy was the largest reported holding at 5.4%, followed by Duke Energy at 5.2%.

• The ten largest holdings represented 41.8% of fund assets as of June 30, 2026.

• Electric utilities accounted for 26.4% of portfolio exposure, while rail transportation represented 14.5%.

• First Sentier Group operates distinct affiliate investment teams with discrete investment autonomy and specialist expertise.

• Portfolio allocations and past performance are not reliable indicators of future performance.

Top 10 First Sentier Holdings in 2026

First Sentier Investors is a global asset management organisation operating through specialist investment teams across multiple asset classes.

Because the organisation manages several actively managed funds, there is no single publicly disclosed top-ten ranking representing all investments across First Sentier Group.

The following table presents the ten largest positions in the First Sentier Global Listed Infrastructure Fund, using the June 30, 2026, quarterly investment reporting data.

Source: First Sentier Global Listed Infrastructure Fund, June 30, 2026, quarterly holdings data.

These ten positions represented approximately 41.8% of the portfolio. The remaining 58.2% was distributed across other investments and cash.

The figures apply to this particular infrastructure fund, not First Sentier Group's consolidated assets or investments held by the wider Mitsubishi UFJ Financial Group.

What Is First Sentier Group?

First Sentier Group is a global financial asset management organisation headquartered in Barangaroo, Sydney, Australia, with operations across Australia, New Zealand (NZ), Asia, Europe, and the Americas.

The business originated in Australia in 1988. Mitsubishi UFJ Trust and Banking Corporation acquired it from Commonwealth Bank of Australia on August 2, 2019.

Mitsubishi UFJ Trust and Banking is a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), a major Japanese global financial group.

First Sentier Group operates as a standalone investment management business within the MUFG Group.

Previously known as Colonial First State Global Asset Management and First State Investments, the organisation adopted the First Sentier Investors name in 2020. First Sentier Group became its overarching multi-affiliate brand in 2025.

The organisation's corporate information describes its investment capabilities and international operations.

First Sentier Investment Strategies and Affiliate Teams

First Sentier Group follows an active specialist manager investing model, supporting distinct affiliate investment teams with different investment philosophies and research processes.

Its active managers combine deep knowledge, focused expertise, and independent analysis to identify quality investments that others might overlook.

Investment teams operate with discrete investment autonomy, rather than following a single asset allocation strategy across the group.

Its specialist managers include:

The First Sentier Group affiliate investment teams operate under a structure designed to balance investment independence with shared organisational resources.

AlbaCore Capital Group, for example, focuses on alternative credit opportunities, including private capital solutions, structured products, and opportunistic credit.

These distinct teams give institutional and retail clients access to different investment approaches. Their objectives include applying research expertise to pursue meaningful outcomes and long-term investment success, although results are never guaranteed.

What Do First Sentier's Largest Holdings Reveal?

Electricity Infrastructure and the Energy Transition

Electric utilities represented 26.4% of the Global Listed Infrastructure Fund as of June 30, 2026.

NextEra Energy, Duke Energy, American Electric Power, and Xcel Energy provided exposure to electricity generation, transmission, and distribution networks.

These companies are influenced by electricity demand, grid investment, financing conditions, regulatory decisions, and the energy transition.

Infrastructure investment may benefit from long-term electricity demand, but rising interest rates, operating costs, and regulatory changes can affect returns.

Rail Transportation and Infrastructure Exposure

Rail transportation represented 14.5% of the fund.

Union Pacific, Canadian National Railway, and CSX Corporation provided exposure to North American freight transportation networks.

Established infrastructure assets may benefit from high barriers to entry, but freight volumes, labour expenses, economic conditions, and transportation regulations influence their performance.

Investors should consider how the fund's sector and geographic exposure affects overall portfolio diversification.

How First Sentier Approaches Responsible Investment

First Sentier Group incorporates responsible investment principles into its investment management framework.

The organisation became a signatory to the United Nations-supported Principles for Responsible Investment in 2007 and established Global Stewardship Principles in 2013.

It publishes annual Responsible Investment and Stewardship Reports covering environmental, social, and governance considerations, corporate engagement, and investment oversight.

First Sentier Group became globally Certified B Corporation in November 2022 and is a signatory to the UK Stewardship Code.

Its responsible investment framework aims to support informed investment decisions and meaningful outcomes for clients.

However, stewardship commitments and sustainability credentials do not eliminate financial risks or guarantee future investment returns.

How the Top 10 Holdings Were Compiled

The ranking is based on disclosed portfolio weights from the June 30, 2026, quarterly investment report.

Companies are ranked by their percentage of fund assets, rather than market capitalisation or the total value of investments across First Sentier Group.

The report identifies 41 holdings and provides sector and geographic allocation information.

First Sentier Group states that it uses reasonable endeavours to maintain accurate information, but investment information can become outdated as market prices and fund holdings change.

Prospective investors should review the relevant fund documents, latest fund price, fees, investment objectives, and risk disclosures before making decisions.

What Changed in First Sentier's Portfolio?

Between March and June 2026, NextEra Energy's reported portfolio weight increased from 4.0% to 5.4%, while Duke Energy moved from 5.3% to 5.2%.

The June reporting also identified a new position in GFL Environmental and the disposal of Equinix.

Changes in reported portfolio weights may reflect active trading, market-price movements, or adjustments to asset allocation.

These shifts illustrate why investors should compare reporting periods rather than assuming that historical holdings remain unchanged.

First Sentier Group Performance and Investment Risks

First Sentier Group performance cannot be assessed using one infrastructure fund's holdings because its distinct teams invest across different assets, markets, and investment objectives.

Past performance is not a reliable indicator of future performance. Returns may vary because of market volatility, currency fluctuations, management fees, and portfolio concentration.

The group's legal entities include First Sentier Investors (Australia) Services Pty Limited and other regulated investment management subsidiaries.

Depending on the relevant fund and jurisdiction, oversight may involve Australia's Australian Securities and Investments Commission or Hong Kong's Securities and Futures Commission.

The organisation's respective subsidiaries may disclaim liability for losses arising from reliance on general website information, subject to applicable law. Linked websites may have separate terms, intellectual property rights, and responsibility for their content.

Investors should consult official disclosures rather than relying solely on such links or third-party summaries. Obtaining specific professional advice may be appropriate when assessing a particular financial product.

Frequently Asked Questions

What are the top 10 First Sentier holdings?

The ten largest disclosed holdings in the Global Listed Infrastructure Fund on June 30, 2026, were NextEra Energy, Duke Energy, Union Pacific, American Electric Power, Canadian National Railway, Xcel Energy, National Grid, Sempra, ONEOK, and CSX Corporation.

Who owns First Sentier Investors?

First Sentier Group is ultimately owned by Mitsubishi UFJ Financial Group through Mitsubishi UFJ Trust and Banking Corporation, which acquired the business in August 2019.

What investment strategies does First Sentier offer?

First Sentier Group offers global and regional equities, Australian equities, regional fixed income, cash, infrastructure, listed property securities, quantitative investing, and alternative credit through specialist teams.

Does First Sentier invest in emerging markets?

Yes. FSSA Investment Managers and other specialist teams provide exposure to Asian and emerging-market equities through strategies with different investment philosophies and risk profiles.

Are First Sentier holdings updated daily?

No. Publicly disclosed portfolio holdings generally reflect designated reporting dates. Fund prices may change more frequently, but price updates do not represent complete daily portfolio disclosures.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice, an offer, or a recommendation to purchase securities. First Sentier Group and its respective subsidiaries may provide separate legal disclosures concerning their financial products, website information, intellectual property rights, and third-party links. Holdings, asset allocations, and performance may change. Past performance is not a reliable indicator of future performance. Investors should review the relevant fund documents, latest fund price, and risk disclosures and consider obtaining specific professional advice before making investment decisions.