BNY Mellon Global Infrastructure Income Fund

Investment rationale

The fund is a global equity infrastructure strategy designed to maximise total returns from income and capital growth, so it can serve as a specialist equity allocation within a broader portfolio. The USD W accumulation class has a minimum initial investment of USD 15 million. The fund is intended for investors who plan to stay invested for at least 5 years and are prepared to take on a medium level of risk of loss to original capital in order to seek higher potential return. Its Summary Risk Indicator is 4 out of 7, and it is designed to form part of a portfolio of investments. Its distinctiveness comes from its concentrated exposure to infrastructure and related operations worldwide, its income focus through higher-yielding companies, and its Article 8 ESG approach.

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How the strategy works

The objective is to maximise total returns from income and capital growth by gaining exposure to companies located worldwide that are engaged in infrastructure and related operations. The fund invests at least 80% of NAV in a concentrated portfolio of equities and similar investments in traditional infrastructure sectors such as energy, industrials, transportation and utilities, and non-traditional sectors such as telecoms, senior housing, health care and real estate; it may invest up to 25% in emerging markets excluding Russia and up to 10% in other collective investment schemes. It invests the majority of assets in higher-yielding companies to provide income in the form of dividends, excludes direct investment in issuers with material involvement in activities deemed harmful from an environmental or social perspective such as tobacco production, and invests at least 10% of NAV in issuers meeting the SFDR definition of sustainable investment. The fund measures performance against the S&P Global Infrastructure NR Index, but it is actively managed with discretion to invest outside the benchmark and without restriction on the extent of deviation from benchmark weights; derivatives may be used for risk or cost reduction or to generate additional capital or income, and net income is retained within the USD W (Acc.) share class.

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Investment philosophy

• The investment universe is global and focused on companies engaged in infrastructure and related operations, with at least 80% of NAV invested in a concentrated portfolio of equity and similar investments across traditional infrastructure sectors such as energy, industrials, transportation and utilities, and non-traditional sectors such as telecoms, senior housing, health care and real estate.

• Portfolio construction emphasises income: the fund invests the majority of its assets in higher-yielding companies in order to provide income in the form of dividends, while also seeking capital growth.

• The strategy is actively managed against the S&P Global Infrastructure NR Index; the majority of holdings will usually be benchmark constituents because the benchmark covers a significant proportion of the investable universe, but portfolio weightings are not influenced by benchmark weights and the manager may deviate materially from the benchmark.

• ESG criteria are built into the process: the fund promotes environmental and social characteristics under SFDR Article 8, excludes direct investment in issuers with material involvement in activities deemed environmentally or socially harmful such as tobacco production, requires issuers to follow good governance practices, and invests at least 10% of NAV in sustainable investments as defined by SFDR.

• Top holdings at 31 August 2026 were Hess Midstream LP Class A (7.9%), Naturgy Energy Group, S.A. (7.5%), ONEOK, Inc. (7.5%), Healthpeak Properties, Inc. (6.6%), Aena SME SA (6.3%), ENGIE S.A. (4.6%), Bouygues SA (4.5%), Omega Healthcare Investors, Inc. (4.4%), Enbridge Inc. (4.1%) and Enel SpA (3.8%); the fund may invest up to 25% in emerging markets excluding Russia, up to 10% in other collective investment schemes, and may use derivatives for risk or cost reduction or to generate additional capital or income.

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Management team

The fund manager is Brock Campbell.

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Distinctive features

The fund combines a global infrastructure equity remit with a clear income orientation, investing the majority of assets in higher-yielding companies rather than simply tracking broad infrastructure market weights. It is differentiated by its ability to invest across both traditional infrastructure sectors and non-traditional infrastructure areas including telecoms, senior housing, health care and real estate. The strategy is concentrated, actively managed and not constrained by benchmark weights, while still using the S&P Global Infrastructure NR Index as its performance reference. It also has explicit sustainability features through SFDR Article 8 classification, exclusion of certain harmful activities, and a minimum 10% allocation to sustainable investments.

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Risks

The USD W (Acc.) share class has a Summary Risk Indicator of 4 out of 7, indicating a medium risk class, and a recommended holding period of 5 years. The value of investments can fall and income is not guaranteed. The fund has currency risk because it invests in international markets and returns may rise or fall with exchange-rate movements. Concentration risk is significant because the fund typically invests in a limited number of investments, and geographic concentration risk may arise where it invests significantly in a single market. Additional named risks are derivatives risk, including the possibility of losing significantly more than the amount invested in derivatives; emerging markets risk; counterparty risk; charges to capital reducing capital value and future growth potential; infrastructure company risk from regulatory, economic or political change; high-yield company risk due to sensitivity of dividend payers to payment stress and interest rates; and ESG investment approach risk, including reliance on third-party ESG data that may be incomplete, inaccurate or inconsistent.

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Asset manager

The product is a sub-fund of BNY Mellon Global Funds, plc, an Irish UCITS umbrella fund authorised by the Central Bank of Ireland. The management company is BNY Mellon Fund Management (Luxembourg) S.A., which is authorised in Luxembourg and supervised by the CSSF. The investment manager is Newton Investment Management, described as seeking to deliver strong outcomes through an active, multidimensional and engaged investment approach across active equity, income, absolute-return including fixed-income, multi-asset and thematic strategies, and strategies with sustainability characteristics. The broader brand is BNY Investments, the investment management business of BNY and its investment firm affiliates worldwide.

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