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Managed Fund Since 2016
Equity
RGAVX ClearBridge Global Infrastructure Income Fund
Popular Documents
Total Net Assets
$159.67M
As of 09/30/2026 (Updated Monthly)
Overview
Fund Facts
Fund description
Seeks to provide income and capital appreciation by investing primarily in income paying infrastructure companies. The manager looks for attractively valued companies, and for companies it believes can provide sustainable income distributions. Infrastructure companies may include those engaged in the construction, renovation, ownership, development, financing, management or operation of infrastructure assets or that provide raw materials necessary for the construction and maintenance of infrastructure assets. Infrastructure assets include physical structures, networks, developments and projects that communities and economies require to function and grow, including transportation-related, energy-related, water and sewage-related, communications- related, and social services-related assets. May seek investment opportunities in any country, with at least 40% of its investments tied economically to countries outside of the United States, under favorable conditions, and up to 20% in developing or emerging markets.
Identifiers
- Ticker
- RGAVX
- Fund Number
- 7201
- CUSIP Code
- 52471E480
Average Annual Total Returns As of 09/30/2026
Class A
- 1.87%1 Year
- 12.48%3 Years
- 5.50%5 Years
- 6.96%10 Years
- 7.17%Since Inception
03/31/2016
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Top Sectors
As of 09/30/2026 % of Total (Updated Monthly)
Electric30.15% | |
Energy Infrastructure18.17% | |
Gas12.57% | |
Airports9.54% | |
Rail8.99% |
Additional Fund Info
- Share Class Inception Date
- 03/31/2016
- Investment Style
- Sector
- Lipper Classification
- Global Infrastructure Funds
- Morningstar Category
11 - Infrastructure
Manager and Commentary
About the Team
ClearBridge Investments is an active equity manager offering a broad range of strategies across global developed and emerging markets, local markets, and income. ClearBridge manages diversified, high-conviction portfolios through collaborative fundamental research to meet the needs of some of the world's largest asset owners and financial intermediary platforms. We invest as long-term, risk-aware business owners and seek to deliver consistency of process and performance for our clients through market cycles. A focus on durability drives everything we do; from the business models of the companies we own, to the holding periods of our portfolios, to the stability and longevity of our investment professionals.
Commentary Highlights
June 30, 2026- Markets: Listed infrastructure made positive gains in the second quarter, but trailed equities in a risk-on market that saw a deescalation of tensions in the Middle East and reinvigorated interest in semiconductor and AI infrastructure companies.
- Defensive sectors such as utilities underperformed in this environment, although all the sectors in the listed infrastructure universe we cover made positive gains. GDP-sensitive user-pays assets generally led as geopolitical tensions eased following the onset of the U.S.-Iran conflict in March. North American rails led the group as the freight cycle showed signs of recovery. Airports and toll roads also performed well as easing tensions laid the groundwork for an increase in global travel. Overall, utilities were positive across the United States, Canada and Europe, but some weakness crept in as investors began to question the elevated spending by hyperscalers on AI infrastructure, which includes the electricity needed to power data centers.
- Laggards in our universe included communications towers, which were relatively weak due to stagnant leasing growth and worries over higher-for-longer interest rates, and renewables, which saw some profit-taking and felt similar headwinds from AI spending concerns.
- Contributors: On a regional basis, the United States and Canada region was the top contributor for the quarter, with Canadian National Railway and Canadian energy infrastructure company South Bow the lead performers.
- Detractors: US renewables company Clearway Energy and UK water company Pennon were the largest detractors for the quarter.
- Outlook: There is little change to our outlook: we remain defensively positioned, with a tilt toward regulated and contracted utilities versus GDP-sensitive user-pays assets. We continue to expect strength amid the greater appreciation of real assets shown by the market in 2026, given their inflation protection in the current macroeconomic and fiscal backdrop.
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Managed Fund Since 2016
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Managed Fund Since 2019
MM
Managed Fund Since 2026
Latest ClearBridge Insights
October 1, 2026
September 23, 2026
September 21, 2026
September 11, 2026
Performance
Calendar Year Returns
As of 09/30/2026
Class A - With Sales Charge (POP) (%)
Class A - Without Sales Charge (NAV) (%)
FTSE Global Core Infrastructure 50/50 Index-NR (%)
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Ratings 3
©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of09/30/2026 (Updated Monthly)
- Total Net Assets
- $159.67 Million
Positions
As of 09/30/2026 (Updated Monthly)
Number of Holdings
- Fund
- 33
- Benchmark
- 277
Portfolio Statistics
As of 09/30/2026 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 17.71x
- Benchmark
- 17.86x
- Fund
- 19.18x
- Benchmark
- 18.05x
- Fund
- 3.08x
- Benchmark
- 2.54x
- Fund
- $30.67 Billion
- Benchmark
- $42.94 Billion
- Fund
- $37.85 Billion
- Benchmark
- $52.02 Billion
Geographic Allocation
As of 09/30/2026 % of Total (Updated Monthly)
| Geography | Fund | Benchmark |
|---|---|---|
United States | 28.55% | 55.08% |
Canada | 16.37% | 10.54% |
France | 10.70% | 0.72% |
Spain | 8.81% | 3.37% |
Italy | 7.79% | 1.04% |
United Kingdom | 6.73% | 3.69% |
Germany | 5.38% | 0.28% |
Australia | 5.09% | 3.64% |
Brazil | 4.27% | 2.40% |
Japan | 2.18% | 3.36% |
Mexico | 1.49% | 1.80% |
Cash | 2.62% | — |
Holdings
As of 08/31/2026 (Updated Monthly)
APA Group NpV
Aena SME SA
Pembina Pipeline Corp.
Entergy Corp
Canadian National Railway Co.
Williams Cos Inc
GDF Suez
TC Energy Corp.
ENEL SpA
NATURGY ENERGY GROUP SA
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
Federal ID Number 811059480
For information on tax years prior to 2008, please contact usThese amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Mar 28
Jun 27
Sep 29
Dec 18
Supplemental Tax Information
- Foreign Source Income
- 73.57%
- Foreign Source Qualified Dividends
- 73.57%
- Direct U.S. Government Obligations
- —
- Specified Private Activity Bond Interest
- —
- Dividends Received Deduction
- 27.65%
- Section 163(j)
- —
- Indiana Resident Taxable Income
- —
- Utah Resident Taxable Income
- —
Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
Pricing
Documents
Fund Literature
Factsheet - ClearBridge Global Infrastructure Income Fund
Product Commentary - ClearBridge Global Infrastructure Income Fund
Regulatory Documents
Annual Report - ClearBridge Global Infrastructure Income Fund - Class A
Annual Financial Statements and Other Information - ClearBridge Global Infrastructure Income Fund
Semi-Annual Report - ClearBridge Global Infrastructure Income Fund - Class A
Semi-Annual Financial Statements and Other Information - ClearBridge Global Infrastructure Income Fund
Prospectus - ClearBridge Global Infrastructure Income Fund
Summary Prospectus - ClearBridge Global Infrastructure Income Fund
Statement of Additional Information - Legg Mason Partners Income Trust Book 20
Fiscal Q1 Holdings - ClearBridge Global Infrastructure Income Fund
Fiscal Q3 Holdings - ClearBridge Global Infrastructure Income Fund
Risks
All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Companies in the infrastructure industry may be subject to a variety of factors, including high interest costs, high degrees of leverage, effects of economic slowdowns, increased competition, and impact resulting from government and regulatory policies and practices. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Real estate investment trusts (REITs) are closely linked to the performance of the real estate markets. REITs are subject to illiquidity, credit and interest rate risks, and risks associated with small- and mid-cap investments. Investments in energy-related master limited partnerships and midstream entities are subject to risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Dividends may fluctuate and are not guaranteed, and a company may reduce or eliminate its dividend at any time. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the fund's performance and result in greater fluctuation in the value of the fund's shares. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.
The FTSE Global Core Infrastructure 50/50 includes developed and emerging market infrastructure and infrastructure-related listed securities allocated to 50% utilities, 30% transportation, including capping of 7.5% for railroads/railways, and a 20% mix of other sectors, including pipelines, satellites and telecommunication towers.
Net Returns (NR) include income net of tax withholding when dividends are paid.
Source: FTSE.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
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Performance data quoted represents past performance, which does not guarantee future results.
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Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
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