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Managed Fund Since 2019
Equity
CBGAX ClearBridge Global Infrastructure Income Fund
Popular Documents
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.
- Benchmark
3 - FTSE Global Core Infrastructure 50/50 Index-NR
- Fund Inception Date
- 04/01/2016
- Dividend Frequency, if any
- Quarterly
Identifiers
- Ticker
- CBGAX
- Fund Number
- 7205
- CUSIP Code
- 52471E118
Average Annual Total Returns As of 11/30/2025
Class C
- 17.29%1 Year
- 7.87%3 Years
- —5 Years
- —10 Years
- 13.21%Since Inception
10/14/2022
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 11/30/2025 % of Total (Updated Monthly)
Electric48.76% | |
Gas12.69% | |
Energy Infrastructure8.11% | |
Water6.81% | |
Renewables6.77% |
Additional Fund Info
- Share Class Inception Date
- 10/14/2022
- Investment Style
- Sector
- Lipper Classification
- Global Infrastructure Funds
- Morningstar Category
12 - Infrastructure
Manager and Commentary
About the Team
ClearBridge Investments
ClearBridge Investments is a well-established global investment manager focusing on proprietary research and fundamental investing. With over 60 years of experience building portfolios for clients seeking income solutions, high active share or low-volatility, long-tenured portfolio managers provide strong leadership in a centralized investment structure.
Commentary Highlights
September 30, 2025- Markets: Listed infrastructure delivered positive returns in the third quarter, trailing global equities as animal spirits drove a risk-on market.
- Contributors: On a regional basis, the U.S. and Canada region was the top contributor for the quarter, with U.S. electric utility Entergy and Canadian gas company TC Energy the lead performers.
- Detractors: Water utilities, toll roads and communications were the main detractors during the quarter, with French toll roads among bottom detrcators due to the rise in sovereign risk resulting from the French budget fallout and the failed vote of confidence on the Prime Minister.
- Outlook: We continue to see strong opportunities driven by decarbonization and the energy transition, for example in electric utilities in the U.S., the EU and the U.K., where we’re seeing a major buildout of renewables, poles and wires to be able to move energy around the grid
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Managed Fund Since 2016
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Managed Fund Since 2016
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Managed Fund Since 2016
Latest ClearBridge Insights
December 8, 2025
December 5, 2025
December 2, 2025
Performance
Calendar Year Returns
As of 11/30/2025
Class C - With Sales Charge (POP) (%)
Class C - 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.
Effective August 2, 2021, Class C shares generally convert to Class A shares after the shares have been held for 8 years. Class C share performance shown has not been adjusted to reflect the conversion. Customers of certain Service Agents may be subject to different terms or conditions as set by their Service Agent, including non-conversion. Please refer to the Prospectus for more information or contact your Service Agent directly.
Ratings 12
©2025 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 of11/30/2025 (Updated Monthly)
- Total Net Assets
- $152.17 Million
Positions
As of 11/30/2025 (Updated Monthly)
Number of Holdings
- Fund
- 34
- Benchmark
- 274
Portfolio Statistics
As of 11/30/2025 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 18.83x
- Benchmark
- 18.87x
- Fund
- $47.29 Billion
- Benchmark
- $52.42 Billion
- Fund
- 20.89x
- Benchmark
- 19.29x
- Fund
- 2.87x
- Benchmark
- 2.63x
- Fund
- $32.07 Billion
- Benchmark
- $39.71 Billion
Sector Allocation
As of 11/30/2025 % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Electric | 48.76% |
Gas | 12.69% |
Energy Infrastructure | 8.11% |
Water | 6.81% |
Renewables | 6.77% |
Airports | 5.51% |
Toll Roads | 4.10% |
Rail | 3.98% |
Other Infrastructure | 1.46% |
Cash & Cash Equivalents | 1.81% |
Holdings
As of 11/30/2025 (Updated Monthly)
SSE plc
Entergy Corp
ENEL SpA
Severn Trent Plc
TC Energy Corp.
BROOKFIELD RENEWABLE NPV
NextEra Energy, Inc.
APA Group NpV
Aena SME SA
Iberdrola 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
- Distribution Frequency
- QuarterlyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Rates and Yields
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/18/2025
09/29/2025
06/27/2025
03/28/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - ClearBridge Global Infrastructure Income Fund | |||
| Product Commentary - ClearBridge Global Infrastructure Income Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - ClearBridge Global Infrastructure Income Fund - Class C | |||
| Annual Financial Statements and Other Information - ClearBridge Global Infrastructure Income Fund | |||
| Semi-Annual Report - ClearBridge Global Infrastructure Income Fund - Class C | |||
| 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
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
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.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.