ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Fund Information / Factsheet 2021

Sep 13, 2021

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NTA & Investment Update
August 2021
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Net tangible asset (NTA) backing per share

Net tangible asset (NTA) backing per share
	31 August3	31 July
NTA per share1	$2.44	$2.43
NTA per share after unrealised tax provision2	$2.35	$2.36

Market commentary

Global infrastructure stocks continued their ascent in August, gaining +2.8% to post their sixth consecutive month of gains. As enthusiasm for the reopening trade waned, several of the more defensive infrastructure subsectors (such as electric and water utilities) outperformed the broader asset class. That said, the more economically sensitive airport subsector rallied. While the subector’s fundamentals remained unchanged, sentiment pivoted as investors recognised the more attractive valuations of select companies, notably Sydney Airport. The listed airport appears set to be acquired at a generous premium having received a third and higher bid from a consortium of institutional investors this week.

Argo Infrastructure’s share price increased a remarkable +8.6% over the month to outperform both international and local shares which returned +3.1% and +2.5% respectively.

Portfolio

Performance

Portfolio Performance
	3 months	1 year	3 years (p.a.)	Since inception (p.a.)
Portfolio	+9.3%	+21.4%	+10.3%	+9.0%
Benchmark*	+8.5%	+20.3%	+8.5%	+8.3%
S&P/ASX 200**	+6.0%	+28.1%	+9.9%	+9.2%

FTSE Global Core Infrastructure 50/50 Index (in A$) *Accumulation Index

Geographic diversification*

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Sector diversification*

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United States 56.7%^ Electric 36.1%
Communications 13.5%
Canada 11.4%
Railways 10.1%
Europe 8.6% Midstream Energy 9.6%
Asia Pacific 7.9% Airports 7.5%
Toll Roads 6.7%
Australia 6.3%
Gas Distribution 6.4%
Latin America 3.1% Water 6.3%
Cash 1.8%
United Kingdom 2.2%
Marine Ports 1.4%
Japan 2.0% Environ. Services 0.6%
Diversified 0.0%
Cash 1.8%
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• 1 After all costs, including any tax payable.

• 2 As required under the ASX Listing Rules, theoretical NTA per share after providing for estimated tax on unrealised gains/losses in the portfolio. That is, after tax that may arise if the entire portfolio was sold.

• 3 These figures are after the provision for the final dividend of 4.5 cents per share fully franked.

• As a percentage of investment portfolio.

• ^ Many of the largest infrastructure companies are listed in the US, although their operations and earnings are often global.

argoinfrastructure.com.au | 1

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About us

At a glance

ASX code	ALI
Listed	2015
Manager	Argo Investments
Portfolio Manager	Cohen & Steers
Market cap.	$370m
Shareholders	9,400
Hedging	Unhedged
Management fee	1.2%
Performance fee	Nil
Dividend yield^	3.3%

^ Historical yield of 4.7% (including franking) based on dividends paid over the last 12 months.

Company overview

Provides exposure to a diverse portfolio of global infrastructure stocks. The portfolio is actively managed by Cohen & Steers (NYSE: CNS), a leading specialist global real assets fund manager managing funds of over A$100 billion for institutional clients and sovereign wealth funds from offices worldwide.

How to invest

We are listed on the Australian Securities Exchange (ASX) under the ASX code ‘ALI’. To become a shareholder, buy shares through your stockbroker, online broker, financial adviser or platform.

Share registry enquiries BoardRoom Pty Limited

1300 389 922 investorserve.com.au argo@boardroomlimited.com.au

Shareholder benefits

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Global diversification Exposure across various geographies and both emerging and developed economies

Specialist global fund manager Access to a world-leading, specialist infrastructure fund manager

Access infrastructure opportunities

New opportunities offshore through government privatisations

Proven investment approach

Experienced investment team with a long and successful track record

Enhance risk-adjusted returns

Less volatile than broader equities providing some relative downside protection

Simple global investing

Exposure to a large and complex asset class through one simple ASX trade

This report has been prepared as general information only and is not intended to provide financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances before making any investment decisions. Past performance is no guarantee of future results. This announcement is authorised by Tim Binks, Company Secretary. Argo Global Listed Infrastructure Limited ACN 604 986 914

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