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ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2017
Jun 12, 2017
64362_rns_2017-06-12_8f71b7d0-056a-46c0-94a1-8edfe0a70618.pdf
Net Asset Value
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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 31 May 2017
Argo Global Listed Infrastructure Limited (AGLI) is a listed investment company which was established in 2015 to provide investors with exposure to a diversified portfolio of securities in the global listed infrastructure sector, contained within the simple and easily tradeable structure of an ASX-listed investment company. The investment objective is to provide shareholders with a mix of long-term capital growth and dividend income.
About the Company ASX code ALI Listing date 3 July 2015 Market cap. A$268m Shares on issue 143,583,305
Net Tangible Asset backing per share (NTA)
NTA per share $2.14 Post-tax NTA per share $2.09
The post-tax figure takes into account the provision for deferred tax on set-up costs and estimates of net tax provisions that may arise should the entire portfolio be disposed of on the above date.
Performance
| Performance | ||||
|---|---|---|---|---|
| 1 mth | 3 mths | 1year | Since inception | |
| NTA | 3.3% | 9.5% | 6.9% | 11.5% |
| Benchmark | 3.7% | 10.5% | 11.4% | 20.0% |
| MSCI World (A$) | 2.6% | 8.2% | 13.3% | 15.8% |
Returns of the company are net of fees, expenses and tax. Benchmark - the A$ blend of 90% of the FTSE Global Core Infrastructure 50/50 Index and 10% of the Merrill Lynch Fixed Rate Preferred Securities Index.
Inception date is 3 July 2015.
Investment strategy
AGLI invests in an actively managed global infrastructure portfolio of 50-100 stocks, including global listed infrastructure securities (80-100%); global infrastructure fixed income securities (0-20%) and cash in A$ (0-5%).
The geographical and infrastructure subsector splits of the portfolio at month end are illustrated on the next page.
There is no debt and the portfolio is unhedged for currency. Portfolio Manager Cohen & Steers, Inc.
Monthly commentary
May 2017 was another strong month for AGLI. The global listed infrastructure sector outperformed broader equity markets and AGLI’s NTA gained 7 cents for the month.
AGLI’s share price also moved up, and for the calendar year to date has risen 12% to $1.86, allowing for the 1 cent dividend which was paid in March.
In contrast, the Australian equity market fell nearly 3% in May. The low correlation between the returns of AGLI and those of
the Australian share market supports AGLI’s inclusion in a portfolio dominated by Australian stocks, to help reduce overall risk.
Within the global infrastructure sector, Europe was the strongest region this month, with improving economic conditions boosting airports in particular, due to growing passenger traffic numbers.
US infrastructure stocks in general benefited from some easing of expectations of further interest rate rises in that country.
In Japan, a court decision to allow two nuclear reactors back online boosted Kyushu Electric Power, which was one of AGLI’s best performing stocks this month.
Argo Global Listed Infrastructure Limited
Website www.argoinfrastructure.com.au Email [email protected] Telephone 08 8210 9555 Postal Address GPO Box 2692 Adelaide SA 5001 Registered Address 19 Grenfell Street Adelaide SA 5000
Share Registry Computershare Investor Services Website www.investorcentre.com Telephone 1300 389 922 (in Australia) +61 3 9415 4610 (outside Australia) Postal Address GPO Box 2975 Melbourne VIC 3001
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----- Start of picture text ----- Portfolio Diversification / 31 May 2017Subsector diversificationDiversified 1.7%Cash 2.4% Marine Ports 0.5%Water 4.2%Airports 5.5%Electric 28.2%Gas Distribution 7.3%Communications 9.0% 2Midstream Energy 12.8%Global InfrastructureFixed-Income 9.3%Toll Roads 9.5Railways 9.6%Geographic diversificationby country/region of listing United Kingdom 2.2%Cash 2.4% China 1.4%Latin America 3.6%Asia Pacific 4.4%Australia 4.4%Japan 6.3%United States 53.2%Canada 9.1%Europe 13.0% 5About the Portfolio Manager About the ManagerThe day to day active management of the portfolio is outsourced to the New York AGLI is managed by Argo Service Company Pty Ltd (ASCO), which is a whollybased specialist fund manager, Cohen & Steers. owned subsidiary of Argo Investments Limited. ASCO provides management,Cohen & Steers is listed on the New York Stock Exchange and manages funds of administrational and financial services to AGLI under AFSL no. 470477.approximately US$50 billion from offices around the world.This report has been prepared by Argo Service Company Pty Ltd (ACN 603 367 479; AFSL 470477), as general information only and is notintended to provide financial advice or take into account your objectives, financial situation or needs. You should consider, with a financialadviser, whether the information is suitable for your circumstances before making any investment decisions. Past performance is no guaranteeof future results.----- End of picture text -----