ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2019

Mar 12, 2019

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Argo Global Listed Infrastructure Limited ACN 604 986 914 NTA & Investment update / 28 February 2019

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 objectives are to provide a total return for long-term investors, consisting of capital growth and dividend income, and to provide important diversification benefits for Australian investors.

About the Company ASX code ALI Listing date 3 July 2015 Market cap. A$296m Shares on issue 141,539,639

Net Tangible Asset backing per share (NTA)

NTA per share[1] $2.38 NTA after unrealised tax provision[2] $2.28 These NTA figures are calculated after providing for the 2.5 cents per share fully franked interim dividend declared on 18 February 2019.

1. This figure allows for all costs incurred, including company tax and any tax payable on gains realised from portfolio sales.

2. Under ASX Listing Rules, the Company is also required to calculate the NTA per share after providing for estimated tax on unrealised gains/losses in the portfolio (tax that may arise should the entire portfolio be disposed of on the above date).

Performance	3 mths	1 year	2 year (p.a.)	Since inception (p.a.)
NTA	8.4%	21.0%	12.3%	6.9%
Benchmark	9.1%	22.4%	13.1%	9.4%
S&P/ASX 200 (accum.)	9.9%	7.1%	8.6%	7.4%

Benchmark = FTSE Global Core Infrastructure 50/50 Index (in A$)

Please see the company website for the latest weekly NTA announcement. argoinfrastructure.com.au

Investment strategy

AGLI invests in an actively managed portfolio of around 60 global listed infrastructure companies.

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

Global share markets continued to rally in February, adding to strong gains in January. This followed sharp falls on major equity markets worldwide towards the end of calendar year 2018. Global listed infrastructure companies also rallied in February, although slightly trailed the broader share market as investors displayed a renewed appetite for risk. Although the global economy continued to show signs of slowing, particularly in Europe, sentiment lifted on hopes of a trade deal between China and the US. Markets were also buoyed by confirmation the US Federal Reserve would pause its anticipated interest rate increases.

Continuing its recent strong performance, AGLI’s portfolio increased +4.8% in February. Over the 12 months to 28 February 2019, AGLI’s portfolio delivered a return of +24.4% to outperform the MSCI World Index (A$) and the S&P/ASX 200 Index by a remarkable +14.4% and +17.3% respectively. Over the same period, AGLI’s share price rose +21.2% to a record high of $2.09 a share.

During the month, AGLI announced its half-year profit result and declared its second fully franked interim dividend of 2.5c per share, double the 1.25c per share (unfranked) dividend for the previous year’s first half. This continues AGLI’s steady progress towards its objective of generating sustainably growing total returns for shareholders, consisting of dividends and long-term capital growth.

Despite the prospect of slowing global economic growth in 2019, the outlook for the asset class remains positive. Infrastructure companies are generally expected to maintain solid revenue growth with valuations supported by a considerable cache of private capital seeking infrastructure investments. Amid heightened political risks and expectations of more modest growth, AGLI’s portfolio continues to be positioned defensively.

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atwww.argoinfrastructure.com.au	atwww.argoinfrastructure.com.au
Argo Global Listed Infrastructure Limited
Website	www.argoinfrastructure.com.au	Share Registry	Computershare Investor Services
Email	invest@argoinfrastructure.com.au	Website	www.investorcentre.com
Telephone	08 8210 9555	Telephone	1300 389 922 (in Australia)
Address	Level 25, 91 King William Street		+61 3 9415 4610 (outside Australia)
	Adelaide SA 5000	Postal Address	GPO Box 2975 Melbourne VIC 3001

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Portfolio Diversification / 28 February 2019
Subsector diversification Cash 1.3%
Water 5.8%
Gas Distribution 6.2%
Electric 33.3%
Toll Roads 6.4%
Airports 8.3%
Communications 11.0%
Midstream Energy 16.1%
Railways 11.6%
Geographic diversification
by country/region of listing United Kingdom 2.8%
33 Cash 1.3%
Australia 5.0%
Latin America 5.5%
Japan 6.0%
Europe 7.5% United States 53.7%
Asia Pacific 8.5%
5
Canada 9.7%
About the Portfolio Manager About the Manager
The 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 wholly
based 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 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.
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