ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2020

Oct 12, 2020

NTA & Investment Update

AT 30 SEPTEMBER 2020

NET TANGIBLE ASSET (NTA) BACKING PER SHARE

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30 Sep 31 Aug
NTA per share1 $2.18 $2.15
NTA per share after unrealised tax provision2 $2.18 $2.15
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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.

PORTFOLIO PERFORMANCE

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Since
3 mths 1 year 3 years (p.a.)
incept. (p.a.)
-1.9% -11.5% +8.3% +7.0%
Portfolio
Benchmark -2.0% -13.7% +5.8% +6.4%
S&P/ASX 200 -0.4% -10.2% +4.8% +5.1%
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FTSE Global Core Infrastructure 50/50 Index (in A$) *Accumulation Index

MARKET COMMENTARY

In September, the global equity market recovery faltered, with the MSCI World Index declining slightly after posting gains for five consecutive months. Rising coronavirus cases, particularly in the US and Europe, weighed on investor sentiment and underscored the risks associated with relaxing social distancing measures. The tumultuous US Presidential race, run against a contentious political backdrop, added to volatility.

Investors favoured investments offering defensive attributes, such as global listed infrastructure which outperformed broader equities by +2.4%. Of note, electric and water utilities stocks finally found momentum after being largely overlooked by investors in recent months. In contrast, subsectors more sensitive to the impacts of the coronavirus, such as airports, languished amid economic uncertainty.

Argo Infrastructure’s portfolio increased +1.9% for the month, with performance boosted by holdings in water utilities, including an overweight position in American Water Works – the largest water utility in the US and a company recognised for its environmental, social and governance (ESG) practices.

Pleasingly, Argo Infrastructure’s portfolio strongly outperformed Australian shares (by +5.6%) in September.

Argo Infrastructure

	ASX code	ALI
	Listed Portolio Manager	July2015 Cohen & Steers
	Shareholders	9,500
	Market cap.	$291m
	Management fee Performance fee	1.2% Nil
	Hedging	Unhedged
	Dividendyield^	3.7%

^Historical yield of 5.2% (including franking) based on dividends over the last 12 months.

Weekly NTA announcement

For the latest weekly NTA estimate, please see argoinfrastructure.com.au.

Company overview

Provides exposure to an actively managed portfolio of global listed infrastructure companies. Argo Infrastructure has no debt.

Company objective

Provide a total return for long-term investors consisting of capital growth and dividend income, from a global listed infrastructure portfolio which provides diversification benefits for Australian investors.

About the Portfolio Manager

A leading specialist global real assets fund manager listed on NYSE, Cohen & Steers manages funds of more than A$90 billion from offices worldwide on behalf of institutional clients and sovereign wealth funds.

Key personnel

	Jason Beddow	Managing Director
	Benjamin Morton	Senior Portolio Manager
	Robert Becker	Portolio Manager
	Tyler Rosenlicht	Portolio Manager

Argo Global Listed Infrastructure Limited | 1

ACN 604 986 914

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PORTFOLIO

Sector diversification

Geographic diversification

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Electric 40.0% United States ^ 56.2%
Communications 13.9% Europe 11.1%
Toll Roads 9.5%
Canada 8.9%
Railways 8.7%
Asia Pacific 7.9%
Midstream Energy 8.6%
Australia 6.1%
Airports 6.6%
Latin America 3.6%
Water 5.5%
Gas Distribution 3.7% Japan 2.6%
Cash 1.8% United Kingdom 1.8%
Marine Ports 1.0% Cash 1.8%
Diversified 0.7% ^ Many of the largest infrastructure companies are listed in the United
States, although their operations and earnings are often global.
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ARGO INFRASTRUCTURE SHAREHOLDER BENEFITS

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

Proven investment approach Experienced and senior investment team with a long and successful track record

Specialist global fund manager Enhance risk-adjusted returns Access to a world-leading, specialist Less volatile than broader equities providing infrastructure fund manager some relative downside protection

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Access infrastructure opportunities New opportunities offshore through government privatisations

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

HOW TO INVEST

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

CONTACT US

SHARE REGISTRY ENQUIRIES

W argoinfrastructure.com.au Boardroom Pty Limited T 08 8210 9555 W investorserve.com.au E invest@argoinfrastructure.com.au T 1300 389 922 A Level 25, 91 King William St. Adelaide SA 5000

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 | 2

ACN 604 986 914