ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2021

Oct 11, 2021

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

Net tangible asset (NTA) backing per share
	30 September	31 August
NTA per share1	$2.36	$2.44
NTA per share after unrealised tax provision2	$2.30	$2.35

Market commentary

Global infrastructure stocks fell in September (-2.5%), although slightly outperformed broader global equities which faltered amid various investor concerns, including rising inflation, China’s Evergrande property debt crisis and the anticipated tapering of stimulus measures.

Against this backdrop, performance across the various infrastructure subsectors was mixed. Growthoriented communications (towers and data centres) companies gave back some of their previous gains declining -8.3%, although the subsector’s fundamentals remain intact.

In contrast, midstream energy stocks rose (+3.9%) on expectations of increased volumes due to surging energy commodity prices and airports rallied for a second consecutive month (+5.7%) as investor sentiment continued to improve in response to US travel restrictions being partially lifted.

Portfolio

Performance

continued to improve Portfolio Performance	in response to US t	ravel restrictions b	eing partially lifted.
	3 months	1 year	3 years (p.a.)	Since inception (p.a.)
Portfolio	+3.9%	+15.6%	+9.2%	+8.3%
Benchmark*	+3.7%	+15.0%	+7.8%	+7.7%
S&P/ASX 200**	+1.7%	+30.5%	+9.6%	+8.8%

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 52.9%^ Electric 32.7%
Communications 11.3%
Canada 12.1%
Midstream Energy 11.2%
Europe 8.8% Railways 10.5%
Airports 8.3%
Asia Pacific 8.2%
Toll Roads 7.7%
Australia 7.7%
Gas Distribution 6.9%
Latin America 3.4% Water 5.9%
Marine Ports 2.5%
Japan 2.9%
Cash 1.7%
United Kingdom 2.3% Environ. Services 1.3%
Diversified 0.0%
Cash 1.7%
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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.

• 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.

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About us

At a glance

ASX code	ALI
Listed	2015
Manager	Argo Investments
Portfolio Manager	Cohen & Steers
Market cap.	$356m
Shareholders	9,400
Hedging	Unhedged
Management fee	1.2%
Performance fee	Nil
Dividend yield^	3.4%

^ Historical yield of 4.9% (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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