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ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2022
Jul 12, 2022
64362_rns_2022-07-12_72070310-a809-4eda-bade-caab22cd053f.pdf
Net Asset Value
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NTA & Investment Update
June 2022
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Net tangible asset (NTA) backing per share
| Net tangible asset (NTA) backing per share | ||
|---|---|---|
| 30 June | 31 May | |
| NTA per share1 | $2.45 | $2.51 |
| NTA per share after unrealised tax provision2 | $2.39 | $2.42 |
The above figures are subject to audit.
Market commentary
In contrast to the precipitous falls across broader equities in June, global infrastructure stocks held up well. Although the asset class declined (down -2.1% in A$ terms), it outperformed broader global and local equities markets which dropped -4.7% and -8.8% respectively as investors reacted to aggressive interest rate rises and the spectre of slowing global growth.
Amid often volatile market conditions, global infrastructure stocks also proved resilient over the financial year, gaining +12.3% for the 12 months to 30 June 2022, well ahead of international and Australian shares which delivered negative returns. In our view, the performance of the asset class over various time horizons (see table below) demonstrates its ability to generate stable returns through various market cycles.
Portfolio
| Portfolio | ||||
|---|---|---|---|---|
| Performance | 1 year | 3 years (p.a.) | 5 years (p.a.) | Since inception (p.a.) |
| Portfolio | +13.2% | +6.3% | +10.0% | +8.7% |
| Benchmark* | +12.3% | +4.6% | +8.2% | +8.1% |
| S&P/ASX 200** | -6.5% | +3.3% | +6.8% | +6.5% |
FTSE Global Core Infrastructure 50/50 Index (in A$) *Accumulation Index
Geographic diversification*
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United States 55.2%^
Canada 11.7%
Asia Pacific 7.9%
Europe 7.4%
Australia 6.3%
Latin America 3.4%
Japan 3.1%
United Kingdom 2.7%
Cash 2.3%
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Sector diversification*
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Electric 32.7%
Communications 11.8%
Midstream Energy 11.0%
Gas Distribution 10.7%
Toll Roads 9.5%
Railways 7.1%
Airports 6.3%
Water 2.6%
Marine Ports 2.6%
Cash 2.3%
Environ. Services 2.2%
Diversified 1.2%
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1 After all costs, including any tax payable.
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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.
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As a percentage of investment portfolio.
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^ 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. | $388m |
| 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 [email protected]
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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