ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2023

Sep 11, 2023

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NTA & Investment Update
August 2023
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Net tangible asset (NTA) backing per share

Net tangible asset (NTA) backing per share
	31 August^	31 July
NTA per share1	$2.30	$2.40
NTA per share after unrealised tax provision2	$2.29	$2.37

^ These figures are after provision for the final dividend of 4.5 cents per share.

Market commentary

Global infrastructure stocks were again out of favour with investors in August, declining -1.6% (in A$ terms) to lag broader global and domestic equities. Against a backdrop of rising interest rates and generally negative economic data, all infrastructure subsectors declined for the month.

Electric and water utilities were the worst performing subsectors – both fell -6.0%. Meanwhile, Midstream Energy stocks were relative outperformers (-0.2%) with their share prices proving more resilient due to their generally solid earnings, improved business models and strong balance sheets.

On 28 August, Argo Infrastructure reported full year profit of $9.6 million and a fully franked final dividend of 4.5 cents per share to bring full year dividends to 8.5 cents per share – a record high for the Company. If you would like to read the full announcement, click here or visit argoinfrastructure.com.au.

Portfolio

Portfolio
Performance	1 year	3 years (p.a.)	5 years (p.a.)	Since inception4 (p.a.)
Portfolio1	-0.4% +9.5% +7.8% +7.8%
Benchmark2 -1.5% +9.0% +6.5% +7.1%
S&P/ASX 2003 +9.6% +10.7% +7.0% +7.6%

1 Before fees 2 FTSE Global Core Infrastructure 50/50 Index (in A$) 3 Accumulation Index 4 July 2015

Geographic diversification*

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Sector diversification*

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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.	$386m
Shareholders	9,300
Hedging	Unhedged
Management fee	1.2%
Performance fee	Nil
Dividend yield^	3.9%

^ Historical yield of 5.6% (including franking) based on dividends paid/declared 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$110 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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