AI assistant
ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2023
May 11, 2023
64362_rns_2023-05-11_67272506-3d17-4924-8260-01ad7518065d.pdf
Net Asset Value
Open in viewerOpens in your device viewer
==> picture [596 x 171] intentionally omitted <==
----- Start of picture text -----
NTA & Investment Update
April 2023
----- End of picture text -----
Net tangible asset (NTA) backing per share
| Net tangible asset (NTA) backing per share | ||
|---|---|---|
| 30 April | 31 March | |
| NTA per share1 | $2.46 | $2.39 |
| NTA per share after unrealised tax provision2 | $2.41 | $2.36 |
1 After all costs, including any tax payable.
2 As required under the ASX Listing Rules, theoretical NTA per share after providing for estimated tax on unrealised gains/losses in the portfolio. That is, after tax that may arise if the entire portfolio was sold.
Market commentary
In April, global infrastructure stocks rose +3.5% (in A$ terms) to post a second consecutive month of gains. Broader global equities also moved higher (up +3.1% in A$ terms) despite mixed economic data, persistently high inflation and continued monetary tightening by most central banks.
Most listed infrastructure subsectors posted positive returns for the month. Toll Roads was the best performing subsector surging +5.1% led by several French operators, including Vinci and Eiffage. In March, these stocks were negatively impacted by France’s widespread anti-pension reform protests. Our position in Vinci contributed positively to the portfolio’s performance - the company reported solid earnings during the month which lifted its share price.
Argo Infrastructure’s portfolio gained +3.5% for the month.
Portfolio
| Portfolio | ||||
|---|---|---|---|---|
| Performance | 1 year | 3 years (p.a.) | 5 years (p.a.) | Since inception4 (p.a.) |
| Portfolio1 | +7.4% +8.8% +10.3% +8.7% |
|||
| Benchmark2 +5.1% +7.9% +8.7% +8.0% |
||||
| S&P/ASX 2003 +2.8% +14.0% +8.3% +7.8% |
1 Before fees 2 FTSE Global Core Infrastructure 50/50 Index (in A$) 3 Accumulation Index 4 July 2015
Geographic diversification*
==> picture [154 x 156] intentionally omitted <==
==> picture [74 x 161] intentionally omitted <==
Sector diversification*
==> picture [158 x 159] intentionally omitted <==
==> picture [80 x 161] intentionally omitted <==
- 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.
argoinfrastructure.com.au | 1
==> picture [596 x 171] intentionally omitted <==
About us
At a glance
| ASX code | ALI |
|---|---|
| Listed | 2015 |
| Manager | Argo Investments |
| Portfolio Manager | Cohen & Steers |
| Market cap. | $400m |
| Shareholders | 9,400 |
| Hedging | Unhedged |
| Management fee | 1.2% |
| Performance fee | Nil |
| Dividend yield^ | 3.8% |
^ Historical yield of 5.4% (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
==> picture [65 x 493] intentionally omitted <==
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
argoinfrastructure.com.au | 2