ARGO GLOBAL LISTED INFRASTRUCTURE LIMITED — Net Asset Value 2024

Mar 12, 2024

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NTA & Investment Update
February 2024
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Net tangible asset (NTA) backing per share

Net tangible asset (NTA) backing per share
	29 February^	31 January
NTA per share1	$2.34	$2.34
NTA per share after unrealised tax provision2	$2.31	$2.30

^ These figures are after provision for the interim dividend of 4.0 cents per share.

Market commentary

Global equities continued to climb in February with several key indices setting new record highs as the prospect of interest rate cuts moving out to mid-year did little to dampen investor enthusiasm.

The positive global economic outlook saw the more the commercially-sensitive infrastructure subsectors outperform. For instance, Marine Ports surged +9.1% led by Philippines-based portfolio holding International Container Terminal Services, the world’s largest independent terminal operator.

However, elevated interest rates continued to weigh on regulated utilities which underperformed the broader asset class. Overall, global listed infrastructure gained +2.2% (in A$ terms) ahead of Australian equities, which increased just +0.8%.

Argo Infrastructure’s share price rose +3.3% in February, and up +13.6% over the last three months.

Portfolio

Portfolio	Portfolio
1 year Performance		3 years (p.a.)	5 years (p.a.)	Since inception4 (p.a.)
Portfolio1	+5.9% +11.3% +6.7% +7.8%
Benchmark2 +6.4% +10.3% +5.5% +7.1%
S&P/ASX 2003 +10.7% +9.3% +8.6% +8.1%

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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United States 55.3%^ Electric 33.5%
Midstream Energy 14.4%
Asia Pacific 8.7%
Communications 9.4%
Europe 8.3% Gas Distribution 9.0%
Airports 8.9%
Canada 7.9%
Railways 7.7%
Australia 5.9% Marine Ports 5.4%
Toll Roads 4.6%
Latin America 5.2%
Cash 3.3%
Japan 3.4% Environ. Services 2.1%
Transport Logistics 1.4%
Cash 3.3%
Water 0.3%
United Kingdom 2.0% Diversified 0.0%
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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.	$385m
Shareholders	9,100
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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