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Argo Global Listed Infrastructure Limited (ALI)
is a publicly listed company on the Australian Securities Exchange (ASX).
About Argo Global Listed Infrastructure Limited
Argo Global Listed Infrastructure Limited (ASX codes:ALI & ALIO) invests in a diversified portfolio of global infrastructure securities.
The Company’s Portfolio consists of an actively managed, diversified set of global listed infrastructure securities and global infrastructure fixed-income securities, diversified by country and sub-sector.
The Company provides investors with the opportunity to invest in an actively managed Portfolio with access to the investment management experience and expertise of the Portfolio Manager in an Australian listed company vehicle.
The Company has appointed Argo Service Company Pty Ltd (ASCO), a wholly owned subsidiary of Argo Investments Limited (Argo) to be its manager and agent to manage the affairs of the Company under the Management Agreement. ASCO has been authorised to manage the Portfolio, including by appointing and supervising the Portfolio Manager, and managing the administrative affairs of the Company.
The Portfolio Manager, Cohen & Steers Capital Management, Inc. is a highly regarded global investment manager specialising in real assets, including listed infrastructure, real estate securities, natural resource equities, and commodity futures. It was established in 1986, and its parent company was subsequently publicly listed on the New York Stock Exchange (NYSE) in 2004 under the ticker CNS. The firm has offices in New York, Seattle, London, Hong Kong and Tokyo.
The Company has selected 90% of the FTSE Global Core Infrastructure 50/50 Index (net total return AUD) and 10% of the BofA Merrill Lynch Fixed Rate Preferred Securities Index (P0P1) (AUD) as its Benchmark. For the purpose of measurement of the investment performance of the Portfolio Manager, portfolio returns will be calculated in AUD, gross of management fees, dividend withholding, corporate, or other taxes and all other ongoing investment-related expenses.
The investment strategy will take a high conviction, active approach and, while the Portfolio Manager expects to progressively invest the Portfolio within a period of 30 days, given the significant size of the infrastructure investment universe, the Portfolio Manager expects rapid deployment of capital. The Portfolio Manager further expects that, consistent with the active nature of the Portfolio, approximately 50% of the Portfolio’s investments will be turned over in any given 12 month period. It is anticipated that the Portfolio will be concentrated across 50 - 100 securities, with 80% - 100% of the Portfolio invested in global listed infrastructure securities, and 0% - 20% invested in global infrastructure fixed income securities. The Portfolio will be further diversified across infrastructure sub-sectors and countries, both developed and emerging, based upon the combined top-down and bottom-up analysis undertaken by the Portfolio Manager. Up to 5% of the Portfolio’s NAV may be held in cash securities from time to time, the timing and level of cash holdings will ultimately be determined by the attractiveness of available securities.
The general objective of the Portfolio is to provide total return, consisting of dividend income and capital appreciation, and diversification for investors consistent with prudent investment management.
The Portfolio Manager will seek a rate of return for the Portfolio that is in excess of the performance of the Benchmark over time. The Company has selected 90% of the FTSE Global Core Infrastructure 50/50 Index (net total return AUD) and 10% of the BofA Merrill Lynch Fixed Rate Preferred Securities Index (P0P1) (AUD) as its Benchmark. For the purpose of measurement of the investment performance of the Portfolio Manager, portfolio returns will be calculated in AUD, gross of management fees, dividend withholding, corporate, or other taxes and all other ongoing investment-related expenses.
While the Portfolio Manager may invest in securities from a broad range of companies, countries and sub-sectors inside and outside the Benchmark and to different degrees than the Benchmark, the Company nevertheless believes that the Benchmark reflects an appropriate comparative set of global listed infrastructure securities. Moreover, the Benchmark is intended to focus the Portfolio Manager on global listed infrastructure securities investments including emerging markets, and on assessing securities on a risk-adjusted return basis from a developed market investor’s perspective.
Argo Global Listed Infrastructure Limited
19 Grenfell Street
+61 8 8210 9555
Fax: +61 8 8212 1658
The General Overview, Services, Products and Projects information for this profile was last edited on 27 Jul 2016.