Benefits of investing in the Maple-Brown Abbott Global Listed Infrastructure Fund

The Fund offers a number of significant benefits:

• Investment expertise - the opportunity to invest in a fund managed by a dedicated and experienced team

• Investment return - the potential to provide investment returns in line with the investment objective

• Investment growth and distributions - access to an international share portfolio that aims to deliver long term capital growth, along with the potential to receive quarterly distributions

• Broader investment opportunities - access to investment opportunities, markets and risk management techniques not generally available to individual investors

• Regular reporting - comprehensive investment reports and transaction, distribution and annual tax statements.

Risk level

High

High risk of short term loss

Investor suitability

The Fund is suitable for investors who:

• want to invest for the long term (5 years +)
  
• have a high risk tolerance
  
• want to gain exposure to global listed infrastructure equities, who seek long term capital growth and income.

Fund description

The Fund is an actively managed, high conviction fund that invests in global listed infrastructure equities either directly in their locally domiciled market, or indirectly through Depository Receipts (DRs). Generally the companies we invest in have a market capitalisation greater than US$500 million. We may also invest in hybrid or debt securities issued by infrastructure entities, or in unlisted equities provided that they are expected to be listed within 3 months from the date of investment.

Key features

The Maple-Brown Abbott Global Listed Infrastructure Fund is an actively managed fund that invests in global listed infrastructure securities with a focus on regulated, contracted and concession assets or networks that provide essential services. These infrastructure assets typically deliver lower volatility and higher earnings stability as well as higher inflation protection compared with broader global equities.

Stocks are selected using our well established investment process based on rigorous research.

Our bottom-up stock selection approach is based on detailed analysis prepared by our experienced investment team, with all investment decisions based on research prepared using internal forecasts and analysis.

We consider a narrower range of "core infrastructure assets compared to many other fund managers and infrastructure indices. Attributes that we believe are important in infrastructure companies include a strong strategic position within the economy in which they operate, inflation protection, low volatility and a high level of corporate governance.

How we invest your money

Investment guidelines

• Stock Exposure to a single stock should not be greater than 10% of the total portfolio.

• Equities listed in the United States of America (excluding DRs) should not be greater than 65% of the total portfolio.

• Equities listed in any other individual OECD country (excluding DRs) should not be greater than 30% of the total portfolio.

• Equities listed in any individual non-OECD country should not be greater than 15% of the total portfolio, and will not be greater than 30% in aggregate.

Asset allocation

(Asset: Minimum / Maximum / Neutral)

• Global listed infrastructure equities: 80% / 100% / 95%

• Cash: 0% / 20% / 5%

Hedging

Our normal position with regard to foreign exchange exposure is to remain unhedged, though from time to time we may hedge foreign exchange exposures. Typically this would be done through forward foreign exchange contracts and/or options.