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

The Fund offers a number of significant benefits:

• Investment expertise -  the Fund is managed by a dedicated and well-resourced team specialising in global listed infrastructure equities, who can access opportunities and manage risks as a dedicated investment manager.

• Investment growth and income -  potential for long-term capital growth and quarterly distributions

• Diversified portfolio-  the opportunity to invest in a portfolio of high conviction stocks, typically with 25–35, selected from across the universe of global listed infrastructure securities, diversified across geographic regions, infrastructure asset types and sectors

• Tight definition of ‘infrastructure’ - potential investments come from a strictly selected focus list. The stocks on the focus list are those that are expected to provide the strongest combination of inflation protection and low volatility
• Fundamental research -  access to the benefits of quantitative and qualitative analysis on companies, including financial forecasts, management quality, industry structure and ESG factors, used to assess their intrinsic value

• Investment expertise - the Fund is managed by a dedicated and well-resourced team specialising in global listed infrastructure equities, who can access opportunities and manage risks as a dedicated investment manager.

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.