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

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

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
• want to hedge foreign exchange exposure.

Fund description

The Maple-Brown Abbott Global Listed Infrastructure Fund - Hedged is an actively managed global listed infrastructure securities portfolio with a focus on regulated, contracted and concession assets or networks that provide essential services. We will substantially hedge all of the Fund's currency exposure back to Australian dollars.

Currently, the Fund gains exposure to global listed infrastructure securities by purchasing units in the Maple-Brown Abbott Global Listed Infrastructure Fund. The underlying 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

• Securities: Security exposure is predominantly to listed (or expected to be listed on an exchange within three months from the date of investment) equity or equity-like securities issued by infrastructure entities, including depositary
  receipts (DRs). There may also be exposure to hybrid or debt securities issued by infrastructure entities.
  Exposure to a single security should not be greater than 10% of the Fund’s market value. Exposure may be obtained directly or indirectly by investing in GLIF
• Country:  Exposure to securities listed in the United States of America (excluding DRs) should not be greater than 65%
  of the Fund’s market value. Exposure to securities listed in any other individual OECD country (excluding DRs)
  should not be greater than 30% of the Fund’s market value. Exposure to securities listed in any individual nonOECD country should not be greater than 15% of the Fund’s market value, and will not be greater than 30%
  in aggregate.
• Cash: Cash exposure may be to cash and cash equivalents including at call cash accounts, term deposits, bank bills
  and cash exchange traded funds.
• Derivatives: Derivative usage is limited to hedging the Fund’s assets or liabilities against fluctuations in market values, currency values or to reduce volatility.
  Derivative exposure may also occur indirectly through GLIF, where the same limitations to derivative usage apply

Asset allocation

• Global listed infrastructure equities: 80% - 100%

• Cash: 0% - 20%

Hedging

We will substantially hedge all of the Fund's currency exposure back to Australian dollars. Typically this would be done through forward foreign exchange contracts and/or options.