Argo Global Listed Infrastructure

Argo Investments - Investment Philosophy

About this Fund

Fund Detail

FUND MANAGER Argo Service Company
INVESTMENT STYLE ALI provides exposure to a diversified portfolio of global listed infrastructure securities.
INVESTMENT PROFILE ALI aims to provide shareholders with a mix of long-term capital growth and dividend income, as well as important diversification benefits.
BENCHMARK FTSE Global Core Infrastructure 50/50 Index (net total return AUD)
FUND SIZE FTSE Global Core Infrastructure 50/50 Index (net total return AUD)
FEES up to 1.20% p.a.



Benefits of investing in ALI

  • AGLI shares provide diversification for investors with predominantly Australian shares, through exposure to a global portfolio of listed infrastructure companies, filtered into a single ASX-listed stock.
  • The infrastructure sector tends to be more defensive and less volatile than general equity markets, which can provide some relative downside protection in uncertain times. However there is huge growth potential globally as massive infrastructure spending is required in developed and developing countries to cope with population growth and rising standards of living.
  • Provides access to the proven investment philosophy and process of the Portfolio Manager, an award winning global investment manager, specialising in listed infrastructure.
  • Opportunity to gain diversified exposure to global listed infrastructure securities, outside of the limited opportunity afforded by ASX-listed infrastructure securities.
  • Disciplined top-down screen of the global infrastructure universe to identify attractive sub-sectors, coupled with detailed bottom-up analysis of individual securities.




Key Features

About the Fund

Argo Global Listed Infrastructure Limited (AGLI) (ASX code: ALI) is a listed investment company established in 2015 by Argo Investments to provide investors with exposure to a diversified portfolio of global listed infrastructure securities. 

The infrastructure sector is diversified by geography and infrastructure sub-sectors, including airports, water, pipelines, railways, ports, satellites, toll roads, telecommunications towers and electricity, gas and renewable energy utilities.

The objectives are to provide shareholders with a mix of long-term capital growth and dividend income, and to provide important diversification benefits to Australian investors.

The Company has selected the FTSE Global Core Infrastructure 50/50 Index (net total return 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.


How we invest your money

The investment strategy will take a high conviction and active approach.  The Portfolio is concentrated across 50 - 100 global listed infrastructure securities. Then, is 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.

Permitted investments

An infrastructure company is one that derives at least 70% of its revenues from, or has at least 70% of its assets committed to, the construction, development or financing of infrastructure assets, or the management, ownership and/or operation of infrastructure assets such as pipelines, toll roads, airports, railroads or ports.

These companies' businesses may include:

  • the generation, transmission, sale or distribution of electric energy;
  • production, transmission or distribution of natural resources used to produce energy;
  • distribution, purification and treatment of water;
  • provision of communications services, including cable television, satellites, towers, microwave, radio, telephone and other communications media; or
  • the provision of transportation services, including shipping or transport logistics.

Up to 5% invested in cash securities

Provides additional flexibility for the Portfolio Manager to pursue anticipated market opportunities.

However, given the high conviction approach and size of the infrastructure universe, holdings in cash securities are likely to be kept to a minimum.

Exposure to be determined by the attractiveness of available securities, particularly from a valuation perspective.