Magellan Core Infrastructure Fund

An actively managed, research driven and competitively priced portfolio of 70-100 resilient global listed infrastructure businesses.

Investment Objectives

The Fund’s primary investment objective is to achieve attractive risk-adjusted returns over the medium to long term through investment in a diversified exposure to infrastructure securities that meets the Investment Manager’s definition of infrastructure.

Magellan Core Infrastructure Fund is actively managed, research driven and competitively priced. Crucially, we know that this combination of rigorous fundamental stock selection and systematic portfolio management works. We've been offering this strategy to institutional investors for more than a decade and are delighted that this fund is now available to retail investors.

It is the intention to substantially hedge the capital component of the foreign currency exposure of the Fund arising from investments in overseas markets back to Australian Dollars.

Fund Facts

Portfolio Manager
Gerald Stack
Gerald Stack
Structure
Global Listed Infrastructure Fund, A$ Hedged
Inception Date
17-December-2009
Fund size
$312.2 million
31-Mar-2024
Cboe Ticker
MCSI
Market Data Tickers
Units
Bloomberg
MCSI AU EQUITY
Thomson Reuters
MCSI.CHA
IRESS
MCSI.CXA
ICE iNav*
AUD $
Indicative NAV
Bloomberg
MCSIAUIV INDEX
Thomson Reuters
MCSIAUiv.P
IRESS
MCSI-AUINAV.NGIF
Solactive iNav
AUD $
Indicative NAV
Bloomberg
MCSIAIV
Thomson Reuters
MCSIAUDINAV=SOLA
IRESS
MCSIAUDINAV

The iNAV reflects the estimated NAV per Unit updated in respect of the Fund's portfolio stocks that have live market prices during the Trading Day, or where they do not have live market prices, may be updated for equivalent securities or movements in after-market trading and for foreign exchange movements to the extent that the impact is not offset by the hedging of the Fund's foreign currency exposure. The iNAV will not be updated for market-based movements such as movements in stock market indices.

Magellan has engaged ICE Data Indices, LLC and Solactive AG as iNAV calculation agents to independently calculate and disseminate an iNAV. Both iNAVs are freely available to investors. From time to time there may be differences between the two iNAVs as a result of different calculation methodologies or timing of the data.

Management Fee
0.50% p.a.
Distribution Frequency
Semi-annually
ARSN
646 028 131
APIR Code
MGE9182AU
Buy / Sell Spread
0.15%/0.15%
(Only applicable to investors who apply for units directly with the Fund)
Benchmark
S&P Global Infrastructure Index A$ Hedged Net Total Return
Investment Risks

All investments carry risk. While it is not possible to identify every risk relevant to an investment in a fund, we have provided details of risks in the fund's Product Disclosure Statement.

Transaction costs may also apply - refer to the Product Disclosure Statement. All management costs described above are inclusive of the estimated net effect of GST.

* iNAV calculations as shown on www.magellancoreseries.com.au (the "data") provided by ICE Data Indices, see ICE Terms of Use, and is updated during Cboe trading hours. Powered by Factset. iNAV is indicative and for reference purposes only. The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates ("ICE Data") and ICE Data or its respective third party suppliers MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, IOPV, FUND OR ANY FUND DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. You acknowledge that the data is provided for information only and should not be relied upon for any purpose.

Research Ratings

Morningstar
Silver
Zenith
Recommended
Lonsec
Recommended
Ratings are only one factor to be taken into account when deciding whether to invest in a financial product. See Research house ratings disclaimers

Seeking to achieve this aim, many other investment managers focus exclusively on the essential nature of the services provided by infrastructure assets, reasoning that this will confer predictable demand.

We agree that the predictable demand conferred by the provision of essential services is an indispensable characteristic of infrastructure. Yet our experience tells us that predictable demand is only half of the story. To produce reliable investment returns, you also need to ensure that the cash flows of the business are reliable. And to ensure that cash flows are reliable, you need to be confident that the earnings of the business will not be eroded by competition, commodity price movements, or sovereign risk

To implement this view, we developed a strict, proprietary framework to identify securities that are appropriately characterised as infrastructure. Only these companies, whose characteristics confer uncommon resilience, are eligible for inclusion in our portfolios.

Defined in this manner, our track record demonstrates that global listed infrastructure provides investors with a highly defensive, inflation linked exposure, that exhibits low correlation with other asset classes, warranting a place in every investor's portfolio.

(viewing time: 6:30 mins)

Rigorous fundamental investment research
Rigorous fundamental investment research
Systematic portfolio management
Systematic portfolio management
Continuous active monitoring
Continuous active monitoring

Importantly, we know that this combination of active stock selection, underpinned by rigorous fundamental investment research and systematic portfolio management works.

We've been offering the Core Infrastructure strategy to institutional investors for more than a decade now and have amassed more than $7.5 billion* of funds under management. We are pleased to have delivered these investors a return of 10.4% p.a.*, net of fees, since our December 2009 inception. 

*31 December 2023

Growth of AUD $10,000

From inception to 31 March 2024

Important Information: Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Inception date 17 December 2009. Past performance is not a reliable indicator of future performance.

31 March 2024
Performance 3 Months 6 Months 1 Year 3 Years
(% PA)
5 Years
(% PA)
7 Years
(% PA)
10 Years
(% PA)
Since Inception**
(% PA)
Magellan Core Infrastructure 0.00% 9.24% -2.34% 2.69% 3.64% 4.81% 7.51% 10.23%
Benchmark* 2.59% 10.62% 2.73% 5.47% 3.42% 4.32% 5.90% 7.34%
Out/Under Performance -2.59% -1.38% -5.07% -2.78% 0.22% 0.49% 1.61% 2.89%

* As the UBS Developed Infrastructure and Utilities Net Total Return Index (hedged to AUD) ceased to be published from 31 March 2015, it was replaced by Magellan on 1 January 2015 with the S&P Global Infrastructure Net Total Return Index (A$ Hedged)
** Fund inception 17 December 2009

Important Information: Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Inception date 17 December 2009. Past performance is not a reliable indicator of future performance.

Top 10

31 March 2024
3.1% Ferrovial SE
3.0% Enbridge Inc
3.0% Fortis Inc
3.0% National Grid Plc
2.9% TC Energy Corporation
2.9% Transurban Group
2.9% Vinci SA
2.8% Aena SME SA
2.8% Cellnex Telecom SA
2.2% Terna SpA
Date Net Asset Value Entry Exit
11-Apr-2024 1.4343 1.4365 1.4321
10-Apr-2024 1.4434 1.4456 1.4412
09-Apr-2024 1.4649 1.4671 1.4627
08-Apr-2024 1.4587 1.4609 1.4565
05-Apr-2024 1.4548 1.4570 1.4526
04-Apr-2024 1.4674 1.4696 1.4652
03-Apr-2024 1.4683 1.4705 1.4661
02-Apr-2024 1.4737 1.4759 1.4715
28-Mar-2024 1.4836 1.4858 1.4814
Download historical unit prices
Date Distribution per unit Reinvestment price  
December 2023 3.2400 cents $1.4837 Interim Fund Distributions - 31 December 2023
June 2023 3.2200 cents $1.5172 Annual Fund Distributions 2023
December 2022 2.8800 cents $1.5304  
June 2022 2.8800 cents $1.6360 Annual Fund Distributions 2022
December 2021 2.8800 cents $1.6787  
June 2021 2.8800 cents $1.5528 Annual Fund Distributions 2021
Important

Please ensure that your Tax File Number (TFN) or Australian Business Number (ABN) is provided to the Unit Registry by Record Date, otherwise tax will be withheld on income attributed to you at the top marginal tax rate plus Medicare Levy.

If you have elected to receive distributions in cash, please ensure that your bank account details are provided to the Unit Registry by Record Date, otherwise your distribution payment will be withheld until a valid bank account is provided.

To review or update your TFN/ABN and bank account details, log on to the Unit Registry’s online portal.

Fund Updates

29-Feb-2024 Magellan Core Infrastructure Fund - February 2024
31-Jan-2024 Magellan Core Infrastructure Fund - January 2024
31-Dec-2023 Magellan Core Infrastructure Fund - December 2023
30-Nov-2023 MFG Core Infrastructure Fund - November 2023
31-Oct-2023 MFG Core Infrastructure Fund - October 2023
30-Sep-2023 MFG Core Infrastructure Fund - September 2023
31-Aug-2023 MFG Core Infrastructure Fund - August 2023
31-Jul-2023 MFG Core Infrastructure Fund - July 2023
30-Jun-2023 MFG Core Infrastructure Fund - June 2023
31-May-2023 MFG Core Infrastructure Fund - May 2023
30-Apr-2023 MFG Core Infrastructure Fund - April 2023
31-Mar-2023 MFG Core Infrastructure Fund - March 2023
28-Feb-2023 MFG Core Infrastructure Fund - February 2023
31-Jan-2023 MFG Core Infrastructure Fund - January 2023
31-Dec-2022 MFG Core Infrastructure Fund - December 2022
30-Nov-2022 MFG Core Infrastructure Fund - November 2022
31-Oct-2022 MFG Core Infrastructure Fund - October 2022
30-Sep-2022 MFG Core Infrastructure Fund - September 2022
31-Aug-2022 MFG Core Infrastructure Fund - August 2022
31-Jul-2022 MFG Core Infrastructure Fund - July 2022
30-Jun-2022 MFG Core Infrastructure Fund - June 2022
31-May-2022 MFG Core Infrastructure Fund - May 2022
30-Apr-2022 MFG Core Infrastructure Fund - April 2022
31-Mar-2022 MFG Core Infrastructure Fund - March 2022
28-Feb-2022 MFG Core Infrastructure Fund - February 2022
31-Jan-2022 MFG Core Infrastructure Fund - January 2022
31-Dec-2021 MFG Core Infrastructure Fund - December 2021
30-Nov-2021 MFG Core Infrastructure Fund - November 2021
31-Oct-2021 MFG Core Infrastructure Fund - October 2021
30-Sep-2021 MFG Core Infrastructure Fund - September 2021
31-Aug-2021 MFG Core Infrastructure Fund - August 2021
31-Jul-2021 MFG Core Infrastructure Fund - July 2021
30-Jun-2021 MFG Core Infrastructure Fund - June 2021
31-May-2021 MFG Core Infrastructure Fund - May 2021
30-Apr-2021 MFG Core Infrastructure Fund - April 2021
31-Mar-2021 MFG Core Infrastructure Fund - March 2021
28-Feb-2021 MFG Core Infrastructure Fund - February 2021
31-Jan-2021 MFG Core Infrastructure Fund - January 2021
31-Dec-2020 MFG Core Infrastructure Fund - December 2020
Magellan Core Infrastructure Fund - Portfolio Holdings

Cboe Announcements

05-Apr-2024 MCSI - Units on Issue & Monthly Redemptions - March 2024
06-Mar-2024 MCSI - Units on Issue & Monthly Redemptions - February 2024
05-Mar-2024 MCSI Fund Update - February 2024
05-Mar-2024 MCSI - 2024 Interim Financial Report
15-Feb-2024 Magellan Core Infrastructure Fund - Leadership update
12-Feb-2024 MCSI - Fund Update - January 2024
06-Feb-2024 MCSI - Units on Issue & Monthly Redemptions - January 2024
31-Jan-2024 MCSI - Quarterly Portfolio Disclosure - 31 December 2023
18-Jan-2024 MCSI - Magellan Core Infrastructure Fund Replacement PDS
17-Jan-2024 MCSI - Summary of Units Issued under DRP
17-Jan-2024 MCSI - Change of Name of Fund
16-Jan-2024 MCSI Fund Update - December 2023
05-Jan-2024 MCSI - Units on Issue & Monthly Redemptions - December 2023
05-Jan-2024 MCSI - Target Cash Distribution for the period ended 30 June 2024
03-Jan-2024 MCSI - DRP Price - Distribution Payable 17 January 2024
22-Dec-2023 MCSI - Distribution for the six-month period ended 31 December 2023
07-Dec-2023 MCSI Fund Update - November 2023
06-Dec-2023 MCSI - Units on Issue & Monthly Redemptions - November 2023
06-Nov-2023 MCSI Fund Update - October 2023
06-Nov-2023 MCSI - Units on Issue & Monthly Redemptions - October 2023
31-Oct-2023 MCSI - Quarterly Portfolio Disclosure - 30 September 2023
25-Oct-2023 MCSI - Leadership Announcement
16-Oct-2023 MCSI Fund Update - September 2023
06-Oct-2023 MCSI - Units on Issue & Monthly Redemptions - September 2023
02-Oct-2023 MCSI - Appointment of Deborah Page AM
08-Sep-2023 MCSI - Board Changes and Conclusion of Board Renewal Process
07-Sep-2023 MCSI Fund Update - August 2023
06-Sep-2023 MCSI - Units on Issue & Monthly Redemptions - August 2023
04-Sep-2023 MCSI 2023 Annual Financial Report
04-Aug-2023 MCSI Fund Update - July 2023
04-Aug-2023 MCSI - Units on Issue & Monthly Redemptions - July 2023
31-Jul-2023 MCSI - Quarterly Portfolio Disclosure - 30 June 2023
25-Jul-2023 MCSI - Board Changes
21-Jul-2023 MCSI - Summary of Units Issued under DRP
18-Jul-2023 MCSI - Magellan InReview 2023
13-Jul-2023 MCSI Fund Update - June 2023
06-Jul-2023 MCSI - Units on Issue & Monthly Redemptions – June 2023
06-Jul-2023 MCSI - Target Cash Distribution for the period ended 31 Dec 2023
04-Jul-2023 MCSI DRP Price - Distribution Payable 21 July 2023
04-Jul-2023 MCSI- Magellan Asset Management Limited Board Change
28-Jun-2023 MCSI | Ensuring Investor Details are current for future distributions
27-Jun-2023 MCSI | Distribution for the six-month period ended 30 June 2023
07-Jun-2023 MCSI - Units on Issue & Monthly Redemptions - May 2023
06-Jun-2023 MCSI - Fund Update - May 2023
08-May-2023 MCSI - Fund Update - April 2023
04-May-2023 MCSI - Units on Issue & Monthly Redemptions - April 2023
28-Apr-2023 MCSI - Quarterly Portfolio Disclosure - 31 March 2023
19-Apr-2023 MCSI Fund Update - March 2023

Continuous Disclosure

Access the continuous disclosure information issued by Magellan Asset Management Limited in relation to this fund.

Read the Product Disclosure Statement prior to making any investment decisions.

Check the MCSI current share price and buy on Cboe.

For Existing Investors

Apply Now

You will need the following information handy to support your online application:

  • Identification documents (e.g. drivers license)
  • Mobile number and email address
  • Your Tax File Number (TFN)
  • Complete the FATCA/CRS self-certification
Note: Magellan accepts initial direct investments from individuals with a minimum of $10,000. You must be over 18 years of age.

A hard copy of the Application Form is available on request.

For Existing Investors

Use the Automic Online Portal to:

  • Check your balance(s), view transaction confirmations and periodic statements.
  • Update your personal details.
  • Invest additional funds and switch investments.
  • Participate in the Distribution Reinvestment Plan (DRP).
  • Provide your FATCA/CRS certification.

Speak with your adviser/broker. To find an adviser, visit Financial Advice Association Australia.

You have the choice of either buying units on the Securities Exchange via your stockbroker/online broker or applying directly with the Responsible Entity by sending an Application Form to our unit registry.

If you hold your investments via an investment administration platform, you should consult your financial adviser who will be able to assist you in investing in the Fund.

There are important differences between investing in the Fund through the Securities Exchange or by applying directly with the Responsible Entity, including the price you will receive. 

You should read the Product Disclosure Statement (PDS) and the Target Market Determination (TMD) before making any decision on how to invest in the Fund.

 

If you invest on the Securities Exchange there is no initial minimum investment amount.

If you invest directly with the Responsible Entity by sending us an Application Form, the minimum initial investment is A$10,000. 

Additional investments can be made into an existing account at any time. No minimum applies for additional investments by BPAY. A minimum of $5,000 applies to EFT and cheque payments.

You will typically have a HIN if you bought your units on the Securities Exchange through a stockbroker and an SRN if you applied for units directly with the Responsible Entity.

A HIN is a Holder Identification Number issued by your stockbroker. It is a unique number used to link all your holdings, stocks, shares, and not specific to just Magellan. A HIN is 11 characters long. It starts with an ‘X’ followed by 10 digits. For example: X0001235898.

An SRN is a Securityholder Reference Number issued by the Fund’s Unit Registry and is your unique identifier in the Fund. An SRN is 11 characters long and starts with an ‘I’ followed by 10 digits. Example: I00874500369. Your SRN will be stated on your first confirmation statement and partly masked for subsequent statements. 

If you're unsure of your SRN, please contact the Fund's unit registry for assistance. If you are unsure of your HIN, please contact your stockbroker. Further information can be located on our Insights Section via the following link  https://www.magellangroup.com.au/insights/magellan-explains-single-unit-structure/

If you have invested directly with the Responsible Entity, you will receive  your transaction confirmations from the Unit Registry, which will include your SRN.  If you have invested directly with the Responsible Entity and have chosen to receive communication via email, you will receive confirmation of your investment from the Fund's unit registry (upon receipt of your correctly completed Application Form (or notice of additional investment) and cleared application monies. 

If you have purchased your units on the Securities Exchange, your stockbroker or online broker will issue the transaction confirmation.

During distribution periods (at the start of July and the start of January for some funds) receipt of your confirmation statement may be delayed by 10-15 business days.

The Responsible Entity has established a DRP in respect of distributions made by the Fund. In respect of each distribution, the Responsible Entity may elect to offer or not offer the DRP. Under the DRP Rules, an investor may elect to have all, or part of the distribution that is payable to that investor reinvested as additional units in the Fund. The additional units will be issued at a price equal to the NAV per Unit, as provided in the DRP Rules. The DRP Rules provide detail on the methodology for determining the price at which units are issued to investors and can be found here. Details in relation to each distribution will be published on the announcements platform of the Securities Exchange Operator and the Fund’s website at www.magellangroup.com.au/funds/distributions/.

The following information is available on the Cboe announcements platform and/or on  our website.

  • information about the Net Asset Value of the Fund’s underlying investments daily;
  • information about redemptions from the fund and the number of units on issue;
  • information about distributions paid in relation to the fund;
  • monthly fund factsheets ; 
  • the full portfolio on a quarterly basis with a one-month delay ; 
  • information that we disclose to ASIC which is not generally available and that a reasonable person would expect, if the information were generally available, to have a material effect on the price or value of the fund's units (as required under section 675 of the Corporations Act); and
  • any information that is provided to an overseas stock exchange and would be required to be disclosed to the Securities Exchange Operator under section 323DA of the Corporations Act as if the fund was admitted under the Listing Rules.

You can withdraw some or all of your investment at any time, as long as the withdrawal request is for at least $5,000. To do this, you will need to complete a Withdrawal Form or written notice of withdrawal. You can request a specified dollar amount to be withdrawn, a specified number of units to be withdrawn, or a full redemption of your investment in the Fund. If your withdrawal request results in your remaining investment in the Fund falling below $5,000, we may require you to withdraw your entire balance.

The Responsible Entity intends to target a cash distribution which will be published on the announcements platform of the Securities Exchange Operator and the Fund’s website at https://www.magellangroup.com.au/funds/distributions/.  (“Target Cash Distribution”). 

The Responsible Entity has the discretion to distribute an amount higher than the Target Cash Distribution. The distribution per unit will be paid semi-annually (for the periods ending 30 June and 31 December of each year) although the Fund may make distributions more or less frequently at the discretion of the Responsible Entity. 

The distribution may comprise an amount attributed to you from income (such as dividends received from shares and interest) less expenses incurred by the Fund (such as management and performance fees) plus net capital gains made on the sale of shares or other investments held. In some circumstances, the Fund may distribute a payment out of the capital invested in addition to a distribution of net income or net capital gains, or where the Fund has not generated any net income or net capital gains during the income year. The distribution investors may receive will be based on the number of units they hold at the nominated record date. It is not pro-rated according to the time that investors have held their units.

Magellan’s Active ETFs (Exchange-Traded Funds) are actively managed investment funds, which means an investment fund manager or investment team are making decisions about the underlying investment portfolio allocation. The ETFs are quoted on a securities exchange and can be bought and sold just like any other stock listed on an exchange. These funds provide investors with easy access to the benefits of investing in global equities and the investment experience and expertise of Magellan.  Further information can be located on our Insghts Section via the following link https://www.magellangroup.com.au/insights/magellan-explains-exchange-traded-funds/

Cboe Australia Pty Ltd ("Cboe") is a regulated stock exchange, that offers trading in all Australian listed securities and the exclusive trading of Cboe quoted Warrants and Funds. 
Cboe is an alternative trading exchange to the ASX.  

The unit registry for the fund is Automic Group
T | 1300 408 792 (or +61 2 8072 1481)
F | +61 2 8072 1409
E | magellanfunds@automicgroup.com.au
A | GPO Box 2629, Sydney NSW 2001

Adviser Enquiries
T | +61 2 9235 4888
E | info@magellangroup.com.au

Why Global Listed Infrastructure?

Investing in companies that provide essential services to society and offer investors earning predictability, reliable returns, and low volatility.

Why Global Listed Infrastructure?

Unit Registry Enquiries

Automic

Automic Group provides a range of registry services including the processing of applications, redemptions and distributions as well as the maintenance of unitholder records.

Please contact Automic Group directly for assistance with your unitholdings.

Investor Login
Telephone:
1300 408 792 (Australia)
+61 2 8072 1481 (International)
Fax:
+61 2 8072 1409
Postal Address:
GPO Box 2629
Sydney NSW 2001

Important Information: Units in the fund(s) referred to herein are issued by Magellan Asset Management Limited (ABN 31 120 593 946, AFS Licence No 304 301). Past performance is not necessarily indicative of future results and no person guarantees the future performance of the fund(s), the amount or timing of any return from the fund(s), or that the investment objectives of the fund(s) will be achieved. This material has been provided for general information purposes and must not be construed as investment advice. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should consider obtaining professional investment advice tailored to their specific circumstances and should obtain and read the relevant Target Market Determination ('TMD') and Product Disclosure Statement ('PDS') applicable to the fund(s) prior to making a decision about whether to acquire or continue to hold an interest in the fund(s). The TMD and PDS for the fund(s) are available on this website or can be obtained by calling 02 9235 4888. Any trademarks, logos, and service marks contained herein may be the registered and unregistered trademarks of their respective owners. Nothing contained herein should be construed as granting by implication, or otherwise, any licence or right to use any trademark displayed without the written permission of the owner. No part of this material may be reproduced or disclosed, in whole or in part, without the prior written consent of Magellan Asset Management Limited.

Research House Ratings Disclaimers

© 2023 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. The Morningstar Analyst Rating™ for the Magellan Core Infrastructure Fund is ‘Silver’ as of July 2023.

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned March 2024) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at https://www.zenithpartners.com.au/our-solutions/investment-research/ 

The rating issued 09/2023 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2023 Lonsec. All rights reserved.

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