Magellan Infrastructure Fund

Portfolio of 20 to 40 stocks that seeks to deliver the stable returns offered by the asset class, while protecting returns from currency movements

Investment objectives

To achieve attractive risk adjusted returns over the medium to long-term;

While reducing the risk of permanent capital loss.

Invest in the world's best

  • Aena SME SA
  • Transurban Group
  • United Utilities Group Plc
  • Norfolk Southern
  • Ferrovial
  • National Grid
  • Sempra Energy
  • WEC Energy
  • Severn Trent
  • Vinci

Choose from two unique access points

Investors can access a currency hedged version of the Magellan Infrastructure Fund either as unlisted or listed units. These funds offer investors the same global listed infrastructure investment strategy with currency hedging in place, but with individual choice about how to access the strategy:

Unlisted units in the managed fund are available for purchase and redemption with the fund itself via an application form. Just complete an application form and deliver to the fund’s registry.

Listed units are quoted on the ASX (ASX:MICH) as an Active ETF and can be purchased and sold via either a stockbroker or an online share trading platform.


To find out more about your preferred method of access, and for information on how to invest, please select either the unlisted or listed toggle below.


Fund facts

Portfolio manager
Infrastructure Fund, $AUD hedged
Inception date
19 July 2016
Fund size
$678.70 million 30 Nov 2023
ASX Ticker
MICH Market Data Tickers
Prices Units
Bloomberg MICH AU Equity
Thomson Reuters MICH.AX
Stock Exchange Announcements MIC
ICE iNav*
Ticker details
Prices Indicative NAV
Bloomberg MICHIV Index
Thomson Reuters MICHAUiv.P
Solactive iNav
Ticker details
Prices Indicative NAV
Bloomberg MICHAUIV
More about iNAV
More information about iNav

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 Distribution Frequency ARSN
1.06% Bi-annual 612 467 580
S&P Global Infrastructure Index A$ Hedged Net Total Return
Performance Fee

10.0% of the excess return of the Units of the Fund above the higher of the Index Relative Hurdle (S&P Global Infrastructure Index A$ Hedged Net Total Return) and the Absolute Return Hurdle (the yield of 10-year Australian Government Bonds). Additionally, the Performance Fees are subject to a high water mark.

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.

Click here for further information on the benchmark.

* iNAV calculations as shown on (the “data”) provided by ICE Data Indices, see ICE Terms of Use, and is updated during ASX 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 1







Ratings are only one factor to be taken into account when deciding whether to invest in a financial product.

See Research house ratings disclaimers

Investment philosophy

To prudently invest in outstanding infrastructure and utilities companies at attractive prices that exhibit highly predictable cashflows.

The infrastructure asset class, when appropriately defined, is characterised by monopoly-like assets that face reliable demand and enjoy predictable cashflows. As a result, Magellan has established proprietary classification criteria to appropriately categorise securities as investment grade infrastructure, and thus eligible for inclusion in its portfolios or otherwise. Potential investments that meet these criteria are expected to achieve strong underlying financial performance over medium- to long-term timeframes, which should translate into reliable, inflation-linked investment returns.

Magellan believes that an appropriately structured portfolio of 20 to 40 investments can provide sufficient diversification to ensure that investors are not overly correlated to any single company, industry-specific or macroeconomic risk.

Portfolio construction

The Magellan Infrastructure Fund’s (Currency Hedged) investment process involves three key stages:

Determining the investment universe; Only securities that meet Magellan’s proprietary infrastructure classification criteria are included in the Magellan Infrastructure Fund (Currency Hedged) investable universe. In order for a security to meet this definition, its underlying business must provide a service that is essential to the efficient functioning of a community, while generating cash flows that are not subject to external risks such as commodity prices. Furthermore, Magellan evaluates other criteria, such as gearing levels, sovereign risk, regulatory risk and reporting transparency, which, if failed, will result in exclusion from the investment universe. Magellan believes that by excluding businesses that fail to meet these criteria, the universe consists purely of companies that enjoy reliable demand and generate predictable cash flows.

Assessing each potential investment's quality and intrinsic value; Each security in the investment universe is subjected to detailed analysis. This analysis includes evaluations of a company’s external environment, its business’s specific issues, its historical financial performance and its valuation.

Allocating capital to the securities within the investment universe in an appropriate manner; Portfolio construction is driven by the results of qualitative stock analysis, valuation, formal risk controls and factor risk management. The portfolio construction process focuses on long-term value rather than index-relative positioning.


The resulting portfolio provides investors with exposure to securities that meet Magellan’s infrastructure classification criteria, while giving consideration to each security’s quality and its price relative its assessed intrinsic value.


Growth of AUD $10,000
30 November 2023

Click here for further information on the benchmark.

Important Information: Calculations are based on the monthly ASX released net asset value with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Fund Inception 19 July 2016. Past performance is not a reliable indicator of future performance.

30 November 2023
Performance 3 Months 6 Months 1 Year 3 Years
(% PA)
5 Years
(% PA)
7 Years
(% PA)
Since Inception**
(% PA)
Magellan Infrastructure Fund (Currency Hedged) (ASX:MICH) 3.73% -0.59% -2.12% 2.85% 3.56% 5.75% 4.60%
Benchmark* 0.38% -0.34% -3.02% 5.45% 4.39% 5.01% 4.22%
Out/Under Performance 3.35% -0.25% 0.90% -2.60% -0.83% 0.74% 0.38%

* The index is the S&P Global Infrastructure Index A$ Hedged Net.

** Fund Inception 19 July 2016.

Click here for further information on the benchmark.

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). For the ASX Quoted Funds calculations are based on NAVs, published in the ASX announcements for the relevant ASX Quoted Funds, with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Past performance is not a reliable indicator of future performance.

Estimated NAV per Unit

Distribution history


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.


Date Distribution per unit Reinvestment price  
June 2023 5.8400 cents $2.7648 Magellan Annual Fund Distributions 2023
December 2022 5.7900 cents $2.7572  
June 2022 5.7300 cents $2.9247 Magellan Annual Fund Distributions 2022
December 2021 5.8600 cents $3.0524  
June 2021 5.9500 cents $2.8535 Magellan Annual Fund Distributions 2021
December 2020 5.9500 cents $2.7567  
June 2020 7.0000 cents $2.7674 Magellan Annual Fund Distributions 2020
December 2019 4.7000 cents $3.2504  
June 2019 5.0000 cents $3.1708 Magellan Annual Fund Distributions 2019
December 2018 3.4500 cents $2.6698  
June 2018 5.0000 cents $2.7752 Magellan Annual Fund Distributions 2018
December 2017 2.6000 cents $2.7564  
June 2017 4.8800 cents $2.6580 Magellan Annual Fund Distributions 2017
December 2016 1.2500 cents $2.4177  

Invest now in the Magellan Infrastructure Fund (Currency Hedged) (Managed Fund) (ASX:MICH)

  1. View the indicative Net Asset Value (iNav) *

    ICE iNav*
    AUD $
    Ticker details
    Prices Indicative NAV
    Bloomberg MICHIV Index
    Thomson Reuters MICHAUiv.P
    Solactive iNav
    AUD $
    Ticker details
    Prices Indicative NAV
    Bloomberg MICHAUIV
    Thomson Reuters MICHAUDINAV=SOLA

  2. Check the current share price - MICH

  3. Buy on the ASX - Ticker Code MICH

Investors should read the Product Disclosure Statement (PDS) prior to making any investment decisions.

New to Investing? Learn more about our global infrastructure

  • Being a successful investor

    11 attributes we think lie behind Magellan’s long-term success in delivering competitive returns while protecting capital.

    Read article
  • Why global?

    The case for global investing rests largely on the belief that companies based outside Australia are expected to benefit the most from the key long-term shifts taking place all over the world.

    More on global investing

Investing with Magellan gives you easy access to outstanding global companies: Invest in the world's best.

Continuous Disclosure

To access the continuous disclosure information issued by Magellan Asset Management Limited in relation to this fund please click here.


There is no initial minimum investment amount.

Magellan’s Active ETFs are actively managed investment funds that are quoted on ASX and can be bought and sold just like any other stock listed on ASX. These funds provide investors with easy access to the benefits of investing in global equities and the investment experience and expertise of Magellan.

We seek to be transparent with our clients and are making the following disclosures in relation to our listed funds:

  • ASX announcements under each ASX code;
  • Estimated Net Asset Value ("NAV") per Unit published on Magellan’s website daily;
  • Indicative intra-day NAV per Unit ("iNAV") published on Magellan's website daily and which is updated throughout the ASX trading day;
  • Monthly fund factsheets on Magellan's website and ASX; and
  • The full portfolio on a quarterly basis with a one-month delay on Magellan's website and the ASX.

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.

1Research house ratings disclaimers

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 for ratings information and to access the full report. © 2023 Lonsec. All rights reserved.

© 2018 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 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 Infrastructure Fund (Currency Hedged) (MICH) is ‘Silver’ as of August 2022.

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned March 2023) 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

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