To achieve attractive risk adjusted returns over the medium to long-term;
While reducing the risk of permanent capital loss.
|Portfolio manager||Structure||Fund size **|
||Infrastructure Fund, $AUD unhedged||AUD $686.9 million|
|Management & Administration fee||Distribution Frequency||ARSN|
|1.05%||Bi-annual||164 285 830|
|Buy / Sell Spread||APIR Code|
|S&P Global Infrastructure Index A$ Unhedged Net Total Return|
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$ Unhedged 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.
All management costs described above are inclusive of the estimated net effect of GST.
** As at 31 July 2018.
The Magellan Infrastructure Fund (Unhedged) has been designed to provide investors with efficient access to the infrastructure asset class, while protecting capital in adverse markets.
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.
The Magellan Infrastructure Fund (Unhedged)’s 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’s 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.
|Date||Net Asset Value||Entry||Exit|
|Date||Distribution per unit||Reinvestment price|
|June 2018||3.1000 cents||$1.7216||Magellan Annual Fund Distributions 2018|
|December 2017||1.6000 cents||$1.6803|
|June 2017||3.0822 cents||$1.6208||Magellan Annual Fund Distributions 2017|
|December 2016||1.0000 cents||$1.5147|
|June 2016||5.0730 cents||$1.5804||Magellan Annual Fund Distributions 2016|
|December 2015||1.5000 cents||$1.5181|
|June 2015||3.3044 cents||$1.4038||Magellan Annual Fund Distributions 2015|
|December 2014||1.0000 cents||$1.3697|
|June 2014||1.5681 cents||$1.2047||Magellan Annual Fund Distributions 2014|
Read the Product Disclosure Statement (PDS)
Complete the Application Form & CRS Form(s) (if applicable)
You will be guided by the Application Form as to which CRS form(s) to complete.
Send application form to Mainstream Fund Services
Mainstream Fund Services - Unit Registry
GPO Box 4968
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 read the relevant Product Disclosure Statement (PDS) applicable to the fund(s) prior to making any investment decisions. The PDS for the fund(s) is available at www.magellangroup.com.au 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.
Mainstream Fund Services provides a range of registry services including the processing of applications, redemptions and distributions as well as the maintenance of unitholder records.
Please contact Mainstream Fund Services directly for assistance with: