S&P Global Infrastructure Index A$ Unhedged 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$ 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.
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.
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All management costs described above are inclusive of the estimated net effect of GST.
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 (Unhedged)’s investment process involves three key stages:
Determining the investment universe
Assessing each potential investment's quality and intrinsic value
Allocating capital to the securities within the investment universe in an appropriate manner
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.
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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). 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)
10 Years (% PA)
Since Inception** (% PA)
Magellan Infrastructure Fund (Unhedged)
2.03%
-1.11%
1.90%
6.03%
5.78%
7.47%
9.21%
9.73%
Benchmark*
-1.12%
-1.23%
0.24%
8.50%
6.96%
6.99%
8.12%
8.48%
Out/Under Performance
3.15%
0.12%
1.66%
-2.47%
-1.18%
0.48%
1.09%
1.25%
* As the UBS Developed Infrastructure and Utilities Net Total Return Index (AUD) ceased to be published from 31 March 2015, it was replaced by Magellan on 1 January 2015 with the S&P Global Infrastructure Index A$ Unhedged Net Total Return.
** Inception date 01 July 2013
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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.
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.
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.
If you have chosen to receive communication via email, you will receive confirmation of your investment within 3 business days from when our unit registry (Apex Fund Services) has received your correctly completed Application Form (or notice of additional investment) and cleared application monies. Please note that if you choose to invest by cheque or request us to process a direct debit, it may take up to four business days (in the case of a cheque) and three business days (in the case of a direct debit) for your application monies to clear. If you have chosen to receive communication via mail, please allow for postage time on top of the 3 business days from receipt of your correctly completed Application Form (or notice of additional investment) and cleared application monies
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.
A minimum initial investment of $10,000 applies for each of Magellan's unlisted funds. A $500 minimum applies for additional investments by BPAY. A minimum of $5,000 applies to EFT and cheque payments.
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 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 http://www.zenithpartners.com.au/RegulatoryGuidelines
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Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your investment, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. Investors should be aware of the increased risks associated with investments in foreign/emerging markets securities, high yield securities and smaller companies.
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