Argo Global Listed Infrastructure Ltd. · ASX:ALI
Argo Global Listed Infrastructure — Investor Presentation (May 2025)
55 slides from Argo Global Listed Infrastructure's investor presentation, May 12, 2025
Slide 1: Shareholder information meetings
12 May 2025 Company Announcements ASX Limited 20 Bridge Street SYDNEY NSW 2000 For personal use only Shareholder information meetings Please find attached the presentation slides for the upcoming Shareholder Information Meetings of Argo Global Listed Infrastructure Limited (ASX: ALI) and Argo Invest
Slide 2: Information Meetings
INFORMATION MEETINGSN For personal use only MEETINGS
Slide 3: Upcoming Information Meetings
UPCOMING INFORMATION MEETINGS For personal use only MELBOURNE ADELAIDE BRISBANE Monday 12 May Tuesday 13 May Wednesday 14 May 10 am 10 am 10 am Sofitel Melbourne Convention Centre Sofitel Brisbane 25 Collins St North Tce 249 Turbot St Melbourne Adelaide Brisbane SYDNEY CANBERRA PERTH Thursday 15 May
Slide 4: Disclaimer
DISCLAIMER This presentation has been prepared by Argo Service Company Pty Ltd (ASCO) (ACN 603 367 479) (Australian Financial Services Licence 470477), For personal use only on behalf of Argo Investments Limited (ACN 007 519 520) and Argo Global Listed Infrastructure Limited (ACN 604 986 914). ASCO’
Slide 5: Agenda
AGENDA 1 Argo Investments For personal use only 2 Recent share market performance 3 Current economic conditions 4 Our portfolio 5 Looking ahead 6 Argo Infrastructure 7 Q and A
Slide 6: Representing Argo
REPRESENTING ARGO For personal use only JASON BEDDOW ANDY FORSTER COLIN WHITEHEAD TIM BINKS Managing Director Senior Investment Investment Analyst Chief Operating Officer Officer MEREDITH HEMSLEY LESLEY-MAY JOSEVSKI TYLER ROSENLICHT Communications Communications Portfolio Manager, Manager Officer Co
Slide 7: Argo Investments
ARGO INVESTMENTS ASX CODE: ARG For personal use only Navigating through various market cycles and conditions for over 78 years
Slide 8: Overview
OVERVIEW Half-year earnings For personal use only Half-year profit Interim dividend Independent research per share ratings $121.2m 15.9c 17.0c $125.3m in 2024 16.5c per share in 2024 Fully franked per share 16.5c per share in 2024 Total assets Dividend yield MER $7.4b 5.8% 0.15% $7.5b in 2024 Grosse
Slide 9: Premium/Discount to NTA
PREMIUM/DISCOUNT TO NTA Share price premium/discount to NTA Over a 30-year time horizon For personal use only Figures are at 31 March 2025 8
Slide 10: LICs vs Index ETFs
LICs vs INDEX ETFs Listed investment companies Index Exchange Traded Funds (LICs) (ETFs) For personal use only Stable, franked dividends Volatile dividends & franking Variable tax implications Internally managed Externally managed Low cost, no conflicts Higher tax liabilities, of interest fees paid
Slide 11: Share Market Performance
SHARE MARKET PERFORMANCE For personal use only 10
Slide 12: Share Market Over Time
SHARE MARKET OVER TIME SHARE MARKET OVER TIME 180 S&P/ASX 200 & Accumulation Index Before, during and post-pandemic Accumulation Index For personal use only 160 140 S&P/ASX 200 Index 120 Record high 100 US Fed starts to cut rates US US Fed starts RBA pauses ‘Liberation Day’ to raise rates rate rises
Slide 13: Current Economic Environment
CURRENT ECONOMIC ENVIRONMENT For personal use only 12
Slide 14: Election Outcome Certainty
For personal use only ELECTION OUTCOME CERTAINTY 13
Slide 15: Growth Is Sluggish
GROWTH IS SLUGGISH Australian GDP growth For personal use only 14 Source: Australian Bureau of Statistics (ABS)
Slide 16: Public Demand Propping-Up GDP
PUBLIC DEMAND PROPPING-UP GDP Contributions to GDP growth 12 months to 31 December 2024 For personal use only 15 Source: ABS, Reserve Bank of Australia (RBA)
Slide 17: Household Spending Is Weak
HOUSEHOLD SPENDING IS WEAK Household spending Current price, seasonally adjusted For personal use only 16 Source: ABS, Monthly Household Spending Indicator March 2025
Slide 18: Inflation Is Moderating
INFLATION IS MODERATING Consumer Price Index to the March 2025 Quarter For personal use only Sources: ABS, RBA 17
Slide 19: The RBA Has Started Cutting
Source: ABS, Reserve Bank of THE RBA HAS STARTED CUTTING RBA cash rate target For personal use only 18 Source: RBA
Slide 20: Our Portfolio
For personal use only OUR PORTFOLIO 19
Slide 21: Recent Sector Performance
RECENT SECTOR PERFORMANCE S&P/ASX 200 Index sector performance 12 months to 31 March 2025 25% Banks For personal use only 20% Utilities Industrials 15% Financials Ex Banks 10% Consumer Discretionary 5% Communication Services 0% Information Technology -5% Consumer Staples -10% Health Care -15% Real E
Slide 22: Diversified Exposure
DIVERSIFIED EXPOSURE $xxxM For personal use only $617 million $405 million $394 million $376 million $338 million $288 million $258 million $245 million $234 million $210 million $195 million $179 million $156 million $192 million Figures are at 31 March 2025 21
Slide 23: Top Holdings
TOP 20 HOLDINGS $xxxM For personal use only $617$504m million $387m $405 million $370m $394 million $334m $376 million $318m $338 million $278m $263m $238m $233m $204m $204m $199m $288 million $258 million $245 million $234 million $210 million $197m $192m $189m $147m $123m $123m $195 million $179 m
Slide 24: Recent Movements
RECENT MOVEMENTS Recent purchases Recent sales For personal use only Figures are for the quarter to 31 March 2025 23
Slide 25: US Tariff Impacts
US TARIFF IMPACTS Argentina Impacts by country India % of GDP $xxxM Russia For personal use only UK $617 million $405 million $394 million $376 million $338 million Saudi Arabia Australia Australia is among the least Brazil affected by US tariffs Indonesia Poland Japan $288 million Mexico$258 millio
Slide 26: Tariffs and Our Portfolio
TARIFFS AND OUR PORTFOLIO Domestic-only business Some US-exposed business China-exposed business Not impacted by tariffs Unlikely to be impacted by tariffs Could be impacted if Chinese $xxxM For personal use only economy weakens $617 million $405 million $394 million $376 million $338 million $288 m
Slide 27: Lynas' Geopolitical Significance
LYNAS’ GEOPOLITICAL SIGNIFICANCE Rare earths elements supply chain % share by country $xxxM For personal use only $617 million $405 million $394 million $376 million $338 million $288 million $258 million $245 million $234 million $210 million $195 million $179 million $156 million $192 million Sour
Slide 28: Strategic Uses of Rare Earths
STRATEGIC USES OF RARE EARTHS $xxxM For personal use only $617 million $405 million $394 million $376 million $338 million RARE EARTHS Magnets $288 million $258 million $245 million $234 million $210 million $195 million $179 million $156 million $192 million Electronics Catalysts Defense Wind turbi
Slide 29: Looking Ahead
For personal use only LOOKING AHEAD 28
Slide 30: Trump-Fuelled Volatility to Continue
TRUMP-FUELLED For personal use only VOLATILITY TO CONTINUE 29
Slide 31: For personal use only
For personal use only 30
Slide 32: Argo Infrastructure
ARGO INFRASTRUCTURE ASX CODE: ALI For personal use only Access a large and complex global asset class through a single ASX trade
Slide 33: Overview
OVERVIEW Consecutive fully For personal use only ASX code Dividend yield Independent franked dividends research ratings ALI 5.3% 14 Grossed up to include Dividends paid every year franking credits since inception Total assets Manager Portfolio Manager $485m Argo Cohen & $432m in 2024 Investments Ste
Slide 34: Diversification Benefits
DIVERSIFICATION BENEFITS Global listed infrastructure vs Australian share market Total returns to 31 March 2025 For personal use only At March 31, 2025. 33
Slide 35: Key Considerations for Investors
KEY CONSIDERATIONS FOR INVESTORS For personal use only 34
Slide 36: Why Listed Infrastructure Now?
WHY LISTED INFRASTRUCTURE NOW? For personal use only 35
Slide 37: Investment Case for Listed Infrastructure
INVESTMENT CASE FOR LISTED INFRASTRUCTURE For personal use only 36
Slide 38: Infrastructure...It's Where the Capital Is Going
INFRASTRUCTURE…IT’S WHERE THE CAPITAL IS GOING For personal use only At December 31, 2024. Source: Oxford Economics, World Economic Forum, Cohen & Steers. 37
Slide 39: Infrastructure Valuations Are Attractive
INFRASTRUCTURE VALUATIONS ARE ATTRACTIVE For personal use only At March 31, 2025. Source: MSCI, FTSE, FactSet and Cohen & Steers 38
Slide 40: Key Themes Within Listed Infrastructure Today
KEY THEMES WITHIN LISTED INFRASTRUCTURE TODAY For personal use only At March 31, 2025. 39
Slide 41: Marine Ports Benefiting from Increased Volumes and Rerouting
MARINE PORTS ARE BENEFITING FROM INCREASED VOLUMES AND REROUTING OF GLOBAL TRADE FLOWS For personal use only At December 31, 2024. Source: BCG, UN Comtrade, Oxford Economics, IHS, WTO, Cohen & Steers. 40
Slide 42: Higher Power Demand Should Benefit Utilities
HIGHER POWER DEMAND SHOULD BENEFIT UTILITIES For personal use only At March 31, 2025. Source: U.S. Energy Information Administration, Cohen & Steers. 41
Slide 43: Potential Impact of a Second Trump Presidency
POTENTIAL IMPACT OF A SECOND TRUMP PRESIDENCY ON LISTED INFRASTRUCTURE For personal use only 42 At March 31, 2025. Source: Cohen & Steers.
Slide 44: Tariff Implications for Global Listed Infrastructure
TARIFF IMPLICATIONS FOR GLOBAL LISTED INFRASTRUCTURE For personal use only At March 31, 2025. Source: Cohen & Steers. 43
Slide 45: Portfolio in Action
PORTFOLIO IN ACTION For personal use only At March 31, 2025. Source: Morningstar, Cohen & Steers. 44
Slide 46: Top Holdings
TOP HOLDINGS For personal use only At March 31, 2025. 45
Slide 47: Cohen & Steers' Competitive Advantages
COHEN & STEERS’ COMPETITIVE ADVANTAGES For personal use only 46
Slide 48: Cohen & Steers Team
COHEN & STEERS TEAM For personal use only At March 31, 2025. 47
Slide 49: Summary
SUMMARY For personal use only At March 31, 2025. Source: Cohen & Steers. 48
Slide 50: Portfolio Manager
PORTFOLIO MANAGER For personal use only Tyler Rosenlicht Senior Vice President, Cohen & Steers Tyler Rosenlicht, Senior Vice President, is a portfolio manager for Global Listed Infrastructure. Prior to joining the firm in 2012, Mr. Rosenlicht was an investment banking associate with Keefe, Bruyette
Slide 51: Legal Notes
For personal use only LEGAL NOTES 50
Slide 52: Questions & Answers
For personal use only QUESTIONS & ANSWERS
Slide 53: Find Out More
FIND OUT MORE For personal use only argoinvestments.com.au argoinfrastructure.com.au 52
Slide 54: Appendix
For personal use only APPENDIX
Slide 55: Argo Infrastructure Premium/Discount to NTA
ARGO INFRASTRUCTURE PREMIUM/DISCOUNT TO NTA Share price premium/discount to NTA Since inception (July 2015) 8.0% For personal use only 4.0% 0.0% -4.0% -8.0% -12.0% -16.0% -20.0% Jul-15 Feb-16 Sep-16 Apr-17 Nov-17 Jun-18 Jan-19 Aug-19 Mar-20 Oct-20 May-21 Dec-21 Jul-22 Feb-23 Sep-23 Apr-24 Nov-24 Jun
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