Argo Global Listed Infrastructure Ltd. · ASX:ALI
Argo Global Listed Infrastructure — Shareholder Meeting (October 2016)
29 slides from Argo Global Listed Infrastructure's shareholder meeting presentation, Oct 26, 2016
Slide 1: Welcome to the 2016 Annual General Meeting
For personal use only 1 Welcome to the 2016 Annual General Meeting
Slide 2: Disclaimer
2 Disclaimer For personal use only This presentation has been prepared by Argo Service Company Pty Ltd (ASCO) (ACN 603 367 479) (Australian Financial Services Licence 470477), on behalf of Argo Investments Limited (ACN 007 519 520). ASCO’s Financial Services Guide is available on request or at www.a
Slide 3: Welcome to the 2016 Annual General Meeting
For personal use only 3 Welcome to the 2016 Annual General Meeting
Slide 4: Summary of financial results for the year ended June 2016
4 Summary of financial results for the year ended 30 June 2016 For personal use only 2016 Profit $9.6 million Total dividends per share for the full year 3.0 cents Net tangible asset backing (NTA) per share $2.03 Number of shareholders 11,100
Slide 5: Total Portfolio Return to September 2016
5 Total Portfolio Return to 30 September 2016 For personal use only 8.6% 7.3% 6.4% 6.3% 5.1% 3.1% 2.0% 1.9% 1.8% 0.3% 0.3% -1.8% -2.7% -3.1% September Quarter 2016 Calendar YTD to September 2016 Since Inception – 02/07/2015 -10.8% Share Price (ALI+ALIO) ALI NTA AGLI Benchmark (A$) MSCI World (A$) S&
Slide 6: Infrastructure investment is a global opportunity
6 Infrastructure investment is a global opportunity For personal use only North America U.S. Federal Energy Regulatory Commission China approves 8 Liquid “One belt one road” strategy Natural Gas (LNG) expected to result in acquisitions of France Europe export facilities overseas infrastructure asset
Slide 7: www.argoinfrastructure.com.au
7 www.argoinfrastructure.com.au For personal use only
Slide 8: Key service providers
8 Key service providers For personal use only Manager Portfolio Manager Custodian Share Registry
Slide 9: Total Portfolio Return to September 2016
9 Total Portfolio Return to 30 September 2016 For personal use only 8.6% 7.3% 6.4% 6.3% 5.1% 3.1% 2.0% 1.9% 1.8% 0.3% 0.3% -1.8% -2.7% -3.1% September Quarter 2016 Calendar YTD to September 2016 Since Inception – 02/07/2015 -10.8% Share Price (ALI+ALIO) ALI NTA AGLI Benchmark (A$) MSCI World (A$) S&
Slide 10: Currency movement
10 Currency movement USD 0.80 GBP 0.60 For personal use only AUD/USD (LHS) USD 0.75 GBP 0.55 USD 0.70 GBP 0.50 AUD/GBP (RHS) USD 0.65 GBP 0.45 07-15 08-15 09-15 10-15 11-15 12-15 01-16 02-16 03-16 04-16 05-16 06-16 07-16 08-16 09-16
Slide 11: Communication and marketing
11 Communication and marketing For personal use only WEBSITE www.argoinfrastructure.com.au INDEPENDENT Lonsec Research Bell Potter Securities RESEARCH Independent Investment Research EMAIL Monthly NTA & investment updates Quarterly reports ALERTS Discussion papers Result announcements
Slide 12: www.argoinfrastructure.com.au
12 www.argoinfrastructure.com.au For personal use only
Slide 13: About Cohen & Steers
13 About Cohen & Steers For personal use only • A global investment manager specialising in real assets, Assets Under Management by Asset Class September 30, 2016 including infrastructure, real estate, commodities and natural A$ Millions resource equities Total Real Assets Strategies $61.4 U.S. Real
Slide 14: Global Listed Infrastructure and MLP Team
14 Global Listed Infrastructure and MLP Team Joseph Harvey, President & CIO For personal use only 24/29 Portfolio Managers Robert Becker Ben Morton Co-Head, Portfolio Manager Co-Head, Portfolio Manager 13/21 13/18 Tyler Rosenlicht(1) Portfolio Manager/Analyst 4/7 Research Analysts Quynh Dang Grace D
Slide 15: The Cohen & Steers Competitive Advantage
15 The Cohen & Steers Competitive Advantage Recognised as a leading investment manager across listed infrastructure, real estate, commodities and natural For personal use only resource equities Experienced Global Team Dedicated real asset manager • Global analyst presence averaging 10 years • Specia
Slide 16: Defining Listed Infrastructure
16 Defining Listed Infrastructure For personal use only Typical Characteristics of Global Listed Infrastructure Marine • Underlying assets provide essential public services Ports that facilitate economic growth Airports Pipelines • Long-lived real assets • High barriers to entry Investment Universe
Slide 17: Sensitivity of Revenue Drivers Highlights Diversification Benefits
17 Sensitivity of Revenue Drivers Highlights Diversification Benefits For personal use only Infrastructure Subsector Sensitivity Framework Marine Ports Airports Economic Sensitivity Toll Roads Railways Pipelines Water Towers Utilities Satellites Inflation Sensitivity At September 30, 2016. Data quot
Slide 18: Why Listed Infrastructure Now
18 Why Listed Infrastructure Now For personal use only • Massive infrastructure investments needed globally Compelling Secular Case • Private sector capital essential as government balance sheets generally stretched • Constructive regulation typically in place to incentivize private sector investmen
Slide 19: Country and Sector Performance Dispersion Has Historically Benefited Active Managers
Country and Sector Performance Dispersion Has Historically 19 Benefited Active Managers Calendar-Year Range of Total Returns in AUD For personal use only By Sector(1) Total Return Best/Worst Sector 60% Railways Communications Diversified Midstream 40% Diversified Total Return (%) 20% Marine Ports To
Slide 20: Infrastructure Has Shown Resilience After Interest Rate Increases
20 Infrastructure Has Shown Resilience After Interest Rate Increases For personal use only Infrastructure has often lagged global equities during ...But has outperformed materially after the initial reaction(2) periods of extreme rate increases…(1) Infrastructure Global Equities Rate Infrastructure
Slide 21: Global Listed Infrastructure Performance
21 Global Listed Infrastructure Performance For personal use only Total Returns (%) in A$ Cohen & Steers Global Infrastructure Composite (1) Global Listed Infrastructure Benchmark (2) 20% 17.4 15.7 15.2 15.8 15% 9.4 9.4 8.8 10% 6.9 6.2 4.5 5.4 4.0 5% 0% -2.1 -1.8 -5% Q3 2016 YTD 1 Year 3 Years 5 Yea
Slide 22: Macro Outlook
22 Macro Outlook For personal use only • Global growth has slowed to 3% in 2016; expected to be roughly unchanged next year • Brexit has increased uncertainty in Europe, but economic damage appears muted • U.S. GDP growth should remain in the range of 2%–2.5% in 2016 • Gradual rate hikes in the U.S.
Slide 23: Global Listed Infrastructure Outlook
23 Global Listed Infrastructure Outlook For personal use only Utilities • Valuations remain rich but fundamentals are supported by exceptionally low interest rates in developed markets • Differentiation between regulated and non-regulated businesses Midstream Energy • After a difficult 2015, improvi
Slide 24: Expressing Key Themes in Infrastructure
24 Expressing Key Themes in Infrastructure For personal use only Company Description Key Differentiator Owns and operates • Best in class regulated utility regulated utility and • Largest solar and wind power operator in the U.S. renewable energy assets NYSE: NEE • Leading management team Mkt. Cap:
Slide 25: Top Ten Holdings
25 Top Ten Holdings For personal use only Portfolio(1) Top Ten Absolute Positions % NextEra Energy Inc. 3.9 TransCanada Corp. 3.7 Crown Castle International Corp. 3.6 Transurban Group 3.6 American Tower Corporation 3.3 PG&E Corporation 3.1 Kinder Morgan Inc. 3.1 Union Pacific Corporation 2.9 Sempra
Slide 26: Portfolio Managers
26 Portfolio Managers Highly experienced portfolio managers specialising in global infrastructure For personal use only Robert Becker Senior Vice President, Cohen & Steers • Robert Becker is a portfolio manager for Cohen & Steers’ global listed infrastructure and MLP portfolios and co leads the firm
Slide 27: Legal Notes
27 Legal Notes For personal use only • This material is provided to qualified institutional and professional investors or their advisors only for informational purposes and reflects prevailing conditions and our judgment as of this date, which are subject to change. It does not constitute investment
Slide 28: www.argoinfrastructure.com.au
28 For personal use only www.argoinfrastructure.com.au
Slide 29: Global Listed Infrastructure
38 Global Listed Infrastructure Ms | Mem E,r.,l—Eel—Eleeeyee,lC—=—Eeeeeeles,lC—eeeeeee,l,lC—eeeeeeee,e,lC—eeeeee,l,,lC—=Eeeeeee,,,tlC—=E=Ee,,,tlC a EE=—:—‘(iti—TTES
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