:
Message from Sophia Rahmani, CEO & MD, Maple-Brown Abbott - COVID-19 (Coronavirus)
Message from Sophia Rahmani, CEO & MD, Maple-Brown Abbott - COVID-19 (Coronavirus)

Maple-Brown Abbott Global Listed Infrastructure Fund

Performance

Performance
(as at 31 May 2020)

Performance 1 mth % 3 mths % 1 yr % p.a. 3 yrs % p.a. 4 yrs % p.a. 5 yrs % p.a. Since inception % p.a. *
Fund ** 2.1 -7.6 2.6 3.3 5.3 6.9 13.6
Benchmark *** 0.7 1.9 8.1 7.8 7.9 7.6 7.3

Unit price as at 7 Jul 2020

Redemption price $ 1.7263

Net asset value $ 1.7289

Application price $ 1.7315

Contact us

Client Services contact details

Phone
Within Australia 1300 097 995
International +61 3 9616 8614
(9am - 5:30pm AEST)

Email
mba@unitregistry.com.au

Global Listed Infrastructure Fund
Quarterly Investment Update, March 2020
Steven Kempler

Performance chart
(as at 31 May 2020)

Data Source: Maple-Brown Abbott

Fund update - May 2020

The Fund currently holds 30 global infrastructure stocks and returned 2.1% in AUD terms for May, underperforming the reference index by 0.7%. Year to date the Fund is down 6.9% in AUD terms and slightly behind of the reference index which is down 6.3% in AUD terms. In comparison, global equities are down 2.8% year to date in AUD terms. Listed infrastructure traditionally fares better than broader equities in a market downturn due to its perceived defensiveness. However, unprecedented economic restrictions and oil price volatility have posed a unique challenge to the transportation and pipelines sectors.

Channel tunnel rail operator Getlink performed strongly in May, up 12% in local currency terms. Getlink benefitted from news that travel restrictions will be eased in both the UK and France.

French based infrastructure company Vinci had positive performance in May, up 11% in local currency terms. Vinci benefitted from the bounce in transportation companies as travel restrictions eased across Europe.

The airports sector likewise saw a change in sentiment and was up sharply for the month, including Fund holdings Flughafen Zuerich (11%) and Fraport (11%).

The Dutch storage tank farm infrastructure operator Vopak was weaker in May following strong performance year to date. As volatility in the oil price decreased, the attraction of Vopak’s storage abilities to capitalise on the commodity’s contango waned. Vopak was down 6% in local currency terms.

Companies operating in the UK & US regulated utility space all had relatively weaker performance compared to the reference index. Their defensiveness, which served them well in the first quarter of relative outperformance, held them back in May as they did not benefit from the bounce seen in transportation infrastructure stocks. For example, NiSource was down 5%, National Grid down 1%, Severn Trent up 2% and United Utilities Group up 2% in local currency terms.

PERFORMANCE DISCLAIMER: Please note that the figures above represent past performance, and past performance is not a reliable indicator of future performance. Returns are volatile and may fluctuate quickly and significantly. Neither Maple-Brown Abbott Limited nor any other person makes any representation nor gives any guarantee as to the future performance or success of, the rate of income or capital return from, recovery of money invested in, or income tax or other taxation consequences of, any investment in the trusts shown on this website.

* Inception date is 18 December 2012.

** Total return is based on the movement in net asset value per unit plus distributions and is before tax and after all fees and charges. Imputation and foreign income tax offsets are not included in the performance figures.

*** The benchmark is the OECD Total Inflation Index + 5.5% p.a.

About the Fund

The Maple-Brown Abbott Global Listed Infrastructure Fund is an actively managed global listed infrastructure securities portfolio with a focus on regulated, contracted and concession assets or networks that provide essential services.

Investment objective

The Fund aims to outperform the benchmark over rolling five-year periods. The benchmark is an accumulation index, maintained daily by us, comprised of the OECD Total Inflation Index plus 5.5% per annum.

Key benefits

  • Investment expertise: the opportunity to invest in a fund managed by a dedicated team with many years’ experience
  • Investment return: the potential to provide investment returns in line with the investment objective
  • Investment growth and distributions: access to an international share portfolio that aims to deliver medium to long term capital growth, along with the potential to receive quarterly distributions
  • Broader investment opportunities: access to investment opportunities, markets and risk management techniques not generally available to individual investors
  • Regular reporting: comprehensive investment reports and transaction, distribution and annual tax statements
  • Liquidity: timely access to your investment including daily unit prices

Fund facts
(as at 31 May 2020) Latest Fact Sheet

Fund size $ 956.0 Million
APIR code MPL0006AU
Inception date Dec 2012
Distribution frequency Quarterly
Unit pricing frequency Daily
Minimum initial investment $ 20,000
Minimum additional investment $ 5,000

Significant holdings
(as at 31 May 2020)

Ameren Corporation
Atmos Energy Corp
Duke Energy Corp
Getlink
National Grid
NiSource
Sempra Energy
Severn Trent
Vinci
Vopak

Value and balance sheet characteristics
(as at 31 May 2020)

  Fund
Number of Stocks 30
Dividend Yield (%) 3.7
EV/EBITDA * (x) 13.0
Gearing (Net Debt/EBITDA) (x) 5.0

* Enterprise Value/Earnings before interest, taxes, depreciation and amortisation.

Based on fund weighted averages.

Risk measures AUD
(as at 31 May 2020)

  Fund MSCI World
Annualised Daily Volatility (%) * 12.9 14.3
Beta vs MSCI World 0.8

* Since inception.

Sector weights
(as at 31 May 2020)

Country weights
(as at 31 May 2020)

Ratings Disclaimer

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned June 2016) referred to in this document is limited to “General Advice” (as defined by the 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. 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. Zenith usually charges the product issuer, fund manager or a 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.


The rating contained in this document is issued by SQM Research Pty Ltd ABN 93 122 592 036. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.


The Lonsec Ratings (assigned as follows: APIR MPL0006AU - May 2016; APIR MPL0008AU - May 2016) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Rating is a ‘class service’ (as defined in the Financial Advisers Act 2008 (NZ)) or is limited to ‘General Advice’ (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). In New Zealand it must only be provided to ‘wholesale clients’ (as defined in the Financial Advisers Act 2008 (NZ)). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Maple-Brown Abbott Australia Limited product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at http://www.beyond.lonsec.com.au/intelligence/lonsec-ratings. Neither Maple-Brown Abbott Limited nor any other person makes any representation nor gives any guarantee as to the future performance or success of, the rate of income or capital return from, recovery of money invested in, or income tax or other taxation consequences of, any investment.

Distributions

Distribution history

Here you will find the distribution history for the Fund.

Generally, the main components of distributions are dividends received, and interest, realised capital gains and other income derived by the Fund, less fees and expenses.

The distributions are expressed as cents per unit.

Date Cents per unit Div 12-H Summary Taxable Component Summary
30/06/2020 0.3280 ¢ Div 12-H Summary Tax Component Summary
31/03/2020 1.0000 ¢ Div 12-H Summary Tax Component Summary
31/12/2019 1.0000 ¢ Div 12-H Summary Tax Component Summary
30/09/2019 1.0000 ¢ Div 12-H Summary Tax Component Summary
30/06/2019 1.6580 ¢ Div 12-H Summary Tax Component Summary

Download distribution history

Unit prices

Unit price history

Here you will find the unit price history for the Fund.

Date Redemption price Net asset value Application price
07/07/2020 $ 1.7263 $ 1.7289 $ 1.7315
30/06/2020 ^ $ 1.7204 $ 1.7233 $ 1.7262
30/06/2020 $ 1.7237 $ 1.7266 $ 1.7295
29/06/2020 $ 1.7222 $ 1.7251 $ 1.7280
26/06/2020 $ 1.7070 $ 1.7099 $ 1.7128
25/06/2020 $ 1.7243 $ 1.7272 $ 1.7301
24/06/2020 $ 1.7210 $ 1.7239 $ 1.7268
23/06/2020 $ 1.7355 $ 1.7385 $ 1.7415
22/06/2020 $ 1.7527 $ 1.7557 $ 1.7587
19/06/2020 $ 1.7551 $ 1.7581 $ 1.7611

^ Ex price.

Download unit price history

Forms & reports

Forms & reports

Below is a range of important forms and reports that are available.

To invest with us you should ensure you have read the sure Statement (PDS), including the Additional Information Booklet (AIB), before completing the Initial Application.

The Fact Sheet will provide you with an update on the Fund including performance and positioning.

If you would like more information or have any questions, please contact us on 1300 097 995 or mba@unitregistry.com.au.

Invest now

Invest now

It is easy to invest with Maple-Brown Abbott, just follow the steps below.


Step 1: Read the current Product Disclosure Statement (PDS)

Carefully read the Product Disclosure Statement (PDS) including the Additional Information Booklet (AIB) to ensure that you understand how the product works and the risks involved.

Step 2: Make an Application

New investments can be made Online.



Investments can also be made using the forms below.

Step 3: Investment confirmation

Once your application and payment are received, you'll receive confirmation of your investment details.


Still need help?

If you have any questions, please contact us 1300 097 995 or mba@unitregistry.com.au.


BPAY®

Investing is easy with BPAY®

BPAY® is a secure payment facility that enables you to invest directly from your bank account into your Maple-Brown Abbott funds using your phone or internet banking service.

Why use BPAY® ?

BPAY® is an electronic funds transfer payment method, initiated by you, from your bank account to your Maple-Brown Abbott investment account. By using the convenience of phone or internet banking, BPAY® allows for the prompt (next business day) transfer of funds into your investment account.

Biller Code

The Biller Code for the fund is 310672

Note: by using a Biller Code to make a BPAY® deposit, you acknowledge you’ve received Product Disclosure Statements (PDSs) for the managed investments in your account and agree to receive PDSs (including information about significant events or matters affecting them) electronically via the MBA Online Portal.

Reference Number

When you start investing with Maple-Brown Abbott, you’ll be provided with an investor number. Use your investor number as your reference when making payments via BPAY®.

Using BPAY®

To invest in a Maple-Brown Abbott fund using BPAY® you need a Biller Code and Reference Number.

If you’d like to make a payment to this fund Biller Code Reference Number
Maple-Brown Abbott Global Listed Infrastructure Fund 310672 Your investor number

How do I start using BPAY®?

  • Register with your financial institution’s phone and/or internet banking service.
  • Obtain your BPAY® Biller Code and Reference Number.
  • Contact your financial institution via phone or internet banking and provide the required security details (such as password and user ID).
  • Follow the prompts for the BPAY® payment facility. You’ll need to provide your unique BPAY® Biller Code and Reference Number, and payment amount and the bank account from which your payment is to be made.
  • The details of the transaction will be repeated back or displayed for you and you’ll be prompted to confirm the payment.
  • You’ll then be given a receipt number for your reference.
  • You also need to ensure the BPAY® deposit matches the online instructions given to your financial adviser (for example, correct Biller Code, and the payment type and deposit amounts are the same). If the instructions don’t match, we may not be able to match the payment to the deposit and it may be allocated as per the default investment instructions and up-front fee specified on your account.

Note: instructions submitted by your financial adviser online only remain valid for 30 days, so you need to ensure a BPAY® deposit is transferred within this time frame.

BPAY® deposit limits

Daily BPAY® transfer limits are enforced by all financial institutions. You’ll need to check with your financial institution to obtain the daily transaction limit for your account.

How is my BPAY® deposit invested in my MBA investment account?

BPAY® deposits are automatically allocated to your Maple-Brown Abbott investment account on the next working day.

Will I receive confirmation?

Your financial institution will give you a receipt number which confirms it has identified and authorised the BPAY® payment instruction. You should keep this for future reference. You can also check the MBA Online Portal to confirm the transaction has been made.

Fees And Costs

Management Costs *

Base
Fee
% 1 & 2
Indirect
Costs
% 3
Recoverable
Expenses
% 3 & 5
Total

%
0.98 n/a n/a 0.98

1) Unless otherwise stated, all fees are quoted on a GST inclusive basis and net of any applicable Reduced Input Tax Credits.


2) The base fee is the fee we charge for managing the assets and overseeing the operations of the Fund, expressed as a percentage of the net asset value of the Fund.


3) All other components of the management costs are based on the indirect costs and recoverable expenses incurred during the prior financial year ended 30 June.


5) Under the Fund’s Constitution we are entitled to be reimbursed for authorised expenses incurred in managing and administering a Fund, however at present we have chosen not to be reimbursed for routine fund expenses including registry, custodian, accounting, audit costs and legal expenses (excluding transaction costs) which are paid by us out of our base fee. Any levy payable to the Australian Securities and Investments Commission (ASIC) may however be paid out of the Fund.


* Fees may be negotiated if you are a wholesale investor as defined in the Corporations Act 2001 (Cth).



Transactional and Operational Costs

Total transactional and
operational costs
% 1
Less buy-sell
spread recovery
% 2
Net transactional and
operational costs
%
3
0.13 0.08 0.05

1) Transactional and operational costs represent the estimated costs from the Fund’s investing activities. These costs are in addition to the management costs. The transactional and operational costs are reflected in the unit price and impact the performance of the Fund. These costs include brokerage, settlement costs, clearing costs, stamp duty and other taxes on an investment transaction. It also includes the difference between the price paid for purchasing securities and the price that would be payable if selling securities (i.e. bid/ask spread).


2) Buy-sell spread recovery represents the amount charged to investors that relates to investor applications and withdrawals.


3) Based on the estimated costs incurred during the prior financial year ended 30 June, expressed as a percentage of the average Fund net asset value.



Buy / Sell Spreads *

Total spread
%
0.15 / 0.15

* The buy-sell spread is an additional cost to you. This ensures existing investors are not disadvantaged due to the costs associated with buying or selling the Fund’s investments as a result of applications and withdrawals.