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


(as at 31 Aug 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 ** -3.7 -9.2 -12.3 1.2 2.7 4.8 11.7
Benchmark *** 0.4 1.0 6.4 7.5 7.6 7.3 7.2

Performance chart
(as at 31 Aug 2020)

Data Source: Maple-Brown Abbott

Unit price as at 24 Sep 2020

Redemption price $ 1.6669

Net asset value $ 1.6694

Application price $ 1.6719

Contact us

Duncan Hodnett
Head of Global Distribution

Phone: +61 (0) 2 8226 6200
Mobile: +61 (0) 456 382 472

Global Listed Infrastructure Fund
Quarterly Investment Update, June 2020
Andrew Maple-Brown

Fund update - August 2020

The Fund currently holds 31 global infrastructure stocks and returned -3.7% in AUD terms for August, underperforming the reference index by 1.0%. Over 12 months, the Fund remains ahead of the reference index by 1.6%.

The airport subsector had a strong month in August. Fund holdings Flughafen Zuerich and Fraport were up 18% and 16% respectively in local currency terms. This strong performance follows both companies reporting results in August. Whilst first half results were understandably weak following severe COVID-related travel restrictions, investors took comfort from a continued improvement in passenger numbers month-on-month as some of these restrictions eased.

French company Vinci was up 8% in local currency terms, one stock that we increased during the COVID downturn. The rise was due to a solid first half result being reported in August with no earnings surprises, despite the significant COVID-related impact on company operations.

After a strong prior month, North American regulated utilities underperformed the infrastructure sector in August. Fund holdings NiSource, Atmos Energy Corp and American Electric Power were down 5% to 9% in local currency terms. US Treasury yields increased during August and generally there was a focus on growth equities in US markets. Neither of these investor themes benefit regulated utilities which are traditionally seen as reliable and defensive stocks with clear earnings predictions and accordingly remain relatively out of favour against this backdrop.

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 Aug 2020) Latest Fact Sheet

Fund size $ 904.9 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 Aug 2020)

Ameren Corporation
American Electric Power
Duke Energy Corp
National Grid
Sempra Energy
Severn Trent

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

Number of Stocks 31
Dividend Yield (%) 3.9
EV/EBITDA * (x) 12.9
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 Aug 2020)

  Fund MSCI World
Annualised Daily Volatility (%) * 13.0 14.3
Beta vs MSCI World 0.8

* Since inception.

Sector weights
(as at 31 Aug 2020)

Country weights
(as at 31 Aug 2020)


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
24/09/2020 $ 1.6669 $ 1.6694 $ 1.6719
23/09/2020 $ 1.6508 $ 1.6533 $ 1.6558
22/09/2020 $ 1.6525 $ 1.6550 $ 1.6575
21/09/2020 $ 1.6382 $ 1.6407 $ 1.6432
18/09/2020 $ 1.6492 $ 1.6517 $ 1.6542
17/09/2020 $ 1.6710 $ 1.6735 $ 1.6760
16/09/2020 $ 1.6649 $ 1.6674 $ 1.6699
15/09/2020 $ 1.6569 $ 1.6594 $ 1.6619
14/09/2020 $ 1.6583 $ 1.6608 $ 1.6633
11/09/2020 $ 1.6453 $ 1.6478 $ 1.6503

^ 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.


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 *

% 1 & 2
% 3
% 3 & 5

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
0.17 0.11 0.06

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.