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Magellan Asset Management Limited, operating as Magellan Investment Partners, has published its quarterly portfolio disclosure for the Magellan Infrastructure Fund (Currency Hedged) 1 Active ETF, outlining all securities held as of 30 June 2026. Listed on the ASX under ticker MICH, the fund features a diversified global infrastructure portfolio encompassing utilities, transportation, telecommunications, and airport operators across North America, Europe, and the Asia-Pacific region. This disclosure offers investors comprehensive transparency on the fund's positioning and asset allocation at the conclusion of Q2 2026.
Key Points
- Magellan Asset Management Limited (ASX:MICH) released the quarterly portfolio disclosure for the Magellan Infrastructure Fund (Currency Hedged) 1 Active ETF.
- As of 30 June 2026, the portfolio included 44 listed infrastructure securities alongside cash holdings.
- Top holdings were Aena SME SA at 7.1%, United Utilities Group Plc at 4.9%, and Cellnex Telecom SA at 4.8%.
- The fund's cash position stood at 1.6%, comprising 3.6% cash assets offset by a 2.0% net unrealised loss from foreign currency hedging.
- No net credit exposure to foreign currency hedging counterparties was reported as of 30 June 2026.
Portfolio Composition and Diversification Strategy of Magellan Infrastructure Fund
The Magellan Infrastructure Fund (Currency Hedged) 1 Active ETF maintains a globally diversified portfolio targeting essential infrastructure sectors such as utilities, railways, toll roads, telecommunications networks, airports, and energy transmission operators. As at 30 June 2026, the fund held 44 listed securities across North America, Europe, and the Asia-Pacific, reflecting a strategic diversification approach to mitigate concentration risk while accessing resilient infrastructure assets.
The largest holding was Aena SME SA at 7.1% of the portfolio, followed by United Utilities Group Plc at 4.9% and Cellnex Telecom SA at 4.8%. The top ten holdings represented about 47% of the portfolio, indicating a balanced concentration strategy. Position sizes ranged from Aena to smaller stakes like Snam SpA at 0.5%, aligned with the fund manager's evaluation of risk-adjusted returns.
North American Transportation and Railway Infrastructure Exposure
The fund holds significant stakes in North American transportation and railway infrastructure, critical to regional economic logistics. Canadian National Railway Company accounted for 3.0%, while Union Pacific Corporation, Norfolk Southern Corporation, and CSX Corporation collectively made up 4.4%. These rail operators provide long-term contracted or regulated revenues from freight and industrial goods movement.
Additional North American transportation exposure includes Crown Castle Inc at 4.2% and American Tower Corporation at 3.2%, reflecting investments in telecommunications tower infrastructure supporting mobile and broadband networks. The fund also holds 3.9% in Transurban Group, an Australian toll road operator serving major metropolitan areas. These assets benefit from long-term contracts, inflation protection, and stable cash flows tied to essential services.
Utilities Sector and Regulated Energy Distribution Holdings
Utilities form a major part of the fund's holdings, including regulated electricity, water, and gas companies. United Utilities Group Plc represented 4.9%, and Severn Trent 4.7%, both UK-based water and waste management utilities with stable revenue streams supported by regulatory frameworks.
American utilities in the portfolio include Sempra (3.7%), CMS Energy Corporation (4.1%), Xcel Energy Inc (4.1%), Evergy Inc (4.1%), Eversource Energy (3.9%), WEC Energy Group Inc (2.2%), and Alliant Energy Corporation (3.2%). Dominion Energy Inc accounted for 3.2%. UK-based National Grid Plc represented 3.9%. These utilities provide electricity and natural gas distribution with predictable cash flows and regulatory oversight, reflecting the fund manager's preference for stable infrastructure investments.
European and International Airport and Transportation Hub Investments
The fund holds significant positions in European and international airport operators. Spain's Aena SME SA, the largest holding at 7.1%, manages airports domestically and internationally. Paris-based Groupe ADP accounted for 2.6%, and Flughafen Zuerich AG, operator of Zurich Airport, 1.4%. These airports serve as vital transportation hubs facilitating passenger and cargo traffic.
Additional European transportation exposure includes Ferrovial SE (2.9%), a Spanish infrastructure services company, and Getlink SE (2.4%), operator of the Channel Tunnel connecting the UK and France. These assets generate revenues from usage fees and contracted services, benefiting from long-term growth trends in travel and trade.
Telecommunications Tower and Network Infrastructure Holdings
Telecommunications infrastructure is a key portfolio component, supporting global mobile and broadband connectivity. Cellnex Telecom SA, a leading European tower operator, represented 4.8%, Crown Castle Inc 4.2%, and American Tower Corporation 3.2%. These companies own passive infrastructure leased to mobile network operators, generating recurring lease revenues.
The fund also holds 1.0% in Infrastrutture Wireless Italia, an Italian telecommunications infrastructure provider. These assets benefit from increasing data demand, network densification, and mobile broadband expansion, with long-term lease agreements offering predictable revenue streams and limited capital expenditure.
Energy Transmission and Distribution Infrastructure Across Regions
Energy infrastructure exposure includes Enbridge Inc (2.2%), providing natural gas and crude oil transmission in North America; Redeia Corporacion SA (1.3%), operating electricity transmission and distribution in Spain; Italgas SpA (1.6%) and Snam SpA (0.5%) managing natural gas networks in Italy; and Vopak NV (2.4%), operating liquid bulk storage terminals for energy and chemicals.
These operators benefit from essential service roles, regulated or contracted revenues, and support for economic activity and energy transition. The fund's energy holdings aim to deliver stable cash flows and inflation-linked returns.
Diversified European Infrastructure Exposure via Vinci SA
Vinci SA, a major European construction and infrastructure company, comprised 4.3% of the portfolio as of 30 June 2026. Vinci operates toll roads, parking, and concession-based infrastructure services across Europe, generating revenue from tolls and long-term concessions. Its diversified asset base and geographic reach provide the fund with broad infrastructure exposure.
Vinci's inflation-linked cash flows and predictable earnings complement the fund's holdings in focused infrastructure operators, enhancing portfolio diversification across asset types and markets.
Cash Holdings, Currency Hedging, and Liquidity Management
The fund maintained a 1.6% cash position at quarter-end, consisting of 3.6% cash assets offset by a 2.0% net unrealised loss from foreign currency hedging. This approach manages liquidity while shielding Australian dollar investors from currency fluctuations affecting foreign-denominated assets. The fund reported no net credit exposure to hedging counterparties as of 30 June 2026, indicating prudent risk management.
The net unrealised loss reflects currency movements impacting hedging positions during the quarter. Currency hedging is crucial for Australian investors given the fund's substantial international holdings, aiming to neutralise the impact of Australian dollar appreciation. The disclosure ensures transparency on cash and hedging effects on fund value.
Fund Management and Regulatory Compliance
Magellan Asset Management Limited, trading as Magellan Investment Partners, holds an Australian Financial Services Licence (ASFL 304301) and operates from Level 36, 25 Martin Place, Sydney NSW 2000. Registered with ASIC under ABN 31 120 593 946, the company manages the Magellan Infrastructure Fund (Currency Hedged) 1 Active ETF, listed on the ASX under ticker MICH. The quarterly portfolio disclosure fulfills regulatory requirements, offering unit holders and prospective investors clear insight into fund positioning and asset allocation.
The disclosure was authorised for ASX release by Kathy Molla-Abbasi, Company Secretary, on 31 July 2026, confirming portfolio data as of 30 June 2026. This transparency supports informed investment decisions by providing regular updates on capital deployment across infrastructure sectors and regions.
