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On 13 February 2019, the ASX-quoted Global infrastructure Fund, Magellan Infrastructure Fund (ASX:MICH) provided a fund update for January 2019. The fund is being managed by Gerald Stack. The fund came into existence as on 19 July 2016. The fund charges a Management & Administration Fee of 1.05% per annum. The fund size is circa AUD 255.5 million.
In terms of fund performance, the fund has outperformed the index by 2.4% p.a. since its inception, the benchmark being the S&P Global Infrastructure Index (A$). However, in the past month, the fund underperformed compared to the index with a negative return of 1.1%.Â
The fundâs sector exposure by the source of revenues are as follows:
Airports- 17%, Toll Roads- 16%, Gas Utilities- 12%, Energy Infrastructure- 11%, Integrated Power- 9%, Communications- 9%, Transmission & Distribution- 6% and Rail- 6%. However, in terms of the geographical exposure, the fund has its largest exposure into the U.S. markets with a stake of 36% followed by the Asia Pacific which accounted for 24% stake, Europe with a share of 20% and Canada, Latin America and UK having 7.0%, 2.0% and 1.0% share respectively. The company maintained 10% of its assets in the form of cash.
The fund is actively managed with minimum administration for the investors with requirement of no paper works to trade. The units of the fund, however, can be traded on ASX like other listed securities. Magellan has significant investment alongside unitholders. It is a liquid fund with efficient and live pricing, and the settlement is affected through Clearing House Electronic Subregister System (CHESS).
The performance fees of the fund are subject to a high-water mark, and it represents 10% of the excess return of the units of the fund above the higher of the Index Relative Hurdle and the absolute return hurdle. Index Relative Hurdle is based on S&P Global Infrastructure Index A$ Hedged Net Total Return and the absolute return is based on the yield of 10-year Australian Government Bonds.
The funds top ten holdings are namely: Arena SME SA, Aeroports De Paris, American Tower Group, Atlas Arteria, Atmos Energy Corp, Crown Castle International, Enbridge Inc, Eversource Energy, Sempra Energy and Transurban Group.
On the price-performance front, the stock of Magellan Infrastructure Fundâs is currently trading at $2.870. The stock opened at $ 2.870 with its day high at the same price; however, it touched the dayâs low of $2.860 with a daily volume of 287,245. The stock has generated a YTD return of 7.89% & also posted returns of 2.87% & 4.36% over the past six months and one-month period respectively. It had a 52-week high price of $ 2.880 and touched 52 weeks low of $ 2.570, with an average volume of 265,302 approximately.
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