An actively managed, research driven and competitively priced portfolio of 70-100 resilient global listed infrastructure businesses, ones that meet Magellan’s exacting standards and strict, propriety definition of listed infrastructure.
Invest NowA diversified and resilient global equities portfolio of 70-100 stocks that meet Magellan’s strict, proprietary definition of Infrastructure, with a proven track record of delivering consistent and reliable investment returns.
Investing in infrastructure is about investing in the companies that provide essential services to society, and earning predictable, reliable returns in the process.
Read more (PDF)MFG Core Infrastructure Fund is actively managed, research driven and competitively priced. Crucially, we know that this combination of rigorous fundamental stock selection and systematic portfolio management works. We've been offering this strategy to institutional investors for more than a decade and are delighted that this fund is now available to retail investors.
It is the intention to substantially hedge the capital component of the foreign currency exposure of the Fund arising from investments in overseas markets back to Australian Dollars.
The MFG Core Infrastructure Fund seeks to achieve attractive risk-adjusted returns over the medium to long term through investment in a diversified portfolio of high-quality companies that meet Magellan’s strict, proprietary definition of listed infrastructure. Through the application of our definition of infrastructure, we seek to limit external risks, providing investors with a highly defensive and resilient investment exposure.
At Magellan, we believe that the listed infrastructure asset class should deliver investors reliable investment returns.
Seeking to achieve this aim, many other investment managers focus exclusively on the essential nature of the services provided by infrastructure assets, reasoning that this will confer predictable demand.
We agree that the predictable demand conferred by the provision of essential services is an indispensable characteristic of infrastructure. Yet our experience tells us that predictable demand is only half of the story. To produce reliable investment returns, you also need to ensure that the cash flows of the business are reliable. And to ensure that cash flows are reliable, you need to be confident that the earnings of the business will not be eroded by competition, commodity price movements, or sovereign risk
To implement this view, we developed a strict, proprietary framework to identify securities that are appropriately characterised as infrastructure. Only these companies, whose characteristics confer uncommon resilience, are eligible for inclusion in our portfolios.
Defined in this manner, our track record demonstrates that global listed infrastructure provides investors with a highly defensive, inflation linked exposure, that exhibits low correlation with other asset classes, warranting a place in every investor's portfolio.
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Units | |
Bloomberg | MCSI AU EQUITY |
Thomson Reuters | MCSI.CHA |
IRESS | MCSI.CXA |
Transaction costs may also apply - refer to the Product Disclosure Statement. All management costs described above are inclusive of the estimated net effect of GST.
** iNAV calculations as shown on www.mfgcoreseries.com.au (the "data") provided by ICE Data Indices, see ICE Terms of Use, and is updated during Cboe trading hours. Powered by Factset. iNAV is indicative and for reference purposes only. The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates ("ICE Data") and ICE Data or its respective third party suppliers MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, IOPV, FUND OR ANY FUND DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. You acknowledge that the data is provided for information only and should not be relied upon for any purpose.
INVESTMENT RISKS: All investments carry risk. While it is not possible to identify every risk relevant to an investment in a fund, we have provided details of risks in the fund's Product Disclosure Statement.
Active stock selection, underpinned by rigorous fundamental investment research
Systematic portfolio management
Continuous active monitoring
Importantly, we know that this combination of rigorous fundamental stock selection and systematic portfolio management works.
We've been offering the Core Infrastructure strategy to institutional investors for more than a decade now and have amassed more than $7.5 billion* of funds under management. We are pleased to have delivered these investors a return of 9.9% p.a.*, net of fees, since our December 2009 inception.
*30 September 2023Hundreds of stocks in our infrastructure universe are filtered down to between 70 – 100 that:
Our portfolio construction begins with an unconstrained weighting based on free-floating market capitalisation.
Continue: Security level risk controls
Overweight individual securities are then constrained to a maximum of 3% of total holdings.
Continue: Regional constraints
Constraints on the aggregate weight applied to 7 geographic regions are then applied.
The US and EU are each constrained to a maximum weight of 40% of total holdings.
All other regions are constrained to a maximum weight of 15%.
Finally, constraints on the weights applied to 9 infrastructure subsectors are then applied.
All subsectors are constrained to a maximum weight of 30% of total holdings.
Ongoing dynamic analysis of business fundamentals and monthly rebalancing mitigates event risk and preserves targeted diversification settings.
Every quarter, each company within our universe is reassessed on the basis of its quality, valuation and key risks creating new active portfolio construction inputs.
Head of Investments, Head of Infrastructure and Portfolio Manager
Gerald Stack joined Magellan in 2007 and leads the team responsible for managing Magellan’s infrastructure portfolios and providing research coverage of companies within the infrastructure, transport and industrials sector.
Prior to joining Magellan, Gerald was a director of Capital Partners (now known as CP2) where he was head of securities research and a member of the management and investment committees. Gerald has extensive experience in the analysis and investment management of listed and unlisted debt, equity and hybrid assets on a global basis.
Gerald holds a Bachelor of Economics and a Master of Business Administration, both from Sydney University, and is a Chartered Accountant.
Performance | 3 Months | 6 Months | 1 Year | 3 Years (% PA) |
5 Years (% PA) |
7 Years (% PA) |
10 Years (% PA) |
Since Inception** (% PA) |
---|---|---|---|---|---|---|---|---|
MFG Core Infrastructure | 1.95% | -2.53% | -3.91% | 2.54% | 4.96% | 6.03% | 8.27% | 10.31% |
Benchmark* | 0.38% | -0.34% | -3.02% | 5.45% | 4.39% | 5.01% | 6.23% | 7.10% |
Out/Under Performance | 1.57% | -2.19% | -0.89% | -2.91% | 0.57% | 1.02% | 2.04% | 3.21% |
* As the UBS Developed Infrastructure and Utilities Net Total Return Index (hedged to AUD) ceased to be published from 31 March 2015, it was replaced by Magellan on 1 January 2015 with the S&P Global Infrastructure Net Total Return Index (A$ Hedged)
** Fund inception 17 December 2009
Click here for further information on the benchmark.
Important Information: Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Inception date 17 December 2009. Past performance is not a reliable indicator of future performance.
Click here for further information on the benchmark.
Important Information: Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Inception date 17 December 2009. Past performance is not a reliable indicator of future performance.
30 September 2023
% weight | |
---|---|
Vinci SA | 3.0% |
Transurban Group | 3.0% |
National Grid Plc | 3.0% |
Fortis Inc | 2.9% |
Ferrovial SE | 2.9% |
% weight | |
---|---|
Cellnex Telecom SA | 2.9% |
Enbridge Inc | 2.9% |
TC Energy Corporation | 2.8% |
Aena SME SA | 2.3% |
Terna SpA | 2.2% |
Date | Net Asset Value | Entry | Exit |
---|---|---|---|
07/12/2023 | 1.5064 | 1.5087 | 1.5041 |
06/12/2023 | 1.5059 | 1.5082 | 1.5036 |
05/12/2023 | 1.4921 | 1.4943 | 1.4899 |
04/12/2023 | 1.4926 | 1.4948 | 1.4904 |
01/12/2023 | 1.4931 | 1.4953 | 1.4909 |
30/11/2023 | 1.4815 | 1.4837 | 1.4793 |
29/11/2023 | 1.4755 | 1.4777 | 1.4733 |
28/11/2023 | 1.4755 | 1.4777 | 1.4733 |
27/11/2023 | 1.4701 | 1.4723 | 1.4679 |
24/11/2023 | 1.4702 | 1.4724 | 1.4680 |
23/11/2023 | 1.4668 | 1.4690 | 1.4646 |
22/11/2023 | 1.4659 | 1.4681 | 1.4637 |
21/11/2023 | 1.4603 | 1.4625 | 1.4581 |
20/11/2023 | 1.4616 | 1.4638 | 1.4594 |
17/11/2023 | 1.4619 | 1.4641 | 1.4597 |
16/11/2023 | 1.4558 | 1.4580 | 1.4536 |
15/11/2023 | 1.4502 | 1.4524 | 1.4480 |
14/11/2023 | 1.4452 | 1.4474 | 1.4430 |
13/11/2023 | 1.4090 | 1.4111 | 1.4069 |
10/11/2023 | 1.4132 | 1.4153 | 1.4111 |
09/11/2023 | 1.4145 | 1.4166 | 1.4124 |
08/11/2023 | 1.4170 | 1.4191 | 1.4149 |
07/11/2023 | 1.4220 | 1.4241 | 1.4199 |
06/11/2023 | 1.4275 | 1.4296 | 1.4254 |
03/11/2023 | 1.4334 | 1.4356 | 1.4312 |
02/11/2023 | 1.4199 | 1.4220 | 1.4178 |
01/11/2023 | 1.3932 | 1.3953 | 1.3911 |
31/10/2023 | 1.3779 | 1.3800 | 1.3758 |
30/10/2023 | 1.3690 | 1.3711 | 1.3669 |
27/10/2023 | 1.3619 | 1.3639 | 1.3599 |
26/10/2023 | 1.3738 | 1.3759 | 1.3717 |
25/10/2023 | 1.3671 | 1.3692 | 1.3650 |
24/10/2023 | 1.3649 | 1.3669 | 1.3629 |
23/10/2023 | 1.3513 | 1.3533 | 1.3493 |
20/10/2023 | 1.3556 | 1.3576 | 1.3536 |
19/10/2023 | 1.3676 | 1.3697 | 1.3655 |
18/10/2023 | 1.3807 | 1.3828 | 1.3786 |
17/10/2023 | 1.3946 | 1.3967 | 1.3925 |
16/10/2023 | 1.3982 | 1.4003 | 1.3961 |
13/10/2023 | 1.3887 | 1.3908 | 1.3866 |
12/10/2023 | 1.3880 | 1.3901 | 1.3859 |
11/10/2023 | 1.3994 | 1.4015 | 1.3973 |
10/10/2023 | 1.3855 | 1.3876 | 1.3834 |
09/10/2023 | 1.3665 | 1.3685 | 1.3645 |
06/10/2023 | 1.3580 | 1.3600 | 1.3560 |
05/10/2023 | 1.3499 | 1.3519 | 1.3479 |
04/10/2023 | 1.3519 | 1.3539 | 1.3499 |
03/10/2023 | 1.3456 | 1.3476 | 1.3436 |
02/10/2023 | 1.3553 | 1.3573 | 1.3533 |
29/09/2023 | 1.3878 | 1.3899 | 1.3857 |
Please ensure that your Tax File Number (TFN) or Australian Business Number (ABN) is provided to the Unit Registry by Record Date, otherwise tax will be withheld on income attributed to you at the top marginal tax rate plus Medicare Levy.
If you have elected to receive distributions in cash, please ensure that your bank account details are provided to the Unit Registry by Record Date, otherwise your distribution payment will be withheld until a valid bank account is provided.
To review or update your TFN/ABN and bank account details, log on to the Unit Registry’s online portal.
Date | Distribution per unit | Reinvestment price | |
---|---|---|---|
June 2023 | 3.2200 cents | $1.5172 | Annual Fund Distribution 2023 |
December 2022 | 2.8800 cents | $1.5304 | Interim Fund Distribution - 31 December 2022 |
June 2022 | 2.8800 cents | $1.6360 | Annual Fund Distribution 2022 |
December 2021 | 2.8800 cents | $1.6787 | Interim Fund Distribution - 31 December 2021 |
June 2021 | 2.8800 cents | $1.5528 | Annual Fund Distribution 2021 |
View the indicative Net Asset Value (iNav)*
Check the current share price MCSI
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Investors should read the Product Disclosure Statement (PDS) prior to making any investment decisions.
Additional information TMD - MFG Core Infrastructure Fund Financial Services Guide
1. Read the Product Disclosure Statement (PDS)
2. Click here to APPLY NOW and start your online application process.
You will need the following information handy to support your online application:
Note: Magellan accepts initial direct investments from individuals with a minimum of $10,000. You must be over 18 years of age.
Additional forms Automic Withdrawal Form
Log into the online portal via the link below to:
Additional information TMD - MFG Core Infrastructure Fund Financial Services Guide
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