Page 1

Quarterly Investment Update AT 31 MARCH 2021 Argo Global Listed Infrastructure MARKET OVERVIEW Investor sentiment see - sawed over January and February amid COVID - 19 vaccine rollout challenges , new virus strains and rising bond yields which triggered inflation fears . However in March , as expectations for a sustainable Ⓒergneredintation fears . W. , Weeer in March as expectations for a su , tanding Blobal global listed infrastructure companies sharply higher . In March alone , global infrastructure stocks surged + 8.8 % in A $ terms , providing a quarterly return of + 5.4 % . Growing optimism saw economically - sensitive infrastructure subsectors among the best performers over the quarter with marine ports ( + 20.1 % ) , midstream energy ( + 17.0 % ) and railways ( + 8.2 % ) posting strong gains . In contrast , new and extended travel restrictions ( particularly in Europe ) weighed on passenger transport infrastructure stocks with airports ( + 1.1 % ) and toll roads ( + 0.3 % ) posting smaller gains . Some subsectors that had underperformed earlier in the quarter rebounded strongly in March , such as electric utilities which surged + 11.7 % over the month . PORTFOLIO PERFORMANCE In the March quarter , Argo Infrastructure's portfolio generated a positive return rising + 4.7 % , slightly behind the sector benchmark . Portfolio positions in railway companies contributed positively to performance with these stocks rallying on expectations of volumes continuing to rise . holding in Kansas City Southern was particularly beneficial – shares in the company soared following the announcement of its acquisition by Canadian Pacific Railway . The deal , valued at approximately US $ 29 billion , will create the first US- Mexico - Canada rail network . Stock selection among gas distribution companies also bolstered performance , notably an overweight position in ENN Energy Holdings which was the best performing stock in the subsector . Argo Infrastructure's portfolio outperformed domestic equities demonstrating the diversification benefits of the asset class . ACN 604 986 914 ARGO INFRASTRUCTURE ASX code Listed Portfolio Manager Shareholders Market cap . ALI July 2015 Cohen & Steers 9,500 $ 314m Management fee Performance fee Hedging 1.2 % Nil Dividend yield ^ Unhedged 3.9 % ^ Historical yield of 5.6 % ( including franking ) based on dividends paid to shareholders over the last 12 months . WEEKLY NTA ANNOUNCEMENT For the latest weekly NTA estimate , please see argoinfrastructure.com.au . COMPANY OVERVIEW Provides exposure to an actively managed portfolio of global listed infrastructure companies . Argo Infrastructure has no debt . COMPANY OBJECTIVE Provide a total return for long - term investors consisting of capital growth and dividend income , from a global listed infrastructure portfolio which provides diversification benefits for Australian investors . ABOUT THE PORTFOLIO MANAGER A leading specialist global real assets fund manager listed on the NYSE , Cohen & Steers manages funds of more than A $ 100 billion from offices worldwide on behalf of institutional clients and sovereign wealth funds . KEY PERSONNEL Jason Beddow Benjamin Morton Robert Becker Tyler Rosenlicht Managing Director Senior Portfolio Manager Portfolio Manager Portfolio Manager Argo Global Listed Infrastructure Limited | 1