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Quarterly Investment Update AT 30 JUNE 2021 Argo Global Listed Infrastructure MARKET OVERVIEW Risk appetite generally remained strong in global markets over the June quarter , interspersed with periods of volatility amid inflationary fears and growing expectations that accommodative monetary policy settings would be wound back earlier than previously expected . However , these concerns faded as investors focused on the likelihood of improving global growth this calendar year . This sentiment saw listed infrastructure subsectors exposed to accelerating economic growth and the " reopening trade " largely outperform . Midstream energy stocks rose + 10.7 % , supported by the resurgence in energy commodity prices and increased volumes for energy infrastructure assets . Communications infrastructure stocks rose strongly ( + 12.9 % ) , particularly growth - oriented tower companies which are set to benefit from network growth and forecast capital deployment by US wireless companies . In contrast , the more defensive infrastructure subsectors , such as electric utilities ( -0.6 % ) and gas distribution ( + 0.9 % ) were generally out of favour with investors . invest The A $ 22.3 billion bid for Sydney Airport again highlights the appetite of large pension and superannuation funds for quality long - life infrastructure assets . See See page three for an overview of recent M & A activity in the global listed infrastructure space and the increasing demand for infrastructure assets . PORTFOLIO PERFORMANCE In the June quarter , Argo Infrastructure's portfolio delivered a positive return , up + 6.0 % in A $ terms to outperform the benchmark return of + 4.4 % . Exposure to the resurgent midstream energy subsector contributed to the portfolio's outperformance . Midstream energy accounts for 10.9 % of the portfolio and includes a position in US energy giant and Fortune 500 company Targa Resources . Among global midstream energy stocks , Targa has the greatest indirect exposure to the soaring oil price which has provided the company with a strong tailwind in recent months . ACN 604 986 914 ARGO INFRASTRUCTURE ASX code Listed Market cap . ALI July 2015 Portfolio Manager Shareholders Cohen & Steers 9,400 $ 334m Management fee 1.2 % Performance fee Hedging Nil Dividend yield ^ Unhedged 3.7 % " Historical yield of 5.2 % ( 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