An actively constructed, systematically managed and continuously monitored 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 whilst protecting capital in adverse markets.
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 constructed, systematically managed and continuously monitored. 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 now and have amassed more than A$9 billion* of funds under management. We are delighted to be making this fund available to retail investors for the first time.
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 meets Magellan’ 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.
* 30 September 2020
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.
Our strict definition
Meet the Portfolio Manager: David Costello
(viewing time:7:42 mins)Units | Indicative NAV | |
Bloomberg | MCSI AU EQUITY | MCSIAUIV INDEX |
Thomson Reuters | MCSI.CHA | MCSIAUiv.P |
IRESS | MCSI.CXA | MCSI-AUINAV.NGIF |
* As at 31 December 2020
** The iNAV reflects the estimated NAV per Unit updated for portfolio stocks or equivalent securities that have live market prices during the Trading Day. The iNAV will not be updated for market-based movements such as movements in stock market indices.
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 Chi-X 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.
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 $9 billion* of funds under management. We are pleased to have delivered these investors a return of 12.3% p.a.*, net of fees, since our December 2009 inception. We are even more proud that we have delivered this performance with great resilience and reliability, with a downside capture ratio of just 0.1 over the last five years.
*30 September 2020Investments in the MFG Core Infrastructure Fund are selected by reference to a rigorous fundamental research process, that implements Magellan's strict, proprietary definition of Infrastructure with a view to delivering consistent and reliable investment returns through the economic cycle.
To be included in the portfolio, prospective companies must meet the exacting standards of Magellan's dedicated infrastructure team, who review every single stock to ensure:
In forming a judgment on each of these questions, we conduct extensive due diligence to understand the assets and regulatory regimes, deriving insights from meetings with the companies, the analysis of company disclosures and financial statements, and consultation with industry experts.
Deep fundamental rigour and research typically carry meaningful management fees, but with portfolio weights struck in a systematic fashion, we can deliver this strategy with a management fee of 0.50%, giving rise to a solution that can sit at the core of any investor's portfolio.
Let’s be clear: when we refer to systematic portfolio management, we're not delegating portfolio decisions to some indecipherable algorithm or black box. These are simply prudent risk controls to ensure liquidity and targeted levels of diversification at the sector level, by region, and at the individual stock level.
The fundamental rigour of the Strategy doesn't end at the point at which the investments are selected. Investments in the strategy are subject to continuous, active monitoring, with:
Portfolio Manager
David Costello joined Magellan in 2015. Prior to working with Magellan, David led EY’s financial modelling practice in Brisbane. Prior to his role with EY, David worked with National Australia Bank and SFG Consulting. David holds a Bachelor of Laws (Honours) and a Bachelor of Commerce (Honours), both from the University of Queensland. David is a CFA Charterholder.
Performance | 3 Months | 6 Months | 1 Year | 3 Years (%) |
5 Years (%) |
7 Years (%) |
10 Years (%) |
Since Inception** (%) |
---|---|---|---|---|---|---|---|---|
MFG Core Infrastructure | 1.38% | - 0.38% | - 12.04% | 5.53% | 6.89% | 9.75% | 11.50% | 11.99% |
Benchmark* | 9.99% | 7.74% | - 15.94% | 0.57% | 5.63% | 6.19% | 7.28% | 7.39% |
Out/Under Performance | - 8.61% | - 8.12% | 3.90% | 4.96% | 1.26% | 3.56% | 4.22% | 4.60% |
* S&P Global Infrastructure NTR Index
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.
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.
31 December 2020
% weight | |
---|---|
National Grid PLC | 3.0% |
Transurban Group | 2.9% |
Fortis Inc | 2.9% |
Enbridge Inc | 2.9% |
Vinci SA | 2.8% |
% weight | |
---|---|
Cellnex Telecom SA | 2.7% |
TC Energy Corporation | 2.7% |
Sydney Airports | 2.5% |
Aena SME SA | 2.4% |
Snam SpA | 2.1% |
Date | Net Asset Value | Entry | Exit |
---|---|---|---|
23/02/2021 | 1.4507 | 1.4529 | 1.4485 |
22/02/2021 | 1.4385 | 1.4407 | 1.4363 |
19/02/2021 | 1.4468 | 1.4490 | 1.4446 |
18/02/2021 | 1.4546 | 1.4568 | 1.4524 |
17/02/2021 | 1.4586 | 1.4608 | 1.4564 |
16/02/2021 | 1.4611 | 1.4633 | 1.4589 |
15/02/2021 | 1.4668 | 1.4690 | 1.4646 |
12/02/2021 | 1.4654 | 1.4676 | 1.4632 |
11/02/2021 | 1.4692 | 1.4714 | 1.4670 |
10/02/2021 | 1.4749 | 1.4771 | 1.4727 |
09/02/2021 | 1.4713 | 1.4735 | 1.4691 |
08/02/2021 | 1.4772 | 1.4794 | 1.4750 |
05/02/2021 | 1.4862 | 1.4884 | 1.4840 |
04/02/2021 | 1.4807 | 1.4829 | 1.4785 |
03/02/2021 | 1.4799 | 1.4821 | 1.4777 |
02/02/2021 | 1.4825 | 1.4847 | 1.4803 |
01/02/2021 | 1.4712 | 1.4734 | 1.4690 |
31/01/2021 | 1.4579 | 1.4601 | 1.4557 |
29/01/2021 | 1.4579 | 1.4601 | 1.4557 |
28/01/2021 | 1.4666 | 1.4688 | 1.4644 |
27/01/2021 | 1.4634 | 1.4656 | 1.4612 |
25/01/2021 | 1.4794 | 1.4816 | 1.4772 |
22/01/2021 | 1.4684 | 1.4706 | 1.4662 |
21/01/2021 | 1.4706 | 1.4728 | 1.4684 |
20/01/2021 | 1.4776 | 1.4798 | 1.4754 |
19/01/2021 | 1.4726 | 1.4748 | 1.4704 |
18/01/2021 | 1.4744 | 1.4766 | 1.4722 |
15/01/2021 | 1.4797 | 1.4819 | 1.4775 |
14/01/2021 | 1.4744 | 1.4766 | 1.4722 |
13/01/2021 | 1.4726 | 1.4748 | 1.4704 |
12/01/2021 | 1.4602 | 1.4624 | 1.4580 |
11/01/2021 | 1.4702 | 1.4724 | 1.4680 |
08/01/2021 | 1.4822 | 1.4844 | 1.4800 |
07/01/2021 | 1.4756 | 1.4778 | 1.4734 |
06/01/2021 | 1.4846 | 1.4868 | 1.4824 |
05/01/2021 | 1.4752 | 1.4774 | 1.4730 |
04/01/2021 | 1.4813 | 1.4835 | 1.4791 |
31/12/2020 | 1.4900 | 1.4922 | 1.4878 |
30/12/2020 | 1.4869 | 1.4891 | 1.4847 |
29/12/2020 | 1.4886 | 1.4908 | 1.4864 |
24/12/2020 | 1.4740 | 1.4762 | 1.4718 |
23/12/2020 | 1.4688 | 1.4710 | 1.4666 |
22/12/2020 | 1.4646 | 1.4668 | 1.4624 |
21/12/2020 | 1.4637 | 1.4659 | 1.4615 |
18/12/2020 | 1.4863 | 1.4885 | 1.4841 |
17/12/2020 | 1.5031 | 1.5054 | 1.5008 |
16/12/2020 | 1.4976 | 1.4998 | 1.4954 |
15/12/2020 | 1.5010 | 1.5033 | 1.4987 |
14/12/2020 | 1.4921 | 1.4943 | 1.4899 |
View the indicative Net Asset Value (iNav)*
Units | Indicative NAV | |
Bloomberg | MCSI AU EQUITY | MCSIAUIV INDEX |
Thomson Reuters | MCSI.CHA | MCSIAUiv.P |
IRESS | MCSI.CXA | MCSI-AUINAV.NGIF |
Check the current share price MCSI
Buy on the Chi-X securities exchange - Ticker Code MCSI
Investors should read the Product Disclosure Statement (PDS) prior to making any investment decisions.
Additional information 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 information Financial Services Guide
Log into the online portal via the link below to:
Speak with your adviser/broker. To find an adviser, visit the 'Financial Planning Association of Australia (FPA)' or 'Your best interests' website
David Costello, Portfolio Manger discusses the MFG Core Infrastructure Fund . The Fund is an actively constructed, systematically managed and continuously monitored portfolio of 70-100 resilient global listed infrastructure businesses, ones that meet Magellan’s exacting standards and strict, propriety definition of listed infrastructure.
A Spanish telco gaining from the soaring demand for mobile.
Sustainable energy for key US states and sustainable returns for investors.
Providing high-quality water across eight US states and decent returns for investors.
The utility’s reliable earnings, robust balance sheet and constructive ESG make for resilience.