Argo breaks with tradition and goes for infra fund launch
Australia’s Argo Investments is in the process of raising A$600m ($461m) through the IPO of a newly listed infrastructure fund - Argo Global Listed Infrastructure. The offer closes on June 19 and the shares are to begin trading on July 3.
According to the model portfolio, around half the fund will be invested in electricity and pipelines; 9% in gas distribution and telecommunications towers, toll roads, 8%; marine ports, 5%; passenger rail, freight rail and diversified infrastructure, 4% each and cash 1%. Geographic distribution will be around 50% in the US, 8% in Canada, Italy 7%, the UK 6% and Australia 5%. Japan, Spain and France will have 4%.
US-based Cohen & Steers will actively manage the portfolio on Argo’s behalf. The typical Cohen & Steers investment strategy employs employ a bottom up process with a top down overlay to create a portfolio of 50-100 securities. Of this, Cohen & Steers will try to maintain exposure of 80%-100% to listed global infrastructure equities and 0%-20% to infrastructure hybrids (preferred securities).
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