Argo Global Listed Infrastructure Limited (ALI)

As a Listed Investment Company (LIC), ALI's performance is intrinsically linked to the value of its underlying holdings, measured by its Net Tangible Assets (NTA). The company's share price often trades at a slight discount to its pre-tax NTA, a common feature for many Australian LICs. Recent performance has been influenced by volatile global macroeconomic conditions, particularly shifting interest rate expectations, as infrastructure assets are sensitive to changes in the cost of capital. The portfolio remains diversified across key sub-sectors such as Electric Utilities, Midstream Energy, and Cell Towers, with a heavy weighting towards North American assets, which has provided exposure to significant government infrastructure spending and the energy transition.

ALI's growth outlook is tied to several long-term structural tailwinds, including global decarbonisation, the increasing demand for data through digitalisation, and population growth driving urbanisation. These trends are expected to fuel decades of investment in new and existing infrastructure, providing a strong pipeline of opportunities for its portfolio. Key catalysts include the successful deployment of capital into renewable energy and digital infrastructure assets by its underlying holdings. The strategic direction remains focused on active management by Cohen & Steers to identify high-quality, attractively valued infrastructure companies globally, while navigating geopolitical risks and the evolving regulatory landscape.