Macquarie International Infrastructure Securities Unhedged aims to outperform the S&P Global Infrastructure Index (Net Total Return in $A) (Benchmark) over the medium to long term (before fees). It aims to provide a return comprising both income and capital growth. The Fund provides exposure to a diversified portfolio of global infrastructure securities which are listed, or expected to be listed, and are issued by entities that have as their primary focus (in terms of income and/or assets) the management, ownership and/or operation of infrastructure and utilities assets. The Fund may also provide exposure to hybrid or debt securities issued by infrastructure entities. Exposure to securities issued by vehicles controlled or managed by the Macquarie Group is limited to 5% of the net asset value of the Fund at the time of investment.
The Fund returned -4.77% (after fees), underperforming the benchmark which returned -4.42%.
• The major contributor to the strategy’s return was Rail / Other Transportation.
• The major detractors to the strategy’s return were Electric Utility, Energy Infrastructure and Airports.
• Relative to the S&P Global Infrastructure Index and in local currency terms, major stock contributors to the Fund’s return included Grupo Aeroportuario Pac-ADR, Aleatica SAB de CV and Grupo Aeroportuario Sur-ADR.
• Duke Energy Corp, China Merchants Port Holding and Auckland Intl Airport Ltd were among the significant detractors.
• Relative to the S&P Global Infrastructure Index, the major positive contributors were positions in the Airports, Toll Roads and Rail / Other Transportation.
• Positions in Electric Utility, Energy Infrastructure and Seaports detracted.
Key Contributors to Outperformance
• Grupo Aeroportuario Pac-ADR and Grupo Aeroportuario Sur-ADR – The Mexican airports underperformed due to press reports that the companies may be forced to absorb the US$4.2bn in debt linked to the construction of the New Mexico City Airport (Mexico City Airport Trust) in exchange for concession life extensions. The fund was underweight these stocks.
• Aleatica SAB de CV – During the month, IFM Investors announced it is investing a further MX$8.8bn (€473m) to buy the remaining 13.96% shares it does not already own in Mexican transportation company Aleatica. The manager’s IFM Global Infrastructure Fund (IFM GIF) has made a voluntary tender offer to acquire the remaining shares of Aleatica, increasing its ownership to 99.94%, and plans to delist Aleatica from the Mexican Stock Exchange. Aleatica owns a portfolio of 7 toll roads and 1 airport and holds transportation infrastructure concessions in the metropolitan area of Mexico City.
Key detractors from Outperformance
• Duke Energy Corp – The stock underperformed in line with the US Utilities sector which was lower due to the rising bond yields. The fund was underweight this stock.
• China Merchants Port Holding – The stock outperformed post its interim results announcement. The fund held an underweight position.
• Auckland Intl Airport Ltd – The Stock performed well post its FY23 announcement. The fund held an underweight position in the stock.
What is Macquarie Int Infrastructure Secs Unhdgd Macquarie Int Infrastructure Secs Unhdgd is an Managed Funds investment product that is benchmarked against Global Infrastructure Index and sits inside the Property - Global Listed Infrastructure Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Macquarie Int Infrastructure Secs Unhdgd has Assets Under Management of 333.48 M with a management fee of 1%, a performance fee of 0.00% and a buy/sell spread fee of 0.66%.
How has the investment product performed recently? The recent investment performance of the investment product shows that the Macquarie Int Infrastructure Secs Unhdgd has returned 1.16% in the last month. The previous three years have returned 10.98% annualised and 10.82% each year since inception, which is when the Macquarie Int Infrastructure Secs Unhdgd first started.
How is risk measured in this investment product? There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Macquarie Int Infrastructure Secs Unhdgd first started, the Sharpe ratio is NA with an annualised volatility of 10.82%. The maximum drawdown of the investment product in the last 12 months is -3.14% and -20.45% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.
What is the relative performance of the investment product? Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Macquarie Int Infrastructure Secs Unhdgd has a 12-month excess return when compared to the Property - Global Listed Infrastructure Index of -0.61% and 0.56% since inception.
Does the investment product produce Alpha over its Peers? Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Macquarie Int Infrastructure Secs Unhdgd has produced Alpha over the Property - Global Listed Infrastructure Index of NA% in the last 12 months and NA% since inception.
What are similar investment products? For a full list of investment products in the Property - Global Listed Infrastructure Index category, you can click here for the Peer Investment Report.
What level of diversification will Macquarie Int Infrastructure Secs Unhdgd provide? Macquarie Int Infrastructure Secs Unhdgd has a correlation coefficient of 0.9 and a beta of 0.9 when compared to the Property - Global Listed Infrastructure Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.
How do I compare the investment product with its peers? For a full quantitative report on Macquarie Int Infrastructure Secs Unhdgd and its peer investments, you can click here for the Peer Investment Report.
How do I compare the Macquarie Int Infrastructure Secs Unhdgd with the Global Infrastructure Index? For a full quantitative report on Macquarie Int Infrastructure Secs Unhdgd compared to the Global Infrastructure Index, you can click here.
Can I sort and compare the Macquarie Int Infrastructure Secs Unhdgd to do my own analysis? To sort and compare the Macquarie Int Infrastructure Secs Unhdgd financial metrics, please refer to the table above.
Has the Macquarie Int Infrastructure Secs Unhdgd been independently verified by SMSF Mate? This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.
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Comments from SMSF Mates SMSF Mate does not receive commissions or kickbacks from the Macquarie Int Infrastructure Secs Unhdgd. All data and commentary for this fund is provided free of charge for our readers general information.
Performance Commentary - August 31, 2023 The Fund returned -1.32% (after fees), underperforming the benchmark which returned -0.90%.
• The major contributors to the strategy’s return were Energy Infrastructure, Toll Roads and Rail / Other Transportation.
• The major detractors to the strategy’s return were Electric Utility, Water and Electricity Generation.
• Relative to the S&P Global Infrastructure Index and in local currency terms, major stock contributors to the Fund’s return included Aleatica SAB de CV, Shenzhen Intl Holdings and Grupo Aeroportuario DEL CENT.
• Orsted A/S, Japan Airport Terminal Co and PPL Corp were among the significant detractors.
• Relative to the S&P Global Infrastructure Index, the major positive contributors were positions in the Toll Roads, Electricity and Gas
Distribution and Electricity Transmission.
• Positions in Electric Utility, Water and Electricity Generation detracted. Key Contributors to Outperformance
• Aleatica SAB de CV – voluntary tender offer was announced at the end of August to take private 100% of Aleática’s public shares.
• Shenzhen Intl Holdings – stock underperformed due to general negative macro sentiment in China. The fund has an underweight position.
• Grupo Aeroportuario DEL CENT – a Mexican airport operator, rose on continued strength in Mexican passenger volumes.
Key detractors from Outperformance
• Orsted A/S – underperformed during the month as it announced likely write-downs of assets in the United States amounting to DKK16bn or c7% of market capitalisation. Orsted is facing challenges from the availability and cost of construction services to ensure the timely buildout of the pipeline of offshore wind projects in the US.
• Japan Airport Terminal Co – the stock performed well due to positive market sentiment regarding tourist activity Japan. The fund has an underweight position.
• PPL Corp – the stock underperformed in line with the US Utilities sector as US long bond yields reached levels not seen since 2007.
Performance Commentary - July 31, 2023 The Fund returned -0.01% (after fees), underperforming the benchmark which returned 0.73%.
• The major contributors to the strategy’s return were Water, Toll Roads and Electric Utility.
• The major detractors to the strategy’s return were Electricity Generation, Airports and Energy Infrastructure.
• Relative to the S&P Global Infrastructure Index and in local currency terms, major stock contributors to the Fund’s return included ADP, Ameren Corporation and CLP Holdings Ltd.
• Grupo Aeroportuario PAC-ADR, SSE PLC and Williams Cos Inc were among the significant detractors.
• Relative to the S&P Global Infrastructure Index, the major positive contributors were positions in the Seaports, Water and Electric Utility.
• Positions in Energy Infrastructure, Airports and Toll Roads detracted.
Key Contributors to Outperformance
• ADP – a French airport operator, fell on concerns around potential new French taxes on air travel and general concerns around future economic activity.
• Ameren – a US utility, performed well ahead of reporting its quarterly results on August 3rd.
• CLP – a Hong Kong utility, rose as the company is reported to be exploring options for its Australian subsidiary.
Key Detractors from Outperformance
• Grupo Aeroportuario del Pacifico – a Mexican airport operator, rose on continued strength in Mexican passenger volumes.
• SSE – a Scottish utility, fell on concerns around higher long-term UK interest rates and pressures in the UK offshore wind industry.
• Williams – a US midstream operator, rose after a prior period pullback and amidst a rebounding commodity price environment.
Performance Commentary - June 30, 2023 The Fund returned -0.26% (after fees), outperforming the benchmark which returned 0.07%.
• The major contributors to the strategy’s return were Energy Infrastructure, Electricity Generation and Electricity Transmission.
• The major detractors to the strategy’s return were Water, Electric Utility and Communications Infrastructure.
• Relative to the S&P Global Infrastructure Index and in local currency terms, major stock contributors to the Fund’s return included ADP, CLP Holdings Ltd and Getlink SE.
• Williams Cos Inc, Severn Trent PLC and Targa Resources Corp were among the significant detractors.
• Relative to the S&P Global Infrastructure Index, the major positive contributors were positions in the Airports, Rail / Other Transportation and Toll Roads.
• Positions in Energy Infrastructure, Water and Electric Utility detracted.
Key Contributors to Outperformance
• ADP- the operator of French airports CDG and Orly, pulled back after its strong previous run on concerns of the sustainability of recent strong traffic growth and potential government actions around French concessions.
• CLP Holdings- a Hong Kong based utility, rose as news reports suggested the company could be considering options for its Energy Australia subsidiary.
• Getlink- the owner and operator of the Channel Tunnel, fell after prior strong performance on no notable news.
Key detractors from Outperformance
• Williams- a US midstream company, rose as natural gas prices recovered and the market was optimistic the company would use some its free cash flow to engage in share buybacks.
• Severn Trent- a UK water company, fell on concerns around negative news reports about Thames Water, an unlisted UK water company held by a consortium of private investors.
• Targa Resources Corp- a US midstream company, bounced back after recent weakness on no notable news.
Performance Commentary - May 31, 2023 The Fund returned -3.99% (after fees), underperforming the benchmark which returned -3.68%.
• The major contributors to the strategy’s return were Rail / Other Transportation and Electricity Generation.
• The major detractors to the strategy’s return were Electric Utility, Energy Infrastructure and Airports.
• Relative to the S&P Global Infrastructure Index and in local currency terms, major stock contributors to the Fund’s return included SSE PLC, Dominion Energy Inc and Duke Energy Corp.
• Grupo Aeroportuario PAC-ADR, Flughafen Zurich AG-REG and Equitrans Midstream Corp were among the significant detractors.
• Relative to the S&P Global Infrastructure Index, the major positive contributors were positions in the Rail / Other Transportation, Electricity Transmission and Electric Utility.
• Positions in Airports, Water and Seaports detracted.
Performance Commentary - April 30, 2023 The Fund returned 4.83% (after fees), outperforming the benchmark which returned 3.95%.
• The major contributors to the strategy’s return were Electric Utility, Airports and Energy Infrastructure.
• There were no detractors during the month.
• Relative to the S&P Global Infrastructure Index and in local currency terms, major stock contributors to the Fund’s return included Grupo Aeroportuario Pac-ADR, ENAV SpA and Grupo Aeroportuario Sur-ADR.
• Getlink SE, Aleatica SAB de CV and ADP were among the significant detractors.
• Relative to the S&P Global Infrastructure Index, the major positive contributors were positions in the Airports, Seaports and Communications Infrastructure
• Positions in Electric Utility, Toll Roads and Rail / Other Transportation detracted.
Performance Commentary - February 28, 2023 The Fund returned 1.28% (after fees), outperforming the benchmark which returned 0.92%.
• The major contributors to the strategy’s return were Airports, Toll Roads and Seaports.
• The major detractors to the strategy’s return were Rail/Other Transportation, Energy Infrastructure and Electricity and Gas Distribution.
• Relative to the S&P Global Infrastructure Index and in local currency terms, major stock contributors to the Fund’s return included Dominion Energy Iinc, Aleatica SAB de CV and Duke Energy Corp.
• Grupo Aeroportuario del Pacifico, PPL Corp and Grupo Aeroportuario del Sureste were among the significant detractors.
• Relative to the S&P Global Infrastructure Index, the major positive contributors were positions in the Toll Roads, Electricity and Gas Distribution and Seaports.
• Positions in Airports, Rail/Other Transportation and Communications Infrastructure detracted.
Performance Commentary - November 30, 2022 • The Fund returned 4.41% (after fees), outperforming the benchmark which returned 3.12%.
• The major contributors to the strategy’s return were Electric Utility, Toll Roads and Airports
• There major detractors to the strategy’s return were Energy Infrastructure, Rail/Other Transportation and Electric Generation during the month.
• Relative to the S&P Global Infrastructure Index and in local currency terms, major stock contributors to the Fund’s return included Dominion Energy Inc, Vopak and Atlantia SPA.
• East Japan Railway Co, West Japan Railway Co and COSCO Shipping Ports Ltd were among the significant detractors.
• Relative to the S&P Global Infrastructure Index, the major positive contributors were positions in the Electricity and Gas Distribution, Electric Utility and Water.
• Positions in the Rail/Other Transportation, Energy Infrastructure and Toll Roads detracted. During a month of positive performance in global equities and positive performance in listed infrastructure, the strategy outperformed the benchmark.
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