Since 2015, our Core Fund has delivered net annualised returns that exceed those of the Australian government 10-year bond. Our goal is to consistently outperform this benchmark. See important disclosures* regarding returns.
*Performance to 30 June 2019 vs 10-year Australian Government bond rate plus 3.5 % per annum as benchmark. Past performance is not a reliable indicator of future performance and current performance may be higher or lower than the performance shown. Returns quoted are net of fees and costs and pre-tax. Performance since inception quoted here is based on the period from January 2016. Note the investment objective is not intended to be a forecast. It is merely an indication of what the Core Fund aims to achieve over the investment term. The Core Fund may not be successful in meeting this objective. Returns are not guaranteed.
The Core Fund offers privileged access to a well-balanced blend of funds that specialise in unlisted infrastructure. Managing this pooled fund is 100% of what we do. The best part is, all in, our fees are lower than you would pay if you were able to invest in some of these funds directly. Here’s what we’re into at the moment:
We first selected UTA in May 2018 because of its rich collection of quality unlisted infrastructure assets and historically consistent returns. UTA is managed by Morrison & Co., a specialist fund manager with an outstanding track record and about $9 billion in funds under management. They have an impressive global team that includes specialists in transport infrastructure, energy and utilities, and data infrastructure.
We picked the GDIF Hedged Feeder Fund 2 in October 2016 for the same reason you’ll like it: because it’s global and it’s “hedged,” meaning no currency decisions for you. GDIF is managed by Colonial First State Global Asset Management Limited. They have in the neighborhood of $208 billion under management and a team of nearly 200 specialists around the globe. Colonial have been into unlisted infrastructure since the privatisation of several Australian assets in the 1990s.
Our board gave us the go ahead to jump into this fund in March 2018 and we added the investment in June 2019. The fund was chosen to introduce a few more airports to our collection and top off our list with yields from a smart assortment of both contracted and regulated assets. It’s managed by AMP Capital, a global asset management firm with approximately $188 billion under management, $14.6 billion of which is in infrastructure.
In July 2019, The Infrastructure Fund (TIF), was added to IPIF Core to open us up to a more diversified range of unlisted assets, including airports in Queensland and a seaport in New South Wales. TIF is managed by the Macquarie Infrastructure and Real Assets team (MIRA). MIRA currently has $129 billion in assets under management, 75% of which is in infrastructure. MIRA is part of Macquarie Investment Management (MAM), a top 50 global asset manager with more than $385 billion in assets under management.