Argo Global Listed Infrastructure (ALI) investor relations material

Financial highlights and performance

• Half-year profit reached $130.8m, up from $121.2m in 2025, with EPS at 17.2c and interim dividend at 18.5c per share, fully franked.

• Total assets grew to $7.9b as of 31 March 2026, with a grossed-up dividend yield of 6.5% and a low MER of 0.14%.

• Dividend track record shows consistent, fully franked payouts, with a focus on sustainable growth and accelerated franking credit distribution.

Portfolio structure and strategy

• Portfolio is diversified across sectors, with top holdings including BHP, Macquarie, CBA, and Rio Tinto.

• Sector allocation is balanced, reducing concentration risk compared to the S&P/ASX 200 Index.

• Recent portfolio activity includes purchases in Firmus and Coles, and sales in APA, Endeavour Group, and South32.

• AI exposure is achieved through investments in energy, digital infrastructure, and materials companies.

Comparison with index-tracking ETFs

• Actively managed structure allows for dividend smoothing, higher franking, and more consistent income than ETFs.

• Grossed-up dividend yield of 6.5% and 100% franking surpass ETF alternatives, with lower volatility in dividends.

• Management expense ratio is 0.14%, higher than index ETFs but lower than large active ETFs.