Argo Global Listed Infrastructure (ALI) Shareholder Information Meeting Presentation summary

Company overview and financial performance

• Argo Investments has operated for over 78 years, navigating various market cycles and conditions.

• As of 31 March 2025, half-year profit was $125.3m, earnings per share 16.5c, and total assets $7.5b.

• Interim dividend for 2024 was 16.5c per share, fully franked, with a dividend yield of 5.8% grossed up for franking credits.

• Management expense ratio remains low at 0.15%.

• Independent research ratings from Lonsec and others are positive, with a recommended or investment grade status.

Market and economic environment

• Australian GDP growth remains sluggish, with public demand supporting GDP.

• Household spending is weak, and inflation is moderating toward the RBA's 2-3% target.

• The RBA has started cutting rates, signaling a shift in monetary policy.

• Share market performance has seen volatility before, during, and after the pandemic, with record highs and policy shifts impacting trends.

Portfolio composition and sector exposure

• Portfolio is diversified: 15% other financials, 14.8% banks, 13.6% materials, 10.4% telcos & IT, 9.6% health care, and other sectors.

• Top holdings include Macquarie, BHP, CSL, Westpac, Wesfarmers, and Commonwealth Bank.

• Recent portfolio activity includes purchases of Rio Tinto and sales of Myer and Origin.

• 54% of portfolio revenue comes from domestic-only businesses, 12% from US-exposed, and 7% from China-exposed businesses.