# ALI - Argo Global Listed Infrastructure



## Miner (18 May 2015)

Joe and rest of the ASF posters.
I hope this is a new thread though ARG still exists .
I would like to know your view on the strength and weakness of this share under current market.
CBA and others are having firm offer.
My query is if $2 stands out or an inflated like many IPOs happening. Even Medi Bank is not looking very good.
Any thoughts will be appreciated to be shared here.

Key Offer details
Company	Argo Global Listed Infrastructure Limited ACN 604 986 914
Proposed ASX codes	Shares: ALI
Options: ALIO
Securities Offered	*Fully paid shares with an Option for every one Share subscribed for Subscription Price per Share	$2.00*
ey dates for the Offer	
Lodgement of the Prospectus with ASIC	11 May 2015
*Offer opens	26 May 2015*
Offer closes	19 June 2015
Expected date of allotment of shares and options	29 June 2015
Expected date for dispatch of holding statements	30 June 2015
Trading of shares and options commences on ASX	3 July 2015
E*xpiry date for options	31 March 2017*


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## So_Cynical (18 May 2015)

*Re: Argo Global Listed Infrastructure Limited Offer- ALI AND ALIO*



Miner said:


> Joe and rest of the ASF posters.
> 
> My query is if $2 stands out or an inflated like many IPOs happening.




This float may be a little more successful than the recent LIC floats that have all traded at under the Issue price.


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## The Falcon (18 May 2015)

*Re: Argo Global Listed Infrastructure Limited Offer- ALI AND ALIO*

Given that it will list at NTA less costs, wouldn't you just wait and see where it settles? It's not going to rocket ahead of NTA, and if it did there will always be a chance to pick it up around nta later. Remember, this is a LIC. As an aside ARG gets a small ticket clip on the management fees of this LIC too, something for free for ARG holders.


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## GlobeTrekker (31 May 2015)

*Re: Argo Global Listed Infrastructure Limited Offer- ALI AND ALIO*



The Falcon said:


> Given that it will list at NTA less costs, wouldn't you just wait and see where it settles? It's not going to rocket ahead of NTA, and if it did there will always be a chance to pick it up around nta later. Remember, this is a LIC...



The difference is that if you wait until after the IPO, you'll miss out on the free options that come with the shares.  If you buy the share afterwards, and if NTA starts rising, the share price will likely not rise by as much as NTA while those options are in play.  Also, as options get exercised, it will dilute the NTA.  You need to be wary of any options outstanding whenever buying shares in an LIC.  You could, of course, also buy the options separately at the same time as buying shares after the IPO to offset the effect.


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## Dona Ferentes (17 February 2020)

Not been any post on this for quite a while .... and probably for good reasons, back then. *Argo Global Listed Infrastructure (ALI)* IPO in July 2015 was received poorly and bounced along below the $2.00 issue price from then until Jan 2019, after which it has been on a tear (for a boring stock often treated as a _bond proxy_). The overhang of ALIO options probably didn't help, but all that has been digested by 2018 and  the SP now hitting heights of $2.70 on today's Half Yearly results.(though still behind the NTA which is provided to the market on a weekly basis, as well as informative Monthly reports).

The company invests in a diversified portfolio of global infrastructure securities, consisting of an actively managed, diversified set of global listed infrastructure securities and global infrastructure fixed-income securities, diversified by country and sub-sector.
http://www.argoinfrastructure.com.au/

*Transportation - *Toll Roads, Airports, Marine Ports, Railroads
*Energy* - Transport, Storage, Gathering & Processing, Renewables
*Utilities - *Electric Utilities, Gas Utilities, Water
*Communications* - Wireless Towers, Satellites

It's an Aussie LIC; Argo (ARG) in Australia manages the back office, receives a fee but the portfolio is run by Cohen & Steers, a NYSE listed company specialising in global real assets management.

Infrastructure assets were named as a contributing factor to the performance differentials between some super funds. There are barriers to investing in unlisted infrastructure assets, such as illiquidity, but other strategies are seen to deliver similar outcomes over the long term which are readily accessible to investors at both the institutional and individual level.

Global listed infrastructure is one example. With the benefit of diversification and high liquidity, this asset class has experienced a large take-up by investors globally. Recent Morningstar data shows that allocations to infrastructure within multi-asset funds has grown by around 400 per cent over the past five years.


> .... observers will notice an increasing amount of Strategic Asset Allocation theory and discussion being directed toward_* Global Infrastructure*_. The infrastructure sub-category fits within the Equities asset class with both listed and unlisted products available to investors. The category typically encapsulates assets within the Transport (toll roads, ports and airports), Utilities (electricity, gas and water) and Communication sectors (towers and satellites).
> 
> Infrastructure assets offer essential services to an economy. User demand is predictable and reliable through economic cycles, and volume is usually price inelastic. Competition is limited, with market structures typically monopoly or duopoly. Assets are typically long-life, with high upfront capex followed by strong cash flow generation. Prices are often regulated and/or subject to longterm contracts. CPI-linked pricing is typically a feature, providing a quasi-inflation hedge. The nature of the cash flows means that infrastructure generally offers investors lower potential returns but with lower inherent risk when compared with traditional equities.
> 
> ...



Jason Beddow, managing director of Argo Global Listed Infrastructure, says fiscal constraints in Western countries are creating opportunity. “Governments worldwide need to invest heavily in infrastructure to keep up with population growth but most do not have the balance sheet, so are encouraging private capital. The long-term outlook for global infrastructure has never been stronger.”

Beddow says global infrastructure suits investors who are overexposed to Australian shares and property. “You’re getting diversified exposure to ports, water, utilities, telecommunication towers, electricity generators and other assets, across developed and emerging countries. Chosen well, global infrastructure should provide a mix of yield and growth, with lower volatility.”

So....
For the half-year to 31 December 2019, the portfolio delivered a total return of +6.5%, more than double the +3.1% delivered by the Australian equity market.
A 3c ff dividend announced


> Argo Infrastructure’s share price has also performed very strongly, returning +32.5% over the 2019 calendar year, which significantly improved the share price discount to NTA from -15.7% to -7.8%. The discount has narrowed further since then and the share price recently achieved a record high of $2.68



And a pro-rata entilement issue, 1:6 at $2.25 with top up, and book close 20 Feb (still open)
.


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## Dona Ferentes (17 February 2020)

and feeling virtuous to book. From the Report: 







> Looking further into the future, it is interesting to note the *increasing exposure to renewable energy assets* in the portfolio. Often this occurs through holdings in integrated energy companies such as NextEra Energy, which is currently the Company’s biggest holding. NextEra uses strong and reliable cashflows from its high-quality utility operations (Florida Power & Light) to help fund its investment in renewables, and is now the largest operator of solar and wind power generation assets in the US.


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## Dona Ferentes (4 May 2020)

From ALI's Quarterly Update:

"[Jan- Feb- March,] Global infrastructure stocks performed roughly in line with broader equity markets, down -9.7%, in A$ terms. Although most of the larger infrastructure subsectors (such as utilities and communications) have relatively little direct exposure to the economic effects of the virus, some assets have been especially vulnerable. *Transportation-related stocks* fell sharply with airports (-36.9%) and toll roads (-26.8%) down as travel restrictions substantially reduced revenue expectations. Similarly, *midstream energy companies *suffered  sharp declines (-31.1%), hit by supply and demand shocks in energy markets."


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## angus3288 (14 May 2020)

Dona Ferentes said:


> From ALI's Quarterly Update:
> 
> "[Jan- Feb- March,] Global infrastructure stocks performed roughly in line with broader equity markets, down -9.7%, in A$ terms. Although most of the larger infrastructure subsectors (such as utilities and communications) have relatively little direct exposure to the economic effects of the virus, some assets have been especially vulnerable. *Transportation-related stocks* fell sharply with airports (-36.9%) and toll roads (-26.8%) down as travel restrictions substantially reduced revenue expectations. Similarly, *midstream energy companies *suffered  sharp declines (-31.1%), hit by supply and demand shocks in energy markets."



Hi I and just looking at PIA it seems to be ok what are your ideas on this


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## Belli (23 May 2020)

I added ALI to my holdings in the latter part of March this year @ $1.76.  First time I've done that for a long while.  I liked it was different from my other broad holdings and the managers are OK in my opinion.  Not a great amount only 20,000 shares as the majority of my funds I have been directing to my staples in the form of the older LICs and also VGS.

As to the matter of PIA (? why it was raised in this thread) it has been around for over a decade but changed slightly with the Hunter Hall.  SOL, which I also hold, has a stake in Pengana.

Won't invest directly but if others like it and are OK with paying 1.2% management fee and 15% performance fee, go for it.  At least I get a slight cut of that via SOL.


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## Dona Ferentes (23 May 2020)

Belli said:


> I added ALI to my holdings in the latter part of March this year @ $1.76.  First time I've done that for a long while.  I liked it was different from my other broad holdings and the managers are OK in my opinion.



Well done, (did you buy on the way down or back up?)






I think ALI is a "safe pair of hands", with the spread of assets they hold. Commentary such as "_Infrastructure stocks .. moved higher, although there was a wide dispersion in performance across the asset class_" read well if holding for the long term.

Prior to the recovery







> ..most of the larger infrastructure subsectors (such as utilities and communications) ha[d] relatively little direct exposure to the economic effects of the virus, [though] some assets have been especially vulnerable. Transportation-related stocks fell sharply with airports (-36.9%) and toll roads (-26.8%) down as travel restrictions substantially reduced revenue expectations. Similarly, midstream energy companies suffered  sharp declines (-31.1%), hit by supply and demand shocks in energy markets.



while, in April,







> return of global economic activity saw companies most vulnerable to the impact of  the pandemic, such as airports and toll roads, outperform those infrastructure businesses less economically sensitive, such as electric and water utilities.




I hold, didn't add (though I thought about it) but definitely didn't countenance selling any of my holding.


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## Belli (23 May 2020)

Dona Ferentes said:


> Well done, (did you buy on the way down or back up?)




Bought as it was going back up.  Of course I didn't know, and still don't, if it was or is going to go back down.  No idea about that and not something I follow.  Prices go all over the place so I gave that game away ages ago.


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## Dona Ferentes (31 August 2020)

ALI today announces an increased fully franked final dividend of 4.5 cents per share. The Company reports a full year accounting loss of $9.3 million as a result of the downward revaluation of the investment portfolio to market value at 30 June 2020.

*COVID‐19 IMPACTS ON INFRASTRUCTURE *
Global listed infrastructure was not spared the effects of the global pandemic and induced downturn delivering a total return of ‐6.2%. However, within the asset class performance varied considerably, as some sectors were impacted by social distancing measures more than others. 

*Transportation related *sectors fell sharply in response to travel restrictions and reduced trade, with airports, marine ports, toll roads and to a lesser extent, railways, all declining.
*Midstream energy *stocks also fell, hit by the combination of supply and demand shocks in energy markets during the second half.
In stark contrast, the *communications *sector (towers and data centres) advanced strongly as working and learning from home drove a surge in data usage.
*Water and electric utilities* also outperformed, with their essential service nature translating into stable cashflows.

*INVESTMENT PERFORMANCE *
During an extremely volatile and challenging period for investment markets, the portfolio delivered a total return of ‐2.9% for the 12 months to 30 June 2020, well ahead of the benchmark which fell ‐6.2%. The portfolio also outperformed Australian shares (‐7.7%), underscoring the global diversification benefits offered by Argo Infrastructure.

Importantly, at the height of the volatility in global equity markets, Argo Infrastructure demonstrated resilience in a crisis. During the March quarter when Australian shares plummeted ‐23.1%, ALI's portfolio return fell by just ‐6.5%, assisted by a sharp drop in the Australian dollar and outperformance by the portfolio manager, Cohen & Steers.


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## Belli (31 August 2020)

Also it appears an SPP will be offered soon.


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## HelloU (31 August 2020)

Can i ask if you have read that somewhere?

my head says they had a fail on that (was it february?? this year??)


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## Dona Ferentes (31 August 2020)

HelloU said:


> Can i ask if you have read that somewhere?
> 
> my head says they had a fail on that (was it february?? this year??)



There was an entitlement issue in March, but pulled during early Covid. I think they could handle some more FUM easily.. so a SPP will be easy,.


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## Belli (31 August 2020)

HelloU said:


> Can i ask if you have read that somewhere?
> 
> my head says they had a fail on that (was it february?? this year??)




It was in the media release ALI placed on the ASX website.  Right at the bottom of the second page.


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## Dona Ferentes (15 September 2020)

SPP announced  .....for up to $30,000 of ALI shares; open from 18 Sept and close on 09 Oct. 

Price will be the LOWER of: 
• $2.07 per new share (maximum price), which is a 2% discount to the volume weighted average price of ALI shares traded on the ASX on the Ex-dividend date; OR 
• the volume weighted average price of ALI shares traded on the ASX over the last 3 days of the SPP Offer period (6 October to 8 October 2020 inclusive), rounded down to the nearest cent.


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## Belli (15 September 2020)

It would appear the company is catering to smaller holdings as well as there are 10 options ranging from $500 to $30,000.  Gives some the ability to reinvest the dividend which is paid on 2 October.  DRP was suspended for the forthcoming dividend.

The maximum price is less than the NTA as a 11 September recognising this can easily change in the interim.

The books closed yesterday unlike some SPPs I've seen in the past.


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## Belli (20 September 2020)

Will consider applying an allocation under the SPP but will wait until 6 October before taking action (if any.)


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## Dona Ferentes (13 October 2020)

SPP got away;  applications from 2,133 shareholders were accepted, totalling $23.2 million .... @ $2.07 per share

A bit of an attempt to alter the VWAP (over the last 3 days of the SPP Offer period - -6 October to 8 October 2020 inclusive) didn't get up.

latest NTA aver $2.20, so all good (HOLD)


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## Belli (14 October 2020)

Thanks.  SPP will add a few more to my holding.


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## Belli (30 August 2021)

ALI reported this morning.  I hold.


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## Dona Ferentes (28 September 2021)

The *Share Purchase Plan *opens on Friday 1 October 2021 and offers eligible shareholders the opportunity to acquire up to $30,000 of new fully paid ordinary shares in Argo Infrastructure (ASX: ALI) without incurring brokerage or other charges.  Funds raised under the SPP will be applied to further investments in global listed infrastructure securities.  

 The SPP price will be the LOWER of: 
•* $2.28 per new share* (maximum price*) which is a 5% discount to the closing price of ALI shares on the ASX on the SPP entitlement record date (27 September 2021); OR 
• The volume-weighted average price of ALI shares traded on the ASX over the last 5 trading days of the SPP Offer period


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## Belli (28 September 2021)

Thanks for that.  I'll give it some thought.  One of the reasons I hold ALI is because it isn't purely shares.  At one stage I did consider VBLD but I didn't want to deal with another ETF along with its associated AMIT and CG issues.  Crazy at one level maybe but it is what is suitable for me.  ALI is a little cleaner with the dividends which is to be paid 1 October so some of that could make it's way back into ALI via the SPP.


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## Dona Ferentes (28 September 2021)

Belli said:


> ... ALI is a little cleaner with the dividends which is to be paid 1 October so some of that could make it's way back into ALI via the SPP.



I'd think it was a pretty deliberate move, to offer the SPP up just as the dividend payouts reach the climax, for the reporting season just past.


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## Dona Ferentes (21 October 2021)

and another opportunity ......   ALI conducted a SPP recently. The upper amount to be raised, after which scaling back would likely apply, was $75million, but in the end applications from 2,460 shareholders were accepted, totalling $30,970,000.

This is still an 8% lift in ALI's Market Cap. There is plenty of opportunity in the _investible universe _for the manager to deploy these new funds.  But of course, the stags/ opportunists drove the price back a few cents closer to the $2.28 SPP price. The most recent NTA is $2.36

(_Hold, took part_)


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## So_Cynical (1 December 2021)

Trading at $2.27 with a yield of about 3.4% and Management fee of a whopping 1.2% ~ how the hell do they get away with that?

ALI holds listed stocks, god dam how hard is it to manage buy and hold of 40 or so global listed infrastructure stocks???


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## Belli (21 February 2022)

Dividend payable on 25 March.


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## divs4ever (21 February 2022)

Belli said:


> Dividend payable on 25 March.
> 
> View attachment 137893




 yes the results look quite good  , if they had of upped the div. ( to say 3.5 cents ) this might have gone very  well ( i assume they are 'smoothing the divs '

 i looked , i thought  and decided i didn't want exposure  to international infrastructure  at this time , however given Brookfield is trying to buy infrastructure assets at a startling pace  , i may live to regret that decision


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## Dona Ferentes (21 February 2022)

divs4ever said:


> ....if they had of upped the div. ( to say 3.5 cents ) this might have gone very  well ...
> 
> i looked



clearly not very hard. 

while just above in Belli's post, and in the actual announcement, is a dividend of 3.5c , similar to the previous HY of 3.5c. I suppose they could up it to, say, $0.035, which would impress some.


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## Belli (22 February 2022)

Looks as if the payout ratio is 20% which is very conservative compared with other LICs.  As far as I know, however, I know there are no other LICs in this particular sphere.  It has increased the profit reserve (from which it pays dividends) to $42m net ($38m pcp) after payment of the declared dividend.


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## divs4ever (22 February 2022)

Dona Ferentes said:


> clearly not very hard.
> 
> while just above in Belli's post, and in the actual announcement, is a dividend of 3.5c , similar to the previous HY of 3.5c. I suppose they could up it to, say, $0.035, which would impress some.



 did i misread  ?? sorry if i did  i thought i saw only 3  cents div ( my bad )

 remember divs. are great or disappointing   depending at the price YOU bought in  ( although a buddy always calculates using the current share price even if he bought 20 years back )

 i probably should have bought ALI much earlier near launch  , but when i see 'infrastructure ' i think of massive debt loading  , and i have been looking for ( my concept  of ) 'safe-havens ' and debt-piles ' are not that attractive to me 

 cheers


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## Belli (22 February 2022)

divs4ever said:


> yes the results look quite good , if they had of upped the div. ( to say 3.5 cents ) this might have gone very well ( i assume they are 'smoothing the divs '






divs4ever said:


> remember divs. are great or disappointing depending at the price YOU bought in




Typical approach by you of inconsistency.  I've noticed you do this constantly.



divs4ever said:


> i think of massive debt loading , and i have been looking for ( my concept of ) 'safe-havens ' and debt-piles ' are not that attractive to me




Then you don't comprehend the massive debt held by WPL, AGL and a host of other companies including banks which are geared to the hilt and probably lend at 10 times to each dollar they have.


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## divs4ever (22 February 2022)

i don't hold AGL  ( albeit  for different reasons ) i held SYD because MQG gave me a fistful for free  ( but have sold them a few months back ) and  sometimes regret holding WPL ( which i MIGHT sell after BHP gives me many more  )

 and MQG is the only  large bank i have a sizable holding in ( i strongly prefer the regionals)

 i consider 'high debt ' as  'high risk ' and therefore expect  sizable returns 

 on MQG i am up $31.64  a share in realized capital gains  PLUS $8 realized capital gains on the SYD shares ( per share )  PLUS  roughly $188  ( per share ) in unrealized capital gains   and thus i still hold MQG  despite the higher risk


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## divs4ever (22 February 2022)

Belli said:


> Typical approach by you of inconsistency. I've noticed you do this constantly.



 i learned my financial skills as a 12 year old  paper boy  and odd job person  , maybe if i had paid for a degree i would think differently


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## sptrawler (22 February 2022)

divs4ever said:


> i learned my financial skills as a 12 year old  paper boy  and odd job person  , maybe if i had paid for a degree i would think differently



Don't worry I was told a long time ago, a person with a degree can earn a lot of money and a person with common sense can normally take it off them.


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## Belli (22 February 2022)

sptrawler said:


> Don't worry I was told a long time ago, a person with a degree can earn a lot of money and a person with common sense can normally take it off them.




Must get meself a degree one day to see what will happen.


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## So_Cynical (22 February 2022)

I dont have a degree, Half year report: Here

Investment income: dividends, distributions and interest - 5.658.000
Management fees - 2.330.000

So about 42% of all income is gone in fees, am i missing something? or is this absolutely outrageous.


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## frugal.rock (22 February 2022)

sptrawler said:


> Don't worry I was told a long time ago, a person with a degree can earn a lot of money and a person with common sense can normally take it off them.



Why would you want to take someone's degree off them?
Is there a rush on toilet paper again? 😂



So_Cynical said:


> So about 42% of all income is gone in fees, am i missing something? or is this absolutely outrageous.



Outrageous indeed. The poor directors should have taken more for their bonuses... 😵


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## Belli (23 February 2022)

So_Cynical said:


> So about 42% of all income is gone in fees, am i missing something? or is this absolutely outrageous.




Not entirely.  The management fee of 1.2% is based on percentage of the assets not the income.  Also if looking at income, it includes the net changes in the fair value of assets.  We peons may find it decidely odd but higher beings have decided the accounts are to prepared in accordance with the Australian Accounting Board Standards.

If you would like to be as outraged as a friend of mine was have a gander at the half yearly report of WAM.  Now thems is fees!


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## So_Cynical (24 February 2022)

Belli said:


> Not entirely.  The management fee of 1.2% is based on percentage of the assets not the income.  Also if looking at income, it includes the net changes in the fair value of assets.



Yes i know that Belli - the funds stated aim is to hold assets not trade (buy and Hold) they pocketed 42% of all operational income as fees, thats absolutely ******* outrageous, not to mention they paid out over 6 million in dividends on about 3 million (after fees) of operational profit.


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## Belli (24 February 2022)

So_Cynical said:


> Yes i know that Belli - the funds stated aim is to hold assets not trade (buy and Hold) they pocketed 42% of all operational income as fees, thats absolutely ******* outrageous, not to mention they paid out over 6 million in dividends on about 3 million (after fees) of operational profit.




I do understand your point.

Thing is, the dividends are not paid from operational profit but via the Profit Reserve as per this where $16.84m of profit was moved from retained earnings to the reserve.







The dividends declared after the balance date will be $5.855m which indicates the profit reserve will now be $42.061m.  Still the issues of fees of course.


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## Dona Ferentes (27 March 2022)

So_Cynical said:


> Trading at $2.27 with a yield of about 3.4% and Management fee of a whopping 1.2%




The Manager receives a management fee of 1.20%p.a up to a portfolio value of $500m.
The management fee will decrease to 1.10%p.a for a portfolio value of $500m-$1b and will decrease to 1.0% in the event the portfolio value exceeds $1b.
The Manager is responsible for paying the Portfolio Manager from the management fee it receives from the Company.
The Management Agreement was renewed for a further five years after the initial five year term was completed in 2020.
_market cap now $420million. Portfolio value would be near this._


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## divs4ever (27 March 2022)

Belli said:


> Thing is, the dividends are not paid from operational profit but via the Profit Reserve as per this where $16.84m of profit was moved from retained earnings to the reserve.



 several LICs ( but NOT all ) do that  , that is an extra research  tidbit , you need to look at when researching the LIC  ( depending on your needs this is either bad or good  ) 

 bad in the case of it attracting cash-hungry predators   , good for those hoping for a fairly stable income 

 i spread my LIC holding between  those that do and those that don't


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## Belli (29 August 2022)

ALI reported this morning.

Profit for the year $29.867m up 58.9%.  EPS 18.3c up from 12.6c

Dividend of 4.5c ff (same as pcp) payable on 30 September.  Total dividend for FY is 8c ff.


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## Dona Ferentes (29 August 2022)

DIvidends .... nice!


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## Belli (29 August 2022)

Dona Ferentes said:


> DIvidends .... nice!




They do tend to brighten an otherwise gloomy day.

Looking at its franking account there is sufficient to fund 14.3c per share (assuming it receives franked dividends.  The Profit Reserve from where dividends are paid increased by $22.168m to $60.147m.  That will be reduced by the forthcoming dividend which amounts to $7.539m so still a healthy reserve.

I see ALI has instigate Buy Back program as well.

And I noticed in the media release, they are bemoaning the lack of infrastructure on the ASX.  It happens when the Government allows Superannuation funds to gobble them up to the detriment of those who are not members of those funds.


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## Belli (27 September 2022)

Another SPP in the pipeline.  Opens 30 September, offer closes 14 October and Issue date is 21 October.  Maximum number of shares to be issued 50,260,612.  Maximum Price is $2.35 or the usual VWAP whichever is the lower.  Note the opening date coincides with the dividend payment date.


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## Dona Ferentes (27 September 2022)

Belli said:


> Another SPP in the pipeline.  Opens 30 September, offer closes 14 October and Issue date is 21 October.  Maximum number of shares to be issued 50,260,612.  Maximum Price is $2.35 or the usual VWAP whichever is the lower.  Note the opening date coincides with the dividend payment date.



A pity the AUD is so low, as most assets purchased are in USD.


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## Belli (27 September 2022)

True but if that was the main consideration I wouldn't have purchased it in the first place. Other considerations for me is its Payout Ratio in the mid-40% and relatively low PE.


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## Dona Ferentes (19 October 2022)

Belli said:


> Another SPP in the pipeline.  Opens 30 September, offer closes 14 October and Issue date is 21 October.  Maximum number of shares to be issued 50,260,612.  Maximum Price is $2.35 or the usual VWAP whichever is the lower



Applications from 1,801 shareholders were accepted, totalling $21,004,600. (average over $11,000).  No scale back was applied to applications; shares will be issued on Friday 21 October 2022 at the subscription price of $2.35 per new share.


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## Belli (20 October 2022)

Dona Ferentes said:


> Applications from 1,801 shareholders were accepted, totalling $21,004,600. (average over $11,000).  No scale back was applied to applications; shares will be issued on Friday 21 October 2022 at the subscription price of $2.35 per new share.




Threw some funds in.  Will put in bottom drawer and sit.


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## divs4ever (20 October 2022)

Belli said:


> Threw some funds in.  Will put in bottom drawer and sit.



 i am more likely to buy into ARG than ALI  ( i hold neither currently ) , i am expecting the recession ( or whatever it is being called ) to start choking investment capital , in addition to skilled staff shortages  , whereas ARG is more likely to deploy cash carefully as opportunities come along , with are less restrictive mandate ( sector-wise )

 good luck


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## Belli (20 October 2022)

You have no idea what ARG (or ALI for that matter) will or will not do.  Holders will find out only after the event. You apply garbage random thought processes.


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## Dona Ferentes (20 October 2022)

Belli said:


> Threw some funds in.  Will put in bottom drawer and sit.



Me too, and likely 1799 others .


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## divs4ever (20 October 2022)

Belli said:


> You have no idea what ARG (or ALI for that matter) will or will not do.  Holders will find out only after the event. You apply garbage random thought processes.



 unless the old school LICs clean out their strategists  , it isn't rocket science , and you had a hint during March/April 2020 

 some liquidated their portfolios and some DIDN'T  ( they just picked up a morsel here and there )

 time will tell


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## Dona Ferentes (20 October 2022)

Nonsense, piffle, rubbish. Unsubstantiated brain-fart.


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## divs4ever (20 October 2022)

HA HA , am off to watch AWC and see how the market takes today's update ( and CSR but don't expect CSR to be so entertaining )


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