ATLAS Infrastructure Aust Fdr Fd – Unhdg (PIM6769AU) Report & Performance

What is the ATLAS Infrastructure Aust Fdr Fd – Unhdg fund?

ATLAS Infrastructure Australian Feeder Unhedged aims to provide investors with exposure to a selection of high quality infrastructure equities. The portfolio will be invested in OECD countries only and is a high conviction strategy focussed on investing in infrastructure securities which provide the optimal balance of return and risk. The fund aims to monitor and manage carbon and climate change risk exposures within set tolerances. The investment strategy of the Fund is to invest in the Underlying Fund which will invest in a moderately diversified portfolio of global infrastructure equity securities listed on stock exchanges in developed nations. The portfolio of equities will be issued by, or provide exposure to, global companies that own or operate under concession, high quality essential infrastructure assets in various sectors, including electric, gas and water utilities, transport, communications and community and social infrastructure. Portfolio companies will be selected from those that ATLAS UK considers to offer the best potential for a combination of capital appreciation and income over the medium to longer term whilst minimising risk of loss to investors.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For ATLAS Infrastructure Aust Fdr Fd – Unhdg

ATLAS Infrastructure Aust Fdr Fd – Unhdg Fund Commentary September 30, 2023

The portfolio returned -6.98% (net of fees) in September versus the benchmark return of 0.67%. The total contribution to local returns from our equity holdings was -5.33%. The main contributor in the period was our holding in Fraport. The main detractors were Edison International, SES and Orsted.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
ATLAS Infrastructure Aust Fdr Fd – UnhdgPIM6769AUManaged FundsProperty and InfrastructureGlobal Listed InfrastructureProperty - Global Listed Infrastructure IndexGlobal Infrastructure Index0.00 M1.2%0.00%0%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
ATLAS Infrastructure Aust Fdr Fd – Unhdg2.59%3.12%0.92%9.97%10.05%9.08%12.68%12.01%-7.99%-15.01%-18.28%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
ATLAS Infrastructure Aust Fdr Fd – UnhdgProperty - Global Listed Infrastructure Index-3.73%3.73%NA%NA%NA%0.815.61%6.18%0.830.86

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
ATLAS Infrastructure Aust Fdr Fd – UnhdgYesLevel 8, 9 Hunter Street, Sydney 2000+61 2 8318 7639https://www.atlasinfrastructure.com/​info@atlasinfrastructure.com

Product Due Diligence

What is ATLAS Infrastructure Aust Fdr Fd – Unhdg

ATLAS Infrastructure Aust Fdr Fd – Unhdg 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 ATLAS Infrastructure Aust Fdr Fd – Unhdg has Assets Under Management of 0.00 M with a management fee of 1.2%, a performance fee of 0.00% and a buy/sell spread fee of 0%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the ATLAS Infrastructure Aust Fdr Fd – Unhdg has returned 2.59% in the last month. The previous three years have returned 9.97% annualised and 12.01% each year since inception, which is when the ATLAS Infrastructure Aust Fdr Fd – Unhdg 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 ATLAS Infrastructure Aust Fdr Fd – Unhdg first started, the Sharpe ratio is NA with an annualised volatility of 12.01%. The maximum drawdown of the investment product in the last 12 months is -7.99% and -18.28% 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 ATLAS Infrastructure Aust Fdr Fd – Unhdg has a 12-month excess return when compared to the Property - Global Listed Infrastructure Index of -3.73% and 3.73% 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. ATLAS Infrastructure Aust Fdr Fd – Unhdg 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 ATLAS Infrastructure Aust Fdr Fd – Unhdg provide?

ATLAS Infrastructure Aust Fdr Fd – Unhdg has a correlation coefficient of 0.86 and a beta of 0.81 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 ATLAS Infrastructure Aust Fdr Fd – Unhdg and its peer investments, you can click here for the Peer Investment Report.

How do I compare the ATLAS Infrastructure Aust Fdr Fd – Unhdg with the Global Infrastructure Index?

For a full quantitative report on ATLAS Infrastructure Aust Fdr Fd – Unhdg compared to the Global Infrastructure Index, you can click here.

Can I sort and compare the ATLAS Infrastructure Aust Fdr Fd – Unhdg to do my own analysis?

To sort and compare the ATLAS Infrastructure Aust Fdr Fd – Unhdg financial metrics, please refer to the table above.

Has the ATLAS Infrastructure Aust Fdr Fd – Unhdg 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.

How can I invest in ATLAS Infrastructure Aust Fdr Fd – Unhdg?

If you or your self managed super fund would like to invest in the ATLAS Infrastructure Aust Fdr Fd – Unhdg please contact Level 8, 9 Hunter Street, Sydney 2000 via phone +61 2 8318 7639 or via email ​info@atlasinfrastructure.com.

How do I get in contact with the ATLAS Infrastructure Aust Fdr Fd – Unhdg?

If you would like to get in contact with the ATLAS Infrastructure Aust Fdr Fd – Unhdg manager, please call +61 2 8318 7639.

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the ATLAS Infrastructure Aust Fdr Fd – Unhdg. All data and commentary for this fund is provided free of charge for our readers general information.

Historical Performance Commentary

Performance Commentary - August 31, 2023

The portfolio returned -1.00% (net of fees) in August versus the benchmark return of 0.63%. The total contribution to local returns from our equity holdings was -3.56%. The main contributors in the period were our holdings in SES, Fraport and Elia Group. The main detractors were Orsted, Norfolk Southern Corporation and United Utilities Group.

Performance Commentary - July 31, 2023

The portfolio returned 0.41% (net of fees) in July versus the benchmark return of 0.98%. The total contribution to local returns from our equity holdings was 1.11%. The main contributors in the period were our holdings in SES, Enel and Edison International. The main detractors were Terna, Aeroports de Paris and Orsted.

The Investment Committee made no changes to the portfolio during the month of July.

Performance Commentary - May 31, 2023

This document is issued by The Trust Company (RE Services) Limited ABN 45 003 278 831, AFSL 235150, (TTCRESL) as responsible entity of, and issuer of units in, the ATLAS Infrastructure Australian Feeder Fund ARSN 621 075 465. The Investment Manager of the Fund is ATLAS Infrastructure (Australia) Pty Ltd ABN 37 613 657 131 (ATLAS). ATLAS is the holder of an Australian Financial Services (AFS) licence, number 497475 under the Corporations Act 2001 (Cth) in respect of the financial services it provides.

This document is provided for general information purposes only and is not to be construed as solicitation of an offer to buy or sell any financial product. Accordingly, reliance should not be placed on this document as the basis for making an investment, financial or other decisions. This information does not take into account your investment objectives, particular needs or financial situation.

Whilst every effort is taken to ensure the information in this document is accurate, its accuracy, reliability or completeness is not guaranteed.

The product disclosure statement (PDS) and reference guide (RG) issued by TTCRESL are available for the Fund, including the Target Market Determination (TMD). You should obtain and consider the PDS, RG and TMD before deciding whether to acquire, or continue to hold, an interest in the Fund.

Initial applications for units in the Fund can only be made pursuant to the application form accompanied by the PDS. Performance figures assume reinvestment of income. Past performance is not a reliable indicator of future performance. Neither TTCRESL or ATLAS guarantee repayment of capital or any particular rate of return from the Fund.

Statements of fact in this document have been obtained from and are based upon sources that TTCRESL and ATLAS believe to be reliable. Neither TTCRESL or ATLAS give any representation or warranty as to the reliability or accuracy of the information contained in this document.

All opinions and estimates included in this document constitute judgements of TTCRESL and ATLAS as at the date of this document and are subject to change without notice.

Performance Commentary - January 31, 2023

In Australian dollar terms, the hedged portfolio rose 7.93% over the month of January, while the unhedged portfolio rose 5.80% (net of fees). The largest contributions to the absolute portfolio return came from Fraport (+1.5%*), SES SA FDR (+1.2%*) and Enel (+1.0%*).

The main detractors were Allete (-0.1%*), Portland General Electric (-0.1%*) and Avangrid (-0.1%*). On a relative basis, the portfolio’s overweight to Europe (74% portfolio versus 16% benchmark) contributed 5.4% to returns, and the lower allocation to the North American sector (19% portfolio versus 67% benchmark) contributed 1.3%.

The portfolio benefited from an overweight to European Communications (+1.3%) and underweight to North American Electric Utilities (+1.1%). Our stock selection within European Electric Utilities, European Airports and US Electric Utilities was positive, with our largest holdings (Fraport, Enel, SES and Edison) all outperforming their sector averages.

Performance Commentary - December 31, 2022

In Australian dollar terms, the hedged portfolio fell 4.27% over the month of December, while the unhedged portfolio fell 3.23% (net of fees). The largest contributions to the absolute portfolio return came from EON (+0.1%), Portland General Electric Company (+0.02%) and Avangrid (+0.02%). The main detractors were Aeroports de Paris (-0.7%), SES (-0.6%) and Terna (-0.5%). On a relative basis, the portfolio’s overweight to Europe (73% portfolio versus 15% benchmark) detracted -1.8% to returns, and the lower allocation to the North American sector (20% portfolio versus 69% benchmark) detracted -0.4%. The portfolio benefited from a lack of exposure to North American Pipelines and Storage assets (+0.4%) as well as an overweight to European Water Utilities (+0.2%). However stock selection in European Airports and Communications as well as US Electric Utilities was negative as our largest holdings (ADP, SES and Edison) all underperformed their sector average.

On a company level we would note the following key developments:

AENA (European Airports) launched the tender for the new duty-free contracts covering 27 airports across the Spanish network (c. 66,000sqm). The contracts have been restructured to 12 years with three annual extensions to incentivise store upgrades, the implementation of new technologies and digitalisation and will include both a minimum rental and variable component. The results of the tender are expected in July 2023. This tender forms part of a wider contract renegotiation program at AENA currently underway, which includes various key contracts, including cleaning, the F&B contracts at Madrid Airport and car rental.

SES (European Satellites) launched the first two satellites of its new ‘mPower’ generation. SES is planning to launch 11 mPower satellites over the next 18 months, joining the existing 20 O3b satellites which provide high-capacity data services to users in the aviation, cruise, maritime and telecommunication sectors. The primary driver for the development of mPower has been the growth in demand for the existing O3b network which has exceeded capacity in a number of geographic regions. The mPower satellites offer two important improvements; firstly each satellite has more than 10 times the capacity of the first generation of O3b, supporting high bandwidth applications at lower prices. Secondly, the mPower satellites have the capability to dynamically allocate capacity through steerable beams, this means that more band width can be deployed to demand locations with less ‘wasted’ system capacity. The development and launch of the mPower satellites has been delayed a number of times by the pandemic and so the successful implementation of the system over the next 12 months will very important for the development of the SES business.

Performance Commentary - November 30, 2022

In Australian dollar terms, the hedged portfolio rose 6.22% over the month of November, while the unhedged portfolio increased 4.48% (net of fees). The largest contributions to the absolute portfolio return came from Enel (+1.1%*), Allete (+0.7%*) and United Utilities (+0.6%*). The main detractors were SES SA FDR (-0.3%*), Eutelsat Communications (-0.3%*) and PG&E Corporation (-0.2%*).

On a relative basis, the portfolio’s overweight to Europe (70% portfolio versus 15% benchmark) had a neutral effect on returns and the lower allocation to the North American sector (19% portfolio versus 69% benchmark) detracted -0.1%. We benefited from stock selection in European Electric Utilities (+0.7% due to our holdings in Enel, Terna and Hera), however, selection in communications held back performance (-0.9%).

On a company level we would note the following key developments during November:
* SSE (UK Electric Utility) announced it had agreed to sell a 25% stake in its electricity transmission grid business to Ontario Teachers’ Pension Plan Board for ~£1.5 billion. The minority stake sale is part of a strategic plan to grow the transmission business, with the proceeds being used to fund investments in renewable energy in parallel with the government’s net zero targets including the delivery of 50GW of offshore wind capacity by 2030.

Performance Commentary - October 31, 2022

In Australian dollar terms, the hedged portfolio rose 8.42% over the month of October, while the unhedged portfolio increased 10.38% (net of fees).

The largest contributions to the absolute portfolio return came from SES SA FDR (+1.4%), PG&E Corporation (+0.8%) and Eutelsat Communications (+0.7%). The main detractor was Avangrid (-0.1%). On a relative basis, the portfolio’s overweight to Europe (71% portfolio versus 19% benchmark )1 contributed 0.6% to returns and the lower allocation to the North American sector (21% portfolio versus 66% benchmark )1 contributed 0.1%. We also benefited from stock selection in European Communications (+1.5% due to our holdings in SES and Eutelsat), European Electric (+0.7% due to our holdings in Enel and Terna) and North American Electric Utilities (+1.2% with holdings in PG&E and Allete).

On a company level we would note the following key developments during October:

– Severn Trent (UK Water Utilities) and United Utilities (UK Water Utilities) will be entitled to receive £62.9 million and £24.1 million respectively via customer bills in the 2023-24 financial year for having outperformed their targets, whilst the industry regulator, Ofwat, has instructed 11 other water companies who missed their targets, many pollution related, to cut £150 million from customer bills over the same period. Although these rewards are in line with expectations, ATLAS notes that this highlights that even in a ‘tougher’ regulatory environment, good performing companies will be allowed to generate positive incentives. y Eiffage (European toll road) announced the acquisition of a 13.7% stake in Getlink from TCI, which adds to the 5.1% stake it acquired in late 2018.

– Eiffage will become Getlink’s largest shareholder, however, has announced no immediate plans to launch a tender offer. The acquisition allows Eiffage to diversify its concession portfolio and increase the average contract life, with the Getlink concession expires in 2086, giving long free cash flow visibility and increasing the average life of the concession portfolio to 29.2 years, from 22.4 years.

– AENA (European Airport) and ADP (European Airport) have both raised full year guidance, highlighting the continuation of the buoyant travel market heading into Q4, with ADP announcing traffic is expected to recover between 77%-83% of 2019 levels (up from 70-80% initially announced in Q1 2022 and 74%-84% announced in Q2). AENA is now estimating that traffic will be an estimated 85% of 2019 levels, which is above the upper end of the range announced in June 2022 (75%-85%) and significantly higher than the 68% guidance provided in Q1 2022. Further, AENA has announced the winter airline schedule (November to March inclusive) exceeds what was operated in the 2019/20 season, with +5.3% more seats being offered. Although medium term traffic trends remain uncertain due to fuel prices and lower economic growth, ATLAS notes that the current traffic strength represents a return of demand lost during Covid and therefore there is still additional demand, particularly from Asia, to be added before volumes revert to normal economic levels.

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