Argo Global Listed Infrastructure Limited (ASX:ALI) reported its portfolio declined 6.5% in Australian dollar terms during the September 2026 quarter, marginally outperforming the FTSE Global Core Infrastructure 50/50 Index benchmark, which fell 7.0% over the same period, according to the company's quarterly investment update.

Key Points

  • ALI's portfolio returned -6.5% (in A$ terms) for the September 2026 quarter, versus the benchmark return of -7.0%
  • An overweight position in Japanese electric utility Kansai Electric bolstered relative performance after the company announced its first major increase in corporate electricity rates in more than a decade
  • An overweight position in Mexican airport operator ASUR weighed on performance amid continued weakness in passenger traffic
  • The company held its 11th Annual General Meeting at the Adelaide Town Hall on 21 October 2026
  • Top 10 holdings represented 40.7% of the portfolio, with NextEra Energy the largest position at 6.7%

September Quarter Portfolio Performance

ALI's portfolio returned -6.5% for the three months to 30 September 2026, compared with the benchmark FTSE Global Core Infrastructure 50/50 Index return of -7.0% in Australian dollar terms. Over one year, the portfolio returned +1.4% against the benchmark's -0.8%. The three-year annualised return stood at +12.3% versus the benchmark's +10.0%. Since inception in July 2015, the portfolio has returned +8.4% per annum, compared with the benchmark's +7.4% per annum and the S&P/ASX 200 Accumulation Index's +8.3% per annum.

Key Contributors and Detractors to Relative Returns

Performance was supported by an overweight allocation to Kansai Electric, which announced its first major increase in corporate electricity rates in more than a decade, contributing to a broad rally among Japanese utilities. An overweight position in Indian port operator JSW Infrastructure also added to relative returns after the company successfully raised capital to fund plans to more than double its port capacity by 2028. Conversely, an overweight position in Mexican airport operator ASUR weighed on performance, as Mexican airports declined broadly amid continued weakness in passenger traffic. Global listed infrastructure as an asset class fell 7.0% during the quarter, with regulated utilities and electric utilities among the hardest-hit subsectors.

Top Holdings and Annual General Meeting

At 30 September 2026, NextEra Energy was the largest portfolio holding at 6.7%, followed by The Williams Companies at 5.2%, Union Pacific at 4.8%, TC Energy at 4.4%, and CSX at 4.0%. The company's total assets stood at $472 million, with approximately 8,400 shareholders. The management fee is 1.2% on assets up to $500 million, reducing to 1.1% on assets above $500 million, with no performance fee. The company's 11th Annual General Meeting was held on 21 October 2026 at the Adelaide Town Hall. Portfolio manager Cohen & Steers stated it is maintaining a generally balanced portfolio.