The Infrastructure Fund
Profile
Overview
Hastings, as manager of The Infrastructure Fund/The Infrastructure Fund B (TIF / TIFB), seeks to accumulate a quality infrastructure asset portfolio with the aim of providing investors with:
- capital growth complemented by cash yield;
- a stable band of total return; and
- a moderate risk profile.
The Infrastructure Fund's benchmark return is 8.75 percent per annum after fees and implied superannuation tax.
TIF/TIFB combined comprises The Infrastructure Fund (TIF) and The Infrastructure Fund B (TIFB), which owns the assets. Hastings is the Trustee and Manager of TIF and TIFB.
Assets
AIRPORTS
| Queensland Airports Limited (QAL) (Gold Coast, Townsville and Mount Isa Airports) | |
| TIF interest in Queensland Airports Limited: | 33.7 percent |
| Return since inception to TIF (p.a.) | 26.4 percent |
| North Queensland Airports (Cairns and Mackay Airports, Queensland) | |
| TIF Interest in North Queensland Airports: | 20.1 percent |
| Return since inception to TIF* (p.a.) | 8.4 percent |
*Return from 10 December 2008 to 30 June 2009
| TIF Interest in Perth Airport: | 4.3 percent |
| Return since inception to TIF (p.a.) | 17.6 percent |
| TIF interest in BAA Toggle Facility: | 2.0 percent |
| Return since inception to TIF (p.a.) | 11.4 percent |
utilities
| Southwest Generation (Southwest) is TIF's first brownfield investment in the US and its first in the US power generation market. Southwest operates seven power generation facilities in the US. With facilities in California, Colorado, New Mexico and Nevada, the portfolio has an aggregate capacity of 974MW. | |
| TIF interest in Southwest Generation: | 9.9 percent |
| Return since inception to TIF* (p.a.) | (2.2) percent |
*Since acquisition, 11 months July 2008 to June 2009
| Envirogen is expected to abate a significant amount of fugitive coal mine emissions comparable to 1.4 million tonnes of carbon dioxide, which is the equivalent of removing approximately 315,000 cars from Australian roads. Envirogen owns and operates four waste coal mine methane power stations. | |
| TIF interest in Envirogen: | 49.3 percent |
| Return since inception to TIF* (p.a.) | (43.9) percent |
| TIF interest in ElectraNet - Shares and Shareholder Loan Notes: - Preferred Loan Notes: |
3.6 percent 8.5 percent |
| Return since inception to TIF (p.a.) | 14.7 percent |
| TIF interest in Ballarat Water: | 100 percent |
| Return since inception to TIF (p.a.) | 5.1 percent |
tollroadS
| State Highway 130, Segments 5&6 (SH130 5&6) is a new 40 mile tollroad in central Texas. SH130 5&6 is progressing on time and on budget, construction is expected to be complete by the end of 2012. | |
| TIF interest in State Highway 130 Segments 5 & 6: | 16.0 percent |
| Return since inception to TIF (p.a.) | 22.2 percent |
| TIF interest in Statewide Roads: | 5.0 percent |
| Return since inception to TIF (p.a.) | 9.8 percent |
Other
| Return since inception to TIF (p.a.) | 4.8 percent |
All figures are as at 30 June 2009
Investor Support