A Message From The Fund Manager,
James Abate

Dear Investor,

Welcome to the Centre Global Listed Infrastructure Fund, a global large capitalisation, high conviction, equity strategy offering exposure to the most compelling, liquid companies that are owners and operators of global infrastructure assets, which have historically demonstrated low correlations with major asset classes.

The fund aims to deliver stable returns, an attractive and sustainable dividend yield, and inflation protection with a strong return profile vs. global equity indices and industry peers in terms of volatility and drawdown mitigation. As a result, it has been awarded a 5 star rating from Morningstar on a three-year basis.

Our investment process is built around a deep focus on bottom-up equity research that seeks to identify the most compelling equity investments from a global pool of liquid infrastructure companies. The Fund is diversified across regions and developed market countries as well as seeks to balance its exposures to where the weights of the Telecommunication, Utilities, Energy, Transportation, and Social Infrastructure industries are broadly represented. The Fund is designed to combine concentrated best ideas stock selection within a risk aware portfolio construction process.

The process in managing the fund is to focus bottom‐up on each individual company’s growth outlook and capacity to create shareholder value by utilizing our fundamental stock selection process. We utilize a disciplined, Economic Value Added (EVA) framework to select investments. Our EVA investment philosophy enables us to fully understand and quantify corporate capital allocations, expected rates of return relative to cost of capital, and to ensure that we capture attractive risk premium. This truly active approach provides transparency and discipline, allowing us to be guided by fundamentals and to avoid the influence of irrational market developments or dogmatic themes. As a contributing author to several published books on EVA with certain writings adopted by the CFA Institute candidate study programs, we consider ourselves leaders in advancing and applying this process discipline over several decades.

For investors looking to learn more, please explore the materials on our website and contact us if we can offer additional information about our firm, our partnership with Green Ash, or to discuss the Fund strategy, our investment outlook and positioning.

Regards,

James Abate