A Product Complexity Indicator of ‘GREEN’ has also been assigned to designate the view that the Fund is a SIMPLE financial product, indicating that the performance is expected to move very closely in line with the corresponding market sector. This Fund is available to both retail and wholesale investors.

A STRONG investment rating indicates a strong conviction that the Fund can deliver a risk-adjusted return in line with the Fund’s investment objective.

The Fund is managed by Blackmore Capital (Manager), a Melbourne-based, long-only, Australian Equity boutique asset management business. The Manager seeks to generate long-term capital appreciation by investing in Australian listed equities; the aim is to do so with lower volatility and greater downside protection relative to the S&P/ASX 200 Accumulation Index benchmark. Blackmore Capital employ a benchmark unaware, high conviction approach that is based on comprehensive fundamental company and industry research; with the primary aim of the strategy being to identify and allocate capital to high quality stocks that are reasonably valued.

Since its inception, the Fund has outperformed the index with less volatility.

Australia Ratings’ analyst, Dragana Timotijevic, says “overall, we view the investment strategy as sound and aligned with the Manager’s objectives, resources, and competencies”. She added, “the rating also indicates the high level of confidence Australia Ratings has that the Fund will continue to deliver a strong risk-adjusted return”.

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A rating of Very Strong is the second highest rating on the investment rating scale used by Australia Rating. A Very Strong investment rating indicates a very strong conviction that the Fund can deliver a risk-adjusted return in line with the Fund’s investment objective.

The Infrastructure Partners Investment Fund – Core is managed by IPIF Management Pty Limited, founded by Nicole Connolly in 2014. The Fund is a unique offering providing investors exposure – through a Fund of Fund (FoF) structure – to a well-diversified portfolio of unlisted infrastructure assets featuring Australia’s major airports (including Perth, Melbourne, Adelaide, Brisbane, etc.), TransGrid, South East Water and the Sydney Desalination Plant among other investments. Due to their size, such assets are typically only accessible to large institutional investors such as pooled superannuation funds.

Since its inception, the Fund has focused on investing in well-established unlisted infrastructure funds and building an exposure to mature, cash-generating assets with a balanced mix of regulated and inflation linked investments. Australia Ratings’ analyst, Dragana Timotijevic, said “The rating reflects the quality of the underlying assets and IPIF Management Limited’s expertise in managing unlisted infrastructure investments.”

She added “the rating also indicates the high level of confidence Australia Ratings has that the Fund will continue to deliver a stable and uncorrelated return relative to equity markets”.

The Fund makes semi-annual distributions, targeting net of fees returns of 3.5% over the 10 Year Government Bond Rate. As at August 31 2019, the Fund had around $133mn funds under management.

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