Shareholder returns

Our objective

Our objective is to provide a total return for long-term investors consisting of capital growth and dividend income from a global listed infrastructure portfolio which can provide diversification benefits for Australian investors. This is measured by Argo Infrastructure’s share price and dividends received over time, with most shareholders also receiving the benefit of franking credits.

Shareholder returns – $10,000 invested since inception

Figures above are to 30 April 2024.


Argo Infrastructure’s Board is committed to delivering sustainable dividends with minimal volatility. Every year since our initial public offering (IPO) in 2015, dividends paid to shareholders have increased. Over recent years, dividends have been fully franked underscoring a key benefit of investing in offshore assets through our ASX-listed investment company (LIC) structure.

Our dividend track record is shown in the chart below and additional details of each dividend paid is provided here.

Annual dividends (cents per share)

So far for this financial year, only the interim dividend has been declared.

Share price performance 

Share price performance is measured by movements in Argo Infrastructure’s share price, assuming dividends paid are reinvested. Share price performance can be compared to the benchmark S&P/ASX 200 Accumulation Index, which measures the performance of the broader Australian share market, including dividends.

Portfolio performance

The chart below shows the compound annual growth rate of Argo Infrastructure’s investment portfolio, the benchmark (FTSE Global Core Infrastructure 50/50 Index (net total return AUD)) and the Australian share market (S&P/ASX 200 Accumulation Index). The chart below also shows the relative performance of Argo Infrastructure’s share price.

Total returns

Figures above are to 30 April 2024.

Share price relative to NTA

Argo Infrastructure shares can trade at a premium or a discount to the Company’s per share net tangible assets (NTA) value. This is mainly due to changes in the supply and demand for Argo Infrastructure shares as they trade between buyers and sellers on the ASX. On 30 April 2024, the share price traded at a discount -13.9% to the reported month-end NTA. The graph below shows the month-end share price premium or discount relative to NTA over time.

Share price premium/discount to NTA

Figures above are to 30 April 2024.

Narrowing the discount

We are focused on further reducing Argo Infrastructure’s current share price discount to NTA to better reflect the underlying value of the shares. We have implemented a range of initiatives aimed at achieving this objective including the selective use of share buybacks and buying on-market the shares to be issued to participants in the Dividend Reinvestment Plan and the Dividend Substitution Share Plan.

Communications and marketing activities include regular engagement with brokers and other financial advisers, presenting at investor conferences, contributing articles to investor publications, publishing informative videos, and distributing regular information emails to our investor subscriber list. We have also appointed a dedicated Communications Manager.

To improve awareness and understanding of Argo Infrastructure among existing and prospective shareholders, we undertake various proactive communications and marketing activities.