Macquarie Global Infrastructure Total Return Fund (MGU)
The primary investment objective of the Fund is to provide investors with a high level of total return consisting of dividends and other income, and capital appreciation.
The Fund seeks to achieve its investment objective by investing at least 80 per cent of its total assets in equity and equity like securities issued by US and non-US issuers that primarily own or operate infrastructure assets (Infrastructure Issuers).
In pursuit of its investment objective, the Fund will also seek to manage its investment so that at least 25 per cent of its distributions may qualify as tax-advantaged 'qualified dividend income' for US federal tax income purposes.
It is anticipated that most of the Infrastructure Issuers in which the Fund will invest will be public companies listed on national or regional stock exchanges.
The Manager will seek to identify and select investments in Infrastructure Issuers that, over the long term, are anticipated to produce consistent and stable dividend yield, and capital appreciation commensurate with the underlying risk of the investment.
The Manager believes that analysis of an Infrastructure Issuer's underlying assets is key in determining the long-term quality of the company's potential revenue and income streams. The Manager believes that investments made on the basis of a systematic, bottom-up, fundamentals-based approach, identifying long-term potential value in Infrastructure Issuers, should outperform investments made on the basis of short-term market factors.
|Fund information as of 12/31/2019|
|Ticker symbol (NAV)||XMGUX |
Chief Investment Officer — Global Listed Infrastructure Securities.
Start date on the Fund: December 2009
Years of industry experience: 30
Ratios and supplemental data
|Net assets, end of period (000 omitted)
|Ratio of expenses to average net assets1
|Ratio of expenses to average net assets prior to interest expenses reimbursed
|Ratio of expenses to average net assets excluding interest expenses
|Ratio of net investment income to average net assets
|Ratio of net investment income to average net assets prior to interest expenses reimbursed
1For the years ended November 30, 2018, 2017, 2016, 2015, and 2014, the annualized ratios to Total Assets were 1.92%, 1.58%, 1.88%, 1.89%, and 1.53%, respectively. The prospectus for the Fund defines Total Assets as Total Net Assets plus leverage.
2Excludes reimbursement from Macquarie Capital Investment Management LLC ("MCIM") for certain expenses related to the 2012 proxy. The expense ratio, had the reimbursement been included, would have been 2.11%.
3Excludes reimbursement from MCIM for certain expenses related to the 2012 proxy. The expense ratio, had the reimbursement
been included, would have been 1.73%.
4Excludes reimbursement from MCIM for certain expenses related to the 2012 proxy. The net investment income ratio, had the
reimbursement been included, would have been 4.44%.
Investing in closed-end investment companies involves risk, including the possible loss of principal.
Diversification may not protect against market risk.
The Fund will be concentrated in the infrastructure industry, and will be more susceptible to adverse economic or regulatory occurrences affecting that industry than a fund that is not concentrated in a specific industry.
International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.
The Fund expects to employ leverage as part of its investing strategy. The use of leverage will increase the volatility of the Fund and increase risk to investors. Diversification does not eliminate the risk of experiencing investment losses.
Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.
The Funds may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.
The Fund may experience portfolio turnover that approaches or exceeds 100%, which could result in higher transaction costs and tax liability.
Closed-end funds, unlike open-end funds, are not continuously offered. After being issued during a one-time-only public offering, shares of closed-end funds are sold in the open market through a securities exchange. Net asset value (NAV) is calculated by subtracting total liabilities by total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment.
The Fund may make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a Fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.
NAV, market price, and premium or discount will fluctuate with changes in market conditions. At the time of sale, your shares may have a market price that is above or below net asset value, and may be worth more or less than your original investment.
Market Price is the price an investor would pay for shares of a fund on the secondary market. Market price shown is the market closing price as of the previous business day.
Net asset value (NAV) is the total assets less total liabilities divided by the number of shares outstanding.
Premium/Discount is the amount by which the market price trades above or below the NAV.
All third-party marks cited are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value