Macquarie Global Listed Infrastructure Fund
SRI Style:
Sustainability Tilt
SDR Labelling:
Not eligible to use label
Product:
SICAV/Offshore
Fund Region:
Global
Fund Asset Type:
Infrastructure
Launch Date:
27/01/2010
Last Amended:
Jun 0025
Dialshifter (
):
Fund Size:
£39.60m
(as at: 31/03/2025)
Total Screened Themed SRI Assets:
£7666.00m
(as at: 31/03/2025)
Total Responsible Ownership Assets:
£455495.00m
(as at: 31/03/2025)
Total Assets Under Management:
£455495.00m
(as at: 31/03/2025)
ISIN:
LU0433812459, LU2487695210, LU2488625216, LU2534983312, LU2534983403, LU0433812962
Contact Us:
Objectives:
The Macquarie Global Listed Infrastructure fund integrates ESG considerations into its investment approach, focusing on material ESG risks and opportunities at each stage of the investment process. The fund aims to deliver positive environmental and social outcomes by embedding ESG into bottom-up fundamental research, assessing the quality of stocks, and ensuring alignment with Sustainable Development Goals (SDGs). The fund avoids investments in controversial industries and prioritizes sound corporate governance, which it believes contributes to superior financial performance and long-term value creation.
Sustainable, Responsible
&/or ESG Overview:
The Macquarie Global Listed Infrastructure fund's ESG strategy aims to integrate material ESG considerations into its investment process, assessing risks and opportunities to drive long-term value. The fund focuses on understanding sector-specific ESG issues and aligning investments with SDGs. By avoiding controversial industries and emphasizing corporate governance, the fund seeks to deliver positive environmental and social impacts while achieving superior financial performance. Regular engagement and monitoring ensure alignment with ESG principles and responsible investment practices.
Primary fund last amended:
Jun 0025
Information directly from fund manager.
Fund Filters
Sustainability - General
Funds that have policies that consider (environmental and social) sustainability issues. Strategies vary but are likely to consider environmental issues like climate change, carbon emissions, biodiversity loss, resource management, environmental impacts; and social issues like equal opportunities, human rights, labour standards, diversity and adherence to internationally recognised codes. See fund information.
Find funds which substantially focus on sustainability issues
A core element of these funds aim to encourage higher sustainability standards across business practices through responsible ownership / stewardship / engagement / voting activity
Find funds that use the UN Global Compact to inform or help direct where they can or cannot invest and will typically not invest in companies with significant breaches (low standards) - although strategies vary. (The UNGC covers a wide range of issues - search 'UNGC'). See https://unglobalcompact.org/
Find funds that specifically aim to invest (and manage assets) in ways that help to address all or some of the UN's Sustainable Development Goals (SDGs). See https://sdgs.un.org/goals).
Ethical Values Led Exclusions
Companies are excluded if they make more than 5% of their revenue from the manufacture, sale or distribution of tobacco products including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Find funds that exclude companies which make controversial weapons such as landmines, cluster munitions and chemical weapons. See fund literature for further information.
Find funds that avoid companies with military contracts of any kind. This may include medical supplies, food, safety equipment, housing, etc. Fund strategies vary. See fund liteterature for more information.
Governance & Management
A core element of these funds will aim to encourage higher ESG standards through responsible ownership / stewardship / engagement /voting activity
Fund Governance
Find funds that factor in 'environmental, social and governance' issues as part of their investment decision making process. A focus on 'ESG' typically means a fund is carrying out additional research to help reduce ESG related risks. It does not necessarily mean a focus on sustainability. Strategies vary. See fund literature.
Asset Size
Find funds that invests more than half of their money into what are commonly regarded as 'large companies'. This will typically mean that the market capitalisation (or value) of the companies they hold is in excess of £5 to £10 billion.
Find a fund that invests in a combination of small, medium and larger (potentially multinational)companies.
How The Fund Works
Find funds that focus on finding and investing in companies with positive / beneficial attributes. This strategy can be applied in addition to exclusion criteria and engagement/stewardship activity.
Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
Find funds that make significant use of internationally agreed 'norms' (e.g. United Nations Global Compact - UNGC - or the UN Sustainable Development Goals - SDGs) as part of their investment selection process alongside additional SRI criteria such as positive or negative stock selection policies and/or stewardship strategies.
A major focus of these funds is the careful management of environmental, social and governance (ESG) related risks - typically by avoiding or being underweight in companies seen as posing major risks in these areas (i.e. not necessarily by using themes, exclusions etc).
Find funds that have published explanations of their ethical, social and/or environmental policies online (i.e. fund decision making strategies/ buy/sell &/or asset management strategies).
This fund does not use stock lending for performance or risk purposes.
Unscreened Assets & Cash
The percentage of assets held within the fund that match the fund’s sustainability objectives and are not being held purely for risk management purposes, such as derivatives and cash equivalent assets.
Labels & Accreditations
Finds funds classified under Article 8 of the EU’s SFDR (Sustainable Finance Disclosure Requirements). Article 8 of the SFDR is a set of requirements that apply to financial products that 'promote' environmental or social characteristics with high governance also. These rules do not currently apply to UK funds so many managers may leave this field blank.
Fund Management Company Information
About The Business
Finds fund management companies that have a published company wide stewardship, engagement and / or responsible ownership policy or strategy that covers all investments. Stewardship typically involves encouraging higher ESG standards through voting and dialogue.
Find fund management companies that actively encourage higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices across investee companies - typically where the aim is to encourage positive change that is aligned with the best interests of investors. Strategies vary. See additional information and options.
Find fund managers that vote all* the shares they own at Annual General Meetings and Extraordinary General Meetings. A commitment to voting shares is a key indicator of 'responsible share ownership' demonstrating their support for or disagreement with management policy. (*situations can legitimately, occasionally occur where voting proves impossible, but in principle all shares should be voted.)
Find fund managers that consider responsible ownership and ESG to be a key differentiator for their business.
Find funds run by fund managers that apply Responsible ownership or 'Stewardship' policies to all or most of their investment assets. This means active involvement (e.g. voting, dialogue) with the companies they invest in across funds (not normally limited to ethical or SRI options.) Read fund literature for further information.
Find fund management companies that consider environmental, social and governance (ESG) issues when deciding whether or not to invest in a company for all / almost all of their funds and other assets. This is increasingly seen as part of sound risk management.
Finds organisations / fund managers that have an in-house (company wide) diversity improvement programme - meaning that they are working to ensure that within their own businesses they employ people from diverse backgrounds - often typically focused on ethnicity and/or sex.
Find fund management companies that encourage the companies they invest in to have strong diversity, race, gender and other equality policies across all assets held, not simply screened or themed SRI/ESG funds. (ie Asset Management company wide).
This asset management company invests in companies which have recently listed on a stock exchange (which is important as it can help grow new businesses).
Asset management company has investments in bonds designed to meet sustainability requirements - however these assets may not be 'ringfenced' for this purpose. See fund manager website for details.
Fund management entity offers unstructured intermediary training on sustainable investment (ie for financial advisers and wealth managers)
Fund management entity offers unstructured intermediary training on sustainable investment (ie for financial advisers and wealth managers)
Collaborations & Affiliations
Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment'.
A member of the Taskforce for Nature Related Financial Disclosures group which aims to aid risk management and shift money towards nature-positive outcomes.
Resources
Find fund management companies that employ people to steer and support fund managers in voting shares at company AGM's and EGMs in ways that are consistent with encouraging higher ESG/sustainability standards.
Find a fund management company that directly employs specialist ESG/SRI/sustainability researchers or analysts. This allows asset managers to discuss environmental, social and governance risks and opportunities directly with companies.
Find fund management companies that makes use of expert external research companies. This can help deliver specialist expertise and means resources are pooled with other investors.
Accreditations
Find fund managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where fund managers are encouraged to behave like responsible, typically longer term 'company owners'.
Engagement Approach
Find fund management companies that regularly initiate or run industry wide (collaborative) investor projects aimed at raising environmental, social and governance standards amongst investee companies.
Fund manager has stewardship /responsible ownership strategy that is focused on addressing climate change with investee assets.
Asset manager has a stewardship /responsible ownership strategy that involves working with fossil fuel companies on climate change related issues. See fund manager website for details.
Asset manager has stewardship /responsible ownership strategy with involves encouraging investee asset to reduce plastic waste and pollution.
Asset manager has a stewardship / responsible ownership policy that means they are working to encourage more responsible mining practices - where environmental and social issues are properly dealt with by the companies they invest in.
The asset manager has a responsible ownership / stewardship strategy that focuses on biodiversity and nature issues relating to the assets they invest the aim of which will be to reduce harm and or deliver improvement. Strategies vary. https://tnfd.global
Asset manager has a responsible ownership / stewardship strategy which means they are working to encourage the shift to more sustainable business practices in ways that respect and are sensitive to social issues and the impact change has on people effected by the changes that are taking place. https://www.transitionpathwayinitiative.org/ https://transitiontaskforce.net/
Asset manager has responsible ownership / stewardship strategy in place which aims to address human rights issues in investee companies (and potentially their suppliers) with the aim of raising standards
Asset manager has responsible ownership / stewardship strategy in place that aims to improve labour standards for the benefit of employees in investee companies (and potentially their suppliers)
Asset management company has a stewardship strategy in place which involves working to raise diversity, equality and inclusion standards across investee assets
working with the assets they hold to help stamp out modern slavery - where direct or indirect company employees are exploited for business benefits.
Fund managers have stewardship strategies in place that focus on improving governance standards across investee assets
Asset manager has stewardship strategy in place which involves discussing mental health issues with investee companies - with the aim of raising standards
Has a stewardship / responsible ownership strategy that encourages responsible supply chain - ie the managers will discuss environmental, social and governance issues with investee companies with the aim of raising standards
Working to address sustainability, ESG and related concerns around artificial intelligence.
This fund manager may vote differently for different clients or regions. See fund manager stewardship policy for further information.
Escalation policies describe how a manager will proceed if stewardship / engagement activity is not successful in the short term.
Company Wide Exclusions
Find fund management companies (not funds) that avoid investment in 'controversial weapons' across all of their funds and other investment vehicles.
Find funds / fund managers that are reviewing, or have reviewed, their exposure to carbon intensive industries including (but not only) mining, oil and gas companies. (Typically with reference to climate change.)
This asset manager has a strategy in place that will lead them to exit direct investments in the coal mining industry. Managers ability to do this may depend on the geographic regions in which they invest.
Climate & Net Zero Transition
Fund management organisations that have pledged to reduce their greenhouse gas emissions to ‘net zero’. Strategies vary - this area is changing rapidly.
Fund manager AGM / EGM voting strategy has processes in place that mean they will normally be expected to vote in a way that will encourage the transition to net zero greenhouse gas emissions.
Find fund management companies that have published a Climate Risk policy or statement that is signed / owned by their Chief Executive.
This asset management company has set a date by which they plan to achieve net zero greenhouse gas / CO2e emissions.
Find fund management companies that are working with the companies they invest in to encourage reductions in carbon dioxide and other greenhouse gas emissions.
Finds organisations / fund managers that have a company wide carbon transition plan - meaning that they have plotted a path to how they will move away from activities that produce or use carbon based energy sources (that emit greenhouse gases) towards clean, alternative, renewable energy sources.
Finds organisations / fund managers that have published ‘forward looking climate metrics’ e.g. 'implied temperature rise' data that are a total of the asset management company's share (% owned) of all the investee company emissions of the assets they manage, as well as their own direct and other indirect emissions.
This asset management company plans to achieve net zero greenhouse gas (CO2e) emissions with the help of a scheme that will lock away an amount of carbon that is equivalent to the company’s own emissions – so that the end result is ‘net zero’. Calculations and scope vary.
Find fund management companies that are working to reduce their own (fund management company) carbon/greenhouse gas emissions.
Transparency
Find fund management companies that publish a report detailing their responsible investment ownership - also known as 'Stewardship' - activity.
Find companies that publish information about their sustainable and responsible investment strategies on their company website.
Fund management companies that publish a full record of how they vote their shares at AGMs (annual general meetings) and EGMs (extraordinary general meetings). Voting strategies have an important role to play encouraging higher environmental, social and governance standards.
This asset management company has published a plan that explains how they are going to achieve net zero greenhouse gas / CO2e emissions.
Find fund management companies that have supplied Dialshifter information. See Dialshifter tab within record for more information.
Sustainable, Responsible &/or ESG Policy:
The Macquarie Global Listed Infrastructure fund incorporates ESG risks and opportunities into its investment process, assessing them as part of the overall quality of stocks. The fund does not use ESG criteria as a negative screen but aims to understand and incorporate material risks and opportunities into valuation models. ESG assessments are based on SASB standards and proprietary ratings, focusing on air quality, water management, and energy affordability. The fund avoids investments in controversial industries, such as coal and controversial weapons, and emphasizes corporate governance. Positive impacts are achieved through alignment with SDGs, engagement with companies, and addressing material ESG issues.
Process:
The Macquarie Global Listed Infrastructure fund's ESG process involves several steps:
1. Identifying material ESG considerations through SASB standards and proprietary research.
2. Conducting dual assessments for each company: alignment with SDGs and a proprietary team rating.
3. Incorporating ESG risks and opportunities into valuation models and qualitative assessments.
4. Regular engagement with companies to discuss material ESG issues.
5. Avoiding investments in controversial industries and emphasizing corporate governance.
6. Using internal analysts to determine the materiality of sustainability issues and incorporating external data sources for comprehensive assessments.
7. Updating company assessments annually to ensure ongoing alignment with ESG principles and responsible investment practices.
Resources, Affiliations & Corporate Strategies:
MAM’s Sustainability team comprises over 20 sustainability professionals located across three regions, including both public markets businesses of MAM and MAM private markets. The team is responsible for setting MAM’s overall sustainability strategy and ESG frameworks, providing specialist expertise on environmental and certain social matters, as well as supporting investment and asset management teams in harnessing ESG opportunities across MAM’s portfolios. The team works with other MAM specialist teams including Investment Performance, diversity, equity and inclusion (DEI), WHS, Technology and Innovation, and Human Capital as well as a number of ESG-related committees and working groups.
Sustainability professionals are also embedded within some of MAM's investment teams to offer direct insight into material ESG issues and conduct stewardship activities.
Investment teams within MAM Equities & Multi-Asset are supported in their ESG/RI/stewardship efforts by our dedicated four-person Sustainability Team, which serves as a centralized resource. The team provides resources, such as external and internal ESG research and measurement tools, training, and guidance in the implementation of ESG practices across all investment teams. This team also participates in Good Governance monitoring across all applicable investment products which fall under the EU SFDR Article 8 and 9 classification, and collaborative engagements with investee companies on ESG issues alongside our investment teams, in addition to external collaborative shareholder engagements such as Climate Action 100+ and the World Benchmarking Alliance.
To further enhance our internal oversight structure, MAM has established robust governance and committee structures to address ESG risks and opportunities, as they pertain to their specific asset classes and relevant ESG challenges. Within MAM, material sustainability/ESG related issues are escalated to the relevant Executive Committee via regional working groups, which are comprised of professionals from across MAM, including representatives from the Sustainability team, legal, risk, compliance, client solutions group, product and investment teams with the purpose to manage sustainability risks.
Whilst the terms and scope of the executive committees may differ across the different asset classes within MAM, the committees are typically chaired by the divisional or business heads, and consist in a forum allowing the division or business head to receive updates from the key representatives of the relevant business lines and specialist functions.
Below is a summary of the standards, initiatives, and frameworks of which the firm participates.
- Principles for Responsible Investment (PRI): MAM has been a signatory to the UN Principles for Responsible Investment since 2015. The PRI is one of the world’s leading proponents of responsible investment. As signatories, we use the principles as a framework to incorporate ESG issues into our investment practices and transparently share details around our approach, performance and progress. We typically receive annual assessment reports from the PRI which we use as a measure of the effectiveness of our policies and processes and as a guide for further improvement. Results from MAM’s most recent Transparency Report are available on the PRI website. https://www.unpri.org/signatory-directory/macquarie-asset-management/1448.article
- Task Force on Climate-related Financial Disclosures (TCFD): Macquarie has been supporting the important work of the TCFD since 2018, becoming a formal supporter in 2019, and has been actively implementing the TCFD recommendations. We have been reporting on progress annually since the release of Macquarie's first TCFD implementation progress and scenario analysis report in May 2019. The latest update is available in Macquarie's Net Zero and Climate Risk Report. Further, since 2020, PRI signatories, of which MAM has been one since 2015, have been required to report to the PRI on several indicators regarding their management of risks and opportunities related to climate change. These indicators are modelled on the disclosure framework of the Financial Stability Board’s Task Force on Climate-related Disclosures (TCFD).
- IFRS Sustainability Alliance: MAM public markets was an original member of the Sustainability Accounting Standards Board (SASB) Alliance, now the IFRS Sustainability Alliance, having been a signatory since 2017. Members share the belief in the benefits of a coherent and comprehensive system for corporate disclosure and a more integrated approach to the way organisations, plan and disclose their approach to value creation. Furthermore, Macquarie's FY2024 ESG disclosures have been prepared with reference to selected SASB Standards
- Climate Action 100+ (CA100+): MAM became a member of Climate Action 100+ in July 2020. Since that time, MAM has participated in and led engagements that have given us a forum to collectively ask questions about companies' climate disclosures and individually assess their ability to effectively manage their climate-related risks.
- Transition Pathway Initiative (TPI): MAM has been a supporter of TPI since 2020, which is an asset-owner led initiative that assesses companies’ preparedness for the transition to a low carbon economy.
- Net Zero Asset Managers initiative (NZAMi): MAM joined the NZAMi in March 2021. NZAMi is an international group of asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5°C; and to supporting investing aligned with net zero emissions by 2050 or sooner.
- World Benchmarking Alliance (WBA): The WBA represents organisations working at global, regional and local levels to shape the private sector’s contributions to achieving the UN Sustainable Development Goals (SDGs). MAM joined on April 12, 2021, and is committed to WBA’s mission, vision and values, and working to shape the private sector’s contribution to achieving the SDGs through the use of benchmarks and cross-sector partnerships.
- Global Impact Investing Network: As of February 2022, MAM is a member of the Global Impact Investing Network. In addition to providing members with more details on their public catalogue of IRIS+ metrics (including ability to have input as new metrics are developed), they offer a community of best practices. This includes new regulations and standards like SFDR, impact frameworks and what others in the industry are doing in managing and communicating their positive impact and networking events.
- UK Stewardship Code: The Global Equity Compounders Team, which is a part of MAM, has been a signatory to the UK Stewardship Code since April 8, 2015. MAM as a whole has been a signatory to the UK Stewardship Code since September 7, 2022. As a signatory, we submit an annual report to the Financial Reporting Council (FRC) covering how we apply the 12 Principles of the Code.
- Institutional Investors Group on Climate Change (IIGCC): MAM has been a member of the IIGCC since 2020. The mission is to support and enable the investment community in driving significant and real progress by 2030 towards a net zero and resilient future. This will be achieved through capital allocation decisions, stewardship and successful engagement with companies, policy makers and fellow investors. MAM is also a member of the Investor Group on Climate Change (IGCC) since June 2023, a collection of Australian and New Zealand investors, which supports IIGCC.
- GRESB: MAM has been a member of GRESB since 2016. GRESB is a mission-driven and industry-led organization that provides actionable and transparent environmental, social and governance (ESG) data to financial markets.
- IAST APAC: Macquarie joined in 2023. The Investors Against Slavery and Trafficking Asia Pacific (IAST APAC) initiative is an investor-led, multistakeholder project. It was established in 2020 to engage with companies in the Asia-Pacific region to promote effective action in finding, fixing and preventing modern slavery in operations and supply chains. Investors can achieve greater impact working collaboratively and drawing on various sources of knowledge and expertise to assess and address modern slavery risk in operations and supply chains.
- Responsible Investment Association Australasia (RIAA): MAM became a RIAA member in 2021. RIAA is dedicated to ensuring capital is aligned with achieving a healthy society, environment and economy.
- Taskforce on Nature-related Financial Disclosures (TNFD): In 2021, MAM joined the TNFD as one of 35 global founding members. The TNFD was established to develop a risk management and disclosure framework for organisations to report and act on evolving nature-related risks. Through our contribution to the development of the TNFD framework we aim to support the shift in global financial flows towards nature-positive outcomes.
- CDP (formerly Carbon Disclosure Project): Macquarie Group Limited (“Macquarie”), the holding company of MAM, has been a signatory to CDP since 2008 and communicates publicly about climate change via the CDP’s website.
- Global Reporting Initiative (GRI): Macquarie’s FY2024 ESG disclosures have been prepared with reference to the Global Reporting Initiative (GRI) Standards and are complemented by selected Sustainability Accounting Standards Board (SASB) Standards. The ESG disclosures in Macquarie's Annual Financial Report have been prepared with reference to the GRI Standards since March 31, 2011.
More information regarding ESG bodies, standards, and initiatives in which MAM participates can be found at the following webpage: https://www.macquarie.com/us/en/about/company/environmental-social-and-governance.html
Dialshifter
This fund is helping to ‘shift the dial from brown to green’ by…
Investing in infrastructure assets with an emphasis on materiality. The approach aims to identify the most pertinent ESG considerations for each sector and company and assess how each company addresses these issues.
Given that infrastructure assets often face significant ESG risks due to their scale, energy intensity, and critical role in communities, we believe it is imperative to integrate ESG factors into our bottom-up fundamental research process.
Infrastructure has the potential to significantly enhance the sustainability of our communities and economies by reducing emissions associated with essential services and aiding other industries in their decarbonization efforts through the provision of low-carbon energy.
It is estimated that two-thirds of the necessary decarbonization will need to come from infrastructure. Investments are likely to include established technologies for emission reduction, such as wind and solar, as well as emerging technologies like hydrogen, which can be accessed through large, experienced utilities with decades of expertise.
SDR Labelling:
Not eligible to use label
Key Performance Indicators:
The Fund takes a materiality focused approach to integrating ESG considerations consistent with the Article 8 classification under SFDR.
While the Fund does not have a sustainability objective, it targets at least 75% of the portfolio contributing to Environmental and Social considerations including alignment with one or more Sustainable Development Goal “SDG”.
SDG’s for which companies are aligned may include SDG 6: Clean Water and Sanitation, SDG 7: Affordable and Clean Energy, SDG 9: Industries, innovation and infrastructure, and SDG 12: Sustainable Consumption and Production.
- Sustainability related disclosure
SDR Literature:
Literature
Fund Holdings
Voting Record
Disclaimer
The Fund is a sub-fund of Macquarie Fund Solutions, a Luxembourg SICAV registered at 11/13 Boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg. The Articles, the Prospectus, and the Key Investor Information Documents as well as the most recent annual and semi-annual reports can be obtained free of charge in Luxembourg at the registered office of the Company, on the Company website www.macquarieim.com/investments/products/macquariefund-solutions, in the United Kingdom at the Facilities Agent Kroll Advisory Limited, 14th Floor, The Shard, 32 London Bridge Street, London SE1 9SG.
A summary of investor rights (in English) is accessible at: https://www.macquarie.com/assets/macq/about/disclosures/ summary-of-investor-rights.pdf. The Management Company may decide to terminate the arrangements made for the marketing.
For recipients in the United Kingdom, this information is a financial promotion issued and distributed by Macquarie Investment Management Europe Limited (MIMEL) to Professional Clients or Eligible Counterparties defined in the Markets in Financial Instruments Directive 2014/65/EU. MIMEL is authorised and regulated by the Financial Conduct Authority. MIMEL is incorporated and registered in England and Wales (Company No. 09612439, Firm Reference No. 733534). The registered office of MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD. This document has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
All financial investments involve an element of risk, including the loss of principal. The value of an investment in the Fund and any income from it may fall as well as rise and investors may not get back the amount originally invested. Past performance does not predict future returns. Particularly if the performance refers to a period of less than 12 months (YTD performance data, Fund launch less than 12 months ago), the performance data is no guide to future performance due to the short comparison period. Potential initial or redemption charges are not reflected in the performance data. Any performance data is shown in the Fund currency and is based on the performance of the share class specified.
Where Macquarie has expressed views and opinions, these may change. Please refer to the latest relevant Full Prospectus and the Fund’s Key Investor Information Documents for more information. The distribution and the offering of funds in certain jurisdictions may be restricted by law. Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions.
This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring shares in the Fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls; and (iii) any relevant tax consequences. The Fund is not registered under any US securities law and may not be offered or sold in the USA, its territories or possessions, nor to any US persons. The Fund is not publicly offered for sale in any jurisdiction in which the Fund is not authorised to be publicly sold. The Fund is available only in jurisdictions where its promotion and sale is permitted.
All third-party marks cited are the property of their respective owners.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
Fund Name | SRI Style | SDR Labelling | Product | Region | Asset Type | Launch Date | Last Amended |
|
---|---|---|---|---|---|---|---|---|
Macquarie Global Listed Infrastructure Fund |
Sustainability Tilt | Not eligible to use label | SICAV/Offshore | Global | Infrastructure | 27/01/2010 | Jun 0025 | |
ObjectivesThe Macquarie Global Listed Infrastructure fund integrates ESG considerations into its investment approach, focusing on material ESG risks and opportunities at each stage of the investment process. The fund aims to deliver positive environmental and social outcomes by embedding ESG into bottom-up fundamental research, assessing the quality of stocks, and ensuring alignment with Sustainable Development Goals (SDGs). The fund avoids investments in controversial industries and prioritizes sound corporate governance, which it believes contributes to superior financial performance and long-term value creation. |
Fund Size: £39.60m (as at: 31/03/2025) Total Screened Themed SRI Assets: £7666.00m (as at: 31/03/2025) Total Responsible Ownership Assets: £455495.00m (as at: 31/03/2025) Total Assets Under Management: £455495.00m (as at: 31/03/2025) ISIN: LU0433812459, LU2487695210, LU2488625216, LU2534983312, LU2534983403, LU0433812962 Contact Us: mimemea.clientservice@macquarie.com |
|||||||
Sustainable, Responsible &/or ESG OverviewThe Macquarie Global Listed Infrastructure fund's ESG strategy aims to integrate material ESG considerations into its investment process, assessing risks and opportunities to drive long-term value. The fund focuses on understanding sector-specific ESG issues and aligning investments with SDGs. By avoiding controversial industries and emphasizing corporate governance, the fund seeks to deliver positive environmental and social impacts while achieving superior financial performance. Regular engagement and monitoring ensure alignment with ESG principles and responsible investment practices. |
||||||||
Primary fund last amended: Jun 0025 |
||||||||
Information received directly from Fund Manager |
||||||||
Please select what you would like to read:
Fund FiltersSustainability - General
Sustainability policy
Funds that have policies that consider (environmental and social) sustainability issues. Strategies vary but are likely to consider environmental issues like climate change, carbon emissions, biodiversity loss, resource management, environmental impacts; and social issues like equal opportunities, human rights, labour standards, diversity and adherence to internationally recognised codes. See fund information.
Sustainability focus
Find funds which substantially focus on sustainability issues
Encourage more sustainable practices through stewardship
A core element of these funds aim to encourage higher sustainability standards across business practices through responsible ownership / stewardship / engagement / voting activity
UN Global Compact linked exclusion policy
Find funds that use the UN Global Compact to inform or help direct where they can or cannot invest and will typically not invest in companies with significant breaches (low standards) - although strategies vary. (The UNGC covers a wide range of issues - search 'UNGC'). See https://unglobalcompact.org/
UN Sustainable Development Goals (SDG) focus
Find funds that specifically aim to invest (and manage assets) in ways that help to address all or some of the UN's Sustainable Development Goals (SDGs). See https://sdgs.un.org/goals). Ethical Values Led Exclusions
Tobacco and related products - avoid where revenue > 5%
Companies are excluded if they make more than 5% of their revenue from the manufacture, sale or distribution of tobacco products including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Controversial weapons exclusion
Find funds that exclude companies which make controversial weapons such as landmines, cluster munitions and chemical weapons. See fund literature for further information.
Military involvement exclusion
Find funds that avoid companies with military contracts of any kind. This may include medical supplies, food, safety equipment, housing, etc. Fund strategies vary. See fund liteterature for more information. Governance & Management
Encourage higher ESG standards through stewardship activity
A core element of these funds will aim to encourage higher ESG standards through responsible ownership / stewardship / engagement /voting activity Fund Governance
ESG integration strategy
Find funds that factor in 'environmental, social and governance' issues as part of their investment decision making process. A focus on 'ESG' typically means a fund is carrying out additional research to help reduce ESG related risks. It does not necessarily mean a focus on sustainability. Strategies vary. See fund literature. Asset Size
Over 50% large cap companies
Find funds that invests more than half of their money into what are commonly regarded as 'large companies'. This will typically mean that the market capitalisation (or value) of the companies they hold is in excess of £5 to £10 billion.
Invests in small, mid and large cap companies / assets
Find a fund that invests in a combination of small, medium and larger (potentially multinational)companies. How The Fund Works
Positive selection bias
Find funds that focus on finding and investing in companies with positive / beneficial attributes. This strategy can be applied in addition to exclusion criteria and engagement/stewardship activity.
Negative selection bias
Find funds where their main 'ethical approach' is to avoid companies by using negative screening criteria. Read fund literature for further information.
Combines norms based exclusions with other SRI criteria
Find funds that make significant use of internationally agreed 'norms' (e.g. United Nations Global Compact - UNGC - or the UN Sustainable Development Goals - SDGs) as part of their investment selection process alongside additional SRI criteria such as positive or negative stock selection policies and/or stewardship strategies.
Focus on ESG risk mitigation
A major focus of these funds is the careful management of environmental, social and governance (ESG) related risks - typically by avoiding or being underweight in companies seen as posing major risks in these areas (i.e. not necessarily by using themes, exclusions etc).
SRI / ESG / Ethical policies explained on website
Find funds that have published explanations of their ethical, social and/or environmental policies online (i.e. fund decision making strategies/ buy/sell &/or asset management strategies).
Do not use stock / securities lending
This fund does not use stock lending for performance or risk purposes. Unscreened Assets & Cash
Assets typically aligned to sustainability objectives 70 - 79%
The percentage of assets held within the fund that match the fund’s sustainability objectives and are not being held purely for risk management purposes, such as derivatives and cash equivalent assets. Labels & Accreditations
SFDR Article 8 fund / product (EU)
Finds funds classified under Article 8 of the EU’s SFDR (Sustainable Finance Disclosure Requirements). Article 8 of the SFDR is a set of requirements that apply to financial products that 'promote' environmental or social characteristics with high governance also. These rules do not currently apply to UK funds so many managers may leave this field blank. Fund Management Company InformationAbout The Business
Responsible ownership / stewardship policy or strategy (AFM company wide)
Finds fund management companies that have a published company wide stewardship, engagement and / or responsible ownership policy or strategy that covers all investments. Stewardship typically involves encouraging higher ESG standards through voting and dialogue.
ESG / SRI engagement (AFM company wide)
Find fund management companies that actively encourage higher 'environmental, social and governance' and/or 'sustainable and responsible investment' practices across investee companies - typically where the aim is to encourage positive change that is aligned with the best interests of investors. Strategies vary. See additional information and options.
Vote all* shares at AGMs / EGMs (AFM company wide)
Find fund managers that vote all* the shares they own at Annual General Meetings and Extraordinary General Meetings. A commitment to voting shares is a key indicator of 'responsible share ownership' demonstrating their support for or disagreement with management policy. (*situations can legitimately, occasionally occur where voting proves impossible, but in principle all shares should be voted.)
Responsible ownership / ESG a key differentiator (AFM company wide)
Find fund managers that consider responsible ownership and ESG to be a key differentiator for their business.
Responsible ownership policy for non SRI funds (AFM company wide)
Find funds run by fund managers that apply Responsible ownership or 'Stewardship' policies to all or most of their investment assets. This means active involvement (e.g. voting, dialogue) with the companies they invest in across funds (not normally limited to ethical or SRI options.) Read fund literature for further information.
Integrates ESG factors into all / most (AFM) fund research
Find fund management companies that consider environmental, social and governance (ESG) issues when deciding whether or not to invest in a company for all / almost all of their funds and other assets. This is increasingly seen as part of sound risk management.
In-house diversity improvement programme (AFM company wide)
Finds organisations / fund managers that have an in-house (company wide) diversity improvement programme - meaning that they are working to ensure that within their own businesses they employ people from diverse backgrounds - often typically focused on ethnicity and/or sex.
Diversity, equality & inclusion engagement policy (AFM company wide)
Find fund management companies that encourage the companies they invest in to have strong diversity, race, gender and other equality policies across all assets held, not simply screened or themed SRI/ESG funds. (ie Asset Management company wide).
Invests in newly listed companies (AFM company wide)
This asset management company invests in companies which have recently listed on a stock exchange (which is important as it can help grow new businesses).
Invests in new sustainability linked bond issuances (AFM company wide)
Asset management company has investments in bonds designed to meet sustainability requirements - however these assets may not be 'ringfenced' for this purpose. See fund manager website for details.
Offer structured intermediary training on sustainable investment
Fund management entity offers unstructured intermediary training on sustainable investment (ie for financial advisers and wealth managers)
Offer unstructured intermediary sustainable investment training
Fund management entity offers unstructured intermediary training on sustainable investment (ie for financial advisers and wealth managers) Collaborations & Affiliations
PRI signatory
Find fund management companies that have signed up to the UN backed 'Principles of Responsible Investment'.
TNFD forum member (AFM company wide)
A member of the Taskforce for Nature Related Financial Disclosures group which aims to aid risk management and shift money towards nature-positive outcomes. Resources
In-house responsible ownership / voting expertise
Find fund management companies that employ people to steer and support fund managers in voting shares at company AGM's and EGMs in ways that are consistent with encouraging higher ESG/sustainability standards.
Employ specialist ESG / SRI / sustainability researchers
Find a fund management company that directly employs specialist ESG/SRI/sustainability researchers or analysts. This allows asset managers to discuss environmental, social and governance risks and opportunities directly with companies.
Use specialist ESG / SRI / sustainability research companies
Find fund management companies that makes use of expert external research companies. This can help deliver specialist expertise and means resources are pooled with other investors. Accreditations
UK Stewardship Code signatory (AFM company wide)
Find fund managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where fund managers are encouraged to behave like responsible, typically longer term 'company owners'. Engagement Approach
Regularly lead collaborative ESG initiatives (AFM company wide)
Find fund management companies that regularly initiate or run industry wide (collaborative) investor projects aimed at raising environmental, social and governance standards amongst investee companies.
Engaging on climate change issues
Fund manager has stewardship /responsible ownership strategy that is focused on addressing climate change with investee assets.
Engaging with fossil fuel companies on climate change
Asset manager has a stewardship /responsible ownership strategy that involves working with fossil fuel companies on climate change related issues. See fund manager website for details.
Engaging to reduce plastics pollution / waste
Asset manager has stewardship /responsible ownership strategy with involves encouraging investee asset to reduce plastic waste and pollution.
Engaging to encourage responsible mining practices
Asset manager has a stewardship / responsible ownership policy that means they are working to encourage more responsible mining practices - where environmental and social issues are properly dealt with by the companies they invest in.
Engaging on biodiversity / nature issues
The asset manager has a responsible ownership / stewardship strategy that focuses on biodiversity and nature issues relating to the assets they invest the aim of which will be to reduce harm and or deliver improvement. Strategies vary. https://tnfd.global
Engaging to encourage a Just Transition
Asset manager has a responsible ownership / stewardship strategy which means they are working to encourage the shift to more sustainable business practices in ways that respect and are sensitive to social issues and the impact change has on people effected by the changes that are taking place. https://www.transitionpathwayinitiative.org/ https://transitiontaskforce.net/
Engaging on human rights issues
Asset manager has responsible ownership / stewardship strategy in place which aims to address human rights issues in investee companies (and potentially their suppliers) with the aim of raising standards
Engaging on labour / employment issues
Asset manager has responsible ownership / stewardship strategy in place that aims to improve labour standards for the benefit of employees in investee companies (and potentially their suppliers)
Engaging on diversity, equality and / or inclusion issues
Asset management company has a stewardship strategy in place which involves working to raise diversity, equality and inclusion standards across investee assets
Engaging to stop modern slavery
working with the assets they hold to help stamp out modern slavery - where direct or indirect company employees are exploited for business benefits.
Engaging on governance issues
Fund managers have stewardship strategies in place that focus on improving governance standards across investee assets
Engaging on mental health issues
Asset manager has stewardship strategy in place which involves discussing mental health issues with investee companies - with the aim of raising standards
Engaging on responsible supply chain issues
Has a stewardship / responsible ownership strategy that encourages responsible supply chain - ie the managers will discuss environmental, social and governance issues with investee companies with the aim of raising standards
Engaging on the responsible use of AI
Working to address sustainability, ESG and related concerns around artificial intelligence.
Split voting policy
This fund manager may vote differently for different clients or regions. See fund manager stewardship policy for further information.
Stewardship escalation policy
Escalation policies describe how a manager will proceed if stewardship / engagement activity is not successful in the short term. Company Wide Exclusions
Controversial weapons avoidance policy (AFM company wide)
Find fund management companies (not funds) that avoid investment in 'controversial weapons' across all of their funds and other investment vehicles.
Review(ing) carbon / fossil fuel exposure for all funds (AFM company wide)
Find funds / fund managers that are reviewing, or have reviewed, their exposure to carbon intensive industries including (but not only) mining, oil and gas companies. (Typically with reference to climate change.)
Coal divestment policy (AFM company wide)
This asset manager has a strategy in place that will lead them to exit direct investments in the coal mining industry. Managers ability to do this may depend on the geographic regions in which they invest. Climate & Net Zero Transition
Net Zero commitment (AFM company wide)
Fund management organisations that have pledged to reduce their greenhouse gas emissions to ‘net zero’. Strategies vary - this area is changing rapidly.
Voting policy includes net zero targets (AFM company wide)
Fund manager AGM / EGM voting strategy has processes in place that mean they will normally be expected to vote in a way that will encourage the transition to net zero greenhouse gas emissions.
Publish 'CEO owned' Climate Risk policy (AFM company wide)
Find fund management companies that have published a Climate Risk policy or statement that is signed / owned by their Chief Executive.
Net Zero - have set a Net Zero target date (AFM company wide)
This asset management company has set a date by which they plan to achieve net zero greenhouse gas / CO2e emissions.
Encourage carbon / greenhouse gas reduction (AFM company wide)
Find fund management companies that are working with the companies they invest in to encourage reductions in carbon dioxide and other greenhouse gas emissions.
Carbon transition plan published (AFM company wide)
Finds organisations / fund managers that have a company wide carbon transition plan - meaning that they have plotted a path to how they will move away from activities that produce or use carbon based energy sources (that emit greenhouse gases) towards clean, alternative, renewable energy sources.
‘Forward Looking Climate Metrics’ published / ITR (AFM company wide)
Finds organisations / fund managers that have published ‘forward looking climate metrics’ e.g. 'implied temperature rise' data that are a total of the asset management company's share (% owned) of all the investee company emissions of the assets they manage, as well as their own direct and other indirect emissions.
Carbon offsetting - offset carbon as part of our net zero plan (AFM company wide)
This asset management company plans to achieve net zero greenhouse gas (CO2e) emissions with the help of a scheme that will lock away an amount of carbon that is equivalent to the company’s own emissions – so that the end result is ‘net zero’. Calculations and scope vary.
In-house carbon / GHG reduction policy (AFM company wide)
Find fund management companies that are working to reduce their own (fund management company) carbon/greenhouse gas emissions. Transparency
Publish responsible ownership / stewardship report (AFM company wide)
Find fund management companies that publish a report detailing their responsible investment ownership - also known as 'Stewardship' - activity.
Full SRI / responsible ownership policy information on company website
Find companies that publish information about their sustainable and responsible investment strategies on their company website.
Publish full voting record (AFM company wide)
Fund management companies that publish a full record of how they vote their shares at AGMs (annual general meetings) and EGMs (extraordinary general meetings). Voting strategies have an important role to play encouraging higher environmental, social and governance standards.
Net Zero transition plan publicly available (AFM company wide)
This asset management company has published a plan that explains how they are going to achieve net zero greenhouse gas / CO2e emissions.
Dialshifter statement
Find fund management companies that have supplied Dialshifter information. See Dialshifter tab within record for more information. Sustainable, Responsible &/or ESG Policy:The Macquarie Global Listed Infrastructure fund incorporates ESG risks and opportunities into its investment process, assessing them as part of the overall quality of stocks. The fund does not use ESG criteria as a negative screen but aims to understand and incorporate material risks and opportunities into valuation models. ESG assessments are based on SASB standards and proprietary ratings, focusing on air quality, water management, and energy affordability. The fund avoids investments in controversial industries, such as coal and controversial weapons, and emphasizes corporate governance. Positive impacts are achieved through alignment with SDGs, engagement with companies, and addressing material ESG issues. Process:The Macquarie Global Listed Infrastructure fund's ESG process involves several steps: 1. Identifying material ESG considerations through SASB standards and proprietary research. Resources, Affiliations & Corporate Strategies:MAM’s Sustainability team comprises over 20 sustainability professionals located across three regions, including both public markets businesses of MAM and MAM private markets. The team is responsible for setting MAM’s overall sustainability strategy and ESG frameworks, providing specialist expertise on environmental and certain social matters, as well as supporting investment and asset management teams in harnessing ESG opportunities across MAM’s portfolios. The team works with other MAM specialist teams including Investment Performance, diversity, equity and inclusion (DEI), WHS, Technology and Innovation, and Human Capital as well as a number of ESG-related committees and working groups. Sustainability professionals are also embedded within some of MAM's investment teams to offer direct insight into material ESG issues and conduct stewardship activities. Investment teams within MAM Equities & Multi-Asset are supported in their ESG/RI/stewardship efforts by our dedicated four-person Sustainability Team, which serves as a centralized resource. The team provides resources, such as external and internal ESG research and measurement tools, training, and guidance in the implementation of ESG practices across all investment teams. This team also participates in Good Governance monitoring across all applicable investment products which fall under the EU SFDR Article 8 and 9 classification, and collaborative engagements with investee companies on ESG issues alongside our investment teams, in addition to external collaborative shareholder engagements such as Climate Action 100+ and the World Benchmarking Alliance. To further enhance our internal oversight structure, MAM has established robust governance and committee structures to address ESG risks and opportunities, as they pertain to their specific asset classes and relevant ESG challenges. Within MAM, material sustainability/ESG related issues are escalated to the relevant Executive Committee via regional working groups, which are comprised of professionals from across MAM, including representatives from the Sustainability team, legal, risk, compliance, client solutions group, product and investment teams with the purpose to manage sustainability risks. Whilst the terms and scope of the executive committees may differ across the different asset classes within MAM, the committees are typically chaired by the divisional or business heads, and consist in a forum allowing the division or business head to receive updates from the key representatives of the relevant business lines and specialist functions. Below is a summary of the standards, initiatives, and frameworks of which the firm participates.
More information regarding ESG bodies, standards, and initiatives in which MAM participates can be found at the following webpage: https://www.macquarie.com/us/en/about/company/environmental-social-and-governance.html Dialshifter (Fund)This fund is helping to ‘shift the dial from brown to green’ by… Investing in infrastructure assets with an emphasis on materiality. The approach aims to identify the most pertinent ESG considerations for each sector and company and assess how each company addresses these issues. Given that infrastructure assets often face significant ESG risks due to their scale, energy intensity, and critical role in communities, we believe it is imperative to integrate ESG factors into our bottom-up fundamental research process. Infrastructure has the potential to significantly enhance the sustainability of our communities and economies by reducing emissions associated with essential services and aiding other industries in their decarbonization efforts through the provision of low-carbon energy. It is estimated that two-thirds of the necessary decarbonization will need to come from infrastructure. Investments are likely to include established technologies for emission reduction, such as wind and solar, as well as emerging technologies like hydrogen, which can be accessed through large, experienced utilities with decades of expertise. Dialshifter (Corporate)Our organisation is helping to support the Paris Climate Agreement and the Race to Net Zero by… where we have control or significant influence, as defined on page 7 of Our Approach to Net Zero (“Our Approach”), we will invest and manage our portfolio in line with net zero Scope 1 and 2 financed emissions by 2040 subject to limited exclusions, as outlined in Section 2.1.2 within Our Approach; and where we do not have control or significant influence, such as in our managed portfolio of public securities, we will continue to support the goals of the Paris Agreement in a manner consistent with our client-guided fiduciary duties and regulatory responsibilities. Accordingly, where we do not have control or significant influence, we will invest and manage our portfolio in line with net zero financed emissions by 2050.
SDR Labelling:Not eligible to use label Key Performance Indicators:
The Fund takes a materiality focused approach to integrating ESG considerations consistent with the Article 8 classification under SFDR. While the Fund does not have a sustainability objective, it targets at least 75% of the portfolio contributing to Environmental and Social considerations including alignment with one or more Sustainable Development Goal “SDG”. SDG’s for which companies are aligned may include SDG 6: Clean Water and Sanitation, SDG 7: Affordable and Clean Energy, SDG 9: Industries, innovation and infrastructure, and SDG 12: Sustainable Consumption and Production.
SDR Literature:LiteratureFund HoldingsVoting RecordDisclaimerThe Fund is a sub-fund of Macquarie Fund Solutions, a Luxembourg SICAV registered at 11/13 Boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg. The Articles, the Prospectus, and the Key Investor Information Documents as well as the most recent annual and semi-annual reports can be obtained free of charge in Luxembourg at the registered office of the Company, on the Company website www.macquarieim.com/investments/products/macquariefund-solutions, in the United Kingdom at the Facilities Agent Kroll Advisory Limited, 14th Floor, The Shard, 32 London Bridge Street, London SE1 9SG. A summary of investor rights (in English) is accessible at: https://www.macquarie.com/assets/macq/about/disclosures/ summary-of-investor-rights.pdf. The Management Company may decide to terminate the arrangements made for the marketing. For recipients in the United Kingdom, this information is a financial promotion issued and distributed by Macquarie Investment Management Europe Limited (MIMEL) to Professional Clients or Eligible Counterparties defined in the Markets in Financial Instruments Directive 2014/65/EU. MIMEL is authorised and regulated by the Financial Conduct Authority. MIMEL is incorporated and registered in England and Wales (Company No. 09612439, Firm Reference No. 733534). The registered office of MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD. This document has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. All financial investments involve an element of risk, including the loss of principal. The value of an investment in the Fund and any income from it may fall as well as rise and investors may not get back the amount originally invested. Past performance does not predict future returns. Particularly if the performance refers to a period of less than 12 months (YTD performance data, Fund launch less than 12 months ago), the performance data is no guide to future performance due to the short comparison period. Potential initial or redemption charges are not reflected in the performance data. Any performance data is shown in the Fund currency and is based on the performance of the share class specified. Where Macquarie has expressed views and opinions, these may change. Please refer to the latest relevant Full Prospectus and the Fund’s Key Investor Information Documents for more information. The distribution and the offering of funds in certain jurisdictions may be restricted by law. Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions. This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring shares in the Fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls; and (iii) any relevant tax consequences. The Fund is not registered under any US securities law and may not be offered or sold in the USA, its territories or possessions, nor to any US persons. The Fund is not publicly offered for sale in any jurisdiction in which the Fund is not authorised to be publicly sold. The Fund is available only in jurisdictions where its promotion and sale is permitted. All third-party marks cited are the property of their respective owners. Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment. |