macquarie global infrastructure total return fund annual report 2012

around 21% of the Fund at the
end of the period. The negative
contribution was largely offset by
the depreciation of the U.S Dollar
by 2% each against the British
Pound and the Canadian Dollar. (6)
Investments in these two currencies
comprised around 15% of the
globally diversified portfolio’s security
positions at the end of the Period.
Leverage
Leverage made a positive
contribution to the Fund’s return.
As of November 30, 2012, the
Fund had USD 83 million and EUR
20 million in leverage outstanding
and USD 17 million of available
commitments. The Fund's leverage
was 26.9%, which is well within
the limit outlined in the Fund's
Prospectus. To avoid magnifying
the USD exposure due to leverage,
the Fund also borrows in Euro
to partially match the currency
exposure of the investments with
the currency of the borrowings.
As always, we balance the cost of
leverage against the longer term
potential for enhanced yield and
capital returns.
Performance Relative to
reference benchmarks
The Fund, which is not managed
against any benchmark,
outperformed two reference
benchmarks, the S&P Global
Infrastructure Index (Net Total
Return) and the Macquarie Global
Infrastructure Index (“MGII”).
The main contributors were
positions in Electric Utilities, Airports
and Pipelines. The only detractors
were positions in Seaports and
Electricity Generation.
Fund Diversification by Country & Sector
At the end of the Period, the Fund held positions in 49 global infrastructure
stocks representing 13 countries and 12 infrastructure sectors.
The table below shows the top ten holdings in the Fund as of November 30, 2012.
Rank Stock Country Infrastructure Sector (7) % (8)
1 Transurban Australia Toll Roads 6.0
2 Asciano Australia Seaports 4.0
3 Abertis Infraestructuras Spain Toll Roads 3.4
4 ITC Holdings United States Electricity Transmission 3.1
5 Spectra Energy United States Pipelines 3.0
6 Enbridge Inc. Canada Pipelines 3.0
7 Magellan Midstream
Partners United States Pipelines 2.8
8 Beijing Enterprises
Holdings China Diversified 2.6
9 Severn Trent United Kingdom Water 2.6
10 TransCanada Canada Pipelines 2.6
(6)
Source: Bloomberg L.P.
(7)
Industry segments are based on the Manager’s own evaluation of issuers and industries, and do not necessarily
track any standard industry or segment classification.
(8)
Based on Total Assets as defined in the Prospectus.
5