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Core Infrastructure Fund

Access high quality direct infrastructure assets usually available only to institutional investors

Why direct infrastructure?

Have you considered investing in core infrastructure to achieve your investment goals? Infrastructure offers compelling investment benefits including stable long-term cash flows, which are often inflation-linked, from assets with dominant market positions. Infrastructure has become increasingly popular with investors looking to improve the resilience and diversification of their portfolio.

The Fund’s approach to building a global portfolio of unlisted and listed infrastructure has delivered strong returns with substantially less volatility than the broader equities market. Over the 5 years to 31 March 2016 the Core Infrastructure Fund has delivered 2 times the return of Australian equities with only 39% of the volatility1.

Past performance is not a reliable indicator of future performance.

*Inception date: 30th October 2007. Performance as at 31 August 2016. Returns quoted are before tax, after Class 'H' fees and costs, assume all distributions are reinvested. For information on returns over other periods please see the Performance report.
^Distributions paid are based on the income earned by the Fund and the number of units held at the end of the distribution period. The Fund aims to pay distributions biannually, however the amount of each distribution may vary or no distribution may be payable.
1Based on after fees returns and volatility of Core Infrastructure Fund Class ‘H’ Units, and the S&P/ASX200 Accumulation Index as a proxy for Australian equities.

Key Stats

Performance is annualised for periods greater than 1 year.

Performance as of:
30 September 2016
1 month
3 month
1 year
2 year
3 year
5 year
Since inception
View performance report
Investment value AUD ($'000)
Past performance is not a reliable indicator of future performance.

Frequently asked questions

How frequently are distributions paid?

The Fund aims to pay distributions half yearly as per the Core Infrastructure Fund Product Disclosure Statement (PDS).

What are the benefits of investing in the Fund?

The Core Infrastructure Fund gives you access to unlisted global infrastructure assets usually available only to institutional investors. As an SMSF investor you will be able to directly invest in a diversified portfolio of high-quality infrastructure assets with a focus on income returns and long term capital growth.

You will also benefit from AMP Capital's expertise in infrastructure investment management, which spans more than 25 years.

What are the risks I should consider?

All investing involves risk, and you should consider investment risks before making an investment decision. The key risks of investing in the Fund include or are associated with:

Risks of investing specific to the Fund may also include or be associated with:

For further information on risks relating to the Fund please refer to the PDS.

What is the recommended investment timeframe?

Minimum five years as per Core Infrastructure Fund Product Disclosure Statement.

What is the redemption process?

Withdrawal requests are generally processed each business day. A business day for us is any day other than Saturday, Sunday or a bank or public holiday in Sydney, NSW. We generally aim to process each withdrawal request within 10 business days of receiving the request. The existing withdrawal process set out above may be changed where it is determined that the amount of funds available for meeting withdrawal requests is not sufficient to fully meet all withdrawal requests within 10 business days. The conditions for the processing of redemptions will be varied as permitted under the Fund’s constitution. See the Product Disclosure Statement for more information.

How much do I need to invest in the fund?

The minimum amount required for an SMSF investor to invest in the Fund is $10,000. You can make subsequent investments of at least $5,000, or monthly direct debits of at least $100.

What are the fees?

Management costs of 1.5% plus a possible performance fee of 15% (exclusive of GST) of the Fund’s performance above the 10 year Australian Government Bond Yield plus 3.25% per annum. Other fees such as buy and sell spreads may also apply to your investment in the Fund. Full details are outlined in the Product Disclosure Statement.

Are the Fund’s international exposures hedged?

The Fund’s international investments are hedged back to Australian dollars.

What is the size of the fund?

The Core Infrastructure Fund currently has $234.08 million in funds under management*

*As at 29 February 2016

Why the Core Infrastructure Fund?

The Core Infrastructure Fund offers individual investors the opportunity to invest in high quality unlisted infrastructure assets that are usually only available to large institutional investors, including Melbourne Airport in Australia, Angel Trains in the UK and Powerco in New Zealand.

To control risk and provide investors with diversification and liquidity, the Fund takes an integrated approach to building a portfolio of unlisted infrastructure assets and listed infrastructure securities. Target asset allocation is a 50:50 blend of unlisted infrastructure assets and listed infrastructure securities plus cash. The Fund offers diversified exposure to multiple sectors, regions and asset types including airports, water, gas, electricity and transport infrastructure.

Pictured is a selection of the Core Infrastructure Fund's investments.

  • Melbourne Airport

    Melbourne Airport is Australia’s second largest airport with over 32 million passengers per annum, and services the world’s fourth busiest airline route (Sydney to Melbourne). The Core Infrastructure Fund invests in Australia Pacific Airports Corporation, a holding vehicle which owns 100% of Melbourne Airport and 90% of Launceston Airport.

  • SA Schools

    SA Schools consists of six newly constructed primary and secondary schools in South Australia. The six schools provide learning centres including special education schools and childcare facilities for over 4,600 students. SA Schools has a 30 year concession with the South Australian Department of Education and Child Services expiring in 2039.

  • Angel Trains

    Angel Trains is the largest of three UK rolling stock companies with 37% of the UK passenger rolling stock market. Angel Trains owns a modern fleet of over 4,500 vehicles which it leases to all 19 if the UK train operating companies under long-term leases. Angel Trains has no exposure to passenger volume risk, as customers pay monthly availability rents even if the rolling stock is not in service.

  • PowerCo

    PowerCo is New Zealand’s largest regulated electricity and gas distribution company. PowerCo’s network services over 425,000 connections representing 16% of the total electricity connections and 40% of the total gas connections in New Zealand.

  • AquaTower

    AquaTower owns and operates four water treatment plants in four regional towns in Victoria, and has exclusive rights to deliver potable water to Ararat, Great Western, Halls Gap and Stawell until December 2026. AquaTower currently processes 25,000 ml per annum and services a total of 13,100 users.

  • Crown Castle

    Crown Castle is a leader in the wireless infrastructure industry in the United States and is a publicly traded company listed on the New York Stock Exchange (NYSE: CCI). Crown Castle owns, operates and manages a portfolio of over 30,000 towers in 98 of the top 100 markets in the United States and also covers substantially all of the Australian population.

  • Enbridge

    Enbridge own and operate Canada’s largest natural gas distribution company, and provide distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge operate the world’s longest, most sophisticated crude oil and liquids transportation system.

  • American Tower

    American Tower is a leading US independent owner, operator and developer of wireless and broadcast communications real estate, with a portfolio of approximately 70,000 towers, including wireless towers, broadcast towers and Distributed Antenna System (DAS) networks.

  • Compañía Logística de Hidrocarburos Spain (CLH)

    CLH holds a dominant position in the pipeline transportation of refined petroleum products in mainland Spain. The CLH network comprises over 4,000 kilometres of pipeline linking major refineries to the main wholesale distribution points. In addition CLH owns over 60% of total refined oil product storage in the country.

  • National Grid

    National Grid runs the UK’s electricity and gas transmission network and has a presence in north eastern USA. National Grid plays a vital role in connecting millions of people to the energy they use, safely, reliably and efficiently.


Meet the manager - John Julian

John Julian, Investment Director, is responsible for portfolio management of the AMP Capital Core Infrastructure Fund.

  • John has over 22 years financial sector and investment experience in both commercial and legal roles
  • John joined the Infrastructure Team as an Investment Specialist in 2008, and since then has worked closely with the Global Infrastructure Team across all aspects of AMP Capital’s infrastructure investment capability, funds and strategies.
  • Initially joining AMP Capital as a lawyer in 1997, John has worked in a range of commercial and legal roles with AMP Capital and its affiliates in Sydney, London and Chicago.

What are the risks?

All investing involves risk, and you should consider investment risks before making an investment decision. The key risks of investing in the Fund include or are associated with:

  • liquidity – potential significant delays in pricing and processing withdrawals, and the possible suspension of withdrawals if the Fund ceases to be liquid
  • share market investments – the value of the Fund’s listed securities may decrease as a result of adverse share market movements
  • international investments – risks include exchange rate loss and the risk that political or economic climates may change without notice, and
  • gearing – losses as well as returns may be magnified through the use of gearing.

Risks of investing specific to the Fund may also include or be associated with currency exchange rates, deal flow, infrastructure investments, infrastructure and utility market regulation, co-ownership, and derivatives.

The ‘Risks of investing’ section of this PDS provides further information about the risks noted above, as well as information about other investment risks of which you should be aware.

Invest now

Prepare for your application

Make sure you have the following details ready:

  • Contact details
  • Drivers licence
  • TFN

Complete the application

To be eligible you must:

  • Be over 18 years of age
  • Submit this application within Australia
  • Read the entire PDS for the relevant fund

AMP's Australian operations are bound by the current Australian privacy legislation which outlines how organisations should manage and use personal information collected and held about their customers. AMP Privacy Policy
AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) (AMPCFM) is the responsible entity of the AMP Capital Core Infrastructure Fund and the issuer of the units in the Fund. To invest in the Fund, investors will need to obtain the current Product Disclosure Statement (PDS) from AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232 497) (AMP Capital). The PDS contains important information about investing in the Fund and it is important that investors read the PDS before making a decision about whether to acquire, or continue to hold or dispose of units in the Fund. Neither AMP Capital, AMPCFM nor any other company in the AMP Group guarantees the repayment of capital or the performance of any product or any particular rate of return referred to in this information. Past performance is not a reliable indicator of future performance. While every care has been taken in the preparation of this information, AMP Capital makes no representation or warranty as to the accuracy or completeness of any statement in it including without limitation, any forecasts. This content has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. Investors should, before making any investment decisions, consider the appropriateness of this information, and seek professional advice, having regard to their objectives, financial situation and needs.
Issuer and responsible entity: AMP Capital Funds Management Limited ABN 15 159 557 721, AFSL 426455. AMP Capital Funds Management Ltd is a member of the AMP Group which includes AMP Capital Investors Limited ABN 59 001 777 591, ASFL 232497 ("AMP Capital", "we" or "us").

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AMP's Australian operations are bound by the current Australian privacy legislation which outlines how organisations should manage and use personal information collected and held about their customers. AMP Privacy Policy
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