MFG Select Infrastructure Information
Frontier Funds information
Investment Objective
The Frontier MFG Select Infrastructure Fund's goal, also referred to as its investment objective, is to seek attractive risk-adjusted returns over the medium- to long-term, while reducing the risk of permanent capital loss.
Principal Investment Strategy
The Fund’s subadviser, Magellan Asset Management Limited doing business as MFG Asset Management (“MFG Asset Management”) seeks to provide investors with exposure to the infrastructure sector and to deliver stable investment returns relative to other equity funds.
The Fund will invest in a non-diversified portfolio of securities of infrastructure companies, such as utilities, toll roads, airports, ports and communications companies, that MFG Asset Management has determined have an appropriate capital structure, are likely to generate reliable income streams and are likely to benefit from inflation protection.
The Fund will normally hold a limited number (typically 20 to 40) of companies that meet these criteria and typically with a market capitalization in excess of U.S. $500 million at the time of purchase. The Fund will typically hold up to 20% of its assets in cash and cash equivalents.
Portfolio Managers
Gerald Stack
Prior to joining Magellan, Gerald was a director of Capital Partners (now known as CP2) where he was head of securities research and a member of the management and investment committees. Gerald has extensive experience in the analysis and investment management of listed and unlisted debt, equity and hybrid assets on a global basis. Gerald holds a Bachelor of Economics and a Master of Business Administration, both from Sydney University, and is a Chartered Accountant. Gerald is a member of Magellan's Investment Committee.
Ben McVicar
Ben joined Magellan in 2013 as an Investment Analyst in the Infrastructure Team. Ben was promoted to the additional role of Assistant Portfolio Manager in August 2016 and subsequently promoted to Portfolio Manager in January 2017. Prior to Magellan, Ben spent nearly five years as an equities analyst at Credit Suisse in Sydney, most recently as lead analyst for Australian utilities. Ben holds a Bachelor of Commerce (First Class Honours), for which he was awarded a University Medal, from The University of Queensland and is a CFA Charterholder.
Ofer Karliner
Ofer Karliner joined Magellan in 2016, with responsibility for company analysis and portfolio management functions. Ofer was promoted to Portfolio Manager in 2017. Ofer has more than 25 years experience in investment, including nearly 20 years in infrastructure investment. Prior to joining Magellan, Ofer provided independent infrastructure research, which followed four years as a senior analyst within Colonial First State Global Asset Management's global listed infrastructure team. Ofer's prior experience includes roles as head of transport infrastructure at CP2, and various senior roles at Macquarie Securities and the New South Wales Roads and Traffic Authority in Australia. Ofer holds a Bachelor of Commerce from the University of Melbourne, a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia, and a MBA from the Australian Graduate School of Management. Ofer is a CFA Charterholder. Ofer is a member of Magellan's Investment Committee.
Fund Data
Ticker: FMSIX | CUSIP: 35908Y757
Total returns
(as of December 31, 2022)
| Last quarter | 12.02% |
|---|---|
| YTD | -7.52% |
| 1 Year | -7.52% |
| 3 Year* | -0.73% |
| Since Inception* (July 2, 2018) | 3.54% |
*Average annual return
Past performance does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end may be obtained by calling 888-825-2100. Investment performance reflects contractual fee waivers in effect. In the absence of such waiver, total returns would be reduced.
Annual Fund Operating Expenses
As of Prospectus Dated October 31, 2022 (expenses that are deducted from Fund assets)
| Management Fees | 0.80% |
|---|---|
| Distribution (12b-1) Fees | None |
| Other Expenses | |
| Shareholder Servicing Fee | None |
| Additional Other Expenses | 0.21% |
| Total Other Expenses | 0.21% |
| Acquired Fund Fees and Expenses | 0.00% |
| Total Annual Fund Operating Expenses | 1.01% |
| Fee Waiver | -0.21% |
| Net Expenses | 0.80% |
A redemption fee of 2.00% will be charged on shares of the Fund redeemed 30 days or less from their date of purchase.
Pursuant to an expense cap agreement between the Fund’s adviser, Frontegra Asset Management, Inc. ("Frontegra") and the Fund, Frontegra agreed to waive its management fee and/or reimburse the Fund’s operating expenses to the extent necessary to ensure that the Fund’s total operating expenses (excluding acquired fund fees and expenses) do not exceed 0.80% and 0.95% of the Fund's average daily net assets for Institutional and Service Class shares, respectively. The expense cap agreement for the Fund will continue in effect until October 31, 2024, with successive renewal terms of one year unless terminated by Frontegra or the Fund prior to any such renewal. “Other Expenses” are presented before any waivers or expense reimbursements.
Ticker: FMSSX | CUSIP: 35908Y740
Total returns
(as of December 31, 2022)
| Last quarter | 11.94% |
|---|---|
| YTD | -7.66% |
| 1 Year | -7.66% |
| 3 Year* | -0.88% |
| Since Inception* (February 19, 2019) | 3.00% |
*Average annual return
Past performance does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end may be obtained by calling 888-825-2100. Investment performance reflects contractual fee waivers in effect. In the absence of such waiver, total returns would be reduced.
Annual Fund Operating Expenses
As of Prospectus Dated October 31, 2022 (expenses that are deducted from Fund assets)
| Management Fees | 0.80% |
|---|---|
| Distribution (12b-1) Fees | None |
| Other Expenses | |
| Shareholder Servicing Fee | 0.15% |
| Additional Other Expenses | 0.21% |
| Total Other Expenses | 0.36% |
| Acquired Fund Fees and Expenses | 0.00% |
| Total Annual Fund Operating Expenses | 1.16% |
| Fee Waiver | -0.21% |
| Net Expenses | 0.95% |
A redemption fee of 2.00% will be charged on shares of the Fund redeemed 30 days or less from their date of purchase.
Pursuant to an expense cap agreement between the Fund’s adviser, Frontegra Asset Management, Inc. ("Frontegra") and the Fund, Frontegra agreed to waive its management fee and/or reimburse the Fund’s operating expenses to the extent necessary to ensure that the Fund’s total operating expenses (excluding acquired fund fees and expenses) do not exceed 0.80% and 0.95% of the Fund's average daily net assets for Institutional and Service Class shares, respectively. The expense cap agreement for the Fund will continue in effect until October 31, 2024, with successive renewal terms of one year unless terminated by Frontegra or the Fund prior to any such renewal. “Other Expenses” are presented before any waivers or expense reimbursements.
Quarterly (as of December 31, 2022)
Top 10 Holdings
| Transurban Group | 7.34% |
|---|---|
| Vinci SA | 7.23% |
| National Grid PLC | 5.31% |
| Ferrovial SA | 5.03% |
| Sempra Energy | 4.70% |
| Aena SME SA | 4.50% |
| United Utilities Group PLC | 4.43% |
| Atlas Arteria LTD | 4.30% |
| Norfolk Southern Corp | 3.97% |
| Evergy Inc | 3.80% |
Region, by Country of Domicile
Sector Weightings
Important Fund Information
Past performance does not guarantee future results. The principal value of an investment and investment return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
Before investing, carefully consider the Fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information which can be obtained by calling 888-825-2100. Read it carefully before investing.
Mutual fund investing involves risk, including the possible loss of the money you invest.
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Investments in infrastructure companies will expose the Fund to potential adverse economic, regulatory, political and other changes affecting such investments. Issuers of securities in infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental or other regulations, the effects of economic slowdowns, adverse changes in fuel prices, the effects of energy conservation policies and other factors. The Fund invests in companies located in developed countries but may also invest in emerging markets as part of its principal investment strategy. Investments in emerging market securities involve additional risks. Investments in securities of foreign companies involve additional risks. The risks associated with an investment in the Fund can increase during times of significant market volatility. The Fund is also non-diversified which means it may invest in a smaller number of securities than funds that are diversified. The Fund also has specific principal risks which are listed below.
The principal risks of investing in the Frontier MFG Select Infrastructure Fund include: market risk and recent market events, common stock risk, stock selection risk, stapled securities risk, REIT risk, foreign securities risk, emerging markets risk, currency risk, non-diversification risk, management risk, infrastructure concentration risk, large capitalization risk, cash and cash equivalents risk, liquidity risk, and cybersecurity risk.
More detailed information regarding these risks can be found in the Fund's prospectus.
The Frontier Funds are not offered for sale in countries other than the United States and its territories.