Argyle Water Fund - Managed Fund

Fund Objective

Argyle believes there is a significant opportunity for long-term investors to achieve compelling risk-adjusted returns from the acquisition and active management of a portfolio of Australian Water Entitlements generating a return profile (comprising capital growth and yield) that is historically uncorrelated to financial markets.

Fund Strategy

Fund Performance Comparison

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Peers

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The performance of the peers is calculated as the total of the performance for each time period for all the funds in the peer group, divided by the number of funds in the peer group.

Fees Comparison

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NOTE: Fee data has been provided by Morningstar, it may not include all costs being charged on your investment such as platform and adviser fees. You should check your fund manager or adviser statements to find out the exact fees you are being charged. Peers are funds that use the same benchmark in the Morningstar database.

Fund performance

	1M	3M	6M	1Y p.a.	2Y p.a.	3Y p.a.	5Y p.a.	10Y p.a.
Total return	0.42%	1.84%	3.01%	3.37%	2.04%	1.05%	5.99%	7.5%
Growth return	-0.01%	0.8%	3.01%	2.22%	0.56%	-0.34%	4.12%	6.27%
Income return	0.43%	1.04%	0%	1.15%	1.48%	1.39%	1.87%	1.23%
Market index (RBA Bank accepted Bills 90 Days)
Total return	0.28%	0.86%	1.78%	3.86%	4.13%	4.04%	2.69%	2.09%

As at 31 Oct 2025. Returns for periods greater than 1 year are annualised. All figures are percentages.

Asset Allocation

Argyle Water Fund

Cash: 5%

Alternatives: 95%

Australian Equities: 0%

International Equities: 0%

Property & Infrastructure: 0%

Fixed Interest: 0%

Average Allocation of Peers

Cash: 46.26%

Alternatives: 20.29%

Australian Equities: 3.89%

International Equities: 7.32%

Property & Infrastructure: 1.87%

Fixed Interest: 20.38%

General Information

Fund Details

Type	Description
Fund Name	Argyle Water Fund (Wholesale)
Responsible Entity	The Trust Company (RE Services) Limited
APIR Code	BSP0005AU
Sector/Asset Class	Miscellaneous
Morningstar Rating	Not Rated
Legal Structure	Investment Fund
Fund Inception	1 Sep 2012
Fund Size	$581.65 million (as at 30 Nov 2025)
Entry Price	$2.85623 (as at 30 Nov 2025)
Exit Price	$2.85623 (as at 30 Nov 2025)
Fund Status	Open

Offer information

Type	Description
MER	2.30% (as at 30 Jun 2024)
Indirect Cost Ratio (ICR)	2.30% (as at 30 Jun 2024)
Performance fee (not included in ICR)	0
Minimum initial investment	$50,000
Minimum additional investments	$10,000.00
Minimum redemption amount

Top 10 holdings (as at 31 Mar 2024)

Holding (as at 31 Mar 2024)	Type	% of Portfolio
Australian Water Rights	Equity - Warrants/Rights(Call)	100%

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FAQs about the Argyle Water Fund

What is the objective of the Argyle Water Fund managed fund?

The objective of the Argyle Water Fund managed fund is Argyle believes there is a significant opportunity for long-term investors to achieve compelling risk-adjusted returns from the acquisition and active management of a portfolio of Australian Water Entitlements generating a return profile (comprising capital growth and yield) that is historically uncorrelated to financial markets.

What is the strategy for the Argyle Water Fund managed fund?

The strategy of the Argyle Water Fund managed fund is Argyle believes there is a significant opportunity for long-term investors to achieve compelling risk-adjusted returns from the acquisition and active management of a portfolio of Australian Water Entitlements generating a return profile (comprising capital growth and yield) that is historically uncorrelated to financial markets.

What is the APIR code of the Argyle Water Fund managed fund?

The APIR code of the Argyle Water Fund managed fund is BSP0005AU.

What was Argyle Water Fund’s total return last month?

Argyle Water Fund’s total return last month was 0.42%. This was made up of a growth return of -0.01% and an income return of 0.43%. These returns were calculated as at 31 Oct 2025.

What was Argyle Water Fund’s total return for the last three months?

Argyle Water Fund’s total return for the last three months was 1.84%. This was made up of a growth return of 0.8% and an income return of 1.04%%. These returns were calculated as at 31 Oct 2025.

What is Argyle Water Fund’s one-year total return?

Argyle Water Fund’s one-year total return is 3.37%. This was made up of a growth return of 2.22% and an income return of 1.15%. These returns were calculated as at 31 Oct 2025.

What is Argyle Water Fund’s three-year total return?

Argyle Water Fund’s one-year total return is 1.05%. This was made up of a growth return of -0.34% and an income return of 1.39%. These returns were calculated as at 31 Oct 2025.

What is the asset allocation of the Argyle Water Fund managed fund?

The asset allocation of the Argyle Water Fund managed fund is :

Cash: 5%

Alternatives: 95%

Australian Equities: 0%

International Equities: 0%

Property & Infrastructure: 0%

Fixed Interest: 0%

Who is the responsible Entity of the Argyle Water Fund managed fund?

The Responsible Entity for the Argyle Water Fund managed fund is The Trust Company (RE Services) Limited.

What sector/asset class does the Argyle Water Fund managed fund belong to?

The Argyle Water Fund managed fund belongs to the Miscellaneous sector/asset class.

What is the size of the Argyle Water Fund managed fund?

As at 30 Nov 2025, the size of the Argyle Water Fund managed fund was $581.65 million.

What is the inception date of the Argyle Water Fund managed fund?

The Argyle Water Fund managed fund has an inception date of 1 Sep 2012.

What is the current entry price of the Argyle Water Fund managed fund?

The current entry price of the Argyle Water Fund managed fund is $2.85623 per unit and the current exit price is $2.85623 per unit (as at 30 Nov 2025).

What is the current exit price of the Argyle Water Fund managed fund?

The current exit price of the Argyle Water Fund managed fund is $2.85623 per unit and the current entry price is $2.85623 per unit (as at 30 Nov 2025).

What is the minimum investment amount for the Argyle Water Fund managed fund?

The minimum initial investment amount for the Argyle Water Fund managed fund is $50,000. Minimum additional investment is $10000.

Fund data sourced from Morningstar. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). Data and content is provided for personal use only. Whilst every care has been taken in producing these numbers, neither Morningstar nor InvestSMART can make any guarantees around the complete accuracy of these figures. Should you decide to change investments, please read all relevant disclosure documents including the Product Disclosure Statements and if required, you may consider speaking to a financial professional for further guidance. A tax event may be realised as a result of switching investments. Past performance is not a reliable indicator of future performance.

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