NEW
YORK, July 29, 2024 /PRNewswire/ -- Cantor
Fitzgerald Asset Management today announced the Cantor
Fitzgerald Infrastructure Fund (the "Fund"), the first '40 Act
fund primarily focused on providing access to private
infrastructure, surpassed $150
million in total net assets since its launch in June 2022.
The Fund began trading on Nasdaq under the ticker symbol CAFIX
and has since added multiple share classes (Nasdaq: CFIIX, CFCIX,
and CFISX) to support the needs of a diversified1 client
base. The portfolio consists of private and public infrastructure
assets, both debt and equity, through a '40 Act interval fund
structure with a daily valuation and quarterly
liquidity.2 As of June 30,
2024, the Fund's Class I Shares (Nasdaq: CFIIX), primarily
used in advisory and institutional accounts and representing 85% of
the Fund's assets, delivered a 13.73% annualized return since
inception.3, 4 This compares favorably to the
S&P Global Infrastructure Index, the Fund's benchmark, which
returned 7.02% (without deduction for fees, expenses, or taxes)
over the same period.
The Fund also increased distributions to shareholders in six
consecutive quarters – from the fourth quarter of 2022 through the
first quarter of 2024. As of the second quarter of 2024, the
annualized distribution rate, based on the daily NAV/share, was
4.00%5 and the Fund's distribution rate since inception
was 4.60%. 4, 5, 6
"We have seen strong investor interest in the Fund as demand for
private infrastructure continues to grow," said
Bill Ferri, Global Head of Cantor
Fitzgerald Asset Management. "Institutional investors are
increasingly drawn to the sector because of its many potential
benefits, including attractive returns, stable cash flows, low
correlation to other asset classes, and potential inflation
protection. We believe this trend will continue and anticipate
private wealth clients will increase their allocations to
infrastructure for the same reasons."
"Over the past two years, the Fund's portfolio management team
has actively invested in publicly traded infrastructure holdings
and, in the last nine months alone, has added or committed to nine
private infrastructure investments, including primaries,
secondaries, and co-investments across private equity and debt,"
said Michael Underhill, Portfolio
Manager of the Fund and Founder and CIO of Capital Innovations,
LLC, the Fund's sub-advisor. "We continue to identify
attractive opportunities that align with our investment objective
and believe the Fund is well-positioned to benefit from the current
inflationary market."
The Fund's investment program focuses on three infrastructure
megatrends: digital transformation, energy transition, and the
enhancement of aging infrastructure. The Fund is
diversified geographically and across multiple infrastructure
sectors, including electric utilities, independent power, renewable
electric producers, water utilities, digital infrastructure, and
various other infrastructure sectors.6 The
investment objective is to maximize total return, with an emphasis
on current income.
Performance as
of 6.30.2024
|
|
One
Year
|
Since
Inception6
|
Cantor Fitzgerald
Infrastructure Fund Class I Share
|
13.73 %
|
13.63 %
|
S&P Global
Infrastructure Index
|
7.02 %
|
7.67 %
|
The performance data quoted represents past performance.
Current performance may be lower or higher than the performance
data quoted above. Past performance is no guarantee of future
results. The investment return and principal value of an investment
will fluctuate so that investor's shares, when redeemed, may be
worth more or less than their original cost. For performance
information current to the most recent month-end, please call
toll-free (855) 922-6867.
1 For purposes of the Investment
Company Act of 1940 (the "1940 Act"), the Fund is classified as a
non-diversified fund, which means the Fund may invest more than 5%
of its total assets in the securities of one or more issuers.
However, among the issuers in which the Fund invests, the Fund
intends to seek exposure across multiple infrastructure sectors
(e.g., renewables, communications, and transportation), managers,
and geographic locations. As used herein, the terms "diversify,"
"diversified," and "diversification" are meant to reference the
type of diversification referenced in the foregoing sentence and
not the Fund's diversification status under the 1940 Act.
Accordingly, changes in the financial condition or market value of
a single issuer may cause a greater fluctuation in the Fund's net
asset value than in a 1940 Act diversified fund. The Fund is not
intended to be a complete investment program.
2 No secondary market is expected to
develop for the Fund's shares. Liquidity for the Fund's shares will
be provided only through quarterly repurchase offers for no less
than 5% of the Fund's shares at net asset value, and there is no
guarantee that an investor will be able to sell all the shares that
the investor desires to sell in the repurchase offer. Due to these
restrictions, an investor should consider an investment in the Fund
to be of limited liquidity.
3 The performance data quoted
represents past performance. Current performance may be lower or
higher than the performance data quoted above. The performance data
does not reflect the deduction of taxes that a shareholder would
pay on Fund distributions or the sale of Fund shares. Fund
performance is based on Class I shares and does not reflect any
sales charge but does reflect management fees and other expenses.
Fee waivers and expense reimbursements have positively impacted the
Fund's performance. The Fund offers multiple different
classes of shares. An investment in any share class of the Fund
represents an investment in the same assets of the Fund. However,
the purchase restrictions, ongoing fees, expenses, and performance
for each share class are different. For more information on the
differences in share classes, refer to the applicable prospectus,
which can be found at: www.cantorinfrastructurefund.com. Past
performance is no guarantee of future results. The investment
return and principal value of an investment will fluctuate so that
investor's shares, when redeemed, may be worth more or less than
their original cost. For current performance information, visit
www.cantorinfrastructurefund.com.
4 The total annual fund operating expense
ratio, gross of any fee waivers or expense reimbursements for Class
I is 10.87%. The Adviser and the Fund have entered into an expense
limitation and reimbursement agreement (the "Expense Limitation
Agreement") under which the Adviser has contractually agreed to
waive its fees and to pay or absorb the ordinary operating expenses
of the Fund (including all organizational and offering expenses,
but excluding interest, brokerage commissions, acquired fund fees
and expenses and extraordinary expenses), to the extent that such
expenses exceed 2.25% per annum of the Fund's average daily net
assets attributable to Class I shares (the "Expense Limitation").
The Expense Limitation Agreement will remain in effect at least
until July 31, 2025, unless and until
the Board approves its modification or termination.
5 The Fund's distribution policy is to
make quarterly distributions to shareholders. The level of
quarterly distributions (including any return of capital) is not
fixed, and this distribution policy is subject to change.
Shareholders should not assume that the source of a distribution
from the Fund is net profit. All or a portion of the distributions
consist of a return of capital based on the character of the
distributions received from the underlying holdings. The final
determination of the source and tax characteristics of all
distributions will be made after the end of each year. Shareholders
should note that return of capital will reduce the tax basis of
their shares and potentially increase the taxable gain, if any,
upon disposition of their shares. There is no assurance that the
Fund will continue to declare distributions or that they will
continue at these rates. There can be no assurance that any
investment will be effective in achieving the Fund's investment
objectives, delivering positive returns, or avoiding losses. The
Fund accrues distributions daily. The current distribution rate is
calculated by annualizing the daily accrual rate of the Fund as of
the date listed. The Fund's distribution policy is to make
quarterly distributions to its shareholders, but the amount of such
distributions is not fixed. A portion of the distributions since
inception has included a return of capital (non-dividend
distributions) based on the character of the distributions received
from the underlying holdings and may do so in the future. Please
refer to the Fund's most recent Section 19(a) notice for an
estimate of the composition of the Fund's most recent distribution,
available at www.cantorinfrastructurefund.com/literature. The
actual components of the Fund's distributions for U.S. tax
reporting purposes can only be determined as of the end of each
calendar year and will be reported on Form 1099-DIV. A distribution
comprised in whole or in part by a return of capital does not
necessarily reflect the Fund's investment performance and should
not be confused with yield, income, or net profit.
6 The Fund's inception date was
June 30, 2022, and its initial net
asset value was $10.00.
About Cantor Fitzgerald Infrastructure
Fund
Cantor Fitzgerald Infrastructure Fund is a continuously
offered, closed-end interval fund registered under the Investment
Company Act of 1940 (the "1940 Act"). The Fund's investment
objective is to maximize total return with an emphasis on current
income while seeking to invest in issuers that are aligned with
certain United Nations Sustainable Development Goals. To learn
more, visit www.cantorinfrastructurefund.com.
About Cantor Fitzgerald Investment Advisors
The Fund's
investment adviser is Cantor Fitzgerald Investment Advisors, L.P.,
an SEC registered investment adviser, a division of Cantor
Fitzgerald Asset Management, and a wholly owned subsidiary of
Cantor Fitzgerald, L.P. (together with affiliates, "Cantor
Fitzgerald"). Founded in 1945 and now with over 12,500 employees,
Cantor Fitzgerald is a global financial services firm with
significant real estate, infrastructure, capital markets, research,
and investment expertise providing investment management, asset
management and advisory services to investors in global fixed
income, equities, and real asset markets. For more information,
visit www.cantor.com.
About Capital Innovations, LLC
A leading global
alternative investment manager offering clients private investment
solutions across the infrastructure, real estate and natural
resources asset classes. Our global private markets real assets
platform is engineered by experts in combination with the best
talent found around the world, utilizing both quantitative and
fundamental process to substantiate our human decision-making in
the investment selection process. Capital Innovations quantitative
approach to private markets infrastructure, natural resources and
real estate investments has delivered innovative, risk-managed
investment solutions to investors worldwide since 2007. We work
with our clients to conceive, structure, build out, manage, and
monitor portfolios of private markets funds and direct investments
(direct participations and co-investments), as we help them access
a diversified set of investment opportunities worldwide. For more
information, visit www.capinnovations.com.
Investors should consider the investment objectives, risks,
and charges and expenses of the Fund before investing. The
prospectus contains this and other information about the Fund and
should be read carefully before investing. The prospectus may be
obtained by calling (855) 9-CANTOR / (855) 922-6087.
The Fund is distributed by Ultimus Fund Distributors, LLC.
Ultimus Fund Distributors, LLC is not affiliated with Cantor
Fitzgerald, L.P. or Capital Innovations, LLC.
Important Risk Information Investing in the Fund
involves risk, including loss of principal. There is no guarantee
that the Fund will meet its investment objective. There is no
guarantee that any investing strategy will be successful. The Fund
is suitable only for investors who can bear the risks associated
with the limited liquidity of the Fund and should be viewed as a
long-term investment.
The Fund will ordinarily declare and pay distributions from its
net investment income, if any, once a quarter, and net realized
capital gains annually; however, the amount of distributions that
the Fund may pay, if any, is uncertain. The Fund may pay
distributions in significant part from sources that may not be
available in the future and that are unrelated to the Fund's
performance, such as a return of capital and borrowings.
The Fund intends to incorporate ESG investment insights into its
portfolio construction process. The Fund may forego certain
investment opportunities by screening out certain companies and
industries. The Fund's results may be lower than other funds that
do not apply certain exclusionary screens or use different ESG
criteria to screen out certain companies or industries. The
evaluation of ESG criteria is subjective and may change over
time.
The Fund is subject to the risks associated with investment in
infrastructure-related companies. Risks associated with
infrastructure-related companies include: (a) realized revenue
volume may be significantly lower than projected and/or there will
be cost overruns; (b) infrastructure project sponsors will alter
their terms making a project no longer economical; (c)
macroeconomic factors such as low gross domestic product growth or
high nominal interest rates will raise the average cost of
infrastructure funding; (d) government regulation may affect rates
charged to infrastructure customers; (e) government budgetary
constraints will impact infrastructure projects; (f) special
tariffs will be imposed; and (g) changes in tax laws, regulatory
policies or accounting standards could be unfavorable. Other risks
include environmental damage due to a company's operations or an
accident, a natural disaster, changes in market sentiment towards
infrastructure and terrorist acts. Any of these events could cause
the value of the Fund's investments in infrastructure-related
companies to decline.
By investing in the Fund, a shareholder will not be deemed to be
an investor in any underlying fund and will not have the ability to
exercise any rights attributable to an investor in any such
underlying fund related to their investment. The Fund's investment
in Private Investment Funds will require it to bear a pro rata
share of the vehicles' expenses, including management and
performance fees. When the Fund invests in the securities of other
investment companies, it will indirectly bear its proportionate
share of any management fees and other expenses paid by investment
companies in which it invests, in addition to the management fees
(and other expenses) paid by the Fund. Furthermore, Private
Investment Funds and other underlying funds in which the Fund may
invest, are subject to specific risks, depending on the nature of
the vehicle, and also may employ leverage such that their returns
are more than one times that of their benchmark, which could
amplify losses suffered by the Fund when compared to unleveraged
investments. Shareholders of the Private Investment Funds are not
entitled to the protections of the Investment Company Act of 1940,
as amended. These characteristics present additional risks for
shareholders.
A more complete description of the risks of investing in the
Fund can be found in the Fund's prospectus, which is available
at www.cantorinfrastructurefund.com.
Opinions expressed are current opinions as of the date appearing
in this material only. No part of this material may, without the
prior written consent of Cantor Fitzgerald, be (i) copied,
photocopied or duplicated in any form, by any means, or (ii)
distributed to any person that is not an employee, officer,
director, or authorized agent of the recipient.
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SOURCE Cantor Fitzgerald, L.P.