Global Equities
Global Infrastructure
Below you will find the monthly commentary and portfolio update for TAMIM Global Infrastructure Fund.
November 2025 | Investor Update
Dear Investor,
We provide this monthly report to you following conclusion of the month of November 2025.
November was a good month for absolute performancewith the fund delivering a positive +1.64%, a good result considering the weakness across the broader equity market during the month.
The largest detractor was our lack of exposure to Latin American airports, which contributed approximately –0.7%. Neither airports nor Latin America are typically core focus areas, as airports are not viewed as particularly attractive businesses and Latin America is not yet considered developed market exposure. Over the coming month, we will look to deepen our understanding of this space and may add a single name to the portfolio to mitigate this risk.
Another significant detractor was the absence of a position in Qube, which is now subject to a takeover bid from Macquarie. While Qube had previously been identified as a potential takeover candidate, earlier views were that a company trading at over 25x forward earnings with net debt/EBITDA of around 5x was not an ideal privatisation target. Nonetheless, this transaction may open the door to further privatisations within the Australian market. Dalrymple Bay, which trades on a similar valuation, is one to watch.
We made several changes to the portfolio during the month, reducing exposure to higher-beta US names (Sterling, Emcor, and Vistra) ahead of NVIDIA’s earnings to lower overall portfolio volatility.
These positions may be revisited early next year; however, valuations in these names are currently elevated.
Fund Performance
Fund Facts
Investment Parameters
| Management Style: | Active |
| Investments: | Global Equities |
| Investable universe: | Nasdaq Composite |
| Number of securities: | 40-50 |
| Derivatives: | Yes |
| Leverage: | No |
| Portfolio turnover: | Typically < 25% p.a. |
| Cash level: | 0-100% (typically 0-20%) |
Fund Profile
| Investment Structure: | Unlisted Unit Trust available to wholesale or sophisticated investors |
| Minimum Investment: | $100,000 |
| Management Fee: | 1.25% p.a. |
| Admin & Expense Recovery: | Up to 0.35% |
| Performance Fee: | 20% of performance in excess of hurdle |
| Hurdle: | Greater of: RBA Cash Rate +2.5% or 4% |
| Entry/Exit Fee: | 5% exit fee is payable on an exit from the investment in the unit class prior to the first year anniversary of the investors initial issue of units. |
| Buy/Sell Spread: | +0.25% / -0.25% |
| Applications: | Monthly |
| Redemptions: | Monthly with 30 days notice |
| Investment Horizon: | 5+ years |
| Distributions: | Annual |
