Frontier MFG Core Infrastructure Fund Service Class
FCIVX
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ROIC.AI
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- MFG Core Infrastructure Fund Service Class (FCIVX) is an open-end mutual fund that seeks long-term capital appreciation by investing at least 80% of its net assets in equity securities of infrastructure companies, including regulated energy utilities, regulated water utilities, toll roads, energy infrastructure, airports, ports, communications infrastructure, rail, and social infrastructure; the fund maintains a diversified portfolio of 80 to 100 securities selected for appropriate capital structures, reliable income streams, and inflation protection benefits. Subadvised by Magellan Investment Partners, an affiliate of Magellan Financial Group founded in 2004 and headquartered in Sydney, Australia, the fund targets mid-cap blend infrastructure opportunities with geographic exposure across the United States (approximately 40%), Eurozone (25%), Canada (14%), Australasia (6%), the United Kingdom (6%), and other regions; it is domiciled in the United States and available primarily to U.S. investors with a minimum initial investment of $10,000. Launched on July 15, 2016, the fund has total net assets of approximately $153 million, with the Service Class holding about $11 million and a net expense ratio of 0.65% after fee waivers. Portfolio managers include Ben McVicar (since October 2022), David Costello (since October 2024), and Ofer Karliner (since March 2025), reflecting recent team enhancements by subadviser Magellan Investment Partners to strengthen infrastructure expertise amid strategic shifts at the parent level, such as executive transitions, rebranding to Magellan Investment Partners, and a Vinva Investment Management partnership for systematic equity funds. Recent operational updates include a prospectus supplement in November 2025 and sustained quarterly distributions, with a trailing twelve-month yield around 3% and significant capital gains payouts in late 2024. The fund concentrates in utilities (61%), industrials (21%), real estate (8%), and energy (7%), with top holdings such as National Grid PLC, Aena SME SA, Vinci SA, Transurban Group, and Cellnex Telecom SA comprising about 15% of assets as of late 2025.