why is this lagging the indicies?, page-33

I wouldn't say they stepped out too far as Argo don't actually manage the infrastructure fund.
it is managed by Cohen & Steers,  a large USA company.
from their website :
AGLI's portfolio is managed by portfolio managers Robert Becker and Ben Morton of specialist global listed infrastructure investment manager, Cohen & Steers. Cohen & Steers is based in New York with offices around the world and is listed on the New York Stock Exchange (NYSE). Both Robert and Ben have an average of more than 20 years’ experience in infrastructure-related investments and have consistently outperformed in this area from a global perspective, both as analysts and portfolio managers. Robert and Ben are supported by Cohen & Steers’ broader team of investment experts. See below bios of Robert, Ben and members of Cohen & Steers' infrastructure portfolio team.

although I'm not a fan and much prefer the Magellan infrastructure fund which is available on the ASX also.

Agree that Argo should start up a small +/- midcap fund along the lines of Mirrabooka.   I really don't need any more exposure to
banks, BHP,  Telstra,  Woolies  etc.