AIX appear to report their financials at the 'fund level' (?). A quick check of the annual report shows the fund has conservative gearing and pays investor income out of cash flows.
Does this mean that the gearing of the fund is a weighted composite of the gearing of each of it's assets? Or is the reported gearing of AIX an addition to the gearing of each of its assets?
I would like a good way to confirm that AIX don't borrow to buy stakes in the individual airports which in turn may be dangerously geared, overvalued lemons that borrow to pay earnings to AIX.
Anyone know how to find good answer for this?
financials for assets owned
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