Performance chart
* 65% S&P Global Infrastructure Index (70% hedged to NZD), 15% S&P/ASX200 A-REIT Index (70% hedged to NZD) and 20% S&P/NZX All Real Estate Index
Fund performance figures are after deductions for charges but before tax. Please note that past performance is not necessarily indicative of future returns. Returns can be positive or negative, and returns over different time periods may vary. No returns are promised or guaranteed.
Fund highlights
March 2024
The Property & Infrastructure Fund was up +3.8% in March versus the benchmark which was up +5.8%. Companies that meaningfully influenced portfolio returns were:
Zurich Airport (+9.0%) reported its 2023 full year result, which was in line with expectations. The dividend beat expectations by 8%, supported by strong business cash flows. The company said it does not expect a change in regulated pricing until 2026 or 2027. This timing better aligns with future lumpy investments, lowering the chance of tariff reductions in the next regulatory period and boosting future earnings. Management’s 2024 guidance was conservative, particularly regarding traffic, forecasting 95% of 2019 levels, despite summer capacity approaching 100%.
Equinix (-5.5%) was the subject of a “short report”, published by an investor with a negative view of the company with the intention of driving the share price down. After receiving a subpoena from the Department of Justice, Equinix’s Board announced an independent investigation into allegations of improper accounting and won’t comment further at this time. We reduced our position to a minimum size as we await clarity on the accounting matters.
Portfolio Team
Our Managed Funds
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Conservative Fund
Aims to provide stable returns over the long term by investing mainly in income assets with a modest allocation to growth assets.
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Growth Fund
Aims to grow your investment over the long term by investing mainly in growth assets.
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Income Fund
Aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assets.
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Property & Infrastructure Fund
Focuses on growth of your investment over the long term by investing in New Zealand and international property and infrastructure assets.
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New Zealand Growth Fund
Focuses on growth of your investment over the long term by investing in quality New Zealand companies which can consistently produce increasing earnings.
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Australian Growth Fund
Focuses on growth of your investment over the long term by investing in quality Australian companies which can consistently produce increasing earnings.
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International Growth Fund
Focuses on growth of your investment over the long term by investing in quality international companies which can consistently produce increasing earnings.