The NZ Growth Fund returned -1.0% for January, compared to its benchmark of -0.9%.

Infratil (-11%) provided an update in relation to the value of its stake in CDC Data Centres at the end of December. The value of its stake effectively fell A$320 million (around 7%) over the last three months, which it attributed to a lift in global interest rates over the period which increased expected future interest costs. CDC also announced it has completed contracting for 230MW (megawatts) of capacity by year end versus expectations earlier in 2024 that this would reach 400MW. Looking at the big picture, this rate of contracting is still much higher than was anticipated a year ago, however it was disappointing to see expectations for a higher level of contracting not met.

Summerset (-1%) provided its regular quarterly unit sales update for the December quarter. Despite the ongoing challenges in the housing market it reported 361 sales, with 169 new sales and 192 resales. This brought its 2024 full-year total to a record 1,238 settlements, up 12% from 2023 and largely in line with market and our own expectations. This reflects strong demand for Summerset's established villages and the natural increase in resales as villages mature, leading to ongoing growth.