In November the Property & Infrastructure Fund was up +2.4%, compared to the benchmark which was up +2.8%.

Enterprise Products (EPD, +20%) released third quarter results, which were largely in line with expectations. The company’s natural gas marketing benefits are offsetting its lower octane and crude oil margins. Its backlog of growth projects and incremental opportunities mean the company can provide attractive long-term growth. Many of its $6.9 billion backlog of projects under construction are coming online in 2025 which should drive meaningful growth. EPD has received inbound enquiries for over 1 billion cubic feet per day of demand opportunities related to datacenter-driven natural gas demand growth in Texas. The company’s intrastate system in the Dallas-Fort Worth area in northern Texas. and San Antonio in southern part of Texas, is well positioned to work with datacenters, including potentially tying directly to datacenters that plan to have onsite generation.

Goodman Property Trust (-1%) reported a solid first half 2025 result. Strong top-line growth and lower operating costs offset a higher interest expense, resulting in flat underlying earnings. Cash earnings growth was largely due to lower holding costs as land moved into development. The portfolio remains under-rented, but the operating backdrop has deteriorated, with a small number of insolvencies, reduced tenant demand, and a slight lift in vacancy. The company remains in discussion with potential capital partners to start a funds management business (like former parent Goodman Group). However, nothing material has eventuated yet. Scoping of the data centre opportunity is also ongoing.