The Property & Infrastructure Fund returned +3.1% in May, compared to its benchmark of +4.7%. 

Napier Port (+18%) reported its half year 2025 result, which delivered strong underlying profit growth of 33% compared to 2024. The result is a milestone as Napier Port turns the page on recovery from Cyclone Gabrielle in 2023 and the loss of material customer Winstone Pulp International ('WPI') in 2024. Container revenue increased by 27%, with container volumes up 14% and average container prices up 12%. WPI was a high-volume, low-price customer and the lift in average prices is in part due to WPI's closure. Napier Port paid a special dividend of 2.5 cents per share alongside a 33% increase in the first half ordinary dividend. Further dividend increases are likely, once Napier Port has more visibility on the global trade situation. 

CMS Energy (-4%) was negatively impacted by political developments during the quarter. The passage of “One Big Beautiful Bill” by the House of Representatives involved significant reductions to clean renewable energy subsidies. One such provision provides a financing benefit to CMS Energy of $700 million; if this is removed CMS could be forced to raise more equity (equivalent to 3% of market capitalisation). Another potential impact is that reduced subsidies put pressure on CMS to raise prices, which its regulator may or may not allow given customer affordability concerns. CMS has mitigation measures available, such as a “safe harbour” period where previous subsidies remain in place for a few years. The Department of Energy also forced CMS Energy to extend the life of its J.H. Campbell coal plant by three months (until August 2025). The potential financial impact is minimal but does highlight energy security concerns in the United States.