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
October 2023
The Property & Infrastructure portfolio was down -2.0% vs. the benchmark which was down -2.8%. Companies that meaningfully influenced portfolio returns were:
American Tower (+9.5%) announced third quarter earnings which beat expectations and raised 2023 earnings guidance. International revenues were higher than expectations, supported by inflation-linked contracts. Debt levels will be reduced by holding the dividend flat next year and selling part of the India business. The CEO is retiring, to be succeeded by an internal candidate that has been with the company 20 years.
Port of Tauranga (-13.3%) held its AGM and provided earnings guidance for 2024 which was 11% below market expectations. September quarter container volumes were 21% lower than last year, largely due to lower transhipment volumes as shipping companies changed their routes. Containerised imports were 23% lower than last year due to higher rail costs making Port of Auckland more attractive for imports and overall weak consumer demand. There were some offsets, with September quarter log volumes up 33% on last year as Cyclone Gabrielle-damaged logs are harvested early.
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.