Property & Infrastructure Fund

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    Unit price

    $3.6870

    as at 13/06/2024
    See fund overview

    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

    May 2024

    The Property & Infrastructure Fund was up +2.2%, underperforming the benchmark which was up +2.5%.

    Napier Port (+10.9%) reported first half 2024 results which beat expectations. Key port customers in the pipfruit and forestry sectors have been recovering over the past year from the devastation of Cyclone Gabrielle. Anecdotally the damage in Hawkes Bay has been less than initially feared. Whilst container volumes remain subdued (-3% year on year), profit (EBITDA) lifted 25% year on year largely due to an increase in prices. Napier Port’s pricing power was underappreciated by the market, and initial guidance for 2024 EBITDA of $50-53 million was around 10% above expectations.

    Infratil (-2.9%) reported full-year 2024 earnings. One NZ’s 2025 profit outlook is roughly flat from 2024 as the business is constrained by a slowdown in the enterprise and government market, consistent with its Telco peer, Spark, which downgraded earnings recently. A change in the way Longroad Energy’s earnings were reported led some to believe that it may take them longer to achieve their 2027 earnings target. The highlight of the result was Canberra Data Centres (‘CDC’), which expects an acceleration in earnings growth from 2026 onwards, from around 20% to 30-40% per annum, supported by significant increases in the size of its data centre portfolio.

    Portfolio Team

      Our Managed Funds

      • 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.

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