The Property & Infrastructure Fund returned +2.8% in April, compared to its benchmark of +2.0%, as markets bounced back from a weak March and the onset of war in Iran.

Equinix (+11%) reported first-quarter earnings which slightly missed market expectations, yet the underlying result confirmed a meaningful acceleration in structural demand. Revenue and operating profit sat marginally behind expectations on the timing of specific hyperscale lease transactions. However, Equinix lifted its full-year cash earnings (EBITDA) guidance and increased its constant-currency revenue growth outlook to 11%. The momentum was underpinned by record first-quarter bookings and a 7% rise in revenue per cabinet, as customers sought higher power densities for AI workloads. We expect this tailwind to persist as AI workloads increasingly shift from training to inference. The result reinforces our view that Equinix is a premier beneficiary of rising AI datacentre demand in the US and globally.

AENA (-7%) reported first-quarter earnings which missed market expectations on cash earnings (EBITDA) despite double-digit revenue growth. AENA beat top-line expectations by 5%, but operating profit was constrained by a 15% increase in expenses, driven by inflationary pressure in staff and maintenance costs. These headwinds overshadowed a resilient 4% rise in passenger volumes and 31% growth in VIP services revenue. We think the market is overly focused on near-term earnings volatility. We consider AENA's long-term earnings potential to be attractive, supported by Spain's attractive tourism fundamentals, AENA's network monopoly, and the upcoming five-year regulatory pricing review for Spanish airports (DORA III), alongside a strategic plan update. We bought more shares during the month to take advantage of the attractive valuation.