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.