The Property & Infrastructure fund fell -0.5%, lagging the benchmark index which rose +0.5%. 

NextEra (+8%) reported third quarter earnings which beat expectations. Most notable was management’s commentary on future growth opportunities. The reduction in renewable energy subsidies under President Trump led some to question NextEra’s long-term growth. Recent commentary has highlighted several new avenues for growth: building new gas plants, signing a deal with Google to restart the Duane Arnold nuclear plant (likely at a high power price) and potentially building new nuclear plants in the future. NextEra is hosting an investor day in December which will provide more detail on growth opportunities and future earnings growth rates. We increased our position in NextEra during the month. 

Our U.S. tower business American Tower (-7%) and Crown Castle (-6%) reported third quarter earnings which modestly beat expectations. Market expectations for 2026 earnings were broadly unchanged. The businesses remain confident in the outlook and the need for telco customers to invest in their networks, due to mobile data growth and ongoing technology refresh cycles. The results were overshadowed by American Tower’s disclosure that DISH sent a letter stating that it will stop paying for tower leases after the FCC forced it to sell its spectrum (its right to use airwaves to transmit mobile data). DISH represents 5% of Crown Castle’s revenue and 2% of American Tower’s revenue. Both tower companies believe they have a robust legal position, and DISH has publicly acknowledged costs associated with decommissioning its network assets, which likely include tower leases. A negotiated outcome is possible. We believe the market is pricing no recovery of the DISH obligations and upgraded out position in both companies during the month on attractive valuation.