The Property & Infrastructure Fund was up +3.8% in March versus the benchmark which was up +5.8%. Companies that meaningfully influenced portfolio returns were:

Zurich Airport (+9.0%) reported its 2023 full year result, which was in line with expectations. The dividend beat expectations by 8%, supported by strong business cash flows. The company said it does not expect a change in regulated pricing until 2026 or 2027. This timing better aligns with future lumpy investments, lowering the chance of tariff reductions in the next regulatory period and boosting future earnings. Management’s 2024 guidance was conservative, particularly regarding traffic, forecasting 95% of 2019 levels, despite summer capacity approaching 100%.

Equinix (-5.5%) was the subject of a “short report”, published by an investor with a negative view of the company with the intention of driving the share price down. After receiving a subpoena from the Department of Justice, Equinix’s Board announced an independent investigation into allegations of improper accounting and won’t comment further at this time. We reduced our position to a minimum size as we await clarity on the accounting matters.