The Property & Infrastructure Fund returned -1.3% in March, underperforming the benchmark's - 0.7% return.

Crown Castle (+12%) reported the sale of its fibre and small cells business unit for $8.5 billion. The business unit has under-performed expectations for several years, and the sale price represents a poor return on $19 billion capital invested. Despite this, the sale creates a pure-play US tower company, which should attract a higher valuation multiple. Transaction proceeds will be used to repay debt and fund share buybacks. Crown Castle also announced the appointment of a new CFO, Sunit Patel, and the exit of its CEO Steven Moskowitz.

Canadian Pacific Kansas City (-10%) was a detractor as the Trump administration escalated tariff threats. The company operates a freight railroad network across Canada, the USA and Mexico, resulting in significant exposure to cross-border goods trade including automobiles, a key industry subject to potential tariffs. Management 2025 earnings guidance (issued in February) provided a wide range for 2025 earnings growth (12-18%), incorporating tariff risk at the low end of guidance.