Property & Infrastructure Fund

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    * 65% S&P Global Infrastructure Index (70% hedged to NZD), 15% S&P/ASX200 A-REIT Index (70% hedged to NZD) and 20% S&P/NZX All Real Estate Index

    Fund performance figures are after deductions for charges but before tax. Please note that past performance is not necessarily indicative of future returns. Returns can be positive or negative, and returns over different time periods may vary. No returns are promised or guaranteed.

    Fund highlights

    November 2023

    The Property & Infrastructure portfolio was up +7.7% vs. the benchmark which was up +6.5%. Companies that meaningfully influenced portfolio returns were:

    Crown Castle (+18.8%) had a strong month, with activist investor Elliot Management announcing a shareholding and asking for changes to strategy, Board and management. Elliot has criticised Crown Castle’s fibre and small cells business, which has received significant investment without yet delivering earnings growth to match. Selling this division could lead to a higher valuation for Crown Castle’s overall business. Lower interest rates lifted valuations for tower companies and real estate companies generally during the month.

    Contact Energy (flat) announced a delay in commissioning its new Tauhara geothermal plant due to pipe damage which arose during pre-completion testing. The delay will cost $120 million (2% of market value), due to lost earnings and higher capital costs. Despite the headwinds Tauhara’s total build cost is 30% below management’s estimate of long-run power prices and it will contribute meaningfully to Contact’s future earnings.

    Portfolio Team

      Our Managed Funds

      • Conservative Fund

        Aims to provide stable returns over the long term by investing mainly in income assets with a modest allocation to growth assets.

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      • Growth Fund

        Aims to grow your investment over the long term by investing mainly in growth assets.

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      • Income Fund

        Aims to provide stable returns over the long term by investing in New Zealand and international fixed interest assets.

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      • Property & Infrastructure Fund

        Focuses on growth of your investment over the long term by investing in New Zealand and international property and infrastructure assets.

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      • New Zealand Growth Fund

        Focuses on growth of your investment over the long term by investing in quality New Zealand companies which can consistently produce increasing earnings.

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      • Australian Growth Fund

        Focuses on growth of your investment over the long term by investing in quality Australian companies which can consistently produce increasing earnings.

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      • International Growth Fund

        Focuses on growth of your investment over the long term by investing in quality international companies which can consistently produce increasing earnings.

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