The Property & Infrastructure Fund returned +0.6% in April, compared to its benchmark of +0.9%.

Mexican airport operator Grupo Aeroportuario Centro Norte (+13%) reported first quarter 2025 earnings which beat expectations. Traffic rose 9% relative to the same quarter last year, supported by a 15% rise in international traffic as carriers added capacity and connections to new destinations in the USA. New commercial initiatives, developed together with major shareholder Vinci, helped drive a 9% increase in commercial spend per passenger. The strong traffic and pricing dynamics delivered a 19% uplift in earnings per share relative to the same quarter last year.

Union Pacific (-9%) underperformed, due to the worse-than-expected tariff policy. Union Pacific is exposed to West Coast US ports and trade with China. Proposed tariffs on China were much harsher than market expectations before ‘Liberation Day’ on April 2nd. Union Pacific also reported first quarter 2025 earnings, which slightly missed expectations. Despite the headwinds, there were several notable positives in the result. Core pricing was the strongest in 10 years and management reiterated expectations for earnings growth of roughly 10% over 3 years. Management did not, however, provide 2025 earnings guidance, given uncertainty regarding the US tariff policy.