In August the Property & Infrastructure Fund was up +0.1%, compared to the benchmark which was up +2.7%.

Vienna Airport (+6.6%) reported second quarter operating earnings which were above expectations, mostly explained by the better-than-expected performance of Handling & Security, slightly offset by a weaker development on the regulated side of the business. The stronger-than-expected financial results meant the airport slightly improved in beating its bottom-line. Management has updated its full year 2024 passenger guidance modestly.

OMAB (-7.1%) reported second quarter earnings which were in line with expectations. Airline capacity has been declining year on year due to accelerated engine maintenance issues. This is a global aviation issue, but key Ultra Low Cost Carriers in Mexico are particularly affected given the prevalence of the affected engines among their fleet. Peer airport Grupo Aeroporto Pacifico ('GAP', +11.1%, not in the portfolio) reported the outcome of their next regulatory regime ('MDP'), with tariffs (pricing) much higher than expected. This reflects favourably on the government's willingness to support private sector investment. We don't think the market is adequately reflecting the read-across for the sector, with ASUR (-10.3%) like OMAB having a weak share price performance in August.