Property & Infrastructure Fund


A global investment choice


as at 16/01/19
as at 31/12/2018
after fees and before tax
as at 31/12/2018
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
inception date 5/12/2008

About the Fund

The Fisher Funds Property & Infrastructure Fund aims to achieve positive returns over the long term. We sometimes refer to this fund as the “backbone” fund because the companies within the portfolio own assets which are the backbone of society such as airports, railroads, power companies, industrial buildings and power companies. This fund is invested in a handpicked portfolio of high quality companies.

Why Property & Infrastructure

This type of asset is appealing as they typically generate predictable and recurring revenue streams through the investment cycle. This is because they provide essential products or services.

Growth of $10,000 invested in the Fund since inception

View all resources for this fund »

Biggest contributors/detractors

as at 31 December 2018

Union Pacific Corporation »

-10% Share Price Change -0.4% Contribution to Return

Norfolk Southern »

-12% Share Price Change -0.4% Contribution to Return

Kinder Morgan »

-10% Share Price Change -0.3% Contribution to Return

Sector Split

as at 31 December 2018

Sector Split

Biggest holdings

as at 31 December 2018

American Tower Corporation 5.9%
Meridian Energy Limited 5.8%
Crown Castle International Corp 5.3%
Cash 10.9%
Top 10 holdings 55.6%

Your portfolio team

Sam  Dickie

Sam Dickie »

Senior Portfolio Manager

Zoie Regan

Zoie Regan »

Senior Investment Analyst

Matt Peek

Matt Peek »

Investment Analyst

Highlights and lowlights — December 2018

Your portfolios: Highlights and lowlights

Global infrastructure equities outperformed global equities by 4% for the month, as you would expect in a global “risk-off” environment.  Australian and NZ property companies performed inline with each other and outperformed infrastructure equities, again as expected.

Our portfolio was down 1.1% for the month displaying defensive characteristics compared to global sharemarkets which were down nearly 8%.     

The most defensive names in the portfolio were the best performers – with Stride Property Group (+5.2%), Transurban (+4.8%) and Dexus (+4.1%) materially outperforming.  The less defensive positions in the portfolio like the US rails were the worst performers with Norfolk Southern and Union Pacific down 12% and 10% respectively.   

We reduced our positions in American Tower and Flughafen Zurich during the month.  American Tower was pricing very little risk that the pending but yet to be approved carrier merger between Sprint and T-Mobile will result in the rationalisation of towers.  We added to our position in Aeroports de Paris during the month as the price fell to near our bear case valuation on the back of social unrest. 

Portfolio holdings

Portfolio holdings

You can see the companies this Fund invests in below. Typically investments include airports, railroads power companies, cellphone tower networks and include Real Estate Investment Trusts (REIT’s).

view portfolio holdings »

Fund resources

Fisher Funds Property & Infrastructure Fund Updates

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