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.
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.
* 65% S&P Global Infrastructure Net TR 70% hedged into NZD, 20% S&P/NZX All Real Estate (Including imputation credits) and 15% S&P/ASX 200 A-REIT 70% hedged into NZD
| Union Pacific Corporation | 7.0% |
| American Tower Corporation | 7.0% |
| Crown Castle International Corp | 6.9% |
Aeroports de Paris SA » |
|
| -22% Share Price Change | -0.6% Contribution to Return |
Port of Tauranga Limited |
|
| -14% Share Price Change | -0.6% Contribution to Return |
Flughafen Wien AG |
|
| -17% Share Price Change | -0.5% Contribution to Return |
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).
Global infrastructure equities provided no correction protection (-9.5%), underperforming global equities (-8%). The Property and Infrastructure Fund was down a more muted -6.9% partly driven by our investments in Australasian property, which were more true to form and significantly outperformed global equities, down 2-4%.
Mobile tower network owners American Tower and Crown Castle benefited from the decision by most state District Attorneys not to appeal the merger of US mobile companies Sprint and T-Mobile. The merger means that the combined entity can use Sprint's spectrum and T-Mobile's balance sheet capacity to more rapidly roll out new equipment to cell towers and compete more effectively with major players AT&T and Verizon. Some assets will need to be divested to emerging player DISH, which will act to stimulate its investment in a network. All this means more rapid equipment deployment and more growth in rental revenues for the tower companies due to a healthier carrier environment positioned to invest more heavily over time than the status quo.
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