Level 2 Update

The Fisher Funds team is back to being primarily office based. Our team will be fully compliant with all the expectations set out by the Government, and if you are visiting us you can be assured that we will be operating a safe hygienic environment, and observing social distancing guidelines.

Property & Infrastructure Fund


A global investment choice


as at 31/08/2020
after fees and before tax
as at 31/08/2020
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
inception date 5/12/2008
as at 18/09/20
$100 per month

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.


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

* 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

Significant holdings

as at 31 August 2020

Union Pacific Corporation 6.9%
Infratil Limited 6.5%
Crown Castle International Corp 6.2%
Cash 4.4%

Biggest contributors/detractors

as at 31 August 2020

Charter Hall Social Infrastructure REIT

12% Share Price Change 0.7% Contribution to Return

Union Pacific Corporation »

12% Share Price Change 0.7% Contribution to Return

Norfolk Southern Corporation

11% Share Price Change 0.4% Contribution to Return

Sector Split

as at 31 August 2020

Sector Split

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 »


Highlights and lowlights — August 2020

Your portfolios: Highlights and lowlights


The Property & Infrastructure Fund returned +2.5% in August, versus its benchmark which returned +2.1%.

Childcare landlords Arena (+14%) and Charter Hall Social Infrastructure (+12%) reported solid results, supported by the essential nature of childcare and the Australian government's policies to ensure a healthy childcare industry during and after COVID. Excluding Victoria which is seeing continued lockdowns (and special support), attendance is within 5% of pre COVID levels which means tenants have remained profitable. Rent collection has been very high with a very minor amount deferred or forgiven, generally in exchange for extended lease terms.

US cell tower companies American Tower (-5%) and Crown Castle (-2%) declined as US interest rates rose from recent lows, which typically reduces the value investors are willing to pay for such defensive investments. The attractive long term fundamentals of the companies remain, but they have recently lagged more economically exposed names in the economic recovery following their very resilient performance during COVID.



Fund resources

Fisher Funds Property & Infrastructure Fund Updates

Your portfolio team

Sam  Dickie

Sam Dickie »

Senior Portfolio Manager

Matt Peek

Matt Peek »

Investment Analyst


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