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Property & Infrastructure Fund

PROPERTY &
INFRASTRUCTURE FUND

A global investment choice

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11.5%
as at 31/10/2020
after fees and before tax
-5.1%
as at 31/10/2020
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$36,550
inception date 5/12/2008
$3.1389
as at 26/11/20
Minimum
investment
$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 October 2020

Charter Hall Social Infrastructure Reit 6.3%
Infratil Limited 6.3%
Crown Castle International Corp 6.2%
Cash 4.9%

Biggest contributors/detractors

as at 31 October 2020

Union Pacific Corporation »

-10% Share Price Change -0.6% Contribution to Return

Infratil Limited »

9% Share Price Change 0.5% Contribution to Return

Contact Energy Limited

11% Share Price Change 0.4% Contribution to Return

Sector Split

as at 31 October 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 — October 2020

Your portfolios: Highlights and lowlights

 

The Property & Infrastructure Fund returned-0.1% in October, underperforming its benchmark which returned +0.4%.

Infratil (+9%) held an investor day focused on its Canberra Data Centres (CDC) and Vodafone New Zealand investments. CDC provided increased capacity guidance, reflecting ongoing acceleration in data usage.   On the flipside, Vodafone expects COVID-19 to negatively impact FY21 earnings by $60-75m, due to lower roaming and prepaid revenue.  During the month Infratil announced the acquisition of Qscan, a diagnostic imaging business in Australia.  It is early days but we like the fact the diagnostic imaging market is growing +5-7% and Qscan’s focus on higher-value services. 

Disappointingly, Union Pacific (-10%) COO and Precision Scheduled Railroading (PSR) disciple Jim Vena announced he is moving to an advisory role.  He has been at the railroad now for almost 2 years and sown the PSR seeds. The railroad remains committed to its 55% operating ratio target (operating costs divided by revenues) versus the current ratio of around 59%.  It is worth noting that competitor CSX has continued to make progress lowering its operating ratio primarily via PSR following the passing of the PSR king Hunter Harrison, despite concerns progress would stall. 

 


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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