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