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.
|Tilt Renewables Limited||7.9%|
|American Tower Corporation||7.3%|
Crown Castle International Corp
|10% Share Price Change||0.5% Contribution to Return|
Tilt Renewables Ltd.
|6% Share Price Change||0.4% Contribution to Return|
American Tower Corporation
|7% Share Price Change||0.3% 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).
The Property and Infrastructure fund was up 2.8% for the month. US mobile phone tower providers American Tower (+7%) and Crown Castle (+10%) reported quarterly results, with an acceleration in services revenues, ahead of expectations. This is an early indicator of the growth coming as networks are built out to enable faster next generation “5G” mobile services.
Napier Port (+5%) increased profit guidance for the current financial year, reflecting better than expected primary sector market conditions, including log volumes in particular. This is helping make up for no cruise ship berthing fees.
Auckland Airport (-1%) opened quarantine-free travel with Australia during April. Traffic has been modest so far with passengers largely returning residents and those visiting friends and family. The easing of border restrictions with Australia will act as a test case for wider border openings with low-risk countries such as the Pacific Islands and certain Asian nations.
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