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.
Meridian Energy Limited » |
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| 7% Share Price Change | 0.4% Contribution to Return |
Infratil Limited » |
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| 8% Share Price Change | 0.3% Contribution to Return |
Charter Hall Education Trust » |
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| -6% Share Price Change | -0.2% Contribution to Return |
| Crown Castle International Corp | 6.9% |
| American Tower Corporation | 6.1% |
| Meridian Energy Limited | 5.8% |
| Cash | 6.2% |
In September the Property & Infrastructure Fund returned +0.6%, lagging its benchmark of +1.6%.
Auckland industrial property landlord Goodman Property Trust (+2.5%) acquired a building in Mt Wellington for $65 million. The acquisition is in line with Goodman's strategy of securing well-located properties with access to infrastructure and proximity to consumers, being the key requirements for its fulfilment and logistics tenants. The site provides an attractive rental return from the current tenant, plus has the option to add value from redeveloping the site in the future.
The US cell tower owners American Tower and Crown Castle (both -3.5%) gave back some of their strong recent returns (both were up around +9% in August) because interest rates in the US rebounded from their lows. The outlook for both companies remains strong, underpinned by mobile network operators investing in their 5G rollout of new equipment.
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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