The Property & Infrastructure Fund was up +3.3% in September compared to its benchmark which was up +2.0%.

Infratil (+11%) was buoyed by a strong month with transactions supporting the value of its portfolio. The sale of Australian DC operator Air Trunk for AU$23b provides a strong read through for other datacentre operators in Australia such as CDC datacentres, owned by Infratil. The sale of long-term investment Manawa to Contact Energy also resulted in significant value uplift, with Contact offering a 47% premium to Manawa’s recent share price.

Napier Port (-2%)Key customers in the wood processing industry, Pan Pac and Winstone Pulp International (WPI), are facing shutdowns due to high electricity prices. Pan Pac's shut down is temporary, whereas WPI (which contributes 7-8% of Napier Port’s profits) has decided on permanent closure. This has caused political controversy, with WPI blaming electricity companies whereas it has been pointed out WPI has refused to rollover hedges at reasonable prices and is looking to cash out existing hedges at attractive prices whilst evaluating plant closure for wider reasons. Some of WPI’s trade could be diverted to Pan Pac, however its closure is still a blow to Napier Port and the community.