The Fisher Morrison Infrastructure Fund aims to provide investors with a regular income and capital appreciation. The fund comprises a hand picked portfolio of 10 to 15 listed infrastructure assets from around the world. The fund will initially invest in listed infrastructure assets but has the ability to invest in unlisted assets should the right opportunities arise.
The Funds quarterly distribution may be an attractive alternative to your bank deposits, offering a consistent income while also seeking to achieve capital growth to protect your investment from inflation. We are targeting a net yield of 5% per annum.
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Current Unit Price (as at 01 February 2012) $1.1760
Fund Inception December 2008
Total Distributions per unit since inception $0.1660
How has the fund performed as at 31 January 2012
* Returns to date include the impact of quarterly income distributions (these target and are on track to deliver a net yield of 5% per annum.)
Fund Performance at 31 January 2012
Graph illustrates cumulative increase in unit price and includes impact of distributions (after fees and tax)
The following graphs provide some history on the performance of the infrastructure investment sector and the performance of Morrison & Co.
Click here to view.
The fund is being built around a series of what we call “mega-trends” that support attractive long term returns from infrastructure assets.
Click here to read more about the companies and sectors we have invested in and why we like them.
Morrison & Co is recognised as New Zealand’s premiere infrastructure investment management firm. Morrison & Co was established in 1988 as a specialist investment manager focusing on investments in infrastructure (energy, airports, freight transport, public transport), agriculture and related property. Morrison & Co has over $4billion in assets under management with more than twenty senior industry experts and transaction specialists “on the ground” in New Zealand, Australia, Europe and USA.
Morrison & Co has significant experience in funds management and is the manager of:
- Infratil Limited – A top NZ listed infrastructure company whose share price perfromance has significantly outperformed the New Zealand Stock Exchange (NZSE) over the period from its inception in March 1994 to the date of of the launch of this Fund;
- Infrastructure investments on behalf of the New Zealand Super Fund; and
- Greenfields Group – An unlisted investment company specialising in rural and agricultural investment management.
Morrison & Co has two areas of specialist investment operational experience in which its executives have decades of operational experience:
- Energy Infrastructure; and
- Transportation Infrastructure
Its executives have a wide range of necessary skills to perform all the roles required of an investment management team and in addition, benefit by having access to the specialist skills of an experienced investment bank and niche advisor to the infrastructure sector. The team include people who have managed power companies, airports and other infrastructure businesses.
The Investment Manager's substantial sector research undertaken for its Infratil and New Zealand Superannuation Fund mandates overlaps with the Fisher Morrison Infrastructure Fund. The Fund will also be able to take advantage of Morrison & Co's hands-on management derived from the Infratil investments.
The key Morrison & Co personnel are:
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Lloyd Morrison
Founder and Executive Chairman of Morrison & Co, previously Director of Infratil, TrustPower and Auckland International Airport. Previous Directorships include Port of Tauranga and the New Zealand Stock Exchange. He is on extended medical leave. |
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Marco Bogoievski
CEO of Morrison & Co and Infratil. Chairman of Infratil Property and a Director of NZ Bus and Infratil Energy Australia. Prior to joining Morrison & Co in 2008, he was Chief Financial Officer of Telecom NZ and has also held a number of senior financial, operational and sales roles in the airline, consumer goods and financial services industries. |
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Tim Brown
Joined Morrison & Co in 1994 and has managed the Infratil group financing and bond programmes and Infratil's relationships with regulatory and government agencies and investors. He is a Director of Wellington Airport and NZ Bus and was previously head of capital markets and structured finance of a major local bank.
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Dr Graeme Thomson
Joined Morrison & Co in 1992 and manages Morrison & Co investment mandates with the New Zealand Superannuation Fund and the Fisher Morrison Infrastructure Fund. He has extensive experience of undertaking and managing investment in transport and energy infrastructure.
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Dr Bruce Harker
Joined Morrison & Co in 1994 and is head of Morrison & Co's energy group. He is Chairman of TrustPower and Infratil Energy Australia, Deputy Chairman of listed Australian company Energy Developments and was previously Chairman of the Southern Hydro Partnership. Previously he was a senior manager with Electricity Corporation of NZ.
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Phil Walker
Joined Morrison & Co in 1997 and is a Director of Infratil Airports Europe having previously been Chairman of Wellington Airport and a number of Australian airports. He has undertaken over 40 investment assessments on airports in Australia, NZ, Europe and the US and lead successful bids for Darwin, Alice Springs, Wellington andf Glasgow-Prestwick Airports. Before joining Morrison & Co he was Executive Director of Brisbane International Airport and director of the Australian airport operations of Qantas.
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For more detail on our investment strategy and application forms, please refer to our investment statement.
Our investment statement is available for download in PDF format. To download a copy click on the button below.
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