The strategy of the Fund is to invest in a globally diversified portfolio of best-in-class, next generation real estate and infrastructure companies that are listed in developed markets. These companies are likely to benefit from the digitalisation of economies, changing the way we work, live and play.

The Fund currently invests in 32 listed companies operating at the intersection of real estate and technology. These companies own physical assets that are vital to the functioning of the digital economy and are active in four specialist sub-sectors: logistics warehouses supporting e-commerce (50.5% portfolio weight), data centres (22.6% portfolio weight), mobile communication towers (19.9% portfolio weight), and networks (% portfolio weight).

Over the course of the month, the NAV decreased by 3.1% (C Acc GBP). Since launch, NAV has increased by 2.3% (C Acc GBP). In comparison, the global real estate index has increased by 12.1%*. During November, logistics was the best performing sub-sector, up 0.3%** on the month. Mobile communication towers, data centres and networks all delivered negative returns, down 1.7%**, 9.0%** and 9.9%**, respectively.

Although the longest US government shutdown, lasting 43 days, ended in the middle of November, market uncertainty regarding the ambiguous data environment, the impact on growth, and the progress of monetary policy weighed on market sentiment. Excellent quarterly results from NVIDIA failed to allay concerns about high valuations and fears of overly optimistic profit expectations in the AI market. This caused the data centres sub-sector to sell off in sympathy with the broader technology sector, where valuation concerns are growing. The US labour market data painted a mixed picture as unemployment continued to creep up in September to 4.4% and continuing jobless claims rose to the highest level in three years. Global bond markets were essentially flat on the month, returning 0.2%, with the weaker US labour market data and consumer confidence data providing some support.

Helios Towers (portfolio weight 2.1%) was added to the portfolio during the month. The company is a leading communications towers company positioned to capture the growth in mobile e-communications across Africa and the Middle East. Helios owns c.15,000 towers across nine high-growth markets in Africa and Oman and is the most diversified tower company in the region. After a number of years of inorganic growth, Helios Towers has now entered the sweet spot of continued growth alongside shareholder returns, in the form of both dividends and share buybacks.

Meanwhile, INWIT (portfolio weight 2.4%) reduced its 2026-30 guidance to the bottom of its range on the back of challenging market conditions in Italy and slowing inflation. Italy’s largest tower company had previously hoped to see increased investment activity following the consolidation of Vodafone and Fastweb. Despite this setback, it announced revenues of €271.1 million for Q3, up €2.1 million from the prior quarter.

After a period of disappointing performance Cogent Communications was removed from the portfolio in November.

Overall, the Fund Manager maintains a positive outlook on the digital infrastructure sector, primarily due to the strong performance of underlying portfolio assets. As such, the digital infrastructure sector remains a key investment area for any investors seeking long-term returns.

*MSCI World IMI Core Real Estate IMI GBP

**Defined as the calendar month, as opposed to the valuation month.