The S&P/NZX50 Gross slid -1.26% during a month that was full dramatic events and news. Sky City and Fletcher Building were faced with a massive fire in the International Convention Centre building project which creates uncertainty around cost and time delays. The index has returned +23.26% for the 12 months to the end of October.

The Salt Dividend Appreciation Fund outperformed the index returning -0.69% in October.  The strongest tailwind came from the Fund’s moderate holding in Marsden Maritime (MMH, +12.3%) which rose sharply as the case for a significant lift in the services provided at Northport takes shape.

For more detail, the latest Salt Dividend Appreciation Fund fact sheet can be found here.

The long bull market run of the S&P/NZX All Real Estate Gross Index finally came to an end in the month of October, with the index declining by -2.81%.

This followed a remarkable 11 consecutive positive months.  The Fund comfortably outperformed the benchmark in October, declining by -2.30%.  The stand-out positive contributor was our large underweight in Kiwi Property (KPG, -4.8%) which announced a $200m equity raising at $1.58 per share compared to a $1.67 prior close.

For more detail, the latest Salt Enhanced Property Fund fact sheet can be found here.