IFT - Infratil

[Snoopy]

Were all three Infratils of equal size when initially floated and listed on the NZX?

Very good question. I can't remember. I guess what you are hinting at is that if the three Infratils were not of equal size, then as a measuring stick you should invest your 'initial capital' in proportion to their size? I think that is a fair point to raise. It is all so long ago now. I think by the turn of the century (yikes 22 years ago!) there was only one Infratil left standing. But I don't recall the 'other two' Infratils ever being shell company minnows.

I have never invested in any of the Infratils myself. That wasn't because I thought they were poor investments. Infratil New Zealand I have always categorised as a slow grinding star. My issue in those early days was that their three principal investments were Trustpower and Port of Tauranga and Wellington Airport. The first two of those were separately listed. So why buy into Infratil when you could just buy Trustpower and Port of Tauranga shares outright, without any 'management fees' being siphoned off between you and your return? One reason would be if you wanted exposure to Wellington Airport, or pre-Sharsies, if you wanted diversification with a modest amount of capital. But that argument wasn't enough to win me over. And although Infratil New Zealand was successful in those early days, Trustpower and the Port of Tauranga as stand alone investments did better.

I am not trying to diss Infratil as an investment by the way. I guess I have a somewhat 'biased aversion' to putting a manager between myself and my investments, when I am used to doing investing 'hands on' by myself. But I understand that for others, something like Infratil may be the way to go. And the Infratil of today has changed. It isn't possible to replicate their investment portfolio today on a 'do it yourself' basis.

SNOOPY