New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development pipeline, as flagged at its FY26 result; and (3) has seen a material increase in its independent valuation.</li><li>New disclosure and substantial 1Q27 construction starts indicate CDC has greater near-term leasing capacity than we had previously assumed.</li><li>We see further large contract wins for CDC as potential catalysts and retain OUTPERFORM.</li></ul>

Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development pipeline, as flagged at its FY26 result; and (3) has seen a material increase in its independent valuation.New disclosure and substantial 1Q27 construction starts indicate CDC has greater near-term leasing capacity than we had previously assumed.We see further large contract wins for CDC as potential catalysts and retain OUTPERFORM.

United States

Anthropic, PBC operates as an AI safety and research company. The Company builds reliable, interpretable, and steerable AI systems. Anthropic serves customers in the United States.

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Anthropic (1892140D US)

Infratil Capacity to Surprise

Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development...

Forsyth Barr

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