Summer Listed Property
Date the fund started: 18 October 2019
Summary of investment objective and strategy
To achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/NZX All Real Estate Gross with Imputation Index.
These investments typically have high levels of movement up and down in value.
Strategic investment mix
| Category | % |
|---|---|
| Cash and cash equivalents | 5.00% |
| New Zealand fixed interest | 0.00% |
| International fixed interest | 0.00% |
| Total income assets | 5% |
| Australasian equities | 20.00% |
| Listed property | 70.00% |
| International equities | 5.00% |
| Total growth assets | 95% |
| Total portfolio | 100% |
Risk indicator
The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the fund’s assets goes up and down (volatility). A higher risk generally means higher potential returns over time, but more ups and downs along the way.
* The composite benchmark for each multi-asset class fund is made up of the single asset class benchmarks weighted by the target asset allocation for the asset class.
Minimum suggested investment timeframe
At least five years
Fund at a glance
Unit price (as at 28 February 2026): $1.3325
Fund returns
| PIR | Total since inception^ | 1 Month | 3 Month | 1 Year | 3 Years^ |
|---|---|---|---|---|---|
| 28% | 3.21% | -1.62% | -5.90% | 7.51% | 1.65% |
^ Annualised
Fund returns are calculated net of fund charges, trading expenses and accrued tax for a New Zealand resident individual paying tax at the Prescribed Investor Rate identified above.
Top 10 investments
| # | Asset name | % of fund net assets |
|---|---|---|
| 1 | Precinct Properties New Zealand Limited | 18.09% |
| 2 | Goodman Property Trust | 17.42% |
| 3 | Kiwi Property Group Limited | 14.98% |
| 4 | Property For Industry Limited | 8.92% |
| 5 | Vital Healthcare Property Trust | 8.59% |
| 6 | Argosy Property Limited | 7.93% |
| 7 | Stride Property Group | 6.92% |
| 8 | ANZ transactional bank account | 2.46% |
| 9 | Investore Property Limited | 2.15% |
| 10 | New Zealand Rural Land Company | 1.86% |
| Top 10 investments total | 89.32% | |
Manager's Commentary
How did your portfolio perform?
The Listed Property Fund (the fund) delivered a return after fees and before tax of –1.61% for February. For the 12 months to the end of February, the fund delivered a return after fees and before tax of 7.95%.
The top contributors to relative performance were our underweight positions in Precinct Properties (PCT) and Argosy (ARG) along with an out of index position in Infratil. PCT's 1H26 result appeared soft at face value. Their living strategy is now in full swing, so exposure to more lumpy fee income will be an ongoing feature, although FY26 guidance was unchanged.
The biggest detractors from performance were our underweight position in Property for Industry (PFI), and our out of index positions in aged care providers Ryman and Summerset. In the case of the aged care names this is less of a reflection of what is going on operationally and more about poor sentiment to a softer housing market.
We actively manage the fund’s foreign currency exposure from Australian equities. The NZ dollar dropped -2.48% against the Australian dollar during the month.
What happened in the markets you invest in?
The NZ 10yr Govt. bond fell to ~4.35% during February, down from ~4.60% in January. Despite this, the NZ REIT index was down 1.08%. PFI, Investore and Goodman Property Trust outperformed the sector in February; PCT, Stride Property and Argosy underperformed.
Four property companies reported in February. Operating performances remained robust, occupancy held up well, re-leasing spreads were healthy, and portfolio cap rates and debt costs stabilised. Distribution guidance was maintained for PCT and Vital Healthcare, whilst PFI increased guidance while maintaining its low payout ratio. Winton reported a challenging six-month period, though it guided to higher unit sales in 2H26 and received draft approval for its Sunfield consent application.
What are we thinking about the future?
Sticky domestic inflation and recent global events have resulted in an expectation of higher longer-term interest rates. We continue to think sector fundamentals remain supportive, with the February property companies highlighting continued solid tenant demand and portfolio occupancy, ongoing structured and market rental growth, stable funding costs, and reiterating earnings and distribution guidance. Net asset values and balance sheet gearing were largely stable. We continue to view the sector’s valuation as attractive. The current discount to NTA is ~20% compared to its long-run average of a 1% and sector gross yield is 8.1%, 370bp above the 10-year bond rate.