Summer Listed Property
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 risk indicator is based on the returns data for the five years to 31 March 2026.
* 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.
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% |
Minimum suggested investment timeframe
Fund at a glance
Unit price (as at 31 March 2026): $1.2577
Date the fund started: 19 September 2016
Fund returns
| PIR | 1 Month | 3 Month | 1 Year | 3 Years^ | Total since inception^ |
|---|---|---|---|---|---|
| 28% | -5.63% | -10.52% | 5.65% | 0.36% | 2.55% |
^ 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 | 19.02% |
| 2 | Goodman Property Trust | 18.17% |
| 3 | Kiwi Property Group Limited | 14.58% |
| 4 | Property For Industry Limited | 9.08% |
| 5 | Vital Healthcare Property Trust | 8.63% |
| 6 | Argosy Property Limited | 8.46% |
| 7 | Stride Property Group | 6.49% |
| 8 | Investore Property Limited | 2.10% |
| 9 | New Zealand Rural Land Company | 2.05% |
| 10 | Summerset Group Holdings Limited | 1.32% |
| Top 10 investments total | 89.9% | |
Portfolio Holdings
SummerLP portfolio holdings data Sept2025
2 KB
Manager's Commentary
How did your portfolio perform?
The Listed Property Fund (the fund) delivered a return after fees and before tax of –5.52% for March. For the 12 months to the end of March, the fund delivered a return after fees and before tax of 5.89%.
The top contributors to relative performance were our out of Index position in Infratil and underweight positions in Vital Healthcare and Property for Industry. Infratil held an investor day focussing on its key investment Canberra Data Centres, highlighting strong underlying demand and an improving competitive position.
The biggest detractors from performance were again our out of index aged care position, with Summerset, Ryman Healthcare and Oceania Healthcare costing almost the entire underperformance for the month. Continued weakness in this sector is less of a reflection of what is going on operationally and more about softening sentiment towards the housing market. Risks to housing accelerated during the month as the Iran war drove higher inflation and interest rates higher.
We actively manage the fund’s foreign currency exposure from Australian equities. The NZ dollar dropped 1.08% against the Australian dollar during the month.
What happened in the markets you invest in?
March was another weak month for the sector as Middle East hostilities drove up interest rates. The NZ 10yr Govt. rose sharply to ~4.75% during March, up from ~4.35% in February. Interest rates impact both property sector valuations and earnings. This added to the whipsaw in property sector prices over the last six months. The property sector has swung from the third strongest six-month return over the last 30 years to the fifth largest decline in the space of half a year.
What are we thinking about the future?
With none of the larger cap stocks reporting preliminary revaluations to date, we are likely to see property valuations remain broadly stable, and we are expecting outlook statements to continue to be on the more conservative side given the macro outlook continues to be challenging and will no doubt be weighing on occupier intentions.
The sector is currently trading at a 24% discount to NTA and a gross yield of 8.6%, an almost 400bp spread to long bond rates. The longer oil supply remains restricted, the larger the second-order impacts on tenant demand, market rents, and supply of new stock become. However, this would also likely coincide with a shift in the market’s focus from inflation to recession risks. We continue to view property sector earnings as defensive given long leases to high-quality tenants, fixed annual rental increases, and under-renting. Replacement cost and economic rents are rising and will continue to limit new supply.
We continue to down weight our exposure to aged care stocks with our earlier thesis of fundamentals improving on the back of a strengthening economy, improving labour market, and stronger house prices unlikely to play out in the near term given the Middle East hostilities causing higher interest rate expectations.