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 30 April 2026): $1.2665
Date the fund started: 19 September 2016
Fund returns
| PIR | 1 Month | 3 Month | 1 Year | 3 Years^ | Total since inception^ |
|---|---|---|---|---|---|
| 28% | 0.72% | -6.48% | 8.54% | 0.56% | 2.61% |
^ 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 | 18.91% |
| 2 | Goodman NZ Ltd & Goodman Property Services Ltd | 17.79% |
| 3 | Kiwi Property Group Limited | 14.95% |
| 4 | Property For Industry Limited | 9.50% |
| 5 | Vital Healthcare Property Trust | 8.85% |
| 6 | Argosy Property Limited | 7.88% |
| 7 | Stride Property Group | 6.50% |
| 8 | Investore Property Limited | 2.05% |
| 9 | New Zealand Rural Land Company | 1.93% |
| 10 | BNZ Transactional Account NZD | 1.73% |
| Top 10 investments total | 90.09% | |
Portfolio Holdings
SummerLP portfolio holdings data Sept2025
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Manager's Commentary
How did your portfolio perform?
The Listed Property Fund (the fund) delivered a return after fees and before tax of 0.70% for April. For the 12 months to the end of April, the fund delivered a return after fees and before tax of 8.76%.
The top contributors to relative performance were our out of index positions in Goodman Group (GMG) and Charter Hall Group (CHC) along with an underweight position in Argosy Property (ARG). GMG outperformed in April largely because investors rotated back into AI and data-centre infrastructure themes, and GMG is increasingly viewed as a data-centre developer rather than a traditional industrial REIT. CHC announced a new institutional mandate continuing the momentum in funds under management growth and equity flows announced during FY26.
The biggest detractors from performance were our underweight position in Vital Healthcare (VHP) and our out of index position in Summerset. In VHP’s case the NZD continued its slide against the AUD and with two-thirds of its portfolio in Australia (and an imperfect hedge against bank debt) this is of benefit both in terms of asset values and income in NZ dollar terms.
Continued weakness in the aged care sector is less of a reflection of what is going on operationally and more about softening sentiment towards the housing market. Risks to housing continue to build as the Iran war drives inflation and interest rates higher. We have downweighted 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.
We actively manage the fund’s foreign currency exposure from Australian equities. The NZ dollar dropped -1.68% against the Australian dollar during the month.
What happened in the markets you invest in?
The NZ 10yr Govt. remained elevated during April, ending the month at ~4.70%, in line with the back end of April. While the NZ REIT index initially continued its downwards trajectory during the month, there was a reversal towards month end, with the index up 0.65% for April. The REIT index is down 8.8% April YTD 2026 vs the S&P/NZ50G down 4.8%. VHP, Property for Industry and Stride Property outperformed the sector in April; ARG, New Zealand Rural Lanco and Asset Plus underperformed.
What are we thinking about the future?
CBRE, a global commercial real estate and investment firm, noted in its 1Q26 update that the market entered 2026 on positive momentum. While activity further lifted post the holiday period through February, it is not surprising that recent global uncertainty has started to weigh increasingly heavily on sentiment, and there is less confidence that sales campaigns currently underway will conclude as anticipated. This, together with recent rises in interest rates, saw little change in asset yields for 1Q26.
We remain constructive on the sector following the recent sell-off. We expect upcoming results in May will highlight: (1) solid earnings growth reflecting continued topline momentum supported by fixed rental increases and under-renting; (2) robust portfolio occupancy and lease term; (3) stable operating costs and interest expense with near-term hedging in place; and (4) guidance for stable to improving distributions in FY27. Valuation metrics remain attractive with the sector trading at a -21% discount to net tangible assets (NTA), which implies a further -14% reduction in asset values is being priced by the market, and a gross yield of 6%–10%, which is above the long-run average spread to long-dated government bonds. Property yields are also broadly back in-line with their peaks relative to other yield sectors.