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 30 June 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 June 2026): $1.3199
Date the fund started: 19 September 2016
Fund returns
| PIR | 1 Month | 3 Month | 1 Year | 3 Years^ | Total since inception^ |
|---|---|---|---|---|---|
| 28% | 1.53% | 5.00% | 4.53% | 1.00% | 3.00% |
^ 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 | 18.88% |
| 2 | Goodman NZ Ltd & Goodman Property Services Ltd | 18.62% |
| 3 | Kiwi Property Group Limited | 15.26% |
| 4 | Property For Industry Limited | 10.27% |
| 5 | Vital Healthcare Property Trust | 8.24% |
| 6 | Argosy Property Limited | 7.32% |
| 7 | Stride Property Group | 5.99% |
| 8 | BNZ Transactional Account NZD | 2.45% |
| 9 | New Zealand Rural Land Company | 1.86% |
| 10 | Investore Property Limited | 1.84% |
| Top 10 investments total | 90.73% | |
Portfolio Holdings
Summer Listed Property Portfolio Holdings
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 1.61% for June. For the 12 months to the end of June, the fund delivered a return after fees and before tax of 4.50%.
The top contributors to relative performance were our out of index positions in Charter Hall Group (CHC), aged care provider Summerset, and our underweight position in developer Winton Land. In late May CHC announced yet another earnings upgrade with FY26 operating earnings per security now expected to be over 25% higher than last year. CHC continues to benefit from increased funds under management and investment activity.
The biggest detractors from performance were our out of index positions in Infratil, Goodman Group and Radius Residential Care.
We actively manage the fund’s foreign currency exposure from Australian equities. The NZ dollar fell 1.34% against the Australian dollar during the month.
What happened in the markets you invest in?
The NZ 10yr Govt. yield was ~4.4% at June end, down ~20bps from the ~4.6% level we saw towards the end of May. The NZ REIT index reflected this sentiment during the month, up 1.5% (underperforming the S&P/NZ50G, up 2.92%). The REIT index is down 5.2% June YTD 2026 vs the S&P/NZ50G up 0.5%. Kiwi Property, Goodman NZ, and Vital Healthcare (VHP) outperformed the sector in June; Asset Plus, Stride Property and Investore underperformed.
The sale of half of Precinct Properties (PCT) PwC Tower at a slight discount to book was the key newsflow during June. VHP committed to the second project flagged at their last capital raise, with Stage 2 of Macarthur Health Precinct due to commence in mid-2026.
What are we thinking about the future?
We expect the sector to remain quiet as we head towards the August reporting season for full-year results from Property for Industry, VHP and PCT. Ahead of these results we will be looking for any preliminary valuation updates and we expect the sector to continue to trade in-line with interest rate sentiment and general occupier sentiment.
Sector fundamentals remain robust, and recent headwinds (Middle East uncertainty and potentially higher interest rates) are abating. We continue to see solid demand from both tenants and investors in direct real estate.
The property sector continues to screen attractively despite recent volatility. The sector now trades at a 21% discount to NTA, a gross yield of 8.2% (for a 33% taxpayer) which is ~3.60% above the 10-year bond rate. Finally, the sector is trading at a PE of ~16x, more than eight turns below the broader NZ market. Current share prices are implying a further ~14% reduction in asset values, but NTA has already been marked down, and recent transactions have been at a c.-5% discount to book. We continue to see opportunities in the sector.