Summer Listed Property
Summer Listed Property fund performance summary as at 30 June 2025.
Fund at a glance
Unit price (as at 30 June 2025): $1.2704
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
For more information on the Summer Listed Property fund, read the latest quarterly fund update and the product disclosure statement.
Fund objective and strategy
See the Listed Property page for the Summary of investment objective and strategy.
Fund returns
| PIR | Total since inception (annualised) | 1 Month | 3 Month | 1 Year | 3 Years^ |
| 28% | 2.83% | 2.23% | 6.13% | 7.20% | -0.62% |
| 17.50% | 3.05% | 2.31% | 6.26% | 7.61% | -0.36% |
| 10.50% | 3.21% | 2.37% | 6.35% | 7.87% | -0.19% |
^ 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
The top 10 investments make up 88.74% of the fund.
Manager's Commentary
How did your portfolio perform?
Summer Listed Property (the fund) delivered a return net of fees and before tax of 2.46% for the month of June. For the 12 months to the end of June the fund delivered a return net of fees and before tax of 8.28%.
The top contributors to relative performance were our positions in Australian real estate fund manager Charter Hall (CHC) and retirement village operator Ryman Healthcare (RYM).
CHC has performed well ahead of expected rate cuts this year. The market is pricing-in a rate cut when the Reserve Bank of Australia (RBA) meets in July, with multiple subsequent cuts through to the middle of next year. This has boosted investor risk appetite in the real estate sector. RYM rebounded from a very weak trading update after the disappointing FY25 result which saw the stock hit fresh, 5-year lows. We do not think the business model is broken, which is arguably priced into the stock, and remain positive the new CEO can deliver a meaningful turnaround over time.
The biggest detractors from performance were our underweight position in Property for Industry (PFI) and our out of index position in Fletcher Building (FBU).
PFI shares rose on the back of a positive update to earnings guidance and asset revaluations. FBU performed poorly on the back of an uninspiring investor day. There was limited detail around potential asset sales and the company guided to yet more, surprisingly large write-downs.
We actively manage the fund’s foreign currency exposures from Australian equities. The NZ dollar fell -0.15% against the Australian dollar during the month.
What happened to the markets you invest in?
The New Zealand 10-year government bond yield was broadly steady in June, ending the month slightly below the 4.5% at the end of May. The NZ REIT Index continued its robust performance in May, rising by a further 2.45% in June. The index is now up 2.3% year to date. In June we have seen bank economists revise their forecasts for the Official Cash Rate in New Zealand, with most now expecting a rate hold at the July meeting and just one more cut before the end of this cycle.
What are we thinking about the future?
The May reporting season revealed a sector in good condition on a fundamental basis, with limited movement in portfolio vacancy. The new government policy ‘Investment Boost’ announced at the last budget has also presented a cashflow boost to in-flight projects with valuations stabilising, and in some cases rising.
Company balance sheets are through the worst, with dividends now supported by interest rate declines and cost-out efforts. The scene is set for the sector’s robust performance to continue. We have been closing our underweight in Kiwi Property with increased confidence in its operating performance. Our aged care positions had a good month but remain well down year to date. We think substantial upside exists over the next 12-18 months as transformation efforts gather pace and improving housing market liquidity provides a meaningful cash flow boost.
This is not a recommendation to buy or sell any financial product and does not take your personal circumstances into account. All opinions reflect our judgement on the date of communication and may change without notice. Past performance is not a reliable guide to future performance. We recommend you take financial advice before making investment decisions. We have prepared this web page in good faith based on information obtained from other sources, but we do not guarantee the accuracy of that information. We do not make any representation or warranty (express or implied) that this web page is accurate, complete, or current and to the maximum extent permitted by law disclaim any liability for loss which may be incurred by any person relying on this web page.
