Summer Listed Property
Summer Listed Property fund performance summary as at 31 May 2025.
Fund at a glance
Unit price (as at 31 May 2025): $1.2415
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% | 2.59% | 5.88% | -0.31% | 1.77% | -2.66% |
| 17.50% | 2.81% | 5.93% | -0.15% | 2.08% | -2.42% |
| 10.50% | 2.96% | 5.96% | -0.05% | 2.29% | -2.26% |
^ 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 88.17% 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 6.00% for the month of May. For the 12 months to the end of May the fund delivered a return net of fees and before tax of 2.61%.
The top contributors to relative performance were our underweight positions in industrial landlords Goodman Property Trust (GMT) and Property for Industry and our out of index position in Goodman Group in Australia. Relative underperformers were dominated by out of index positions in aged care stocks Ryman Healthcare (RYM) and Oceania Healthcare and an overweight position in New Zealand Rural Landco that has performed well in the last 18 months but failed to keep up as the sector roared back to life.
In the case of RYM the FY25 result was not good, as expected. While sales contract run-rates have picked up, the pace of recovery is slower than expected, with asset write-downs twice the upper limit flagged at the time of the capital raise.
We actively manage the fund’s foreign currency exposures associated with listed property and Australian equities. The NZ dollar rose just 0.02% against the Australian dollar during the month.
What happened to the markets you invest in?
The New Zealand 10-year government bond yield remained relatively stable in May, ending the month at ~4.6%, slightly above April’s 4.5%. The NZ REIT Index rebounded strongly, rising 6.8% and flat for the year to date. The sector saw a busy reporting season, with six listed property companies releasing results.
Earnings were broadly in line with expectations, with encouraging signs of activity. Goodman Property Trust (GMT) and Precinct Properties (PCT) advanced partnerships with capital providers, and overall portfolio metrics remained sound. Earnings declines across the sector were primarily driven by higher interest costs, tax, and increased share issuance. Despite these headwinds, companies presented a more stable outlook supported by rental reversion, falling funding costs, and efficiency gains, which are helping to offset isolated vacancy issues. Forward guidance was generally consistent across the sector. While balance sheets remain constrained, with gearing at or above target levels, portfolio reshaping and capital partnering are expected to fund ongoing development and improvement initiatives.
The government’s new Investment Boost policy is a modest positive for the property sector. While largely an acceleration of existing deductions, it appears to include a one-off tax benefit for newly completed buildings.
What are we thinking about the future?
Recent asset sales have helped support book values, but a divergence is emerging. Property companies with access to third-party capital are progressing growth strategies, while those without must rely on dividend reinvestment plans or dispose of non-core assets to maintain balance sheet flexibility. We remain constructive on the sector given attractive valuations and improving earnings and distribution prospects.
We continue to favour listed property vehicles with in-house fund management capabilities and maintain exposure to property-like businesses such as aged care operators, where valuations remain compelling. However, we recognise that the timing of a broader share price recovery will depend on a pickup in sales activity and a more supportive outlook for the residential housing market.
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.
