Summer Listed Property
Summer Listed Property fund performance summary as at 30 April 2025.
Fund at a glance
Unit price (as at 30 April 2025): $1.1717
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% | 1.94% | -1.95% | -8.72% | -6.86% | -6.65% |
| 17.50% | 2.15% | -1.96% | -8.60% | -6.60% | -6.43% |
| 10.50% | 2.30% | -1.96% | -8.52% | -6.43% | -6.29% |
^ 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 87.83% 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 –1.96% for the month of April. For the 12 months to the end of April the fund delivered a return net of fees and before tax of –6.17%.
The top contributors to relative performance were out of index positions in Goodman Group, Oceania Healthcare, and Charter Hall Group. Relative underperformers were dominated by out of index position in Ryman Healthcare (RYM) and underweight positions in Vital Healthcare (VHP) and Argosy Property (ARG).
A significant portfolio sell trade during the last few days of the month contributed to the very weak sector performance during April. The sector rebounded strongly in the first few days of May.
We actively manage the fund’s foreign currency exposures associated with listed property and Australian equities. The NZ dollar rose 2.05% against the Australian dollar during the month.
What happened to the markets you invest in?
The NZ 10yr Govt. bond yield held steady in April, ending the month at ~4.5%, down a touch from the previous month. The NZ REIT Index continued its downwards trajectory, down a further 2.1% over the month but still managed to outperform the wider NZX50. VHP, ARG and Asset Plus outperformed while Kiwi Property, Precinct Properties and Property for Industry underperformed.
Six companies are set to report FY25 results in May. We expect solid net rental income growth across most portfolios. Progress on capital recycling will be a key theme as opportunities begin to emerge at this point in the cycle. With largely fixed topline growth, lower interest rates, and under-renting, we expect FY26 dividend growth guidance to feature during the results season.
What are we thinking about the future?
The listed property sector has had a torrid 12 months to the end of April, significantly underperforming the broader New Zealand equity market. We are somewhat surprised by this given interest rates have generally trended down over the same period.
Operationally, although showing some early signs of weakness, aggregated portfolio occupancy remains solid. While market rental growth has slowed, fixed annual lease increases and under-renting within portfolios should support the top line, while operational costs are being managed down. Below the operating profit line, debt costs have largely peaked, and tax headwinds are now behind us.
From a valuation standpoint high single digit gross yields look attractive versus other fixed income-like alternatives. The sector continues to continue to trade at large discounts to underlying asset value, despite recent transactional evidence, and the sector P/E multiple is at a record discount to the broader NZ market.
After President Trump’s tariff announcements, we expect the property sector’s appeal as a defensive asset class to increase. If the tariff action leads to a global recession central banks are likely to respond with looser monetary policy and that typically favours the listed property sector.
We continue with a preference to those listed property vehicles with fund manager capability and maintain an exposure to property-like companies such as Infratil (Data Centres), Fletcher Building (Residential) and Aged Care companies that have been beaten- up and should benefit in our view, from a lower interest rate environment and improving consumer sentiment.
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.
