Summer Listed Property
Summer Listed Property fund performance summary as at 31 July 2025.
Fund at a glance
Unit price (as at 31 July 2025): $1.3413
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% | 3.43% | 5.60% | 14.30% | 6.54% | -0.62% |
| 17.50% | 3.66% | 5.59% | 14.44% | 6.94% | -0.37% |
| 10.50% | 3.81% | 5.59% | 14.53% | 7.20% | -0.20% |
^ 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 89.20% of the fund.
Manager's Commentary
How did your portfolio perform?
The Summer Listed Property Fund (the fund) delivered a return net of fees and before tax of 5.58% for July. For the 12 months to the end of July, the fund delivered a return net of fees and before tax of 7.60%.
The top contributors to relative performance were our positions in retirement village operator Ryman Healthcare (RYM), and underweight positions in Goodman Property Trust (GMT) and Investore Property (IPL). RYM continued to rebound from a very weak trading update after the disappointing FY25 result which saw the stock hit fresh, 5-year lows. Earlier in July a positive trading update showed good progress in sales momentum, with the stock rallying ~9% over the following week. 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 positions in Summerset Group, and a relatively small position in Lifestyle Communities (LIC), and Goodman Group. LIC received a judgement from ongoing Victorian Civil and Administrative Tribunal (VCAT) proceedings relating chiefly to its use of a deferred managed fee (DMF) structure. The tribunal found that the concept of a DMF is legitimate, but certain LIC agreements should be declared void, and the shares fell ~37%.
We actively manage the fund’s foreign currency exposure from Australian equities. The NZ dollar declined -1.01% against the Australian dollar during the month.
What happened to the markets you invest in?
The NZ 10yr Govt. bond yield held largely steady again in July, ending the month at ~4.5%, in line with levels we have seen for most of CY25. The NZ REIT Index continued its upwards performance, up 5.68% over the month with the index up 8.52% year to date. Asset Plus, Stride Property and Kiwi Property outperformed in July whilst IPL, New Zealand Rural Land Co. and GMT underperformed. In July we have seen bank economists revise their forecasts for the Official Cash Rate (OCR) in New Zealand, with many now pricing in two more cuts before the end of the year to take the OCR to 2.75%.
What are we thinking about the future?
We do not anticipate many surprises from the four companies reporting this August. Occupancy will likely remain robust, contract rents will continue to grow for most (closing under-renting as market rent growth stalls), and interest rate headwinds dissipating over 2HFY25. Looking forward, tax headwinds should turn to tailwinds on tax depreciation changes on developments. We expect guidance to be for modest distribution growth. Portfolio valuations have been benign with Vital Healthcare reporting a slight devaluation, Property for Industry reporting an increase in valuations, while Precinct Properties has not released its year-end valuation, which suggests no material change.
We remain constructive on the property sector. The high yields on offer appear sustainable, supported by robust tenant demand for high-quality space, under-renting, fixed annual rental increases; and reducing debt costs. Furthermore, high build costs are limiting new supply, while the listed market continues to trade at a material discount to asset value.
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.
