Summer Listed Property
Summer Listed Property fund performance summary as at 30 November 2025.
Fund at a glance
Unit price (as at 30 November 2025): $1.4172
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% | 3.98% | -2.50% | 3.21% | 9.75% | 4.10% |
| 17.50% | 4.19% | -2.49% | 3.26% | 9.95% | 4.30% |
| 10.50% | 4.33% | -2.48% | 3.29% | 10.08% | 4.44% |
^ 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 89.51% 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 -2.47% for November.
For the 12 months to the end of November, the fund delivered a return net of fees and before tax of 10.28%.
The top contributors to relative performance were once again our out of index positions in aged care names Summerset Group, Ryman Healthcare, and Oceania Healthcare along with our underweight position in Vital Healthcare Property Trust (VHP). In early November VHP announced its intention to raise $220m in equity to fund the internalisation of its management contract. Following on from the Precinct Properties (PCT) $310mn capital raise in mid-October this has proven to be a significant call on capital for the sector to digest.
The biggest detractors from performance were our out of index position in Goodman Group (GMG) and our underweight position in PCT as the latter staged a modest recovery following a very weak October. GMG continued its run of underperformance this year as the market grows increasingly impatient about the lack of visible progress in its data centre business and uncertainty surrounding the next Reserve Bank of Australia (RBA) move. Sentiment has pivoted very quickly from the timing of the next cut to possible RBA rate hikes, weighing on the property sector in general. We have a high conviction that FY26 (ending June 2026), presents a period for both capital partnerships and lease negotiating catalysts given underlying investor demand for data centre developments, tenant demand for capacity and timing of GMG’s development project pipeline.
We actively manage the fund’s foreign currency exposure from Australian equities. The NZ dollar rose 0.07% against the Australian dollar during the month.
What happened to the markets you invest in?
Following a hawkish Reserve Bank of New Zealand (RBNZ) 25bp rate cut (to 2.25%) the NZ 10yr Govt. bond increased to ~4.35% during November, up from the lows seen in October where it was sub 4% (month end ~4.05%). The NZ REIT index reflected this sentiment, down 3.14% for the month but is still up 14.5% YTD.
Six companies reported interim results in November, broadly meeting expectations. Key themes persisted: lower interest rates and tight cost control continue to support operating earnings, vacancy continued to rise slightly from recent lows, maintenance capex increased in part due to some taking advantage of new tax deductions, asset sales and capital recycling stayed a focus, and asset values were mostly steady. FY26 dividend guidance remained unchanged across all reporting companies.
What are we thinking about the future?
With the sector selling off somewhat from recent highs the sector is now back trading at a –12% discount to NTA. While the likelihood of further interest rate cuts has diminished, the current relatively low-rate environment should continue to support the sector. This support comes through improved earnings as companies benefit from lower debt costs once hedges roll off; a probable uplift in NTA driven by tighter cap rate assumptions, which should ease gearing concerns; and, lastly, the comparatively attractive yields offered by property companies relative to alternatives such as term deposits.
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.
