Summer Listed Property
Summer Listed Property fund performance summary as at 30 August 2025.
Fund at a glance
Unit price (as at 30 August 2025): $1.4447
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% | 4.27% | 5.18% | 14.25% | 12.52% | 4.43% |
| 17.50% | 4.49% | 5.22% | 14.12% | 12.77% | 4.65% |
| 10.50% | 4.63% | 5.25% | 14.03% | 12.94% | 4.79% |
^ 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 89.42% 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 5.29% for September. For the 12 months to the end of September, the fund delivered a return net of fees and before tax of 13.20%.
The top contributors to relative performance were our long standing underweights to the industrial sector names Property for Industry (PFI) and Goodman Property Trust along with an overweight position in Stride Property.
The biggest detractors from performance were unsurprisingly our out of index positions in Summerset and Australian fund managers Goodman Group and Charter Hall. With the New Zealand property index up 26% in the five months since April 2025 anything held outside the core NZ REIT index has cost performance. As a reminder, your fund is permitted to invest up to 45% outside the core NZ REIT index in Australian property or NZ/Aus “property-like” or “real” assets. For risk management purposes we tend to flex this between 5% and 15%. Back in April we were at the lower end of this range believing the New Zealand sector to be stand-out cheap, but as the sector has rapidly appreciated we have been adding to out of index names and currently sit around 9%.
We actively manage the fund’s foreign currency exposure from Australian equities. The NZ dollar declined -2.82% against the Australian dollar during the month.
What happened to the markets you invest in?
The NZ 10yr Govt. bond fell to ~4.20% during September, from ~4.35% in August (and ~4.5% level it has sat at for the majority of 2025). The NZ REIT Index continued its upwards performance, up 5.93% over the month with the index up 17.9% YTD vs the S&P/NZ50G up 1.4%.
New Zealand’s June quarter GDP result reported a significant -0.90% drop which quickly recalibrated market expectations for more official cash rate (OCR) drops before year-end and forecasting a terminal rate around 2.25% to 2.50%. Not surprisingly, New Zealand’s interest rate-sensitive listed property market responded with healthy positive returns for the month.
What are we thinking about the future?
Falling short-term interest rates have swung sentiment in the listed property sector’s favour. The sector continues to trade up with the second leg of the re-rate being driven by the “second tier” property companies (ex GMT, PCT, PFI). This has seen the upside gap to our 12-month target prices reduce, but acknowledge low term deposit rates on rollover could still spur further buying in the sector, recognising the real relationship should be with longer term rates.
We continue to add to out of index names in particular Australian fund managers and New Zealand aged care companies, the latter we expect to benefit from sharply reduced interest rate expectations eventually driving a residential property recovery.
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.
