Summer Listed Property
Summer Listed Property fund performance summary as at 31 August 2025.
Fund at a glance
Unit price (as at 31 August 2025): $1.3738
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% | 3.73% | 2.86% | 11.04% | 3.06% | 0.40% |
| 17.50% | 3.94% | 2.71% | 10.96% | 3.29% | 0.61% |
| 10.50% | 4.08% | 2.61% | 10.91% | 3.44% | 0.75% |
^ 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 2.46% for August. For the 12 months to the end of August, the fund delivered a return net of fees and before tax of 3.67%.
The top contributors to relative performance were our out of index positions in Charter Hall Group and Scentre Group along with an overweight position in New Zealand Rural Landco (NZL) as the share price received a boost from announcing a capital review of its strategic options.
The biggest detractors from performance were, again, from our out of index positions in the aged care names Summerset (SUM), Ryman Healthcare, and Oceania Healthcare (OCA). SUM printed another decent sales result, demonstrating their ability to outperform the others in tough housing conditions, but market sentiment remains poor towards these residential housing exposed names.
We actively manage the fund’s foreign currency exposure from Australian equities. The NZ dollar declined -1.68% against the Australian dollar during the month.
What happened to the markets you invest in?
The NZ 10yr Govt. bond yield was down to ~4.35% during August, down from the ~4.5% level it has sat at for the majority of 2025. The NZ REIT Index continued its upward performance, up 2.56% over the month. The NZ REIT Index is now up 18.75% off its lows on 30 April 2025. However, five-year returns in the index to August remain barely positive.
NZL, Kiwi Property, and Property for Industry outperformed the index in August. Precinct Properties (PCT), Investore, and Asset Plus underperformed. Listed property markets benefited from the Reserve Bank of New Zealand (RBNZ) indicating future rate cuts were likely to help restart the economy. Whilst inflation is not yet in the low half of their target band, indicators of demand and disinflation from China exports having to find a market outside of the US gave the RBNZ confidence to lower rates.
What are we thinking about the future?
The August reporting season didn’t throw any surprises our way, with relatively in-line results and outlook as expected. Rental growth remained robust, supported by capture of under-renting in Auckland industrial and prime Auckland office assets. Interest costs are falling, but gearing remains elevated. Guidance was broadly in-line with expectations.
The sector continues to trade up, with the sector discount to NTA falling to just -13%. Some of the larger-cap names are now trading broadly in-line with book value. Investors need to look further down the size and liquidity curve (such as Stride Property) to take advantage of the final leg of a rerate towards book value. Low term deposit rates on rollover could yet still spur further buying in the sector.
We have been investing more of the fund (from a low base) into Australian real estate and property-like names in New Zealand (for example aged care) as the valuation gap in the core NZ REIT’s has closed. The strong REIT sector rally not is not broadening into housing with a fairly wide value gap emerging versus aged care (for example OCA trading at 0.45x book, with PCT trading at a premium). The three aged care names we own all have peaking debt and are through the worst parts of the cycle and we believe a re-rate in these names is imminent.
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.
