Summer Listed Property
Summer Listed Property fund performance summary as at 31 October 2025.
Fund at a glance
Unit price (as at 31 October 2025): $1.4538
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% | 4.31% | 0.65% | 8.89% | 11.31% | 4.94% |
| 17.50% | 4.52% | 0.64% | 8.76% | 11.57% | 5.15% |
| 10.50% | 4.66% | 0.64% | 8.68% | 11.73% | 5.30% |
^ 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 90.49% 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 0.63% for October. For the 12 months to the end of October, the fund delivered a return net of fees and before tax of 11.99%.
The top contributors to relative performance were our out of index positions in aged care names Summerset Group, Ryman Healthcare, and Oceania Healthcare along with our underweight position in Precinct Properties (PCT). In mid-October PCT announced its intention to raise $310mn in equity, making it the first listed property vehicle (LPV) to raise equity at this point in the cycle. After a strong start to the month (property sector up a further 5% to 8th October) the sector had ‘digestion issues’ as investors sold down the sector to fund the PCT capital raise, finishing basically flat on the month.
The biggest detractors from performance were our underweight positions in PFI (Property for Industry) and Argosy along with our out of index position in Charter Hall Group which underperformed as hopes of a further Reserve Bank of Australia (RBA) interest rate cuts diminished.
We actively manage the fund’s foreign currency exposure from Australian equities. The NZ dollar declined 0.16% against the Australian dollar during the month.
What happened to the markets you invest in?
The NZ 10yr Govt. bond fell to ~4.05% during October, down from ~4.20% in September. The NZ REIT Index continued its upwards performance, up 0.27% for the month, and up 18.2% YTD 2025 vs. the S&P/NZ50G up 3.3%. New Zealand Rural Land Co, Stride Property and PFI outperformed the sector in October; PCT, Goodman Property Trust and Vital Healthcare underperformed.
Following New Zealand’s June quarter GDP result showing a significant -0.90% drop in September, the Reserve Bank of New Zealand duly cut its Official Cash Rate (OCR) by 0.50% in early October 2025, down to 2.50%. Many economists were quick to forecast a further cut in November. Not surprisingly, New Zealand’s interest rate-sensitive listed property market responded with healthy positive returns until the PCT capital raise was announced.
What are we thinking about the future?
The sector looks set to continue to be supported by the outlook of a softer rates environment benefiting from a lower cost of debt at the Company level (decreasing interest expense once hedging rolls off); a likely increase to NTA (on tighter cap rate assumptions) alleviating any gearing concerns; and finally a relatively more attractive yield (versus term deposits, for example) from property companies. We expect a solid reporting season, underpinned by high occupancy, fixed rental increases, the capturing of under-renting, corporate costs being right-sized, interest costs falling, and asset values stabilising. We expect gearing and future capital requirements to be in focus (and a possible headwind), given recent capital raises.
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.
