Summer Listed Property

Summer Listed Property fund performance update as at 30 June 2017. 

Fund at a glance

Unit price (as at 30 June 2017): $0.9868

Date the fund started: 19 September 2016

For information on fees, see our Fees page.

Further information can be found in the product disclosure statement

Fund objective and strategy

See the Listed Property page for the Summary of investment objective and strategy.

Fund returns

 Total since inception1 Month3 Months6 Months
Fund -1.27% 0.53% 1.69% 4.69%

Fund returns are calculated net of fund charges, trading expenses and accrued tax for a New Zealand resident individual paying tax at the highest Prescribed Investor Rate (28%). 

Top 10 investments

  Asset name % of fund net assets
1 Kiwi Property Group Ltd 17.22%
2 Goodman Property Trust 16.52%
3 Precinct Properties NZ Ltd 15.38%
4 Property for Industry Ltd 9.80%
5 Vital Healthcare Property Trust 9.23%
6 ANZ Cash Deposit 6.16%
7 Stride Property Group Ltd 5.91%
8 Lend Lease Group Ltd 3.23%
9 Metlifecare Ltd 2.90%
10 Stockland Ltd 2.67%

The top 10 investments make up 89.02% of the fund.

Manager's comments

The New Zealand listed property sector enjoyed a solid month in June, rising by 1.27%.

June is a month synonymous with large dividend payments and these underpinned the increase in the sector’s gross return.

Summer Listed Property delivered a positive result of 0.53% for the month.

News flow in June was largely focused on the announcement of a rights issue by Kiwi Property Group. Priced at a 4.5% discount to the traded price prior, the deal appears relatively favourable and we have decided to take up our full entitlement of the Kiwi Property Group offer. The company is raising additional capital to pursue its development agenda in Auckland and Wellington.

Vital Healthcare Properties was also in the news this month. The company announced another small acquisition in Australia, as well as a further increase in net tangible assets which have been lifted by $165m to $2.20 per share. The rise reflects a mix of rising property comparatives as well as “cap” rate compression.

Summerset was another portfolio stock to release good news in June. The company has upgraded FY17 profit forecasts by 12% to $72m-$75m due to strong development margins and pleasing sales of occupation rights. Longer dated forecasts have also been increased. Both FY18 and FY19 expectations have been revised upwards by 5%.

Finally, New Zealand listed property vehicles continue to fine-tune their portfolios.

Goodman Property Trust has moved to full ownership of Bayleys House in Auckland’s Wynyard Precinct whilst Property For Industry has sold a parcel of industrial zoned land in Penrose for $14.25m. The company has also announced the settlement of the internalisation proposal which removes the unhelpful link between management fees and the size of the Fund’s assets.

  

For more information on the Summer Listed Property fund, read the latest quarterly fund update.

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.