Summer Listed Property fund performance summary as at 30 June 2021.
Unit price (as at 30 June 2021): $1.4900
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
See the Listed Property page for the Summary of investment objective and strategy.
|PIR||Total since inception (annualised)||1 Month||3 Month||1 Year||3 Years^|
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.
|Asset name||% of fund net assets|
|1||Goodman Property Trust||14.30%|
|2||Kiwi Property Group Limited||11.85%|
|3||Precinct Properties New Zealand Limited||11.24%|
|4||Vital Healthcare Property Trust||8.95%|
|5||Stride Property Group||8.61%|
|6||Argosy Property Limited||8.14%|
|7||Property For Industry Limited||7.86%|
|8||ANZ transactional bank account||3.49%|
|9||Investore Property Limited||3.37%|
|10||Charter Hall Group Limited||2.07%|
The top 10 investments make up 79.88% of the fund.
Despite increasing expectations of higher interest rates, the New Zealand (NZ) Property index market delivered a positive return over the June quarter, beating the more modest returns from the broader NZ equity market but lagging the very strong returns of both the broader Australian and Global equity markets. NZ is seeing a very strong economic recovery in line with its’ global counterparts, driven by an employment recovery, government stimulus and low interest rates.
Summer Listed Property delivered a return of 2.87% for the June quarter.
Key contributors to outperformance over the quarter were out of index exposures in Charter Hall Group, Mirvac Group, CDL Investments, Centuria Industrial REIT, and Rural Funds group. Material detractors to performance included out of index exposures in Ryman Healthcare and Lendlease, and underweight exposures in Argosy Property and Goodman Property Trust.
We continue to rotate away from the NZ property index with almost 20% of the portfolio invested out of this core index. We have positioned the fund for inflation/higher interest rates and a continued V shaped economic recovery. Unprecedented fiscal & monetary stimulus have delivered labour and housing outcomes far exceeding initial expectations. To capitalise on this momentum we have added modest exposure to housing, construction, and civil exposed names. We have funded this by selling core NZ property index names that have some inflation protection from rising rents, but tend to lag the downside we expect to see from the more immediate impact of rising interest rates. We continue to believe these names plus some aged care stocks and Australian property stocks (particularly the ones with more fund manager type credential such as Charter Hall Group) offer better value than pure NZ rent collecting stocks at this stage in the cycle. Our preferred NZ property stocks are Asset Plus, Stride Property Group, and Vital Healthcare Property Trust.
We actively manage the fund’s foreign currency exposures. As at 30 June 2021, the fund’s foreign currency exposures represented 14.18% of the value of the fund. After allowing for foreign currency hedges in place, approximately 9.62% of the value of the fund was unhedged and exposed to foreign currency risk.
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.