Summer Listed Property

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

Fund at a glance

Unit price (as at 30 April 2017): $0.9798

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 -1.97% 0.98% 1.94% 2.19%

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 18.04%
2 Goodman Property Trust 16.72%
3 Precinct Property NZ 15.62%
4 Property For Industry 10.07%
5 Vital Healthcare Property Trust 9.31%
6 ANZ Cash Deposit 6.27%
7 Stride Property Ltd & Stride Investment Management Ltd 5.14%
8 Lend Lease 3.35%
9 Metlifecare 3.26%
10 Ryman Healthcare 2.70%

The top 10 investments make up 90.48% of the fund.

Manager's comments

The broader listed property sector was up by 1.30% in April while Summer Listed Property delivered a return of 0.98% for the period.   

Property sector news this month was largely focused on the ongoing NPT takeover. Both Augusta and Kiwi Property Group lodged bids but the latter has struggled to attract the support of several large shareholders despite the endorsement of the NPT board. At this month’s Annual General Meeting, NPT shareholders voted against the Kiwi Property Group deal and to remove NPT’s board chairman plus one independent director. The smoke has yet to clear on this standoff, in our view, but the Kiwi Property Group deal appears to be dead. The fund holds a substantial exposure to Kiwi Property Group and, given the amount of development the company currently has underway, we believe it is a mild positive that the NPT distraction has been removed.

In other news in April, Vital Healthcare Properties announced the acquisition of an aged care facility in Australia as well as a small hospital site. We regard these investments as positive as they further the company’s growth aspirations across the Tasman. At the same time, rumours have been circling that the company is a potential takeover target. It’s difficult to know the veracity of this suggestion but Vital Healthcare Properties remains a core exposure within the portfolio and any decision to sell would be made reluctantly. The company raised $160m in July 2016 and remains well placed for further growth, in our view.

Finally, while the property sector continues to offer attractive yields, we see the potential for higher interest rates, which have the potential to act as a drag on sector performance, when compared to the more broader Australasian equity market.

  

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.