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Summer Listed Property fund performance summary as at 31 October 2017.
Unit price (as at 31 October 2017): $1.0039
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.
See the Listed Property page for the Summary of investment objective and strategy.
|Total since inception||1 Month||3 Months||6 Months||1 Year|
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%).
|Asset name||% of fund net assets|
|1||Precinct Properties New Zealand Limited||17.45%|
|2||Goodman Property Trust||17.12%|
|3||Kiwi Property Group Limited||16.39%|
|4||Property For Industry Limited||9.02%|
|5||Vital Healthcare Property Trust||8.38%|
|6||ANZ Cash Deposit||8.04%|
|7||Stride Property Group||7.21%|
|8||Investore Property Limited||3.43%|
|10||Stockland Corporation Limited||3.01%|
The top 10 investments make up 93.38% of the fund.
Summer Listed Property delivered a return of 0.02% for October.
October was a largely uneventful month for the New Zealand listed property sector. The fund’s comparative benchmark dipped slightly, finishing 0.23% lower.
The fund’s one year return of 4.72% exceeds the broader property market return. Much of the outperformance of the past year or more can be traced to the decision to diversify the portfolio’s exposures by adding Australian property trusts in February 2016. As such, the recent decline in the value of the New Zealand dollar has been of great benefit to fund returns.
In company news this month, Property for Industry (PFI) announced a 1:10 cash issue raising NZ$70m to fund a number of industrial property acquisitions. The company also unveiled a NZ$75m debt issue. Investors responded positively to both announcements.
In other news, Kiwi Property Group continues to advance the company’s Sylvia Park strategy. A 3.2 hectare block has been acquired for NZ$27.1m as part of a long-term vision to develop Mt Wellington as a metropolitan town centre.
Finally, the fund’s retirement property exposures have been sold. Although they have been highly profitable, stocks such as Ryman and Summerset are strongly correlated with the residential property cycle which appears to be well advanced, in our view. Monies raised have been used to build on the fund’s existing Australian exposures.
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.