How has the fund performed?
Performance as at 31 December 2025
Rate | |
|---|---|
3 months | -2.17% |
1 year | 10.46% |
3 years (p.a.) | 4.36% |
5 years (p.a.) | -1.85% |
10 years (p.a.) | 4.80% |
Since launch (p.a.) | 5.72% |
Performance is after the annual fund charge and before tax. KiwiSaver rates, fees and agreements.
What happened this quarter (three months to 31 December 2025)
The New Zealand listed property sector ended the year on a softer note, despite delivering strong gains over the full 12 months. The sector index fell 3.8% in the final quarter, underperforming the broader NZX 50, which rose 1.9%. Nevertheless, the property index finished the year up a robust 13.5%.
Of the 10 companies in the listed property index, six ended the period lower.
The weakness over the quarter was partly driven by rising bond yields, which weighed on the interest rate‑sensitive sector. While the Reserve Bank of New Zealand (RBNZ) delivered two interest rate cuts, it signalled that the November move may mark the end of the easing cycle. This hawkish shift prompted a jump in yields, with the 10‑year government bond closing the quarter up 21 basis points at 4.40%. The other drag on the sector in the quarter was the capital raises of Precinct and Vital Healthcare, which were done at 7.5% and 9.5% discount to previous close.
Economic data reinforced the view that the easing cycle may be over. Third-quarter GDP grew 1.1%, with expansion across 14 of 16 industries. Manufacturing rebounded by 2.2% following a sharp Q2 slump, while construction rose 1.7%, although annual output remains down 8.5%.
Meanwhile, business confidence continued to improve, with a sharp jump in December. The ANZ Business Confidence Index rose to its highest level in around 30 years, suggesting firms are increasingly upbeat about the year ahead.
Despite the challenging quarter, the fund outperformed its benchmark, supported by effective sector selection – most notably the retirement village operators. The fund was overweight to the three major players, Oceania Healthcare, Ryman Healthcare and Summerset Group, which saw share price gains of 33.3%, 12.4% and 15.1% respectively over the quarter. The sector was further supported by RBNZ rate cuts, which improved the outlook for the housing market and boosted demand for retirement village units.
Also having a positive impact on relative performance was the fund’s holding of National Storage REIT, which rose 18.1% over the quarter on the back of a AUD$4 billion bid to acquire the company by Brookfield and Singaporean wealth giant GIC. The offer reflects how much upside is expected in the sector, driven by population growth and a tight housing market.
Offsetting some gains was an underweight position to manager Charter Hall Group, which saw its share price up about 10% over the quarter, supported by an upgrade to its 2026 earnings guidance, noting a pickup in investment activity across its property sector and funds management platform.
For more information on investment markets
What does the fund invest in?
The fund invests mainly in New Zealand and Australian listed property assets. Investments may include:
- Companies, funds or trusts that invest in property and are listed or intend to list
- Cash and cash equivalents.
This chart shows the mix of assets that the fund generally intends to invest in – 100% listed property.
See the fund's actual investment mix on page 3 of the fund update.
Important information
ANZ New Zealand Investments Limited (‘ANZ Investments’) is the issuer and manager of the ANZ KiwiSaver Scheme, the OneAnswer KiwiSaver Scheme and the ANZ Default KiwiSaver Scheme (no longer a default scheme and closed to new members). For the scheme guides and product disclosure statements see KiwiSaver documents and forms or ask at any ANZ branch.
This material is for information purposes only. Please talk to us if you need financial advice about your situation and goals or about our products and services. See our Financial advice provider disclosure statement (PDF 39.9KB).
Past performance does not indicate future performance. The actual performance any given investor realises will depend on many things, is not guaranteed and may be negative as well as positive.