OneAnswer KiwiSaver Scheme International Property Fund
Quarterly fund report
How has the fund performed?
Performance as at 30 September 2025
Rate | |
|---|---|
3 months | 2.62% |
1 year | -2.49% |
3 years (p.a.) | 7.47% |
5 years (p.a.) | 4.69% |
10 years (p.a.) | 3.98% |
Since launch (p.a.) | 3.59% |
Performance is after the annual fund charge and before tax. KiwiSaver rates, fees and agreements.
What happened this quarter (three months to 30 September 2025)
International listed property had a good quarter, with the benchmark (FTSE NAREIT Developed Rental Index) rising 3.6% over the quarter, benefiting from a relatively steady period for interest rate expectations over the quarter.
The US Federal Reserve (the Fed) cut interest rates by 25 basis points in September, while the European Central Bank (ECB) left rates unchanged. Both decisions were in line with expectations, reflecting the stable backdrop to monetary policy.
Asian markets were the strongest performing region, with Japan and Singapore leading the way. Japan saw continued acceleration in rental growth, while a softer-than-expected CPI reading also benefited the property sector. The UK was the worst-performing region, though it did see a rebound late in the quarter due to an improvement in leasing market conditions.
The healthcare sector remains one of the strongest performing sectors, underpinned by demand for US senior housing, while positive demographics and tight supply also boosted investor demand. This was reflected in fund performance with overweight positions to Ventas, Welltower and Chartwell Retirement Residences being three of the biggest contributors to relative performance. Ventas, the US-based medical research company saw its shares gain more than 15% over the quarter, supported by strong company fundamentals, including record liquidity of US$4.7 billion, which will assist growth initiatives in a high-demand market. Meanwhile, senior-housing companies Welltower and Chartwell saw their shares rise 21% and 12% respectively.
Other positive contributors included retail REITs Unibail-Rodamco-Westfield and Scentre Group. Unibail shares rose 15% benefiting from a stabilising in European discretionary spending, while Scentre, which owns and operates Westfield malls in Australia and New Zealand, saw its shares surge nearly 25%, benefiting from falling bond yields, particularly in New Zealand, which make higher-yielding companies look more attractive on a valuation basis.
The outperformance of the Japanese listed property sector saw the fund’s holdings of Mitsui Fudosan Limited and Sumitomo Realty & Development benefit fund performance. The two real estate developers saw their shares prices rise about 20%, benefiting from the improving rental market.
For more information on investment markets
What does the fund invest in?
The fund invests mainly in international listed property assets. Investments may include:
- Companies, funds or trusts that invest in property and are listed or are soon to be listed
- 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.