How has the fund performed?
Performance as at 31 December 2025
Rate | |
|---|---|
3 months | 0.48% |
1 year | 5.46% |
3 years (p.a.) | 6.84% |
5 years (p.a.) | 3.71% |
10 years (p.a.) | 3.48% |
Since launch (p.a.) | 3.56% |
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)
International listed property had a challenging quarter, with the benchmark (FTSE NAREIT Developed Rental Index) down 1.1% over the quarter. Over one year, the index was up 4.7%.
The US Federal Reserve ended 2025 with two rate cuts in the final quarter, each by 25 basis points. The December cut was contentious – three members dissented, with two favouring no change and one advocating a deeper 50 basis point cut.
Asian markets were the strongest performing regions over the quarter, led by Japan (+9.0%) and Singapore (+3.6%), while the UK (+5.3%) also turned in a good period. Japanese shares as a whole had a strong quarter, benefiting from an improved business outlook following the election of Sanae Takaichi as prime minister. Meanwhile, the weakest performing region was Australia (-3.1%) after a surprise uptick in inflation. The consumer price index rose 1.3% in the third quarter, ahead of forecasts, while the annual rate jumped to 3.2%, above the top end of the central bank’s target band.
At a sector level, healthcare continued its strong performance, supported by robust demand for US seniors housing, favourable demographics, and limited new supply. These tailwinds were reflected in fund holdings, with US-based Ventas and Welltower, and Canadian operator Chartwell Retirement Residences all delivering strong gains. Ventas led the group, rising 12.3% after reporting strong third-quarter earnings, underpinned by double-digit growth in their senior housing portfolio.
The fund’s underweight to office REITs was another positive contributor. Alexandria Real Estate Equities fell nearly 40% after reporting weaker-than-expected third-quarter results and announcing plans to slow development and sell assets amid softer biotech demand, partly linked to the US government shutdown.
Elsewhere, overweight positions to self-storage companies National Storage REIT and Big Yellow Group also contributed positively to performance, with their share prices up 20.7% and 8.6% respectively.
The main detractors on performance were an overweight to US office and residential company Vornado Realty Trust, which fell more than 15%, while an underweight position to the strong performing Prologis also held back relative gains.
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.