How has the fund performed?
Performance as at 30 June 2026
Rate | |
|---|---|
3 months | 12.32% |
1 year | 18.05% |
3 years (p.a.) | 10.89% |
5 years (p.a.) | 3.49% |
10 years (p.a.) | 4.29% |
Since launch (p.a.) | 4.22% |
Performance is after the annual fund charge and before tax. KiwiSaver rates, fees and agreements.
What happened this quarter (three months to 30 June 2026)
International listed property delivered strong gains during the second quarter, benefiting from a recovery in broader equity markets and improving investor sentiment as geopolitical tensions in the Middle East eased. Falling oil prices later in the quarter helped reduce inflation concerns, while declining bond yields later in the period supported property valuations following the volatility experienced earlier.
Performance varied across regions. The UK was one of the strongest-performing markets, while Australia and North America also delivered solid gains. In contrast, Hong Kong and Japan lagged, reflecting a combination of higher interest rate concerns and weaker investor sentiment. At a sector level, returns were mixed. Retail, residential and healthcare property performed well, while data centres and some industrial property companies underperformed as investors rotated away from technology and AI-related beneficiaries later in the quarter.
Relative performance was driven by strong stock selection across a number of property sectors. The largest contributor was Vornado Realty Trust, whose shares rose more than 50%. The company was supported by momentum following the acquisition of a stake in a Manhattan office tower and the announcement of a US$300 million share buyback programme earlier in the quarter. Overweight positions in retail REIT Federal Realty Investment Trust, UK industrial property company SEGRO and residential REIT Essex Property Trust also added value. Federal Realty benefited from resilient consumer spending in its higher-income catchments as well as strong leasing activity, while SEGRO was supported by rent uplifts and strong occupancy. Essex Property Trust benefited from stable residential rental demand, especially on the West Coast of the US, given limited housing supply and elevated house prices.
The fund also benefited from its position in US retail specialist Macerich, another beneficiary of the resilient consumer spending and as concerns around inflation eased. Underweight positions in Prologis and Realty Income also aided relative performance, as both lagged the market’s performance.
Offsetting some of the positive performance was the fund's exposure to several Asian property companies. Holdings in Sun Hung Kai Properties, Sumitomo Realty & Development and Mitsui Fudosan detracted as Hong Kong and Japanese property markets lagged their global peers over the quarter.
The fund's positioning in parts of the data centre sector also held back returns slightly. Holdings in Digital Realty and Equinix underperformed late in the quarter as investors rotated away from technology and AI-related beneficiaries. Not holding Iron Mountain, Public Storage and Healthpeak Properties also detracted, as these companies delivered strong returns. These detractors only partially offset an otherwise strong quarter for relative performance.
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.