Fund-vs-fund · Listed Property
ANZ Investments OneAnswer International Property Fund vs Summer Listed Property
Both are Listed Property funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is geographic exposure. ANZ Investments OneAnswer International Property Fund holds exclusively global listed property — its top five positions are all US-domiciled REITs and real estate operators (Welltower, Equinix, Federal Realty, Simon Property Group, Digital Realty Trust), with the largest single holding at 9.9%. Summer Listed Property, by contrast, concentrates entirely in New Zealand listed property, with its top five — Precinct Properties, Goodman Property Trust, Kiwi Property Group, Property For Industry, and Vital Healthcare Property Trust — accounting for roughly 69% of disclosed weight, and the largest single holding at 19.02%. Investors in these two funds are therefore taking on fundamentally different market, currency, and sector exposures despite sharing the same Listed Property category label.
On risk, the FMA risk indicator diverges: OneAnswer International Property carries a 6 (higher end of the scale), while Summer Listed Property sits at 5. Both funds allocate 98.37% to growth assets. Fees are close but not identical — OneAnswer charges 0.99% per annum versus Summer's 1.02%. Five-year returns to the latest QFU snapshot show OneAnswer at 3.11% per annum and Summer at 2.69% per annum, though past returns are not a reliable indicator of future performance. Fund sizes are comparable: OneAnswer at approximately NZD 7.09 million and Summer at approximately NZD 7.55 million. Both are KiwiSaver scheme accounts under their respective schemes.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Annual fund charges are within 0.05% of each other (0.99% vs 1.02%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 15 listed property funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
ANZ Investments
0.99%
Lower half of cohort
Summer
1.02%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
3.11%
Top 21% over 5 years
Summer
2.69%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$7m
Smallest 3% in cohort
Summer
NZ$8m
Smallest 10% in cohort
| Metric | ANZ Investments | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.99% | 1.02% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | 3.11% | 2.69% | Higher is better (past not future) |
| Fund size | NZ$7m | NZ$8m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
What each fund says it does
ANZ Investments
ANZ Investments OneAnswer International Property Fund
The International Property 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, and cash and cash equivalents. The International Property Fund aims to achieve a return (after the fund charge and before tax) that over the long-term outperforms the relevant market index.Full ANZ Investments ANZ Investments OneAnswer International Property Fund profile →
Summer
Summer Listed Property
The Summer Listed Property fund invests in listed financial products issued by entities whose principal business involves the owning or managing of property, property-like assets or real assets. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/NZX All Real Estate Gross with Imputation Index.Full Summer Summer Listed Property profile →
Common questions
What's the difference between the ANZ Investments OneAnswer International Property Fund and the Summer Listed Property?
Which fund has lower fees, ANZ Investments OneAnswer International Property Fund or Summer Listed Property?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
