Fund-vs-fund · Listed Property
Mint Australasian 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 size: Mint Australasian Property Fund holds approximately NZD 19.3 million in assets under management, roughly 2.6 times the NZD 7.6 million held by Summer Listed Property. A smaller fund can carry higher per-unit operational costs and potentially greater sensitivity to large redemptions, though neither fund's QFU commentary addresses this directly.
On fees, the gap is narrow — Summer charges 1.02% per annum against Mint's 1.04% — a difference unlikely to be material in isolation. Both funds carry a risk indicator of 5 on the standard 1–7 scale and allocate nearly all assets to growth (Summer 98.37%, Mint 98.31%), so their structural risk profiles are closely matched.
The more notable divergence is in reported five-year returns: Summer shows 2.69% per annum against Mint's 0.89% per annum. Both figures are after-fees but before tax, and the gap warrants scrutiny of differing inception dates, portfolio construction choices, and any periods of cash drag or repositioning — none of which are fully explained within the QFU data available in this snapshot.
Portfolio overlap is substantial. Precinct Properties, Goodman Property Trust, Kiwi Property Group, and Vital Healthcare appear in both funds' top five. Mint's top five includes Stride Property where Summer holds Property For Industry, pointing to modest differentiation at the margin rather than a fundamentally distinct strategy.
Neither fund is a KiwiSaver scheme account vehicle based on the data provided here; verify fund type, structure, and current figures against each fund's Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Summer Listed Property charges 0.05% lower in annual fund charges (1.02% vs 1.07%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Mint Australasian Property Fund is roughly 2.2× the size of the other fund.
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
Mint
1.07%
Upper half of cohort
Summer
1.02%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Mint
2.51%
Lower half over 5 years
Summer
2.69%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Mint
NZ$17m
Smallest 23% in cohort
Summer
NZ$8m
Smallest 10% in cohort
| Metric | Mint | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.07% | 1.02% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 2.51% | 2.69% | Higher is better (past not future) |
| Fund size | NZ$17m | 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 | InvestNow · 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.
Matching holdings
6
of each fund's top 10
Mint weight in shared
65.7%
of Mint Australasian Property Fund top 10 is shared
Summer weight in shared
60.2%
of Summer Listed Property top 10 is shared
| Holding | Mint | Summer |
|---|---|---|
| GP Goodman Property Trust NZ | 18.69% | 18.17% |
 Kiwi Property Group Ltd NZ | 16.60% | 14.58% |
| PF Property for Industry Ltd NZ | 13.75% | 9.08% |
 Vital Healthcare Property Trust NZ | 8.24% | 8.63% |
 Argosy Property Trust NZ | 6.20% | 8.46% |
 Summerset Group Holdings Ltd NZ | 2.25% | 1.32% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Mint
Mint Australasian Property Fund
The Fund invests predominantly in Australasian listed property and property-related equities. The Fund is benchmarked against the S&P/NZX All Real Estate (Industry Group) Gross Index with an investment objective of outperforming the benchmark after fees and expenses, over the medium to long term.Full Mint Mint Australasian 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 →
Documents
Crawled directly from each manager's website. How we record provenance →
Mint
LiveLast verified 2026-05-08
- Quarterly Fund Update312 kB · file fingerprint recorded
- Supporting document648 kB · file fingerprint recorded
- Annual Report361 kB · file fingerprint recorded
- Statement of Investment Policy158 kB · file fingerprint recorded
- Product Disclosure Statement1853 kB · file fingerprint recorded
- Supporting document1425 kB · file fingerprint recorded
- + 2 more on the fund page
Summer
Common questions
What's the difference between the Mint Australasian Property Fund and the Summer Listed Property?
Which fund has lower fees, Mint Australasian 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?
