Fund-vs-fund · Listed Property
Salt Enhanced Property FundvsSummer Listed Property
Salt Enhanced Property Fund (fund size NZ$18.4 million, annual fund charge 1.02%) and Summer Listed Property (fund size NZ$7.6 million, annual fund charge 1.02%) are both listed property managed funds, as shown on Sorted Smart Investor on 22 May 2026; Salt Enhanced Property Fund's 1-year return after fees and tax was 5.72% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Salt Enhanced Property Fund
Summer Listed Property
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
What's different at a glance
- Annual fund charges are within 0.05% of each other (1.02% vs 1.02%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Salt Enhanced Property Fund is roughly 2.4× 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
Salt
1.02%
Lower half of cohort
Summer
1.02%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Salt
1.67%
Lower half over 5 years
Summer
2.69%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Salt
NZ$18m
Lower half by size
Summer
NZ$8m
Smallest 10% in cohort
| Metric | Salt | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.02% | 1.02% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 1.67% | 2.69% | Higher is better (past not future) |
| Fund size | NZ$18m | 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.
Matching holdings
7
of each fund's top 10
Salt weight in shared
70.5%
of Salt Enhanced Property Fund top 10 is shared
Summer weight in shared
63.1%
of Summer Listed Property top 10 is shared
| Holding | Salt | Summer |
|---|---|---|
GPGoodman Property TrustNZ | 19.88% | 18.17% |
 Kiwi Property Group LtdNZ | 13.80% | 14.58% |
 Property for Industry LtdNZ | 9.76% | 9.08% |
 Vital Healthcare Property TrustNZ | 11.82% | 8.63% |
 Argosy Property TrustNZ | 9.43% | 8.46% |
IPInvestore Property LimitedNZ | 3.25% | 2.10% |
NZNew Zealand Rural Land Co LtdNZ | 2.58% | 2.05% |
"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
Salt
Salt Enhanced Property Fund
The Fund targets a portfolio of shares of New Zealand and Australian property trusts, companies and other property-related securities. The Fund may also, at our discretion short sell securities, hold cash, lever its assets and utilise active currency management to generate returns (although generally will be fully hedged). The investment objective is to outperform the S&P/NZX All Real Estate (Industry Group) Gross Index on a rolling three year basis.Full Salt Salt Enhanced 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 Salt Enhanced Property Fund and the Summer Listed Property?
Which fund has lower fees, Salt Enhanced 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?
