NZ Fund Managers

[Snoopy]

I have gone back into the Harbour archive, to see if we can learn a bit more about the Real Estate fund's out-performance.

The 30th June 2023 fund update is here:
https://www.harbourasset.co.nz/asset...tment-Fund.pdf

While the 30th June 2022 update is here:
https://www.harbourasset.co.nz/asset...-June-2022.pdf

For good measure, I have also added in the three reporting periods in between. It is always good to learn what you can from the pros. This table gives we plebs the best chance of understanding what Solly and his team at Harbour Asset Management were up to.

	Harbour Real Estate Top Ten holding fund percentage (30/06/2023)	Harbour Real Estate Top Ten holding fund percentage (31/03/2023)	Harbour Real Estate Top Ten holding fund percentage (31/12/2022)	Harbour Real Estate Top Ten holding fund percentage (30/09/2022)	Harbour Real Estate Top Ten holding fund percentage (30/06/2022)
Precinct Properties	12.61%	12.35%	12.22%	11.66%	11.94%
Stride Stapled Group	3.79%	3.53%	3.81%	4.46%	4.58%
Property for Industry	8.15%	8.13%	8.21%	8.22%	7.89%
Ryman Healthcare	2.94%
Summerset				2.65%	2.74%
Kiwi Property Group	10.04%	10.25%	10.56%	9.72%	9.98%
Goodman Property Trust	19.05%	18.95%	17.88%	16.14%	14.30%
Goodman Group (AUS)	3.00%	3.12%	3.58%	2.94%	3.29%
Vital Healthcare Property Trust	8.94%	9.02%	8.88%	9.61%	9.54%
Infratil	2.72%
Investore		2.89%	3.17%	3.32%	3.67%
Argosy Property	7.39%	7.35%	7.47%	7.53%	7.45%
NZ Rural Land Company		2.84%	2.56%
Total	78.63%	78.44%	78.34%	76.3%	75.38%

Notes

1/ The Harbour Real Estate Fund has a much broader definition of 'property investment' than is generally understood by the market. In particular:
1a/ Ryman healthcare and Summerset are New Zealand retirement village operators. Traditionally, such operators have accumulated capital via the asset appreciation of properties within their villages to help fund their care model. However, retirement village operators are not property owning companies in the conventional sense.
1b/ Infratil is a global owner of global infrastructure assets. It is a reputable and well run company, but is not known as an owner of buildings, as such.
1c/ Goodman Group is a global property manager based out of Australia running a co-investment property ownership model (The Goodman Property Trust in New Zealand, GMT, is just one of these co-investment partners
1d/ NZ Rural Land Company is a farm owning entity, which rents out its land to farmers.
All five of these companies, despite their merits, are not really NZ property investments in any majorative sense.

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Discussions to come.

SNOOPY