Listed Property

Dear Investor,

The Tamim Listed Property Fund was down -1.88% in January, as the broader REIT market was once again mixed. Australian REITS were down -2.66% while global REITS were up +2.89%. The Tamim Listed Property Fund remains anchored in quality, patiently compounding income while positioning for further upside.

Australian Listed REIT Portfolio (AUD)

Market sentiment toward listed real estate weakened early in the year as long-term bond yields moved higher and investors reassessed the trajectory of interest rates. While the fundamental outlook for property remains relatively stable, valuation multiples across the sector came under pressure as markets recalibrated discount rates.

Within the portfolio, performance was mixed across subsectors. Logistics exposure through Goodman Group remained a stabilising element. Goodman continues to benefit from structural demand for high-quality logistics facilities linked to e-commerce growth and supply chain reconfiguration. Despite share price volatility during the month, leasing demand and development activity remain robust.

Retail exposures such as Scentre Group and Vicinity Centres were broadly resilient. Both operators continue to demonstrate improving tenant sales and foot traffic across major shopping centre portfolios, supported by stable occupancy and rental collections. However, share price performance was weighed down by broader risk-off sentiment toward listed property securities.

Residential and lifestyle assets also contributed defensively. Stockland and Ingenia Communities remain well positioned to benefit from population growth, housing undersupply, and ongoing demand for land lease communities. These structural drivers continue to support long-term earnings visibility despite short-term market volatility.

Industrial and storage exposures including Centuria Industrial REIT and National Storage REIT also provided stability within the portfolio. Demand for industrial space remains strong across key logistics corridors, while the storage sector continues to benefit from urban density and limited new supply.

The portfolio remains diversified across high-quality Australian real estate platforms. As at 30 January 2026, the largest positions include Goodman Group, Scentre Group, Vicinity Centres, Stockland, and Dexus, alongside exposure to several specialist property operators.

Looking ahead, we continue to favour REITs with strong balance sheets, conservative gearing, and high-quality assets located in supply-constrained markets. While short-term volatility may persist as interest rate expectations evolve, the underlying earnings outlook for well-managed property platforms remains solid.

International Property Portfolio

Global property markets delivered a positive return in January, with the Global REIT Index rising +2.89%. Despite this strength, the international component of the Tamim Property Fund recorded a modest decline during the month, reflecting weakness across certain residential and specialty property sectors.

The international portfolio is diversified across a range of underlying property companies spanning logistics, residential housing, healthcare facilities, storage assets, retail centres, and digital infrastructure.

Public Storage and Extra Space Storage, two of the largest operators in the U.S. self-storage sector, remained key contributors to the portfolio’s long-term income generation. While pricing growth moderated slightly in January following strong gains in prior years, occupancy levels remain healthy and the sector continues to benefit from limited new supply in urban markets.

Residential property operators such as AvalonBay Communities and Equity Residential experienced modest volatility during the month. Rental growth across key metropolitan markets in the United States remains positive, supported by demographic trends and the affordability gap between renting and home ownership. However, investor sentiment toward the sector softened slightly as interest rates edged higher.

Healthcare real estate also remains an important component of the portfolio. Ventas, a major owner of senior housing and healthcare facilities, continues to benefit from improving occupancy across its senior living portfolio. Demographic tailwinds linked to ageing populations remain a powerful long-term driver for this sector.

Digital infrastructure exposure through Equinix and Digital Realty provides the portfolio with exposure to structural growth in data centre demand. Cloud computing, artificial intelligence workloads, and enterprise digital transformation continue to drive strong demand for high-quality data centre capacity globally. While share prices fluctuated in January due to macro factors, the long-term growth outlook for these assets remains compelling.

The portfolio also maintains exposure to large regional shopping centre operators such as Simon Property Group, which continues to demonstrate resilient tenant demand and strong leasing spreads despite the ongoing evolution of retail channels.

Overall, the international property portfolio remains focused on companies with strong asset bases, resilient rental income, and exposure to structural growth themes such as logistics infrastructure, housing demand, digital infrastructure, and healthcare real estate. According to the January holdings data, the portfolio includes underlying exposures to companies such as Public Storage, Ventas, Equinix, AvalonBay Communities, Simon Property Group, Equity Residential, Digital Realty and Extra Space Storage.

While short-term market movements may fluctuate alongside interest rate expectations, the long-term investment thesis for high-quality global real estate remains intact.