Listed Property

Dear Investor,

The Tamim Listed Property Fund was down -6.26% in March, as the broader REIT market was sold off. Australian REITS were down -11.25% while global REITS were down -7.71%. The Tamim Listed Property Fund remains anchored in quality, patiently compounding income while positioning for further upside.

Australian Listed REIT Portfolio (AUD)

The Australian listed property sector experienced a sharp sell-off in March, with the S&P/ASX 200 A-REIT Index declining –11.25%. The drawdown across the sector was driven by a rapid repricing of interest rate expectations, alongside broader equity market weakness. Listed property securities, given their duration characteristics, were particularly sensitive to the move higher in bond yields and the market’s reassessment of the timing of rate cuts. This led to widespread multiple compression across the sector, despite relatively stable underlying operating conditions.

Within the portfolio, performance was more resilient than the index due to diversification across subsectors and exposure to higher-quality operators. Core retail exposures such as Vicinity Centres and Scentre Group remain underpinned by strong occupancy, resilient tenant sales, and ongoing rental growth across prime assets. While share prices were impacted in the broader sell-off, the underlying fundamentals of these businesses remain intact.

Industrial and logistics exposure through Goodman Group continues to benefit from powerful structural tailwinds, including e-commerce growth, supply chain reconfiguration, and increasing demand for high-quality logistics assets. Despite short-term valuation pressure, Goodman’s development pipeline and capital-light model position it well for long-term growth.

Diversified property groups such as Dexus, GPT Group, and Stockland provide balanced exposure across office, retail, logistics, and residential development. These businesses continue to focus on capital recycling, balance sheet strength, and disciplined development pipelines.

Specialist property exposures remain a key component of the portfolio. Holdings such as National Storage REIT, Centuria Industrial REIT, and Charter Hall Long WALE REIT offer exposure to niche sectors with favourable supply-demand dynamics and stable income profiles.

While the short-term environment remains volatile, we continue to view the Australian listed property sector as offering attractive long-term value. Balance sheets remain sound, asset quality is high, and many portfolio companies are well positioned to benefit from structural growth trends once interest rate uncertainty begins to stabilise.

International Property Portfolio

Global listed property markets also experienced significant weakness during March, with the Global REIT Index declining –7.71%. The international portfolio reflected this challenging environment, with broad-based declines across most real estate sectors.

The weakness was primarily driven by the same macro forces impacting Australian markets, namely rising bond yields and shifting expectations around global monetary policy. Real estate securities, particularly those with longer-duration cash flows, saw valuation pressure despite stable or improving operational performance.

The portfolio maintains exposure to a diversified set of underlying property companies across key global sectors.

Healthcare real estate remains a core allocation, with holdings exposed to senior housing and medical facilities continuing to benefit from improving occupancy trends and strong long-term demographic tailwinds. Ageing populations and increasing healthcare demand continue to underpin the long-term outlook for this segment.

Industrial and logistics assets continue to be a major structural theme within the portfolio. Companies operating in this space are benefiting from sustained demand for modern logistics facilities, driven by e-commerce growth, inventory management trends, and global supply chain reconfiguration. While valuations retraced during the month, leasing demand and rental growth remain solid.

Residential real estate exposures, particularly across major U.S. metropolitan markets, remain supported by favourable demographic trends and ongoing affordability constraints in home ownership markets. Rental demand continues to be resilient, although the sector remains sensitive to interest rate movements and new supply dynamics.

Self-storage assets continue to provide stable cash flows within the portfolio. These businesses benefit from strong pricing power, relatively low operating costs, and consistent demand across economic cycles, making them an important defensive component of the portfolio.

Digital infrastructure remains a key long-term growth driver. Exposure to data centres continues to benefit from accelerating demand driven by cloud computing, artificial intelligence, and enterprise digital transformation. These assets represent critical infrastructure within the modern economy and are expected to see sustained long-term demand growth.

Despite short-term market dislocation, the portfolio remains focused on high-quality property companies with strong balance sheets, resilient income streams, and exposure to long-term structural growth themes. We believe these characteristics position the portfolio well to recover as macro conditions stabilise and investor sentiment improves.