Listed Property

Dear Investor,

The Tamim Listed Property Fund was up 3.12 in June, more than double the benchmark return. The result reflects the Fund’s active stock selection and exposure to several companies that delivered strong operational and share price performance.

Australian Listed REIT Portfolio (AUD)

The strongest contributor during the month was Charter Hall Group, which benefited from renewed investor confidence following improving transaction activity across commercial property markets and optimism that lower interest rates will support asset valuations. Together with the Fund’s holding in Charter Hall Long WALE REIT, the Charter Hall exposure was the single largest contributor to portfolio performance, reflecting the market’s growing confidence in high-quality property managers with diversified earnings streams.

Vicinity Centres was another standout performer, as the retail property sector continued to benefit from resilient consumer spending, strong leasing spreads and consistently high occupancy across major shopping centres. Scentre Group also delivered strong returns as investors increasingly recognised the defensive earnings profile of dominant regional shopping centres and the improving outlook for specialty retail leasing.

Goodman Group continued to perform well, supported by strong demand for logistics assets globally. Its exposure to distribution facilities, data infrastructure and development projects linked to e-commerce and supply chain modernisation remains one of the strongest long-term growth stories within Australian listed property.

The Fund also benefited from positive contributions from Region Group and Waypoint REIT, both of which continued to demonstrate the resilience of convenience-based retail and service station assets. These sectors have maintained stable occupancy and predictable rental income despite ongoing economic uncertainty.

Offsetting some of these gains were weaker performances from HMC Capital, which experienced further share price weakness following ongoing market concerns surrounding transaction activity and capital markets conditions, together with continued softness in several smaller diversified property holdings. Office-focused names also remained under pressure as investors continued to differentiate between sectors with structural growth and those facing longer-term demand challenges.

The portfolio remains positioned towards high-quality property owners with strong balance sheets, conservative gearing and sustainable income streams. We continue to favour sectors supported by long-term structural demand, including logistics, neighbourhood retail and specialist property assets, while maintaining a cautious approach towards office assets and businesses with elevated financial leverage.

International Property Portfolio

Global listed property markets also delivered positive returns during June, with the Global REIT Index increasing +1.28%. The international portfolio participated in the recovery through its diversified exposure to high-quality property companies operating across logistics, residential housing, healthcare, digital infrastructure and self-storage sectors.

The strongest contribution came from the portfolio’s logistics holdings, led by Prologis, which continued to benefit from robust leasing demand across North America and Europe. Industrial vacancy rates remain historically low in many key markets, while rental growth continues to be supported by ongoing investment in supply chain resilience and modern distribution facilities.

Healthcare property also contributed positively during the month. Welltower and Ventas continued to report improving occupancy across their senior housing portfolios, benefiting from favourable demographic trends and growing demand for healthcare-related real estate. Operating margins continued to improve as occupancy gains more than offset higher labour and operating costs.

The portfolio’s residential property holdings, including AvalonBay Communities and Equity Residential, generated solid returns as rental markets across major U.S. metropolitan areas remained resilient. Strong employment conditions, limited housing affordability and constrained supply continue to support occupancy and rental growth across high-quality apartment communities.

Digital infrastructure remained another important source of performance. Equinix and Digital Realty continue to benefit from accelerating investment in artificial intelligence, cloud computing and enterprise digital transformation. Demand for hyperscale data centre capacity remains exceptionally strong, supporting both rental growth and future development opportunities.

Self-storage exposure through Public Storage also delivered a positive contribution. The sector continues to exhibit defensive characteristics, supported by recurring customer demand, stable occupancy and attractive operating margins. These businesses remain well positioned to generate consistent cash flows throughout varying economic conditions.

The underlying portfolio demonstrated broad-based strength during June, with the majority of property sectors contributing positively to returns. Companies with exposure to logistics, healthcare and residential housing continued to outperform as investors favoured businesses offering resilient earnings growth and strong balance sheets.

Looking forward, we remain constructive on global listed property markets. While macroeconomic uncertainty persists, many high-quality property companies continue to trade below long-term valuation averages despite delivering healthy operating performance. We believe our focus on market-leading businesses with durable cash flows, pricing power and exposure to powerful structural growth themes positions the portfolio well to continue delivering attractive long-term returns.