Listed Property

Dear Investor,

The Tamim Listed Property Fund was up +4.07% in April, as the broader REIT market recovered. Australian REITS were up +8.59% while global REITS were up +8.63%. The Tamim Listed Property Fund remains anchored in quality, patiently compounding income while positioning for further upside.

Australian Listed REIT Portfolio (AUD)

Australian listed property markets rebounded strongly in April following the sharp sell-off experienced in March. The S&P/ASX 200 A-REIT Index increased +8.59% during the month, supported by improving investor sentiment, moderating bond yields, and a recovery in broader equity markets.

While the portfolio participated in the recovery, performance lagged the broader benchmark as the Fund maintained a relatively defensive positioning with elevated cash levels and exposure to higher-quality, lower-volatility real estate businesses. The portfolio also remained diversified across multiple property subsectors rather than concentrated in the more aggressively rebounding names.

Retail property exposures continued to perform solidly during the month. Holdings exposed to dominant shopping centre assets benefited from resilient consumer activity, stable occupancy levels, and ongoing rental growth across high-quality retail centres. Management teams across the sector continue to report positive leasing spreads and improving tenant demand despite broader economic uncertainty.

Industrial and logistics exposures also recovered strongly as investor focus returned to the long-term structural drivers supporting the sector, including e-commerce penetration, supply chain modernisation, and data infrastructure growth. While valuations remain sensitive to movements in interest rates, the underlying operational performance across logistics portfolios remains robust.

Diversified property groups with exposure across office, retail, industrial, and residential development assets also experienced improved sentiment during the month. Many of these businesses continue to focus on capital recycling initiatives, balance sheet management, and development discipline as they navigate the higher interest rate environment.

The Fund’s specialist exposures across self-storage, healthcare, convenience retail, and long-WALE assets continue to provide portfolio diversification and relatively defensive income characteristics. These sectors generally continue to benefit from resilient tenant demand and relatively stable occupancy profiles.

As at 30 April 2026, the portfolio remained diversified across a broad range of Australian listed property securities, with major exposures including retail, industrial, diversified property, self-storage, and specialised real estate operators. Cash holdings remained elevated relative to historical levels, providing flexibility should further market volatility create attractive opportunities.

While market conditions remain influenced by interest rate expectations and macroeconomic developments, we continue to believe that Australian listed property securities offer compelling long-term value relative to underlying asset values and replacement costs. Many portfolio holdings continue to trade below historical valuation ranges despite maintaining solid operating fundamentals and healthy balance sheets.

International Property Portfolio

Global listed property markets also recovered strongly in April, with the Global REIT Index increasing +8.63% during the month. Improving sentiment around global monetary policy expectations and stabilising bond yields supported a broad recovery across international real estate sectors.

The international portfolio participated in the recovery, with performance driven by underlying exposures across industrial logistics, residential property, healthcare real estate, self-storage, and digital infrastructure assets.

Industrial and logistics holdings benefited from renewed investor confidence in the long-term structural growth drivers supporting warehouse and distribution assets. Leasing demand remains healthy across many global markets, particularly for modern logistics facilities located near key transportation and population hubs. E-commerce growth, inventory reshoring, and supply chain resilience continue to underpin long-term demand for these assets.

Digital infrastructure exposures also performed well during the month as investor focus returned to the ongoing growth in cloud computing, artificial intelligence infrastructure, and data centre demand. Data centre operators continue to experience strong utilisation levels and favourable pricing dynamics, supported by increasing enterprise demand for computing capacity and digital storage infrastructure.

Healthcare real estate holdings continued to demonstrate resilient operating fundamentals. Senior housing and medical property assets remain supported by favourable demographic trends, improving occupancy levels, and growing healthcare demand across ageing populations. These businesses continue to provide relatively defensive income streams within the portfolio.
Residential property exposures across major U.S. metropolitan markets also contributed positively during the month. Rental demand remains resilient in many markets, supported by constrained housing affordability and limited supply in key urban regions. Apartment operators continue to benefit from stable occupancy and rental growth trends despite broader economic uncertainty.

Self-storage assets continued to provide steady performance characteristics within the portfolio. The sector benefits from recurring demand drivers, strong operating margins, and relatively low capital intensity, making it an attractive defensive real estate segment during periods of economic volatility.

While market volatility remains elevated, we continue to believe that global listed property markets provide attractive long-term opportunities. Many high-quality real estate businesses continue to trade at discounts to underlying asset values despite maintaining strong balance sheets, resilient cash flows, and exposure to structural growth themes that we believe will remain relevant over the coming years.