Listed Property

Dear Investor,

The Tamim Listed Property Fund was down -1.34% in February, as the broader REIT market was once again mixed. Australian REITS were down -3.45% while global REITS were up +6.16%. 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 challenging month declining -3.45% in February. The weakness in the sector was largely driven by rising bond yields and a reassessment of the timing and magnitude of potential interest rate cuts. Listed property securities remain highly sensitive to movements in long-term rates, and as a result, valuation multiples compressed across much of the sector despite relatively stable underlying fundamentals.

Within the portfolio, performance dispersion across subsectors remained evident. Exposure to high-quality retail landlords such as Vicinity Centres and Scentre Group remained relatively resilient, supported by improving tenant sales, strong occupancy levels, and continued rental growth across prime shopping centres. These assets continue to benefit from the ongoing normalisation of consumer activity and foot traffic.

Industrial and logistics exposure through Goodman Group again provided an important anchor within the portfolio. Goodman continues to benefit from structural demand drivers including e-commerce penetration, supply chain reconfiguration, and increasing demand for urban logistics assets. While share price volatility persisted during the month, underlying operational performance remains robust.

Diversified property groups such as Stockland and GPT Group continue to offer a combination of development exposure and recurring income streams. Stockland remains well positioned to benefit from residential demand and land lease community growth, while GPT provides exposure to a diversified portfolio of office, retail, and logistics assets.

Specialist exposures including National Storage REIT, Centuria Industrial REIT, and Charter Hall Group also remain key contributors to the portfolio’s long-term strategy. These platforms are focused on niche segments of the property market with favourable supply-demand dynamics and attractive long-term income characteristics.

From a portfolio positioning perspective, the fund remains well diversified across high-quality real estate operators. Despite short-term headwinds, we continue to believe that the Australian listed property sector offers attractive long-term value. Balance sheets remain generally strong, asset quality is high, and many companies are well positioned to benefit from structural demand trends across logistics, residential, and convenience retail property.

International Property Portfolio

Global listed property markets delivered a strong rebound in February, rising +6.16%. The international portfolio participated in this recovery through its exposure to a diversified set of underlying property companies, particularly across residential, industrial, and specialised real estate sectors.

The portfolio’s largest exposures are to U.S. and global property companies operating across key structural themes. Healthcare real estate remains a core allocation, with companies such as Welltower and Ventas benefiting from improving occupancy levels in senior housing portfolios and favourable long-term demographic trends driven by ageing populations.

Logistics and industrial real estate exposure is provided through companies such as Prologis, which continues to benefit from sustained demand for modern logistics facilities. Structural tailwinds including e-commerce growth and supply chain optimisation continue to underpin strong leasing demand and rental growth in this segment.

Self-storage operators such as Public Storage remain an important component of the portfolio. The sector continues to demonstrate resilient cash flows, supported by relatively low operating costs, strong pricing power, and limited new supply in key urban markets.

Residential real estate exposure is diversified across companies such as AvalonBay Communities and Equity Residential. Rental markets in major U.S. metropolitan areas remain supported by demographic trends and affordability constraints in the housing market, although short-term performance can be influenced by interest rate movements and new supply cycles.

Digital infrastructure exposure remains a key long-term theme, with companies such as Equinix and Digital Realty benefiting from accelerating demand for data centre capacity driven by cloud computing, artificial intelligence workloads, and enterprise digital transformation. These assets represent a critical component of the modern economy and continue to exhibit strong secular growth characteristics.

From a performance perspective, the portfolio’s strongest contributions during the month were driven by broad-based gains across real estate exposures, with diversified property allocations delivering positive returns. Overall, the international portfolio remains focused on high-quality property companies with strong balance sheets, resilient income streams, and exposure to long-term structural growth drivers. While macroeconomic conditions and interest rate expectations will continue to influence short-term performance, the underlying fundamentals across key real estate sectors remain compelling.