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NZ Commercial Property

The Commercial Property Fund delivers diversification in the property sector by investing in the eight largest REITs on the New Zealand Exchange (NZX).


5 year p.a index return as at 30 April 2024


Indicative dividend yield as at 30 April 2024


Management fee p.a.


How is this fund different to others?

Kiwis love property. This fund provides a diversified investment into eight listed Real Estate Investment Trusts, who own and manage commercial property portfolios. This includes office buildings, industrial estates and shopping malls. Leveraging at an average of 30%, the underlying companies provide a varied exposure to over 300 properties throughout New Zealand. This fund can provide a regular income stream, however unlike bonds, the distributions are not guaranteed and valuations will vary with the business cycle. This fund tracks the S&P/NZX Real Estate Select index.


As at April 30, 2024


Goodman Property Trust


Industrial REITs


Precinct Properties New Zealand Limited


Office REITs


Kiwi Property Group Limited


Retail REITs


Property for Industry Limited


Industrial REITs


Vital Healthcare Property


Health Care REITs


Argosy Property Ltd


Diversified REITs


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  • Range of returns




    The lowest and highest 12 month returns, in 5 years as at 30 April 2024*

  • Growth of $10k


    For the 5 years as at 30 April 2024, an investment of $10,000 would be up 6.69%*

  • Investment Objective

    Growth & Income

    The fund is designed to provide long-term capital growth and income generation.

*These are the gross index returns, not including fees or taxes.


As at April 30, 2024

  • -2.67%

    3 months

  • 0.77%

    1 year

  • 1.30%

    5 years

  • 8.17%

    10 years

Index returns are total returns gross of imputation credits where applicable, not including fees or taxes. All yearly returns are annualised.


The risk indicator reflects how much the value of the Fund’s assets goes up and down (volatility). A higher risk generally means higher potential returns over time, but more ups and downs along the way. The lowest risk rating doesn’t mean “risk-free” and this risk indicator is not a guarantee of a Fund’s future performance.

Potentially Lower Returns

Potentially Higher Returns

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Lower Risk

Higher Risk

Documents & Resources

Latest Fund Factsheet

Updated: 30.04.2024

Kernel Funds Latest Fund Update

Updated: 31.03.2024

Kernel KiwiSaver Plan Fund Update

Updated: 31.03.2024

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Indices provided by: S&P Dow Jones Indices