New Zealand listed property stocks look cheap. The sector has had a rough ride,
underperforming the benchmark NZX50 index over 2016, 2017 and so far in 2018.

The net asset backing per share relative to the sector’s market value is at its highest
since 2011, which is a good sign. According to recent First NZ Capital Securities
research, for each $1.00 you spend on the overall sector you get $1.03 of property
exposure.

Read more in this update from John Berry, co-founder and chief executive of Pathfinder Asset Management.