Summer Global Fixed Interest
Summary of investment objective and strategy
To achieve long-term returns (before fees, taxes and other expenses) greater than the Bloomberg Global Aggregate Total Return Index (hedged to New Zealand dollars).
These kinds of investments will typically have low to moderate levels of movement up and down in value.
Strategic investment mix
| Category | % |
|---|---|
| Cash and cash equivalents | 0.00% |
| International fixed interest | 95.00% |
| New Zealand fixed interest | 0.00% |
| Total income assets | 95% |
| Listed property | 0.00% |
| International equities | 0.00% |
Risk indicator
The risk indicator is rated from 1 (low) to 7 (high). The rating 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 composite benchmark for each multi-asset class fund is made up of the single asset class benchmarks weighted by the target asset allocation for the asset class.
Minimum suggested investment timeframe
At least three years
Fund at a glance
Unit price (as at 30 November 2025): $1.1822
Fund returns
| PIR | Total since inception (annualised) | 1 Month | 3 Month | 1 Year | 3 Years^ |
|---|---|---|---|---|---|
| 10.5% | 2.03% | 0.11% | 1.38% | 3.98% | 4.06% |
| 17.5% | 1.79% | 0.10% | 1.27% | 3.67% | 3.75% |
| 28% | 1.42% | 0.09% | 1.11% | 3.20% | 3.28% |
^ Annualised
Fund returns are calculated net of fund charges, trading expenses and accrued tax for a New Zealand resident individual paying tax at the Prescribed Investor Rate identified above.
Top 10 investments
| # | Asset name | % of fund net assets |
|---|---|---|
| 1 | Hunter Global Fixed interest Fund | 97.52% |
| 2 | ANZ transactional bank account | 2.48% |
| Top 10 investments total | 100% | |
Manager's Commentary
How did your portfolio perform?
Summer Global Fixed Interest (the fund) delivered a return after fees and before tax of 0.13% for the month of November and for the 12 months to the end of November the fund delivered a return after fees and before tax of 4.45%.
Apart from a small holding of directly held New Zealand dollar cash (typically 5%, in line with the fund’s target allocation to cash) the fund’s investment exposure is through its investment in the Hunter Global Fixed Interest Fund, a multi-rate PIE fund hedged to the New Zealand dollar (NZD). PIMCO Australia Pty (PIMCO) is the investment manager.
What happened in the markets that you invest in?
Global fixed interest markets had small positive returns in November with the Bloomberg Global Aggregate Total Return Index (NZD hedged) delivering a 0.09% gain. The 10-year US treasury rate fell 0.08% over the month.
Credit widened slightly over November, with US BBB-rated spreads moving 0.03% wider as referenced in the ICE BofA BBB US Corp Index. Credit spreads remain close to historically tight levels.
What are we thinking about the future?
PIMCO continues to believe that global central bank policy rates have more room to fall. It also thinks tariffs are here to stay and will eventually settle around a 10-15% average tariff rate, except for China and a few specific product exceptions. It sees global growth falling with inflation pressures rising temporarily in the US and falling elsewhere. PIMCO continues to maintain >a cautious view towards corporate credit, focusing instead on relative value positions and diversified alpha strategies.
Portfolio duration, a measure of how sensitive the portfolio is to a given change in global wholesale interest rates was around 7.0 years at the end of November.
We estimate the fund’s gross yield-to-maturity, calculated as the weighted-average gross yield of all securities in the portfolio to be around 4.80% and the fund has a weighted-average portfolio credit quality of AA-. The weighted-average portfolio credit quality is calculated by PIMCO and is the weighted-average credit rating of each security within the portfolio (when a security is not externally rated PIMCO will assign a credit rating).
This is not a recommendation to buy or sell any financial product and does not take your personal circumstances into account. All opinions reflect our judgement on the date of communication and may change without notice. Past performance is not a reliable guide to future performance. We recommend you take financial advice before making investment decisions. We have prepared this web page in good faith based on information obtained from other sources, but we do not guarantee the accuracy of that information. We do not make any representation or warranty (express or implied) that this web page is accurate, complete, or current and to the maximum extent permitted by law disclaim any liability for loss which may be incurred by any person relying on this web page.