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% |
| New Zealand fixed interest | 0.00% |
| International fixed interest | 95.00% |
| Total income assets | 95% |
| Australasian equities | 0.00% |
| 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 31 December 2025): $1.1807
Fund returns
| PIR | Total since inception (annualised) | 1 Month | 3 Month | 1 Year | 3 Years^ |
|---|---|---|---|---|---|
| 10.5% | 2.00% | -0.11% | 0.77% | 4.32% | 4.17% |
| 17.5% | 1.76% | -0.10% | 0.71% | 3.98% | 3.87% |
| 28% | 1.40% | -0.09% | 0.62% | 3.47% | 3.41% |
^ 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 | 96.17% |
| 2 | ANZ transactional bank account | 3.83% |
| 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 December. For the 12 months to the end of December, the fund delivered a return after fees and before tax of 4.83%.
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 you invest in?
Global fixed interest markets generally delivered small losses in December, with the fund’s benchmark, the Bloomberg Global Aggregate Total Return Index (NZD hedged), delivering a loss of 0.36%.
The fund’s loss was consistent with the performance of broad benchmark proxies; the 10-year US treasury rate rose around 0.05% to close out calendar year 2025 at 4.12%, and the value of the ICE BofA BBB US Corporate Total Return Index fell slightly over December.
What are we thinking about the future?
While acknowledging that returns from fixed interest are likely to continue to be volatile, PIMCO are very constructive on performance expectations.
The Hunter fund’s gross yield to maturity is around 4.5% and the weighted-average portfolio credit quality at AA-. PIMCO are largely indifferent on portfolio duration (interest rate sensitivity) positioning within a tight range around the benchmark’s current duration of 6.3-years.