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.
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 risk indicator is based on the returns data for the five years to 30 June 2026.
Strategic investment mix
| Category | % |
|---|---|
| Cash and cash equivalents | 5.00% |
| New Zealand fixed interest | 0.00% |
| International fixed interest | 95.00% |
| Total income assets | 100% |
| Australasian equities | 0.00% |
| Listed property | 0.00% |
| International equities | 0.00% |
| Total growth assets | 0% |
| Total portfolio | 100% |
Minimum suggested investment timeframe
Fund at a glance
Unit price (as at 31 August 2026): $1.1628
Date the fund started: 19 September 2016
Fund returns
| PIR | 1 Month | 3 Month | 1 Year | 3 Years^ | Total since inception^ |
|---|---|---|---|---|---|
| 28% | 0.04% | -0.61% | 0.14% | 2.59% | 1.21% |
^ 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 | 96.73% |
| 2 | BNZ Transactional Account NZD | 3.27% |
| Top 10 investments total | 100.00% | |
Portfolio Holdings
Summer Global Fixed Interest Portfolio Holdings
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Manager's Commentary
How did your portfolio perform?
The Summer Global Fixed Interest Fund (the Fund) delivered a return after fees and before tax of 0.06% for the month of August, fractionally outperforming its benchmark return of 0.02%. For the 12 months to the end of August, the Fund delivered a return after fees and before tax of -0.12% underperforming the Fund’s benchmark return of 0.35%.
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 were flat-to-slightly-positive in August, with the Fund’s benchmark, the Bloomberg Global Aggregate Total Return Index (NZD hedged), returning just 0.02% over the month.
Interest rates and credit spreads were largely flat over August. Key market proxy, the US 10-year Treasury ended the month just 0.01% higher, while credit spreads (proxied by the spread on the ICE BofA BBB US Corporate Bond Index) were 0.01% narrower.
What are we thinking about the future?
PIMCO remains focused on country selection, reflecting divergent global growth and inflation dynamics, while maintaining a cautious stance on corporate credit. The portfolio remains overweight duration (6.7 years versus 6.1 years for the index), favouring markets with attractive yields or greater downside protection, and retains a preference for yield curve steepening. Given tight credit spreads, the manager favours securitised assets, including mortgages and agency MBS, while maintaining selective exposure to higher-quality financial and emerging market issuers. PIMCO also maintains diversified tactical currency positions. While Middle East tensions remain uncertain, its base case is that lower oil prices will ease inflation concerns and support further yield curve steepening, whereas renewed escalation would likely be inflationary and weigh on global growth.
The Hunter fund’s gross yield to maturity is around ~5.62% and the weighted-average portfolio credit quality at AA-.
*The benchmark for the fund is the Bloomberg Global Aggregate TR Index hedged to the NZ dollar