Summer Global Fixed Interest
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 31 March 2026.
* 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.
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 | 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 March 2026): $1.1586
Date the fund started: 19 September 2016
Fund returns
| PIR | 1 Month | 3 Month | 1 Year | 3 Years^ | Total since inception^ |
|---|---|---|---|---|---|
| 28% | -2.12% | -1.17% | 1.25% | 2.50% | 1.24% |
^ 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 | 96.47% |
| 2 | BNZ Transactional Account | 3.53% |
| Top 10 investments total | 100% | |
Portfolio Holdings
SummerGFI portfolio holdings data Sept2025
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Manager's Commentary
How did your portfolio perform?
Summer Global Fixed Interest (the fund) delivered a return after fees and before tax of –3.18% for the month of March. For the 12 months to the end of March, the fund delivered a return after fees and before tax of 1.47%.
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 suffered losses in March, with the fund’s benchmark, the Bloomberg Global Aggregate Total Return Index (NZD hedged), falling -1.67%.
The weak monthly return reflects a strong rise in global interest rates, leading to capital losses. Key market proxy, the US 10-year Treasury yield rose 0.35% over the month, while credit spreads (proxied by the spread on the ICE BofA BBB US Corporate Bond Index) widened slightly - around 0.05%.
What are we thinking about the future?
PIMCO is emphasising country selection given the variation in growth and inflation dynamics globally, while maintaining a cautious stance towards corporate credit, with a focus on relative value positions and diversified alpha strategies. The Fund remains slightly overweight duration (around 6.6 years vs the benchmark at 6.2 years) and has tactical currency positions to increase yield and diversification.
The Hunter fund’s gross yield to maturity is around ~4.8% and the weighted-average portfolio credit quality at AA-.