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 July 2026): $1.1622
Date the fund started: 19 September 2016
Fund returns
| PIR | 1 Month | 3 Month | 1 Year | 3 Years^ | Total since inception^ |
|---|---|---|---|---|---|
| 28% | -1.02% | -0.01% | 0.72% | 2.49% | 1.22% |
^ 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 | 96.70% |
| 2 | ANZ transactional bank account | 3.30% |
| 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?
Summer Global Fixed Interest (the fund) delivered a return after fees and before tax of -1.41% for the month of July marginally underperforming its benchmark* by -0.33%. For the 12 months to the end of July, the fund delivered a return after fees and before tax of 0.69% fractionally underperforming its benchmark* by -0.10%.
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 negative in July, with the fund’s benchmark, the Bloomberg Global Aggregate Total Return Index (NZD hedged), falling -1.08% over the month.
Interest rates moved substantially higher over July and credit spreads were slightly wider. The US 10-year Treasury – considered a key market proxy - was 0.32% higher over July, while credit spreads (proxied by the spread on the ICE BofA BBB US Corporate Bond Index) widened by 0.04%.
What are we thinking about the future?
PIMCO remains focused on country selection and duration positioning, reflecting divergent global growth and inflation dynamics. The portfolio maintains an overweight duration stance (6.8 years versus 6.1 years for the index), favouring markets with attractive yields or greater downside protection, while retaining a preference for yield curve steepening.
The manager remains cautious on corporate credit given tight valuations, favouring securitised assets such as mortgages and agency MBS (Mortgage- Backed Securities), alongside selective exposure to higher-quality financial and emerging market issuers.
PIMCO also maintains diversified tactical currency positions, including increased short US dollar and euro exposures, and believes easing geopolitical tensions and lower oil prices could support further yield curve steepening, while a renewed escalation would likely be inflationary and weigh on global growth.
The Hunter fund’s gross yield to maturity is around ~5.57% 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