Summer New Zealand Cash
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 returns (before fees, taxes and other expenses) greater than the Official Cash Rate (OCR) over a rolling 12 month period.
These investments typically have very low movement up and down in value.
Strategic investment mix
| Category | % |
|---|---|
| Cash and cash equivalents | 65.00% |
| New Zealand fixed interest | 35.00% |
| International fixed interest | 0.00% |
| 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 30 April 2026): $1.2391
Date the fund started: 19 September 2016
Fund returns
| PIR | 1 Month | 3 Month | 1 Year | 3 Years^ | Total since inception^ |
|---|---|---|---|---|---|
| 28% | 0.14% | 0.38% | 2.07% | 3.27% | 1.62% |
^ 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 | BNZ Transactional Account NZD | 6.33% |
| 2 | Bank of China Call Account | 4.83% |
| 3 | Kiwibank FRN 13/06/2028 | 4.63% |
| 4 | ANZ Transactional Account NZD | 4.16% |
| 5 | Tax Management NZ Tributum Trust CP 28/07/2026 | 3.69% |
| 6 | Rabobank FRN 05/04/2027 | 2.99% |
| 7 | Watercare CP 16/06/2026 | 2.67% |
| 8 | SBS Bank CP 29/07/2026 | 2.58% |
| 9 | Investore Property Limited 2.40% 31/08/2027 | 2.35% |
| 10 | Ryman Healthcare Limited 2.55% 18/12/2026 | 2.30% |
| Top 10 investments total | 36.53% | |
Portfolio Holdings
SummerNZC portfolio holdings data Sept2025
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Manager's Commentary
How did your portfolio perform?
Summer New Zealand Cash (the fund) delivered a return after fees and before tax of 0.19% for the month of April and for the 12 months to the end of April Summer New Zealand Cash delivered a return after fees and before tax of 2.88%.
The fund invests mainly into the Enhanced Cash Fund managed by Octagon Asset Management. The fund’s characteristics, and the remainder of this monthly commentary, relate to the Enhanced Cash Fund.
New Zealand short-end interest rates moved higher over the month, which resulted in small capital losses on the fund's bond positions.
What happened in the markets you invest in?
Short-term interest rates in New Zealand moved higher over the month, with the two-year swap rate 0.11% higher. The move higher generally followed offshore moves but also reflected domestic views on monetary policy - inflation expectations around the world have risen with the large increase in energy prices due to the ongoing Middle East conflict.
The Reserve Bank of New Zealand (RBNZ) kept the Official Cash Rate (OCR) on-hold at its April Monetary Policy Review. The record of meeting reflected the Monetary Policy Committee's commitment to react to any generalised inflationary pressure - the market viewed this as a suggestion towards tightening of monetary policy conditions. Economic data released during April generally reflected the pessimism brought on by the Middle-East conflict - the Quarterly Survey of Business Opinion indicated lower business confidence and higher pricing intentions, the ANZ Business Outlook further indicated business's wage intentions remained low.
What are we thinking about the future?
At the end of April, the fund's gross yield to maturity was 3.00%, which represented a premium over the current OCR of 2.25%, and the fund's modified duration was around 0.17 years. Current market volatility supports maintaining a relatively short duration position. The fund's strategy remains the same, invest in short-dated, New Zealand debt securities issued by high quality corporates, as well as local and central government, to build a yield well above the OCR.