Summer Global Equities
Summer Global Equities fund performance summary as at 30 April 2025.
Fund at a glance
Unit price (as at 30 April 2025): $2.1466
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
For more information on the Summer Global Equities fund, read the latest quarterly fund update and the product disclosure statement.
Fund objective and strategy
See the Global Equities page for the Summary of investment objective and strategy.
Fund returns
| PIR | Total since inception (annualised) | 1 Month | 3 Month | 1 Year | 3 Years^ |
| 28% | 8.73% | -1.20% | -4.20% | 8.91% | 10.59% |
| 17.50% | 9.03% | -1.21% | -4.19% | 8.97% | 10.72% |
| 10.50% | 9.23% | -1.21% | -4.19% | 9.02% | 10.81% |
^ 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
The top 10 investments make up 45.99% of the fund.
Manager's Commentary
How did your portfolio perform?
Summer Global Equities (the fund) delivered a return net of fees and before tax of –1.22% for the month of April. For the 12 months to the end of April the fund delivered a return net of fees and before tax of 9.08%.
The fund’s significant underweight in the ‘Magnificent 7’ U.S. large-cap stocks aided performance, as market leadership broadened to include Healthcare, Industrials, Utilities, and Energy stocks. As expected, our low-volatility manager continued to perform well in a volatile environment. Our GARP manager, who focuses on cash generation and strong returns on equity, also performed well.
Currency hedging contributed positively to performance, as the NZ dollar appreciated against the U.S. dollar over the month.
What happened in the markets that you invest in?
Markets were volatile in April as the implications of the US government’s trade policy continued to affect stocks, bonds, and currencies. The tariff announcements on April 2 ‘Liberation Day’ were much broader than markets had expected - US and global stocks sold off materially, and market volatility spiked to its highest level since the pandemic. Stocks recovered most of their losses over the rest of the month as the US softened the policy approach with a 90-day “pause” in tariff implementation and exemptions on selected goods.
In China, the stock index suffered its biggest one-day loss since the Asian financial crisis. Domestic export cargo volumes fell 10% year-on-year as tariffs began to bite. Manufacturing data and new export orders also declined. Tariffs and weak housing together both weighed on the outlook for the domestic economy. In response, the central bank cut its policy rate to cushion economic weakness and safeguard against escalating trade tensions.
European and UK equities were flat to negative as the growth outlook deteriorated due to rising trade tensions. The European Central Bank cut rates to stay in step with disinflation, whilst market priced in a likely cut in the U.K for May.
Interest rates were also volatile over April but longer duration rates ended the month near where they started.
What are we thinking about the future?
Uncertainty around U.S. tariffs and possible retaliation remains. The full impact of tariffs on inflation, economic growth, and company profits around the world remains unknown but is expected to become clearer over the months ahead.
In the US, about 70% of the S&P500 has reported Q1 earnings. Expectations for calendar year 2025 earnings have fallen around 3% over the first four months of the year. If that is what is delivered, we would regard that as a very good outcome given the trade disruptions. If global growth slows significantly, further downgrades will be forthcoming.
The Global Equities Fund remains underweight U.S. equities, where full-year consensus earnings expectations leave little margin for earnings disappointments. In our view, other markets currently offer better value, though they could still be negatively impacted if tariffs further dampen global growth. Our managers continue to assess portfolio positioning in line with changing fundamentals and relative valuations.
This is not a recommendation to buy or sell any financial product and does not take your personal circumstances into account. All opinions reflect our judgement on the date of communication and may change without notice. Past performance is not a reliable guide to future performance. We recommend you take financial advice before making investment decisions. We have prepared this web page in good faith based on information obtained from other sources, but we do not guarantee the accuracy of that information. We do not make any representation or warranty (express or implied) that this web page is accurate, complete, or current and to the maximum extent permitted by law disclaim any liability for loss which may be incurred by any person relying on this web page.
