Summer Global Equities
Summer Global Equities fund performance summary as at 31 October 2025.
Fund at a glance
Unit price (as at 31 October 2025): $2.4284
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% | 9.72% | 2.17% | 7.16% | 16.25% | 17.84% |
| 17.50% | 10.00% | 2.19% | 7.10% | 16.06% | 18.14% |
| 10.50% | 10.19% | 2.20% | 7.06% | 15.93% | 18.33% |
^ 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 44.89% of the fund.
Manager's Commentary
How did your portfolio perform?
The Summer Global Equities Fund (the fund) delivered a return net of fees and before tax of 2.21% during October. For the 12 months to the end of October, the fund delivered a return net of fees and before tax of 15.74%.
Equity markets were supported by easing political tensions between the US and China with both nations agreeing to a one-year pause on escalating trade restrictions. The détente boosted the performance of growth and technology stocks over low-risk stocks. Your fund underperformed amid the market’s euphoria for AI, with our quality growth manager outperforming whilst our low-volatility manager lagging.
Alphabet, Google’s parent company, Thermo Fisher Scientific (TMO), and General Motors (GM) contributed positively to performance, supported by stronger-than-expected earnings. Alphabet benefited from robust growth in cloud and AI services, TMO from sustained demand in life sciences, and GM from upgraded profit guidance following tariff relief.
Conversely, US healthcare companies Baxter International and Dexcom Inc detracted from returns after management forecast slower sales growth and margin pressure. Verizon also weighed on performance due to a negative market reaction to the unexpected departure of its CEO.
We actively manage the fund’s foreign-currency exposures. Over the month, the New Zealand dollar fell against the US Dollar, was little changed versus the Euro, and rose against the Japanese Yen.
What happened in the markets that you invest in?
October was broadly positive for equity markets. In USD terms, developed markets gained 2.0% and emerging markets leapt 4.2%. In the US last month’s inflation fears proved short-lived, with long run CPI expectations remaining within range. This gave the Federal Reserve (The Fed) the confidence to cut rates by 25bps to 3.75% to 4.00% whilst signalling caution on further cuts. The ongoing Q3 earnings season has delivered good results, with positive earnings surprises being greater than normal thus far.
The Japanese Nikkei 225 led outperformance in October after electing its first female prime minister, whose pro-growth policies and a weaker yen boosted investor confidence. Asian markets lifted as the US-China trade "deal” was better than expected while in the UK falling interest rates and a weaker British Pound boosted the FTSE100 index.
What are we thinking about the future?
Monetary and financial conditions remain supportive for equities as the global interest rate cycle continues, and the inflationary impact of tariffs has been less than expected.
The US government shut down, now the longest in history, has lessened the quality and timeliness of economic data releases. Private sector surveys and indicators indicate robust growth, soft employment and decent consumer spending.
Investor sentiment in the US lifted over the month, reaching the 96th percentile. Such elevated readings signal frothy conditions, and our valuation estimates suggest the S&P 500 is ~2.8 standard deviations expensive versus fair value. We remain cautious on the key US market and reflect that by having a larger than normal allocation to our manager with a low volatility investment style.
Europe and large parts of Asia are delivering low-but-stable growth, and offer more attractive valuations, in our managers’ views.
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.
