Summer Global Equities
Summer Global Equities fund performance summary as at 30 November 2025.
Fund at a glance
Unit price (as at 30 November 2025): $2.4595
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% | 9.78% | 1.29% | 6.09% | 14.84% | 17.54% |
| 17.50% | 10.06% | 1.29% | 6.04% | 14.62% | 17.69% |
| 10.50% | 10.25% | 1.29% | 6.01% | 14.47% | 17.79% |
^ 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 41.04% of the fund.
Manager's Commentary
How did your portfolio perform?
The Summer Global Equities Selection (the fund) delivered a return net of fees and before tax of 1.29% for the month of November.
For the 12 months to the end of November, the fund delivered a return net of fees and before tax of 14.26%.
Our managers’ underlying stock positions contributed most to the fund’s outperformance for month. Currency attribution and cash holdings delivered broadly neutral outcomes.
Our two active managers outperformed the index as defensive and minimum-volatility stocks led gains, while growth and AI-related technology stocks lagged. The world's largest company, Nvidia, declined -12.8% despite reporting a ‘beat and raise’; strong earnings that beat expectations and a forecast for next quarter above market consensus.
Collectively, the fund remains underweight the ‘Magnificent-7’ stocks, which was helpful as this group underperformed the market. Not holding Eli Lilly was a drag on relative performance. Strong growth in its GLP-1 weight-loss drug and an improvement in Medicare access is now seen as a tailwind. Outside the key US market, our low-volatility manager’s holdings in UK-based utility SSE Plc, and Japanese companies Central Japan Railway and Sumitomo Mitsui Financial Group drove gains in the portfolio.
We actively manage the fund’s foreign currency exposures. Over the month, the New Zealand dollar rose against the US dollar and the Japanese yen but fell against the Euro.
What happened in the markets that you invest in?
The MSCI All Country World index fell -0.25% in NZD terms. Strength of the New Zealand dollar (NZD) against US dollar (USD) compressed the returns during the month, but the NZD is still down nearly 3% over the last year against the USD. Developed-market gains were offset by losses in emerging markets over the month.
The US third-quarter earnings season was solid, but despite earnings upgrades for next year, price gains were limited as the market focused on rich valuations in tech and AI-related stocks. By late November, after data pointing to a cooling labour market, weaker consumer surveys and softer manufacturing activity, the market gained confidence that the US Fed would start cutting interest rates in early December.
Technology-heavy markets such as Korea, Taiwan and China suffered losses, while the UK and Europe gained from being more sheltered from the technology-led sell-off. A weaker yen lifted the export-heavy Japanese equity market.
What are we thinking about the future?
We wrote about apparent high valuations in US equities back in August and that they could portend a period of weaker returns ahead. November returns saw a strong rotation away from Growth stocks into value/ low-volatility stocks within a basically flat index return. Strong corporate earnings need to be paired with market expectations when thinking about returns, and expectations remain a high hurdle to jump.
The US remains by far and away the largest equity market globally. What happens there often drives the overall return for global equities. We see the US market as richly priced, particularly the tech sector and AI related industries. Other markets, and indeed other sectors of the US market, appear to offer better value. As a result, we maintain a larger-than-normal allocation to our low-volatility manager.
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.
