Summer Global Equities

Summer Global Equities fund performance update as at 30 April 2017. 

Fund at a glance

Unit price (as at 30 April 2017): $1.1487

Date the fund started: 19 September 2016

For information on fees, see our Fees page.

Further information can be found in the product disclosure statement

Fund objective and strategy

See the Global Equities page for the Summary of investment objective and strategy.

Fund returns

 Total since inception1 Month3 Months6 Months
Fund 14.23% 3.52% 12.98% 15.26%

Fund returns are calculated net of fund charges, trading expenses and accrued tax for a New Zealand resident individual paying tax at the highest Prescribed Investor Rate (28%).

Top 10 investments


Asset name

% of fund net assets

1 ANZ Cash Deposit 4.83%
2 Facebook 4.18%
3 Citibank Cash Deposit 4.10%
4 Nike 4.06%
5 Delphi Automotive 3.91%
6 Starbucks 3.72%
7 Walgreen Boots Alliance 3.53%
8 Allergan 3.38%
9 Shire 3.29%
10 Medtronic 3.11%

The top 10 investments makes up 38.11% of the fund.

Manager's comments

Summer Global Equities delivered a return of 3.52% for April, continuing to benefit from the positive re-rating of global equities enjoyed since the November 2016 Presidential election in the United States.

The largest contributor to the fund’s return was its exposure to the healthcare sector, followed by the performance of exposures to the technology and consumer discretionary sectors. Only the energy exposures were a drag on the fund’s performance over April.

Over the month, there were a number of strategic changes to investment exposures, diversifying further across online search and eCommerce and consolidating the fund's Chinese insurance exposures.

After solid price runs by Alphabet and Amazon, we believe the stocks are beginning to look more fairly valued, and on this basis we elected to trim our exposures to them in favour of their United States listed Chinese peers, Baidu and Alibaba.

We believe Baidu and Alibaba offer better value for growth at current prices.

In addition, exposures to pan-Asia insurer AIA were removed while we elected to consolidate exposures in mainland Chinese insurers Ping An and PICC, favouring the financial technology innovations made by these companies.

We describe below key exposures within the portfolio.

Facebook: continues to see good stock price momentum for a second month as the company unveils new features within its suite of social media products.

Walgreens Boots: extended its deadline for the decision on its RiteAid acquisition, relieving some negative pressure on its share price.

LVMH: reported a strong start to the financial year with its first quarter ahead of market consensus; encouragingly, a number of  other luxury brands also reported strong earnings which bodes well for the sector in general.

Finally, a portion of the fund’s foreign currency exposure to the New Zealand dollar may be hedged as and if the NZD/USD revisits its cycle lows of around 0.6200; at current levels of just under 0.7000 we do not believe it is appropriate to hedge foreign currency exposures.


For more information on the Summer Global Equities fund, read the latest quarterly fund update.

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.