Summer Global Equities

Summer Global Equities fund performance summary as at 30 September 2019.

Fund at a glance

Unit price (as at 30 September 2019): $1.4170

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

 Annualised total since inception1 Month3 Months1 Year3 Years
Fund 11.45% 2.12% 5.24% 2.45% 11.36%

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 transactional bank account 8.59%
2 Comcast Corp Class A 3.71%
3 Siemens AG-Reg 3.60%
4 NIKE, Inc. 3.58%
5 Visa Inc.- Class A Shares 3.53%
6 Alphabet Inc Class A 3.52%
7 Microsoft Corporation 3.52%
8 Thor Industries Inc. 3.33%
9 Facebook Inc.- A 3.21%
10 ING Group N.V. 3.17%

 The top 10 investments make up 39.76% of the fund.

Manager's comments

Market Commentary

September was another positive quarter for international equity investors, in general.

Global markets have stabilised in recent months, brushing off the ongoing Trump tweets, trade politics, concerns over slowing global growth and falling interest rates. Our observation is that most global companies are flexible enough to cope with the current degree of political interference. Political headlines typically look self-serving, in our view, but behind the scenes investors generally value the investment and innovation that global companies bring.

While ever lower interest rates have sent the market chasing “expensive defensive” stocks ever higher, we believe companies that can continue to grow organically are also big beneficiaries in an environment of persistently low interest rates. Companies that are disrupting markets or shaping demand for their own products are better placed to continue to perform through periods of slow growth (which, by our assessment, prove to be transitory).

Portfolio Positioning

In our June quarter commentary, we outlined our strategy to increase our weightings to healthcare exposures.

We executed the first leg of this strategy in early July, acquiring AstraZeneca, Bayer, Merck & Co and Sanofi exposures.  We made one additional change at the end of the quarter, switching out of Celgene in favour of Baxter. By the end of the quarter our Healthcare sector weighting had increased to 21% from a low of 11% as at 30 June 2019.


Following a series of meetings with company executives and affiliates in the US over September, we plan to review our Information Technology and Communication Services stock exposures, with a view to lifting our exposures to the three global tech leaders (Alphabet, Amazon and Apple). We plan to fund this strategy by trimming other exposures in the IT and Communication Services sectors.

We believe Alphabet, Amazon and Apple are capable of extending their operations beyond their current core markets, through the product opportunities that should flow from their plans to invest heavily in Artificial Intelligence/Machine Learning services.


We actively manage the fund’s foreign currency exposures. As at 30 September 2019, these exposures represented 91.41% of the value of the fund. After allowing for foreign currency hedges in place, 78.23% of the value of the fund was unhedged and exposed to foreign currency risk.


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.