Summer Global Equities

Summer Global Equities fund performance summary as at 31 December 2021.

Fund at a glance

Unit price (as at 31 December 2021): $1.8296

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% 11.29% 2.56% 4.04% 9.32% 16.06%
17.50% 11.71% 2.61% 4.03% 9.50% 16.48%
10.50% 11.98% 2.64% 4.03% 9.63% 16.75%

 ^ 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 

  Asset name % of fund net assets
1 Vanguard ESG US Stock ETF                44.83%
2 Vanguard ESG International Stock ETF     28.25%
3 ANZ transactional bank account 1.62%
4 Siemens AG-Reg 1.30%
5 Microsoft Corporation 1.28%
6 Visa Inc.- Class A Shares 1.27%
7 Takeda Pharmaceutical Co Limited 1.21%
8, Inc. 1.15%
9 Taiwan Semiconductor Manufacturing Co Ltd 1.03%
10 Holcim AG 1.03%

The top 10 investments make up 82.97% of the fund.

Manager's Commentary

Market Commentary

Global equites had a strong December quarter, absorbing the emergence of the Omicron variant of Covid-19 and higher than expected inflation numbers.

Underlying indicators of economic growth in most major regions continue to improve or hold at strong levels, although they are unusually volatile as regions introduce or relax various restrictions related to Covid-19. China, which had been slowing appears to have stabilised, although the important property sector continues to be soft. 

Portfolio Performance

For the quarter ending December 2021, Summer Global Equities Fund achieved a return of 4.04% (28% PIR) and for the 12-month period ending delivered a return of 9.32% (28% PIR).

Best Performers

The best performers over the quarter were: Abbott Laboratories, Siemens, General Motors, Nike and from a few stocks that recovered from a weak September quarter, including Medtronic, Merck and

Worst Performers

The worst performers over the quarter were: Alibaba, Takeda, Visa, Salesforce, Royal Philips, Ryanair, Adobe, Siemens Energy and Citigroup (now exited).


We have repositioned the fund towards companies/sectors we feel should benefit from a post-vaccination world, where we expect a reopening of the boarders, first internally/regionally then internationally over 2022. Stocks we own in the fund that should benefit from this include: Amazon, Comcast, Fiserv, Nike, Ryanair, Uber Technologies, Visa and Walt Disney.

Whilst strong economic growth and employment gains are generally positive for profits, rising inflation and interest rates act in the opposite direction, adding to costs and in some cases pressuring relative valuations. Positive earnings revisions will be key for future performance.

We are in the final phase of due diligence for appointing our two new external managers (to Summer and Octagon), and will announce them shortly and start funding them during February, allocating money currently invested in two market index tracking ETFs. In the meantime, we have tightened the focus within our current strategy, reducing the number of companies in our direct portfolio from around fifty to around thirty. This enables us to have greater conviction in those stocks that possess our two key investment attributes:

  • Quality and confidence in earnings: a proven track record with respect to earnings performance and we have confidence in the medium-term earnings outlook, with a preference for companies that we believe have above average earnings growth prospects.
  • Offering good value for risk: we also have a fundamental discipline that looks at the risk/return metrics of each of our company holdings and how they combine to affect the overall risk and return positioning of the strategy.

We actively manage the fund’s foreign currency exposures. As at 31 December 2021, the fund’s foreign currency exposures represented 98.38% of the value of the fund. After allowing for foreign currency hedges in place, approximately 57.74% 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.