Summer Global Equities

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Summer Global Equities fund performance summary as at 31 October 2017. 

Fund at a glance

Unit price (as at 31 October 2017): $1.2336

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 Months1 Year
Fund 22.10% 4.92% 9.83% 6.89% 23.20%

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 5.26%
2 Citibank Cash Deposit 5.01%
3 Facebook Inc.- A 4.54%
4 NIKE, Inc. 4.35%
5 Delphi Automotive PLC 3.48%
6 Starbucks Corporation 3.18%
7 Baidu Inc. - Spon ADR 3.17%
8 Ping An Insurance (Group) Company of China, Limited 3.01%
9 Alphabet Inc Class A 3.01%
10 Schlumberger Limited 2.93%

The top 10 investments make up 37.94% of the fund.

Manager's comments

Summer Global Equities delivered a return of 4.92% for October.

Equity markets have performed well over 2017 following a generally lacklustre and volatile 2016. Valuations of the technology and China-exposed companies in particular have increased on the back of strong reported earnings and promising outlooks for earnings to continue to outperform the broader market. In contrast there have been mixed performances from our healthcare exposures, although we believe this sector is now offering excellent value, and we will look to add to these exposures over the next few months.  

A number of our exposures reported results over October and early November (prior to the date of writing this report). Below are some highlights.

Ping An Insurance Group reported a 45% increase in net profit for the third quarter of 2017, mostly attributed to a substantial increase in life and health premiums following the insurer’s expansion of its sales agent team. Ping An has transformed itself through technology advancements across banking, real estate, health and insurance sectors. It is its fintech operations that have impressed us the most. 

Amazon is turning into a super hero investment, as it rapidly expands its operations across multiple sectors and regions. Management’s ability to execute its visionary business initiatives demonstrates its values and decision-making ability throughout the organisation. What has become obvious is Amazon’s ability to implement new investments across new sectors, deploying strategies that offer better consumer outcomes, whilst also achieving higher returns for its shareholders.

Facebook reported strong results for its September quarter, beating revenue expectations by nearly US$500m and reporting earnings above consensus estimates. We believe Facebook is well positioned to maintain steady double-digit earnings growth for many years.

Alibaba continues to shine and again beat earnings and revenue estimates for the September quarter. Alibaba saw strong growth in core commerce (up 63%), cloud computing (up 99%), digital media and entertainment (up 33%) and innovation initiatives (up 27%).

Delphi Automotive gives our fund exposure to the fast-growing electric/hybrid vehicle sector. Delphi has a market leading position in providing efficient electrical architecture that enables smart car technology such as autonomous driving systems. Delphi had a strong September profit result, which also led to the Board lifting its profit guidance for the fiscal year by +5%.


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.