Summer Australian Equities
Summer Australian Equities fund performance summary as at 30 September 2025.
Fund at a glance
Unit price (as at 30 September 2025): $2.1892
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
For more information on the Summer Australian Equities fund, read the latest quarterly fund update and the product disclosure statement.
Fund objective and strategy
See the Australian 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% | 8.18% | 0.01% | 7.21% | 7.63% | 12.13% |
| 17.50% | 8.55% | -0.04% | 7.09% | 7.76% | 12.56% |
| 10.50% | 8.79% | -0.08% | 7.01% | 7.85% | 12.85% |
^ 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 42.14% of the fund.
Manager's Commentary
How did your portfolio perform?
The Summer Australian Equities Fund (the fund) delivered a return net of fees and before tax of –0.13% during September. For the 12 months to the end of September, the fund delivered a return net of fees and before tax of 7.99%.
Key positive contributors to performance in September were our overweight positions in mining services company, Emeco Holdings and non-bank lender, Resimac Group. Emeco Holdings shares continued their strong run in September after management confirmed the company had received unsolicited interest from several potential acquirers. Resimac shares also outperformed after releasing their result in late August. Sentiment has been boosted by outperforming credit quality expectations and meaningful profit upside from accelerating loan volumes.
Key detractors from performance in September were our underweight position in gold miner, Evolution Mining and overweight position in fuel retailer, Viva Energy. Shares in Evolution Mining surged in September as the gold price continued its relentless rise. Gold prices are now up ~50% year to date on a weaker USD and geopolitical volatility. Gold producers have exceptional cash generation at current spot price and their share prices are rising accordingly. Viva Energy sold off sharply after announcing the resignation of a key retail executive during the month. Retail is a key earnings and growth driver for the company and management instability is unhelpful.
We actively manage the fund’s foreign currency exposures associated with Australian equities. During the month the NZD fell -2.82% against the Australian dollar (AUD).
What happened in the markets that you invest in?
The Australian equity market fell -0.78% in September, led lower by the Energy and Consumer Staples sectors. The August CPI was the major economic catalyst during the month, increase to a 3.00% annual headline rate from 2.80% in July. The data showed a lift in prices across service industries which was firmer than expected. Most economists responded by pushing out their expectations for rate cuts, with the market now leaning to no more rate cuts this year.
What are we thinking about the future?
We see a positive outlook for the Australian economy over coming quarters, with GDP and activity returning to trend. Inflation remains sticky, with labour availability still historically tight. Markets have recalibrated and now expect fewer rate cuts. Despite this higher-rate path, housing and credit demand have strengthened, pointing to better household spending and improving investment appetite. We expect banks and other lenders to benefit, alongside homebuilders and select retailers, with the latter showing positive trends in the August reporting season. We also remain positive on our preferred domestic industrials, where pricing discipline, revenue growth, and a laser focus on capital efficiency have driven an upward rerating in earnings multiples in recent periods.
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.
