Summer Australian Equities
Summer Australian Equities fund performance summary as at 31 May 2025.
Fund at a glance
Unit price (as at 31 May 2025): $2.0136
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% | 7.43% | 3.14% | 0.03% | 6.42% | 6.72% |
| 17.50% | 7.82% | 3.17% | 0.27% | 6.81% | 7.19% |
| 10.50% | 8.08% | 3.19% | 0.43% | 7.08% | 7.51% |
^ 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 41.14% of the fund.
Manager's Commentary
How did your portfolio perform?
Summer Australian Equities (the fund) delivered a return net of fees and before tax of 3.22% during May. For the 12 months to the end of May the fund delivered a return net of fees and before tax of 7.48%.
Key positive contributors to performance were our underweight position in Woodside Energy and for the second month in a row our overweight position in investment manager, Challenger.
Performance was driven by our overweight positions in Ramsay Health Care and diversified miner South32. Ramsay rallied following a positive trading update from its French subsidiary, Ramsay Santé, with better revenue forecasts and improved debt refinancing. Investors also believe that Ramsay is well-positioned for any potential sector consolidation. South32 performed well after appointing a new CEO from its competitor Anglo American and delivering a strategy update that reaffirmed its focus on energy transition metals and disciplined capital allocation—both of which were well received by the market.
Detracting from performance were our underweight positions in Technology One and Life360. Technology One rallied sharply after reporting a 1HFY25 result that exceeded expectations, with significantly stronger margins driving a 33% increase in profit before tax. Similarly, Life360 delivered a strong Q1FY25 update, with solid revenue growth and clear operating leverage. Both companies received material valuation upgrades as analysts revised their growth and profitability expectations.
We actively manage the fund’s foreign currency exposures associated with Australian equities. During the month the NZD rose just 0.02% against the Australian dollar (AUD).
What happened in the markets that you invest in?
The Australian equity market rose 4.20% in May, led by the Technology and Energy sectors. On the economics front, employment growth remains robust, growing by 89,000 jobs in April, with the unemployment rate holding flat at 4.1% where it has hovered for the last twelve months. The Reserve Bank of Australia (RBA) board delivered a 0.25% cut to the cash rate in May and painted a more dovish outlook going forward, highlighting downside risks to growth and inflation from the unsettled global trade environment.
What are we thinking about the future?
Australian equities rebounded broadly in May after April’s Liberation Day equity market shocks. We continue to expect limited direct impact on Australian companies, with the greater concern being any potential spillover effects on global growth. So far, signs of a slowing US economy have been minimal, supporting investors’ risk appetite and driving local market performance. The RBA acknowledged global growth risks at its latest meeting, signalling a potentially lower cash rate bottom and a faster path to get there. In this environment, we remain focused on defensive sectors, favouring select healthcare, technology, and high-quality industrial names.
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.
