Summer Australian Equities
Summer Australian Equities fund performance summary as at 31 October 2025.
Fund at a glance
Unit price (as at 31 October 2025): $2.2003
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% | 8.17% | 0.54% | 4.07% | 9.77% | 11.17% |
| 17.50% | 8.53% | 0.53% | 3.97% | 9.92% | 11.54% |
| 10.50% | 8.77% | 0.52% | 3.90% | 10.02% | 11.78% |
^ 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 41.31% 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 0.51% during October. For the 12 months to the end of October, the fund delivered a return net of fees and before tax of 10.18%.
Key contributors to October’s outperformance were our overweight positions in diversified miner South32 (S32) and pizza franchisee Dominos (DMP).
S32 performed well after Manganese output beat market expectations and Aluminium prices rose increasing potential operating leverage for the company. DMP rallied strongly during October after media reports of private equity interest in acquiring the recently ailing business.
Key detractors from performance in October were our underweight position in Commonwealth Bank (CBA) and overweight position in Biotech company, CSL.
Shares in CBA rose nearly 3% in October with little stock specific news. In general, the credit cycle has been supportive, with strong growth in lending volumes and minimal bad debts. Combined with net interest margin (NIM) resilience the sector has seen modest earnings upgrades as a result. CSL fell sharply after providing a weak update at the company’s AGM. The company downgraded medium term earnings growth targets from double digit to high single digit levels and also delayed the planned spin-off of its vaccines business citing heightened volatility in the U.S. influenza vaccine market.
We actively manage the fund’s foreign currency exposures associated with Australian equities. During the month the NZD fell 0.16% against the Australian dollar (AUD).
What happened in the markets that you invest in?
The Australian equity market rose a modest 0.39% in October, led by the Materials and Energy sectors. In terms of economic data, the big news was the shock CPI number for the September quarter. Consumer price inflation accelerated to 3.2% YoY versus 3.0% expected. Core measures also came in above market forecasts. Expectations of further rate cuts this year evaporated and the AUD rose. Some economists now suggest the Australian easing cycle may already be over.
What are we thinking about the future?
These are interesting times for the Australian equity market. On one hand, the index is trading near all-time highs when it comes to valuation, currently around 20x earnings. There are few precedents for this throughout history which suggests risk that valuations may revert lower in the coming periods. Conversely, the Australian economy is expanding faster than it was. Real incomes and wealth are increasing which supports households and consumption and risks to earnings currently appear modest suggesting market strength can persist.
Our approach in this environment is to avoid the extremes. We are fully invested and continue to focus our efforts on those companies where valuations are less stretched and where we think earnings can be delivered throughout the economic cycle.
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.
