Summer Australian Equities fund performance summary as at 30 September 2019.
Unit price (as at 30 September 2019): $1.3266
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
See the Australian Equities page for the Summary of investment objective and strategy.
|Annualised total since inception||1 Month||3 Months||1 Year||3 Years|
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%).
|Asset name||% of fund net assets|
|1||Commonwealth Bank of Australia Limited||12.98%|
|2||BHP Group Limited||9.87%|
|4||Westpac Banking Corporation||9.30%|
|5||Australia and New Zealand Banking Group Limited||7.58%|
|6||National Australia Bank Limited||7.37%|
|7||ANZ transactional bank account||6.43%|
|10||Telstra Corporation Limited||4.00%|
The top 10 investments make up 75.95% of the fund.
September was another positive quarter for Australian equity investors, in general.
The portfolio represents what we consider to be the current optimal opportunity set in Australia: large and liquid company exposures, national champions across the key sectors of the Australian equity market.
As the portfolio transitions from the retiring portfolio manager to a new portfolio manager (see our comments under Outlook below) we have elected to approximate the portfolio’s investments to that of the S&P/ASX20 Index by holding the shares of 19 companies. This is a short-term transition only, which performed as expected, having participated in the positive returns, generally delivered by the Australian sharemarket over the last quarter.
The fund has also benefited from the recent depreciation of the New Zealand dollar in relation to the Australian dollar; we continue to see positive momentum in favour of the Australian dollar and at our most recent Currency Management Committee meeting, have elected to maintain the fund’s currency hedging at minimum levels.
It is important that we acknowledge the departure of Malcolm Davie at the beginning of October, the portfolio manager of the Australian Equities Fund since April 2014. He leaves with our gratitude and best wishes, with the intention of completing the final stages of his studies for his PhD.
Accordingly, we are pleased to announce the appointment of Jason Lindsay, AFA, who joins us from ACC, where he managed the Australasian infrastructure portfolio. Jason has over 15 years experience spanning New Zealand’s equity research and fund management industries. He holds a BCA from Victoria University of Wellington and is a member of Chartered Accountants Australia and New Zealand (CAANZ).
From October, Jason will be the portfolio manager of Summer Australian Equities and joined Craig Alexander as Co- Head of Funds Management on 10 September.
We actively manage the fund’s foreign currency exposures. As at 30 September 2019, these exposures represented 93.57% of the value of the fund. After allowing for foreign currency hedges in place, 79.18% 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.