Summer Balanced Selection
Summer Balanced Selection fund performance summary as at 30 November 2025.
Fund at a glance
Unit price (as at 30 November 2025): $1.7298
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
For more information on the Summer Balanced Selection fund, read the latest quarterly fund update and the product disclosure statement.
For the current tactical asset allocation and date of most recent review, please go to the Summer Balanced Selection page.
Fund objective and strategy
See the Summer Balanced Selection 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% | 5.63% | -0.04% | 3.11% | 7.66% | 8.03% |
| 17.50% | 5.93% | -0.05% | 3.18% | 7.91% | 8.41% |
| 10.50% | 6.13% | -0.06% | 3.22% | 8.07% | 8.66% |
^ 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 37.60% of the fund.
Manager's Commentary
How did your portfolio perform?
The Summer Balanced Selection (the fund) delivered a return net of fees and before tax of -0.07% for the month of November.
For the 12 months to the end of November, the fund delivered a return net of fees and before tax of 8.32%.
The New Zealand Equities, Global Fixed and Enhanced Cash funds all produced a positive return in November. All funds beat their asset class benchmarks during the month, enabling the Balanced fund to produce a slightly positive return overall. For details on the Balanced Fund's single asset class funds, see the relevant fund commentary.
We actively manage the fund’s foreign currency exposures and hedge the international fixed interest segment of the fund. The New Zealand dollar gained 0.24% against the US dollar and 0.07% against the Australian dollar.
What happened in the markets that you invest in?
The Reserve Bank of New Zealand (RBNZ) cut interest rates by 0.25% at its Monetary Policy Committee meeting in November and signalled a likely end to the interest rate cutting cycle. With an expectation of stronger economic growth next year and inflation still above the mid-point of the 1% to 3% range, longer-term interest rates rose.
New Zealand equities had a small reporting season, which was generally positive but not enough to offset the impact of rising interest rates on defensive sectors. Australian equities saw much stronger inflation and growth than expected, which was a headwind for overall market valuation. In global equities some of the riskier parts of the market – crypto assets, profitless tech companies and those with high gearing had a poor month, mostly offset by solid economic growth indicators. Listed property struggled on the back of capital raisings and rising longer term interest rates.
What are we thinking about the future?
Global risks continue to be elevated. Uncertainty is not new to our portfolio managers, and they actively adjust their portfolios as new information comes to hand.
With the NZ interest rate cutting cycle over, cash and fixed interest portfolios are likely to deliver more modest returns from here.
We remain attracted to NZ equities as the economic recovery begins to take hold and see listed property as attractively valued with reasonable future rental growth. The Australian economy is stronger than we anticipated which should see profits lift, but we see valuations as full, particularly in the very large banking sector. The global economy has withstood the trade war better than we anticipated from both a growth and employment perspective over the last six months.
On the back of this analysis, the Investment Committee met in November and chose to reduce our overweight in fixed interest back to neutral, whilst trimming the level of our underweight in global equities. We remain underweight global equities as valuations are very full, but some of the risks we saw to economic growth earlier in the year have moderated.
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.
