Summer Balanced Selection
Summer Balanced Selection fund performance summary as at 30 June 2025.
Fund at a glance
Unit price (as at 30 June 2025): $1.6299
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% | 5.20% | 1.28% | 2.90% | 7.03% | 6.78% |
| 17.50% | 5.50% | 1.35% | 3.02% | 7.41% | 7.17% |
| 10.50% | 5.71% | 1.40% | 3.10% | 7.67% | 7.43% |
^ 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 39.28% 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 1.48% for the month of June. For the 12 months to the end of June the fund delivered a return net of fees and before tax of 8.06%.
All the funds used in the Balanced fund performed in-line or better than their benchmarks apart from the Global Equities Fund. 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 rose 1.67% against the US dollar and fell -0.15% against the Australian dollar.
What happened in the markets that you invest in?
Global equity markets are taking the view that increased trade tension and threats of the 90-day tariff pause expiring will not significantly hurt earnings growth. Currency markets disagreed, however. Weaker US growth forecasts have pulled the US dollar down over 10% from their January highs. Interest rates have been more nuanced, balancing the level of inflation and growth in government debt.
US economic data in June showed corporate earnings stabilising post the tariff induced rout whilst inflation has not spiked higher, and unemployment looks benign. Middle East conflicts are broadening, and the Ukraine war shows little sign of ending, prompting European countries inside NATO to commit to materially higher military and cyber security spending.
The Australasian listed property market rallied strongly as lower interest rates are now increasing property valuations. In New Zealand, economic conditions remain weak, despite surprisingly strong economic growth in the first quarter. Inflation has stopped falling, possibly delaying the anticipated timing of further Reserve Bank of New Zealand (RBNZ) rate cuts.
What are we thinking about the future?
Global equity markets have fully recovered from the initial April 2nd tariff announcement shock, this despite wider Middle East conflicts, inflated tariff levels compared to last year and increased risks to government debt in many large economies. We continue to believe the risks to global equity markets are greater than what is currently priced in.
The Investment Committee met in June and used the Australian equity market rebound to shift part of the fund back to New Zealand equities. This reversed the move made in April, when we increased Australian exposure due to its short-term underperformance relative to New Zealand amid the tariff uncertainty.
We favour New Zealand equities and listed property over global equities based on relative valuations, and now have a neutral stance on Australian equities. We have a modest overweight in NZ fixed interest and an underweight to cash, as the RBNZ rate cutting cycle draws to a close.
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.
