Summer Balanced Selection
Summer Balanced Selection fund performance summary as at 31 October 2025.
Fund at a glance
Unit price (as at 31 October 2025): $1.7311
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% | 5.68% | 1.34% | 4.63% | 9.37% | 8.67% |
| 17.50% | 5.99% | 1.38% | 4.73% | 9.69% | 9.10% |
| 10.50% | 6.19% | 1.41% | 4.80% | 9.91% | 9.40% |
^ 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 37.57% 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 1.45% for the month of October. For the 12 months to the end of October, the fund delivered a return net of fees and before tax of 10.23%.
All portfolios within the Balanced Fund outperformed their benchmarks in October, except global equities. Global equities is the largest single asset class in the Balanced Fund and moderated the positive gains of the fund.
We actively manage the fund’s foreign currency exposures and hedge the international fixed interest segment of the fund. The New Zealand dollar fell –1.38% against the US dollar and fell –0.16% against the Australian dollar.
What happened in the markets that you invest in?
September quarter earnings were better than expected for global equities with future earnings expectations holding. In New Zealand several companies reported year on year growth at their annual shareholder meetings, whilst in Australia economic growth continues to beat market expectations.
A larger-than-expected Reserve Bank of New Zealand (RBNZ) rate cut in October boosted returns for the NZ Fixed Interest Funds, while global fixed interest markets rallied on steady to declining inflation expectations.
For details on the Balanced Fund's single asset class funds, see the relevant fund commentary.
What are we thinking about the future?
Trade war and deglobalisation themes persist yet equity markets appear unconcerned, driving the US and other global indices to new highs. While solid earnings support optimism, we believe valuation discipline remains critical. In our view, global share prices already reflect expectations of a strong, prolonged corporate profit cycle.
We continue to see superior risk-adjusted opportunities in listed property and New Zealand equities, with fixed interest and cash markets appearing fairly valued. Although clear signs of a global earnings slowdown are not yet visible, current equity valuations look less compelling than alternatives available to the fund. Accordingly, the fund remains modestly overweight in NZ equities and listed property, funded by slight underweights in Australian and global equities.
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.
