Summer Balanced Selection
Summer Balanced Selection fund performance summary as at 31 July 2025.
Fund at a glance
Unit price (as at 31 July 2025): $1.6513
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% | 5.31% | 1.37% | 4.80% | 5.66% | 6.07% |
| 17.50% | 5.61% | 1.35% | 4.86% | 5.96% | 6.42% |
| 10.50% | 5.81% | 1.34% | 4.91% | 6.16% | 6.66% |
^ 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 39.86% 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 1.32% for the month of July. For the 12 months to the end of July, the fund delivered a return net of fees and before tax of 6.45%.
All the funds used in the fund performed in-line or better than their benchmarks apart from the Summer Global Equities Fund. For details on the 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 fell -2.75% against the US dollar and fell -1.01% against the Australian dollar.
What happened in the markets that you invest in?
July was a solid month for almost all the asset classes that make up the Summer Balanced Fund. The Summer Global Fixed Interest Fund fractionally underperformed on the back of continued trade and geopolitical uncertainty. NZ cash and fixed interest continued to benefit from stable inflation and weak economic growth, allowing the RBNZ room to lower short-term interest rates over the period ahead. NZ and Australian equity markets continued their rally from April’s lows, with NZ listed property having a very strong month.
The global reporting season has largely exceeded market expectations. However, this is after notable downgrades to forecasts in April and May, and full year 2025 profit estimates are still below where they were at the start of the year. NZ and Australia are likely to produce results in line with guidance, but risk remains to expectations for 2026.
Global news was dominated by the ongoing trade war and the conflicts in Israel and Ukraine. Oil markets have settled after regional conflict in the middle east expanded to Iran.
What are we thinking about the future?
We continue to see pricing in cash and fixed interest markets anticipating modest economic growth, but also a lingering concern around the outlook for inflation. In New Zealand's property and listed equity markets, we see potential for improving returns following two years of subdued economic growth and only a gradual transmission of interest rate cuts into household and business spending. This slow pass-through largely reflects a lack of investment confidence, driven by ongoing concerns around trade conditions, fiscal policy, and rising unemployment.
The Australian economy is slowing, but so is inflation and the Australian central bank has room to cut rates. Government support is strong, whilst the Chinese economic slowdown has been offset by a very robust banking sector. Overall, we see the market as overvalued and have an underweight exposure on a tactical basis.
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.
