Summer Global Fixed Interest
Summer Global Fixed Interest fund performance summary as at 31 May 2025.
Fund at a glance
Unit price (as at 31 May 2025): $1.1429
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
For more information on the Summer Global Fixed Interest fund read the latest quarterly fund update and the product disclosure statement.
Fund objective and strategy
See the Global Fixed Interest 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% | 1.22% | -0.20% | -0.19% | 3.44% | 1.52% |
| 17.50% | 1.57% | -0.23% | -0.22% | 3.95% | 1.85% |
| 10.50% | 1.80% | -0.25% | -0.24% | 4.29% | 2.07% |
^ 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
| Asset name | % of fund net assets | |
| 1 | Hunter Global Fixed interest Fund | 97.48% |
| 2 | ANZ transactional bank account | 2.52% |
| 3 | ||
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The top ten investments make up 100.00% of the fund.
Manager's Commentary
How did your portfolio perform?
Summer Global Fixed Interest (the fund) delivered a return after fees and before tax of -0.28% for the month of May and for the 12 months to the end of May the fund delivered a return after fees and before tax of 4.81%.
Apart from a small holding of directly held New Zealand dollar cash (typically 5%, in line with the fund’s target allocation to cash) the fund’s investment exposure is through its investment in the Hunter Global Fixed Interest Fund, a multi-rate PIE fund hedged to the New Zealand dollar. PIMCO Australia Pty (PIMCO) is the investment manager.
What happened in the markets that you invest in?
Global fixed interest markets had negative returns in May, with the key global fixed interest benchmark (the Bloomberg Global Aggregate Total Return Index 100% hedged to the New Zealand dollar) falling -0.42% over the month. Interest rates generally rose, with the US 10-year treasury yield 0.24% higher and key European yields such as the 10-year German bund and 10-year United Kingdom bond yields up 0.07% and 0.21% respectively.
Working the other way, credit spreads tightened over May, with US BBB-rated spreads moving in by 0.17% (ICE BofA BBB US Corp Index), erasing the widening we saw in April. Spreads tightened as the market reassessed lower the likelihood of recession in United States.
What are we thinking about the future?
PIMCO continues to maintain a cautious view towards corporate credit, still focusing on relative value positions and diversified alpha strategies. The fund's duration is slightly higher than that of the benchmark, a reflection of PIMCO's view that at around current interest rate levels, bonds represent better than fair value and are a good place to sit given the uncertain global environment at present.
Portfolio duration, a measure of how sensitive the portfolio is to a given change in global wholesale interest rates was around 6.9 years at the end of May.
We estimate the fund’s gross yield-to-maturity, calculated as the weighted-average gross yield of all securities in the portfolio to be ~ 5.27% and the fund has a weighted-average portfolio credit quality of AA. The weighted-average portfolio credit quality is calculated by PIMCO and is the weighted-average credit rating of each security within the portfolio (when a security is not externally rated PIMCO will assign a credit rating).
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.
