Summer Growth Selection
Summer Growth Selection fund performance summary as at 30 April 2025.
Fund at a glance
Unit price (as at 30 April 2025): $1.3854
Date the fund started: 8 April 2019
For information on fees, see our Fees page.
For more information on the Summer Growth 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 Growth Selection page.
Fund objective and strategy
See the Summer Growth 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% | 5.09% | -0.87% | -4.58% | 3.83% | 4.63% |
| 17.50% | 5.37% | -0.85% | -4.48% | 4.15% | 4.93% |
| 10.50% | 5.56% | -0.83% | -4.42% | 4.36% | 5.13% |
^ 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 | Intermede Global Equity Fund | 12.96% |
| 2 | Hunter Global Fixed interest Fund | 5.73% |
| 3 | Fisher & Paykel Healthcare Corporation Limited | 2.25% |
| 4 | Precinct Properties New Zealand Limited | 1.74% |
| 5 | ANZ transactional bank account | 1.58% |
| 6 | Goodman Property Trust | 1.55% |
| 7 | Kiwi Property Group Limited | 1.34% |
| 8 | Auckland International Airport Limited | 1.28% |
| 9 | Infratil Limited | 1.22% |
| 10 | BHP Group Limited | 1.12% |
The top 10 investments make up 30.80% of the fund.
Manager's Commentary
How did your portfolio perform?
The Summer Growth Selection (the fund) delivered a return net of fees and before tax of –0.81% for the month of April. For the 12 months to the end of April the fund delivered a return net of fees and before tax of 4.68%.
Our cash fund, NZ fixed interest fund, listed property fund, and our global equity fund all outperformed their respective benchmarks while others lagged.
We actively manage the fund’s foreign currency exposures associated with Global, Australasian and listed property equities and hedge the international fixed interest segment of the fund. The New Zealand dollar rose 4.78% against the United States dollar and rose 2.05% against the Australian dollar during the month.
What happened in the markets that you invest in?
April was a month of significant investment market volatility. The US efforts to rebalance its trade flows has created material uncertainty for many nations and companies.
As noted last month, we anticipated that some of the newly imposed tariffs would be amended. This expectation has been met for all countries except China, as the US implemented a 90-day pause to enable country-by-country negotiations. Even in the case of US–China trade, where significant tariffs have already been applied, certain products have been carved out and exempted.
Recent economic data can broadly be divided into two categories. Reports covering actual global activity during the March quarter were generally solid. In contrast, forward-looking indicators were notably weak. As a result, many economic forecasts are now factoring in a combination of slower growth and rising inflation. The situation remains highly fluid, and we expect meaningful developments to unfold over the coming months.
Fixed interest markets were nearly as volatile as equity markets during the period. A tug-of-war emerged between expectations of higher inflation, which would push interest rates up, and concerns over weaker growth, which would exert downward pressure on rates. We believe that slower growth is likely to dominate this dynamic. Consequently, long-term interest rates ended the month with only modest changes.
What are we thinking about the future?
Despite frequent announcements related to the trade war, we continue to view the current environment as slightly negative for global economic growth. Even if tariffs are eventually rolled back, the prevailing uncertainty alone can cause businesses to delay activity, which in turn dampens growth.
The US economy was in a strong position before the trade war began. Going forward, the direction of markets will hinge on whether the currently weak sentiment translates into a real decline in activity, or if it merely reflects dissatisfaction with policy settings—without materially impacting output.
The Octagon Investment Committee met in early and late April. Given Australia’s lower direct exposure to US tariffs and its relatively stronger short-term growth outlook compared to New Zealand, we reallocated some equity exposure between the two markets.
We were surprised by the sharp rebound in the US equity market, along with the strength shown in parts of Europe. However, we remain firmly of the view that risks have risen, and that many equity market valuations do not yet fully reflect this. In contrast, we continue to find the valuation of the lower-risk listed property sector attractive.
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.
