Summer New Zealand Equities
Summer New Zealand Equities fund performance summary as at 31 October 2025.
Fund at a glance
Unit price (as at 31 October 2025): $1.8940
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
For more information on the Summer New Zealand Equities fund, read the latest quarterly fund update and the product disclosure statement.
Fund objective and strategy
See the New Zealand Equities 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% | 7.27% | 2.93% | 5.94% | 7.30% | 5.28% |
| 17.50% | 7.63% | 2.93% | 6.08% | 7.67% | 5.66% |
| 10.50% | 7.87% | 2.93% | 6.18% | 7.92% | 5.91% |
^ 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 58.41% of the fund.
Manager's Commentary
How did your portfolio return?
The Summer New Zealand Equities Fund (the fund) delivered a return net of fees and before tax of 2.93% during October. For the 12 months to the end of October, the fund delivered a return net of fees and before tax of 8.29%.
Equity market returns were tightly bunched during October, ranging from +15% (Sky Television:SKT) to -11% (Gentrak:GTK). SKT drove the fund’s outperformance as the market continues to reflect the recent deals with NZ Rugby and the Three network acquisition. Sky City Entertainment (SKC) was the next biggest contributor as the share price bounced modestly post equity raise.
Our increasing underweight in A2 Milk was the biggest drag on relative performance. Their August result was solid and the investment in manufacturing capacity announced at the same time was positive for the stock. In our opinion, risks around the underlying demand, pricing environment and success of new product launches in the key Chinese market are not reflected in the current price.
What happened in the markets that you invest in?
Another solid month for the New Zealand equity market, but calendar year-to-date returns are only modestly positive as the market recovers from the April losses caused by the US imposed ‘liberation day’ tariffs.
Economic news flow remains mixed, which is better than earlier in the year when there was a bias to disappointing updates. Interest rate cuts have accelerated, insurance premium increases have started to soften, job advertisements have started to tick up and housing turnover is also improving.
The recovery in house sales has helped the retirement village sector, with Oceania being the second-best performer this month, with Ryman and Summerset also posting strong returns. Fletcher Building is yest to see a recovery in new housing starts, as there are plenty of listings to meet market demand.
What are we thinking about the future?
We are adding to a wide range of businesses exposed to an eventual economic recovery. We have added to advertising, retail, aged care (housing), finance and logistics. These are generally modest positions currently as we do work to ensure the profit crunch we have seen through the down cycle are due to a lack of demand, rather than structural decline in the competitiveness of the businesses.
We have funded these moves by trimming two of our high conviction positions, Channel Infrastructure (CHI) and SKT. Over the last three years, both stocks have beaten the NZX50 benchmark return by well over 100%. CHI is now slightly expensive in our view, whilst SKT continues to have upside, but less than before.
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.
