Summer New Zealand Equities
Summer New Zealand Equities fund performance summary as at 30 November 2025.
Fund at a glance
Unit price (as at 30 November 2025): $1.8955
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% | 7.21% | 0.09% | 6.29% | 4.68% | 4.75% |
| 17.50% | 7.57% | 0.10% | 6.43% | 5.04% | 5.13% |
| 10.50% | 7.81% | 0.10% | 6.52% | 5.28% | 5.37% |
^ 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 58.35% 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 0.10% during October.
For the 12 months to the end of October, the fund delivered a return net of fees and before tax of 5.64%.
Companies that reported earnings dominated the returns table in November. Outlook statements were confident about the future for the first time in at least 18 months. Sanford, Gentrak, Mainfreight and Napier Port all sit in that camp. Sky City did not report a result but had a strong month, reversing some of the losses associated with its equity raise in August.
At the other end of the table Vital Healthcare Property (VHP) raised equity to internalise its outsourced management contract and Spark fell on concerns it is losing share to telco competitors One and 2degrees.
What happened in the markets that you invest in?
Apart from the strong reporting season referred to above, the news flow was dominated by the strategy days presented by three of the four large electricity companies. All three announced large build programmes to meet demand and help alleviate the problems caused by unpredictable weather. The market is weighing up how profitable these investments will be.
The combined effect of the Reserve Bank of New Zealand (RBNZ) signalling an end to rate cuts, a subsequent rise in medium term interest rates and the VHP equity raise, saw the listed property sector give up some of its strong year to date gains.
What are we thinking about the future?
There is evidence building that the NZ economy is recovering after a very long and deep recession. Job advertisements, business confidence and housing market turnover are all improving. The RBNZ signalled the interest rate cut in November is probably the last, and the better company reporting season are more tangible indicators.
Octagon values companies on medium term prospects, not today’s announcements. We buy a company thinking we will own it for at least three years, longer if it delivers to our expectations. This approach means we will often be early to buy a company – the last of the disappointing updates that has made the stock attractively priced has probably not happened, and the low in the share price has not been reached. The same is true when we sell a company.
We were early to build positions ahead of this economic recovery and some of those companies are only now delivering attractive returns. The portfolio is well diversified however, and some of the companies we built strong positions in three years ago have bridged the gap.
When the market focuses too much on the near term, we find opportunity. As the cyclical stocks in NZ continue to get a deserved rerate, we expect to find new opportunities in some of the global growth and defensive quality stocks that investors “hid out in” whilst they waited out the recession.
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.
