Summer New Zealand Equities fund performance summary as at 30 September 2019.
Unit price (as at 30 September 2019): $1.4566
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
See the New Zealand Equities page for the Summary of investment objective and strategy.
|Annualised total since inception||1 Month||3 Months||1 Year||3 Years|
Fund returns are calculated net of fund charges, trading expenses and accrued tax for a New Zealand resident individual paying tax at the highest Prescribed Investor Rate (28%).
|Asset name||% of fund net assets|
|1||The a2 Milk Company Limited||7.59%|
|2||Meridian Energy Limited||7.26%|
|3||ANZ transactional bank account||6.96%|
|5||Spark New Zealand Limited||6.15%|
|6||Ebos Group Limited||6.14%|
|7||Fisher & Paykel Healthcare Corporation Limited||6.00%|
|9||Genesis Energy Limited||4.64%|
|10||Z Energy Limited||4.35%|
The top 10 investments make up 61.14% of the fund.
September was another positive quarter for New Zealand equity investors, in general.
As mentioned in previous commentaries, high yield exposures such as Meridian, Genesis and Z-Energy remain important portfolio constituents. These are complemented by utility-type exposures, which include Port of Tauranga, Auckland Airport and Infratil. However, in our pursuit of growth-at-a-reasonable- price, we continue to have a healthy exposure to a2 Milk. Over the quarter, there were no changes to the fund’s two largest investment exposures, which continue to be a2 Milk and Meridian Energy, respectively.
It is important that we acknowledge the departure of Malcolm Davie at the beginning of October, the portfolio manager of the Forsyth Barr New Zealand Equities Fund since April 2014. He leaves with our gratitude and best wishes, with the intention of completing the final stages of his studies for his PhD.
Accordingly, we are pleased to announce the appointment of Jason Lindsay, AFA, who joins us from ACC, where he managed the Australasian infrastructure portfolio. Jason has over 15 years experience spanning New Zealand’s equity research and fund management industries. He holds a BCA from Victoria University of Wellington and is a member of Chartered Accountants Australia and New Zealand (CAANZ).
From October, Jason will be the portfolio manager of Summer New Zealand Equities and joined Craig Alexander as Co-Head of Funds Management on 10 September.
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.