Summer Global Equities
Summer Global Equities fund performance summary as at 31 March 2025.
Fund at a glance
Unit price (as at 31 March 2025): $2.1740
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
For more information on the Summer Global Equities fund, read the latest quarterly fund update and the product disclosure statement.
Fund objective and strategy
See the Global 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% | 8.97% | -3.22% | 0.56% | 7.98% | 9.28% |
| 17.50% | 9.28% | -3.21% | 0.64% | 8.04% | 9.33% |
| 10.50% | 9.48% | -3.21% | 0.70% | 8.09% | 9.36% |
^ 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 47.11% of the fund.
Manager's Commentary
How did your portfolio perform?
Summer Global Equities (the fund) delivered a return after fees and before tax of -3.21% for the month of March and for the 12 months to the end of March the fund delivered a return after fees and before tax of 8.15%.
The funds’ underweight positions in the "Magnificent 7" large-cap US tech stocks were the biggest contributors to outperformance. Our low-volatility manager has performed well as market volatility has increased and as value stocks have started to outperform growth stocks.
At the stock specific level, the fund’s overweight positions in Nike and Novo Nordisk detracted value as both stocks are directly impacted by US tariffs. Data Centre infrastructure provider Vertiv also traded lower due to concerns over reduced building requirements from their customers.
What happened in the markets that you invest in?
The new US government’s trade policy drove equity markets in March with investors moving money from equity markets into the defensive asset classes of cash and fixed interest ahead of the April “Liberation Day” announcement. These tariffs were much broader than markets had expected, both in their size and the number of countries directly targeted. Stocks sold off globally in March in anticipation of the Liberation Day announcement and have continued their downward spiral in early April.
US equities weakened while long-term interest rates rose, pricing in the stagflation risks of lower expected growth and rising inflation – the worst of both worlds. The Federal Reserve kept key interest rates unchanged and European stocks traded lower for the first time this year, led by companies exposed to US tariffs. Chinese equities benefitted from additional government stimulus and as investors reallocated funds away from the US market.
What are we thinking about the future?
Uncertainty around U.S. tariffs—characterised by frequent changes and the threat of significant new tariffs—may have peaked, however, the full impact of tariffs on inflation, economic growth, and company profits remains unclear. While current economic indicators do not yet show broad weakness, markets are forward-looking and appear to have revised their outlook downward.
We believe tariffs reduce global productivity, leading to slower growth and higher inflation. While they may eventually drive innovation and new business models, this transition is often slow and unpredictable. The way tariffs are introduced and removed is important; large and abrupt policy changes, along with retaliatory responses, give businesses little time to adapt. In our view, this uncertainty prompts companies to pause investment and reposition rather than pursue growth.
The Global Equities Fund remains underweight U.S. equities, where high valuations leave little margin for earnings disappointments. In our view, other markets currently offer better value but could still be negatively affected if tariffs further dampen global growth. If the trends seen in March and April continue, our managers will reassess portfolio positioning to reflect shifts in regional and sectoral opportunities.
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.
