Summer Australian Equities
Summer Australian Equities fund performance summary as at 31 March 2025.
Fund at a glance
Unit price (as at 31 March 2025): $1.9293
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
For more information on the Summer Australian Equities fund, read the latest quarterly fund update and the product disclosure statement.
Fund objective and strategy
See the Australian 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% | 7.08% | -3.86% | -4.14% | -0.40% | 4.80% |
| 17.50% | 7.46% | -3.75% | -4.01% | -0.08% | 5.21% |
| 10.50% | 7.72% | -3.67% | -3.93% | 0.14% | 5.49% |
^ 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 41.86% of the fund.
Manager's Commentary
How did your portfolio perform?
Summer Australian Equities delivered a return after fees and before tax of -3.56% 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 0.46%.
Key positive contributors to performance in March were our overweight positions in oil and gas company, Santos and investment manager, Challenger. Challenger shares rose in March despite a sharp fall in the broader market. The company released a discussion pack to investors revealing excess capital, beyond regulatory requirements, with a potential share buyback on the cards. The buyback would be accretive to EPS and was taken as a sign of strong financial health by the market. Santos shares recovered in March, following a weak February, largely on the back of a strengthening crude oil price.
Key detractors were our overweight positions in game developer, Light and Wonder and data centre operator, NextDC. Light and Wonder sold off on news that its game ‘Jewel of the Dragon’ may face copyright litigation. If found liable, the company could face material damages and reputational risk. NextDC shares underperformed, being caught up in the recent negativity surrounding AI investments. More recent announcements from big US tech firms suggest some risk that too much data centre capacity has been brought online recently pressuring profits and growth.
We actively manage the fund’s Australian dollar exposures. During the month the New Zealand dollar rose 0.87% against the Australian dollar.
What happened in the markets that you invest in?
The broader Australian equity market fell -3.39% in February, with the sharpest declines in the Technology and Consumer Discretionary sectors. February employment data showed a modest decline, though the unemployment rate held steady at 4.1%. February’s consumers’ price index (CPI) showed the annual rate of inflation running at 2.4%, well inside the Reserve Bank of Australia’s (RBA) target range.
What are we thinking about the future?
A gradual disinflation process remains underway in Australia with declines in the core inflation rate lagging behind those in the headline rate, which is affected by government subsidies and temporary factors. Our assessment is that wholesale interest rates can continue to fall modestly this year with CPI around the RBA’s target, with employment remaining strong and growth accelerating toward trend rates. This backdrop is supportive for economically sensitive sectors.
Risk appetite has fallen sharply this year with concerns around global growth, softer AI sentiment, and tariff uncertainty. In this environment our strategy remains focused on those stocks which we expect to perform well through the cycle, where valuations do not reflect the quality and growth on offer.
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.
