Summer Global Fixed Interest
Summer Global Fixed Interest fund performance summary as at 31 January 2025.
Fund at a glance
Unit price (as at 31 January 2025): $1.1323
Date the fund started: 19 September 2016
For information on fees, see our Fees page.
For more information on the Summer Global Fixed Interest fund read the latest quarterly fund update and the product disclosure statement.
Fund objective and strategy
See the Global Fixed Interest 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% | 1.18% | 0.38% | 1.01% | 3.08% | -0.10% |
| 17.50% | 1.53% | 0.44% | 1.16% | 3.54% | 0.20% |
| 10.50% | 1.77% | 0.48% | 1.26% | 3.84% | 0.40% |
^ 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
| Asset name | % of fund net assets | |
| 1 | Hunter Global Fixed interest Fund | 98.80% |
| 2 | ANZ transactional bank account | 1.20% |
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The top ten investments make up 100.00% of the fund.
Manager's Commentary
How did your portfolio perform?
Summer Global Fixed Interest (the fund) delivered a net after fees but before tax return of 0.53% for the month of January. For the 12 months to the end of January, the fund delivered a net after fees but before tax return of 4.30%.
Apart from a small holding of directly held New Zealand cash (typically 5%, in line with the fund’s target allocation to cash) Summer Global Fixed Interest’s investment exposure is through its investment in the Hunter Global Fixed Interest Fund, a multi-rate PIE fund hedged to the New Zealand dollar. PIMCO Australia Pty (PIMCO) is the investment manager.
What happened in the markets that you invest in?
Global fixed interest markets generally delivered positive returns in January, with the key global fixed interest benchmark (the Bloomberg Global Aggregate Total Return Index 100% hedged to the New Zealand dollar) delivering a 0.37% gain for the month. Interest rates were largely flat over the month, with the important 10-year US Treasury yield falling just 0.01%.
What are we thinking about the future?
With an expectation that the yield curve will continue to normalise, PIMCO is favouring shorter to intermediate bond maturities, typically between three to five years, while keeping a more cautious position on longer-dated maturities. The thinking here is that Governments may need to fund financial shortfalls through the increased sale of Government debt (sovereign bonds) hindering total returns from longer dated maturities.
Portfolio duration, a measure of how sensitive the portfolio is to a given change in global wholesale interest rates was around 6.8 years at the end of January.
We estimate the fund’s gross yield-to-maturity, calculated as the weighted-average gross yield of all securities in the portfolio, to be around 5.50% and the fund has a weighted-average portfolio credit quality of AA-. The weighted-average portfolio credit quality is calculated by PIMCO and is the weighted-average credit rating of each security within the portfolio (when a security is not externally rated PIMCO will assign a credit rating).
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.
