Summer New Zealand Equities
Summer New Zealand Equities fund performance summary as at 31 March 2025.
Fund at a glance
Unit price (as at 31 March 2025): $1.6980
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% | 6.41% | -2.64% | -6.74% | -1.05% | -0.14% |
| 17.50% | 6.77% | -2.52% | -6.60% | -0.70% | 0.22% |
| 10.50% | 7.01% | -2.44% | -6.51% | -0.48% | 0.46% |
^ 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 60.10% of the fund.
Manager's Commentary
How did your portfolio return?
Summer New Zealand Equities (your fund) delivered a return after fees and before tax of -2.32% for the month of March and for the 12 months to the end of March your fund delivered a return after fees and before tax of -0.13%.
Your fund’s top performers were an overweight holding in Fonterra, which reported strong profit growth despite higher input costs, and an overweight position in Sky TV, which was steady after a large fall last month.
The fund’s relative underperformers included an overweight holding in Auckland Airport, which delivered a positive return despite earnings downgrades on the back of a commerce commission investigation. Our overweight position in Stride Property Group detracted despite little news flow. The business has exposure to lower quality office space and a challenged retail shopping centre, but in our view, the underlying backdrop is slowly improving.
What happened in the markets that you invest in?
Your fund’s top performers were an overweight holding in Fonterra, which reported strong profit growth despite higher input costs, and an overweight position in Sky TV, which was steady after a large fall last month.
The fund’s relative underperformers included an overweight holding in Auckland Airport, which delivered a positive return despite earnings downgrades on the back of a commerce commission investigation. Our overweight position in Stride Property Group detracted despite little news flow. The business has exposure to lower quality office space and a challenged retail shopping centre, but in our view, the underlying backdrop is slowly improving.
What are we thinking about the future?
While there have been few companies prepared to speak of an improving backdrop, other indicators continue to point to gradual improvement, in our view. Business sentiment remains strong, GDP growth surprised positively in the December quarter and more people are rolling onto lower mortgage interest rates every month.
Our two largest overweight positions, Sky City and Sky TV, do have some exposure to a stronger consumer, but that is not the main reason we think they are attractive investments. Sky City has some regulatory changes to work through over the next nine months, whilst Sky TV needs to either win the New Zealand Rugby broadcasting rights, or right size its business for a future without them. In both cases, we think valuations are expecting outcomes that are too pessimistic.
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.
