Summer Australian Equities
Managed by Summer Summer Australian Equities is a australasian equities managed fund operated by Summer; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 0.90%. Compared with 57 other same-category funds on this site, the 0.90% annual fund charge sits below the same-category median of 1.00%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
1.02%
vs peer avg 0.85%
Risk indicator
5/7
1 = lower risk · 7 = higher risk
5-year return p.a.
8.01%
peer avg 5.65%
Fund size
NZ$17.5m
98% growth · 2% income
To achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/ASX 200 Accumulation Index, 50% hedged to the New Zealand dollar. These investments typically have high levels of movement up and down in value.
How Summer Australian Equities differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- S&P/ASX 200 Accumulation Index, 50% hedged to the New Zealand dollar
- Top 3 holdings
- BHP Group Limited (9.7%) · Commonwealth Bank of Australia Limited (7.1%) · Westpac Banking Corporation (4.7%)
Key facts
Fund start date
19 September 2016
Tax structure
PIE
Capped at your PIR (max 28%)
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 5% | 0% | 20% |
| Australasian Equities | 85% | 80% | 100% |
| International Equities | — | 0% | 20% |
| Listed Property | 10% | 0% | 20% |
Responsible-investment approach
Product involvement exclusion screening is applied before direct investment using MSCI screening tools; companies deriving 5% or more revenue from cluster munitions, landmines, biological/chemical/nuclear weapons, depleted uranium weapons, tobacco production, or civilian automatic/semi-automatic weapons are excluded. ESG Risk Assessment framework is applied to directly held Australasian securities using Forsyth Barr CESG ratings, LSEG Workspace and MSCI controversy data.
Exclusions
- Companies deriving ≥5% revenue from production of cluster munitions, landmines, biological/chemical weapons, depleted uranium/blinding laser/incendiary/non-detectable fragment weapons
- Companies deriving ≥5% revenue from nuclear weapons production or dual-use delivery/components/services
- Companies deriving ≥5% revenue from tobacco product production
- Companies deriving ≥5% revenue from manufacture or sale of automatic or semi-automatic weapons for civilian use
Derivatives policy
Derivatives may be used where the Investment Manager considers doing so is consistent with the risk profile of a fund and will contribute to the performance objectives of that fund. Foreign exchange derivatives may be used for currency hedging within the ranges established by the Board.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- Forsyth Barr Investment Management acknowledges that all secondary market trades for the Scheme are executed through its related party Forsyth Barr Limited, which earns brokerage on each transaction, potentially incentivising more trading than necessary.
- Forsyth Barr Investment Management discloses that when the Scheme invests in Octagon Investment Funds (which it also manages), management and administration fees charged at that underlying fund level are rebated in full to the Scheme.
- Forsyth Barr Investment Management discloses that employees and directors across the Forsyth Barr Group, including investment decision-makers, may be shareholders of group entities and can personally benefit from decisions that advantage those entities.
- Forsyth Barr Investment Management discloses that Forsyth Barr Limited may act as arranger or underwriter on IPOs and other offers while the Scheme simultaneously acquires those same financial products, creating a potential conflict of interest.
Generated 2026-05-28 from Summer KiwiSaver Scheme OMI (dated 2026-05-13). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
Trustees Executors Limited
Auditor
Deloitte
Custodian
Adminis NZ Limited
Conflicts disclosed
9
In OMI
Conflicts of interest disclosed in OMI
- Octagon Asset Management Limited may make purchases and sales of financial products on behalf of funds other than the funds in the Scheme, which may result in the Scheme funds purchasing from or selling to, or competing with, those other funds for the same investment opportunities.
- Secondary market purchases and sales of financial products for the funds are executed through Forsyth Barr Limited, which receives brokerage for those transactions, potentially encouraging more trading than otherwise warranted.
- Forsyth Barr Limited trades on secondary markets for other clients and may also trade for its own account, creating conflicts where it acts as counterparty to fund transactions and may benefit from price movements.
- Forsyth Barr Limited is currently involved, and is likely in the future to be involved, in offers of financial products (including IPOs) as arranger, lead manager, or co-manager, and related companies may underwrite those offers, while the financial products offered may be acquired by a fund.
- The funds have voting rights in relation to securities they hold, and the firm may be a corporate adviser to issuers of those securities where fees depend on security-holder approval of transactions the firm is advising on.
- The Manager may invest Scheme money in the Octagon Investment Funds, which it manages, and for which it receives management and administration fees.
- The Manager may invest Scheme money in funds managed by persons associated with it, where the manager of the associated fund receives management and administration fees.
- Octagon Asset Management Limited employees making investment decisions for the funds may have a direct or indirect financial interest in financial products in which they transact for the funds, or have personal relationships or outside business interests relevant to issuers of those products.
- Octagon Asset Management Limited employees may also be shareholders of Octagon Asset Management Limited, and many directors and senior managers within the Forsyth Barr Group are shareholders of Forsyth Barr Group Limited, meaning they may benefit financially from decisions that advantage those entities.
How this fund compares to peers
Mechanical comparison vs the 58 other australasian equities funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
1.02%
Category median: 1.01%
Mid-pack — cheaper than 49% of peers
5y return p.a. (after fees)
+8.01%
Category median: +1.68%
Higher than 85% of peers
Fund size
NZ$17.5m
Category median: NZ$74.1m
20th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$500
Compounded charge over 5 years (excl. returns)
$5 more than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
 BHP Group Limited | 9.69% |
 Commonwealth Bank of Australia Limited | 7.10% |
 Westpac Banking Corporation | 4.68% |
| AA Australia and New Zealand Banking Group Limited | 4.06% |
 CSL Limited | 3.52% |
 National Australia Bank Limited | 3.35% |
| RT Rio Tinto Limited | 2.72% |
 Macquarie Group Limited | 2.57% |
| TG Telstra Group | 2.35% |
 Goodman Group | 2.24% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- SUMMER AUSTRALIAN EQUITIES (FND990) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.55 KB
- Summer Kiwi Saver Scheme Product Disclosure Statement 14 May 2026.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 1.75 MB
- Summer Kiwi Saver Fund Update AUEQ.pdf The quarterly update published by the provider PDF, 246.63 KB
- Summer Kiwi Saver Scheme SIPO 14 May 2026.pdf This is the Statement of Investment Policy and Objectives for the Summer KiwiSaver Scheme PDF, 516.12 KB
- Summer Kiwi Saver Scheme OMI 14 May 2026.pdf This document contains additional information relating to the Summer KiwiSaver Scheme PDF, 423.50 KB
- Summer Kiwi Saver Scheme SIPO 14 May 2026.pdf Statement of investment policy and objectives PDF, 516.12 KB
About this category
Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers.
About Summer
Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds.
Parent: Forsyth Barr
See all funds from Summer →Common questions
Questions people ask about Summer Australian Equities
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
What is a typical management fee for a fund?
Management fees for managed funds vary by strategy and asset class. Summer Australian Equities has an annual fund charge of 1.02% p.a., which is 0.17 percentage points higher than the peer-cohort average of 0.85% p.a. for comparable funds. You can compare specific fund charges on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/.
What is the average return of the Australian stock market?
Summer Australian Equities returned 8.01% p.a. after fees and before tax over the 5-year period as at the latest QFU. This is a specific fund result and may not represent broader market performance; check the FMA Disclose register for comparable fund returns and relevant benchmark indices.
Is summer in Australia different?
Summer Australian Equities is a managed fund that invests in Australian equities and holds approximately 98.37% growth assets. The fund's performance and composition are documented in the latest Quarterly Fund Update (QFU) and Product Disclosure Statement, available at https://www.summer.co.nz.
Head-to-head
Compare Summer Australian Equities with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Australasian Equities funds
Same manager
Other funds by Summer
- Summer Balanced SelectionDiversified
- Summer Growth SelectionDiversified
- Summer Global EquitiesInternational Equities
FMA risk band
Same risk band (5/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
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AI & integrations
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Summer Australian Equities?
Summer Australian Equities is managed by Summer (parent: Forsyth Barr). Forsyth Barr-owned retail investment brand with a Selection multi-asset range and single-asset-class index funds.
What asset class is the Summer Australian Equities?
It is a australasian equities managed fund. The fund has a growth risk profile. Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers.
What are the fees for the Summer Australian Equities?
The annual fund charge for the Summer Australian Equities is 1.02% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Summer Australian Equities?
The risk indicator is 5/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Summer Australian Equities a PIE fund?
Yes. The Summer Australian Equities is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Summer Australian Equities?
Fund size (assets under management) is NZ$17 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Summer Australian Equities invest in?
The latest published top holdings are: BHP Group Limited (9.69%), Commonwealth Bank of Australia Limited (7.10%), Westpac Banking Corporation (4.68%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the Summer Australian Equities?
The Summer Australian Equities is available via Summer directly. Always read the current Product Disclosure Statement before investing.
What is a typical management fee for a fund?
Management fees for managed funds vary by strategy and asset class. Summer Australian Equities has an annual fund charge of 1.02% p.a., which is 0.17 percentage points higher than the peer-cohort average of 0.85% p.a. for comparable funds. You can compare specific fund charges on the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/.
What is the average return of the Australian stock market?
Summer Australian Equities returned 8.01% p.a. after fees and before tax over the 5-year period as at the latest QFU. This is a specific fund result and may not represent broader market performance; check the FMA Disclose register for comparable fund returns and relevant benchmark indices.
Is summer in Australia different?
Summer Australian Equities is a managed fund that invests in Australian equities and holds approximately 98.37% growth assets. The fund's performance and composition are documented in the latest Quarterly Fund Update (QFU) and Product Disclosure Statement, available at https://www.summer.co.nz.