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 0.91%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
3.36%
peer avg 3.87%
Fund size
NZ$125.1m
54% growth · 46% income
The Summer Balanced Selection fund invests in a balanced mix of cash, fixed interest, equity and property investments. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark. Investors can expect moderate to high levels of movement up and down in value and, longer-term returns that are higher than those of the Summer Conservative Selection (but with more risk), and lower than those of the Summer Growth Selection (but with less risk).
Key facts
Fund start date
19 September 2016
Tax structure
PIE
Capped at your PIR (max 28%)
How this fund compares to peers
Mechanical comparison vs the 67 other diversified 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: 0.99%
Mid-pack — cheaper than 45% of peers
5y return p.a. (after fees)
+3.36%
Category median: +3.27%
Above peer median (51th percentile)
Fund size
NZ$125.1m
Category median: NZ$57.5m
69th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$500
Compounded charge over 5 years (excl. returns)
$14 more than peer median
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 |
|---|---|
| HG Hunter Global Fixed Interest Fund | 18.09% |
| VE Vanguard ESG US Stock ETF | 1.89% |
 Fisher & Paykel Healthcare Corporation Limited | 1.87% |
| NZ New Zealand Government 1.5% 15/05/2031 | 1.80% |
| NZ New Zealand Government 14/04/2033 3.5 | 1.39% |
 Precinct Properties New Zealand Limited | 1.35% |
| GP Goodman Property Trust | 1.33% |
 Kiwi Property Group Limited | 1.07% |
 Microsoft Corporation | 1.07% |
| NZ New Zealand Government 15/05/2032 2.00 | 1.00% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- SUMMER BALANCED SELECTION (FND1190) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.35 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 BAL.pdf The quarterly update published by the provider PDF, 249.26 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
Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
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 →Head-to-head
Compare Summer Balanced Selection with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
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 Balanced Selection?
Summer Balanced Selection 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 Balanced Selection?
It is a diversified managed fund. The fund has a balanced risk profile. Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
What are the fees for the Summer Balanced Selection?
The annual fund charge for the Summer Balanced Selection 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 Balanced Selection?
The risk indicator is 4/7 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 Balanced Selection a PIE fund?
Yes. The Summer Balanced Selection 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 Balanced Selection?
Fund size (assets under management) is NZ$125 million as at the latest Quarterly Fund Update. Asset mix is approximately 54% growth assets and 46% income assets.
What does the Summer Balanced Selection invest in?
The latest published top holdings are: Hunter Global Fixed Interest Fund (18.09%), Vanguard ESG US Stock ETF (1.89%), Fisher & Paykel Healthcare Corporation Limited (1.87%). 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 Balanced Selection?
The Summer Balanced Selection is available via Summer directly. Always read the current Product Disclosure Statement before investing.