Summer Balanced Selection
Summer Balanced Selection is a diversified managed fund from Summer with a fund size of NZ$125.1 million and an annual fund charge of 1.02%, as shown on Sorted Smart Investor on 22 May 2026.
Managed by SummerFund data last refreshed · holdings as filed to 31/03/2026
Summer Balanced Selection is a diversified managed fund operated by Summer; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 0.90%. Compared with 67 other same-category funds on this site, the 0.90% annual fund charge sits below the same-category median of 0.99%.
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 ourPIR guideandPIE tax basicsfor the full picture, or use thePIR calculatorto 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
To achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark relating to the target investment mix. 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).
How Summer Balanced Selection differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Investment style
- Actively managed, benchmarked to the Composite benchmark (single asset class benchmarks weighted by target asset allocation).
- Top 3 holdings
- Hunter Global Fixed Interest Fund (18.1%) · Vanguard ESG US Stock ETF (1.9%) · Fisher & Paykel Healthcare Corporation Limited (1.9%)
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 | 7% | 0% | 50% |
| New Zealand Fixed Interest | 19% | 0% | 50% |
| International Fixed Interest | 19% | 0% | 50% |
| Australasian Equities | 17% | 0% | 50% |
| International Equities | 35% | 20% | 70% |
| Listed Property | 3% | 0% | 50% |
| Other | — | 0% | 10% |
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 68 other diversified funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Summer Balanced Selection: 1.02% per annum. Diversified median across 68 funds:0.99%. This fund is 0.03 percentage points above the category median.
Annual fund charge
1.02%
Category median: 0.99%
Mid-pack — cheaper than 44% of peers
5y return p.a. (after fees)
+3.36%
Category median: +3.18%
Above peer median (53th percentile)
Fund size
NZ$125.1m
Category median: NZ$45.7m
71th 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
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.
Complete portfolio
This fund files 615 holdings with the FMA as at 31/03/2026. The largest 25 are shown.
Top 10 concentration: 30.9% of net assets.
Direct disclosed holdings only — a floor on exposure, not a total. Filings list wrappers and securities together, so a fund holding another fund shows no look-through here. Disclosed rows account for 100.1% of net assets. Percentages are of this fund's net assets and are safe to sum within this fund only.
| Holding | % of fund | |
|---|---|---|
| Hunter Global Fixed Interest Fund | 18.09% | |
| Vanguard ESG US Stock ETF | 1.89% | |
| Fisher & Paykel Healthcare Corporation Limited | 1.87% | |
| New Zealand Government 1.5% 15/05/2031 | 1.80% | |
| New Zealand Government 14/04/2033 3.5 | 1.39% | |
| Precinct Properties New Zealand Limited | 1.35% | |
| Goodman Property Trust | 1.33% | |
| Microsoft Corporation | 1.07% | |
| Kiwi Property Group Limited | 1.07% | |
| New Zealand Government 15/05/2032 2.00 | 1.00% | |
| Auckland International Airport Limited | 0.98% | |
| Vanguard ESG International Stock ETF | 0.97% | |
| NZ Government 4.25% 15/05/2034 Green Bond | 0.96% | |
| New Zealand Government 4.5% 15/05/2035 | 0.96% | |
| Infratil Limited | 0.95% | |
| New Zealand Government 15/05/2028 0.25 | 0.90% | |
| New Zealand Government 4.25% 15/05/2036 | 0.89% | |
| Alphabet Inc. Class A | 0.88% | |
| BHP Group Limited | 0.82% | |
| New Zealand Government 4.50% 15/05/2030 | 0.81% | |
| New Zealand Government 3% 20/04/2029 | 0.80% | |
| Vital Healthcare Property Trust | 0.75% | |
| ANZ Transactional Account NZD | 0.72% | |
| Contact Energy Limited | 0.71% | |
| ANZ Bank New Zealand Limited 17/09/2031 2.99 | 0.71% |
Every NZ managed fund must file its complete portfolio with the FMA each quarter. Where a line is itself a fund, trust or ETF, the securities inside it are not broken out here.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
HGHunter Global Fixed Interest Fund | 18.09% |
VEVanguard ESG US Stock ETF | 1.89% |
 Fisher & Paykel Healthcare Corporation Limited | 1.87% |
NZNew Zealand Government 1.5% 15/05/2031 | 1.80% |
NZNew Zealand Government 14/04/2033 3.5 | 1.39% |
 Precinct Properties New Zealand Limited | 1.35% |
GPGoodman Property Trust | 1.33% |
 Kiwi Property Group Limited | 1.07% |
 Microsoft Corporation | 1.07% |
NZNew 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.
Summer has 8 retail funds in our coverage across Australasian Equities, Diversified, International Equities, International FI, Listed Property and Cash strategies, with annual fund charges from 0.62% to 1.02% a year.
Parent: Forsyth Barr — Summer is the retail investment brand of Forsyth Barr, a NZ-owned wealth-management and investment firm.
Based in Dunedin.
Common questions
Questions people ask about Summer Balanced Selection
Questions that recur in search results for this fund, answered from its filed PDS, Fund Update and FMA Disclose record. How the question set was captured is documented in our methodology. Not personal financial advice — for guidance specific to your situation, consult a licensed financial adviser.
How risky is a balanced fund?
Summer Balanced Selection holds approximately 53.72% growth assets and 46.28% income assets, and carries a risk indicator of 4 out of 7 on the FMA standardised scale, meaning it sits in the moderate-to-higher risk range. The 5-year return after fees and before tax was 3.36% p.a., reflecting the volatility typical of balanced funds that blend growth and income exposure. For a detailed explanation of risk factors and how they apply to your circumstances, see the fund's Product Disclosure Statement on the manager website or consult a financial adviser.
Head-to-head
Compare Summer Balanced Selection with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
Same manager
Other funds by Summer
- Summer Growth SelectionDiversified
- Summer Global EquitiesInternational Equities
- Summer Australian EquitiesAustralasian Equities
FMA risk band
Same risk band (4/7)
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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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.
How risky is a balanced fund?
Summer Balanced Selection holds approximately 53.72% growth assets and 46.28% income assets, and carries a risk indicator of 4 out of 7 on the FMA standardised scale, meaning it sits in the moderate-to-higher risk range. The 5-year return after fees and before tax was 3.36% p.a., reflecting the volatility typical of balanced funds that blend growth and income exposure. For a detailed explanation of risk factors and how they apply to your circumstances, see the fund's Product Disclosure Statement on the manager website or consult a financial adviser.