The New Zealand Growth Fund was up +4.9% for November versus the S&P/NZX 50 gross index which was up +5.4%.

Mainfreight (+18%) saw its share price recover strongly after releasing its first half results. Despite the subdued trading environment, its New Zealand and Australian Transport businesses are now performing ahead of the same time last year. In the Air & Ocean freight forwarding business, weekly profits have stabilised after reducing from elevated levels, which provides confidence that the business can maintain profitability at well above pre-COVID levels. The company has now seen its 'sinking lid' approach to managing costs deliver gains, with 500 fewer people in the business than six months ago due to natural attrition. The team has expressed confidence that it can grow the business from current levels now that trading conditions have 'normalised', through its long-term organic growth strategy.

Fisher & Paykel Healthcare (+13%) delivered first half revenue and net profit slightly ahead of guidance issued at the company's annual meeting in August, which is supportive of the longer-term earnings growth prospects for the business. Revenue growth is being driven from recent product launches across both its Hospital and Homecare divisions, with obstructive sleep apnea masks and anaesthesia products the standout contributors.

Delegat (-16%) reduced its sales volume guidance for the current year by 5.5% to 3.614 million cases and its operating net profit forecast to $57-61 million (from $62-67 million). The company has seen distributors and retailers reduce their inventory holdings now that supply chains are operating more freely compared to previous years.