Fisher Funds KiwiSaver Scheme Portfolio Holdings


Fisher Funds KiwiSaver Scheme


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International Growth Fund

Portfolio Holdings

Fisher Funds KiwiSaver Scheme

The following is a selection of companies we invest in.

A selection of companies we invest in as at 30 April  2022

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a2 healthcare

a2 Milk Company

a2 sells 'a2'-branded fresh milk and infant milk formula internationally. The company has developed and patented a range of IP which tests whether cows produce A1-free milk. More importantly the science behind a2 the company has developed a leading, highly trusted brand in Australia and China in particular. Annual sales are now approaching $1 billion. We believe this company for their ability to recognise opportunity and having the strategic vision and operational smarts to take advantage of it.



Adidas is the largest manufacturer of sportswear and sporting equipment in Europe and the second largest globally with 12% market share. Adidas is a global brand and well-managed company with good underlying growth. They have started to take market shares in the lucrative US market, and we see many years of strong growth ahead.


Alibaba Group Holding Ltd

Alibaba operates China’s largest online ecommerce marketplace, matching over 300 million buyers to 8.5 million sellers with more than one billion product listings. Alibaba has market share of over 70% in China and exceptional growth prospects given the rapid growth in ecommerce in China. Alibaba also has a 37.5% interest in AliPay, China’s PayPal equivalent.



Alphabet is the holding company which owns the world's leading internet search provider, Google. Google is the world's most visited website and the largest global advertising platform by advertising revenue. As well as owning the Google search engine Alphabet owns video platform YouTube and is leading the development of autonomous vehicles through its Waymo subsidiary.


Amazon is a global leader in both online retail and in the provision of public cloud computing services. The company has wide moats around both of the core business lines driven by scale, innovation and compelling customer propositions. The company is also at the forefront of innovation not only in retail and computing but also logistics, marketplaces and robotics.

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Ansell designs, develops, manufacturers and markets a wide range of hand and arm protection solutions (a.k.a. gloves), clothing and condoms. It is essentially an industrial materials business that transforms natural rubber latex and synthetic latex into these value added products. The business has an interesting combination of cyclical and defensive exposures. Ansell is a leading player (#1 or #2) in all its key market segments and generates a very healthy return on invested capital.

anz bank

ANZ Bank NZ Ltd

ANZ Bank New Zealand Limited, provides banking and financial services in NZ, operating as a subsidiary of Australia and New Zealand Banking Group Limited of Australia.


Apple Inc

Apple is considered one of the big four technology companies. They design, develop and sell consumer electronics including iPhone, iPad and the mac computer. Apple also sells computer software, and online services such as iTunes, Apple TV+, iMessage, and iCloud. Headquartered in California, United States but has retails stores in over 25 countries worldwide.

aub group austbrokers

AUB Group (Austbrokers)

Austbrokers operates a general insurance broking network focused on the SME market. The business is based on a “owner-driver” model and has multiple avenues for future growth: via acquisition (industry is consolidating), achieving synergies from the network structure and cross sell/up sell of existing client base.

Auckland Airport

Auckland International Airport

Auckland International Airport (AIA) owns and operates New Zealand's major gateway as well as 1500 hectares of land surrounding the airport and has minority investments in Queenstown Airport and North Queensland Airports (Cairns & Mackay). AIA operates under a 'dual till' regulatory regime, meaning that the company's aeronautical operations are subject to rate of return regulation, whereas the other non-aeronautical operations are not regulated. Over half of AIA's revenue is derived from non-aeronautical operations, such as retail, parking, hotel accommodation and property rental.

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boston scientific

Boston Scientific Corporation

Boston Scientific is a leading manufacturer of innovative medical devices used to treat a range of medical conditions to over 30 million patients each year. Boston Scientific focuses on minimally invasive therapies, which generally improve patient outcomes versus traditional surgery and reduce the overall cost of treatment for health systems.


Carsales.Com Limited

Carsales owns a network of classified advertising websites in Australia. Carsales’ main website,, is the leading automotive classifieds website in Australia. Carsales is a strong business with attractive growth prospects and interesting global options.

commonwealth bank of australia

Commonwealth Bank of Australia

Commonwealth Bank of Australia operates a leading banking franchise in both Australia and New Zealand and has a strong presence in all spheres of retail and business banking. CBA has built a very profitable portfolio of assets and positioned itself to benefit from key growth areas in the Australian economy. The bank also enjoys an enviable scale advantage in gathering deposits, allowing it an important source of stable and low-cost funding.

contact energy

Contact Energy

Contact Energy (CEN) is New Zealand's second largest electricity generator and provides electricity, natural gas and LPG to over half a million customers nationwide. CEN has a diverse and increasingly flexible generation portfolio consisting of hydro, geothermal and thermal power stations located throughout New Zealand.

credit corp

Credit Corp

Credit Corp purchases and then collects, on its own account, portfolios of defaulted debt. These are primarily bought from banks. In more recent time the company has diversified, leveraging its understanding of the sub-prime market to provide consumer credit. It also has a fledgling US purchased debt ledger (PDL) operation.

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CSL Limited

CSL is a leader in the growing global plasma therapies market, and has a superb record of maintaining healthy returns while delivering strong earnings growth. CSL’s therapies address severe autoimmune and nerve degeneration conditions, drug trials for which are typically difficult to conduct given the significant challenges in patient recruitment. This gives existing companies with approved therapies a tremendous intellectual property advantage, which is evident in the very long product life-cycles over which CSL enjoys positive financial returns.

dollar general corporation

Dollar General Corporation

Dollar General is the leading discount retailer in the US, selling a range of everyday household items including food and cleaning products, as well as toys, stationary, and basic apparel. There are currently 16,000 Dollar General stores across the US, across 46 states. Dollar General focuses on providing convenience and quality at low prices by having small neighbourhood stores with the essentials their customers need.

dollar tree

Dollar Tree

Dollar Tree is a discount retailer with two store banners, Dollar Tree and Family Dollar. They have over 15,000 stores across 48 states as well as five Canadian provinces. Dollar Tree is the largest single-price-point retailer in North America. Every item in store sells at a fix price of US$1. Family Dollar is slightly different discount store with a multi-price point offering and selling predominantly everyday items usually under US$10.



Facebook owns four of the worlds’ most dominant social network and messaging platforms. Despite recent concerns over data privacy, Facebook’s recent results have shown a return to active user growth in its key US market, and the addition of 70 million monthly active users globally in the first quarter.

first republic bank

First Republic Bank

First Republic Bank is an American bank that offers personal banking, business banking, trust and wealth management services. Founded in 1985 First Republic serves Americans in over 18 different states and is headquartered in San Francisco.

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fisher and paykel healthcare

Fisher & Paykel Healthcare

Fisher & Paykel Healthcare is a leading designer, manufacturer and marketer of a range of specialized products used in respiratory humidification and obstructive sleep apnea. It has manufacturing facilities in both New Zealand and Mexico and sells its products in more than 120 countries worldwide.

floor decor holdings

Floor & Decor Holdings

Floor & Decor is a specialty retailer of hard surface flooring and accessories. Their products include tile, wood, laminate and natural stone floorings. Floor & Decor is an American company with 72 stores across 17 states.



Freightways is a leading provider of express package services throughout New Zealand, with complementary business servicing the information management and business mail sectors. Since commencing operations in Auckland, Freightways has grown both organically and by acquisition to become a leading New Zealand service provider, with representation in every major town and city throughout the country.



Gartner is the world’s leading research and advisory company. They provide information, advice and tools in most areas including IT, finance, HR, customer service, communications, compliance, marketing, sales and supply chain. Based in Connecticut, United States Gartner operates in over 100 countries with more than 15,000 clients.

greggs plc

Greggs plc

Greggs is a vertically integrated food-on-the-go operator in the UK. The company operates more than 2,000 stores and is the leader in the UK take-away sandwich and savoury market.

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Hexcel is a global leader in advanced composites technology – offering a range of stronger, lighter and tougher. Operating in commercial aerospace, industrial, space and defence industries, Hexcel offers hundreds of products in multiple markets around the world.

hilton worldwide holdings inc

Hilton Worldwide Holdings Inc

Hilton Worldwide is an American hospitality company that manages and franchises a large range of hotels and resorts. Some of their brands include the Waldorf Astoria, LXR, Conrad, Canopy, Double Tree, etc. Hilton Worldwide is in over 100 countries with more than 971,000 rooms making it one of the largest hospitality companies in the world.



Icon is a healthcare company that provides specialized services in clinical trial management for the world’s largest pharmaceutical and biotechnology companies.


Infratil Limited

Infratil is an owner and operator (through manager Morrison & Co.) of businesses in the infrastructure areas of energy (mainly renewable), airport and public transport sectors. Infratil is an active owner of infrastructure assets and often looks to partner with other players to leverage positions for its shareholders' benefit.


Mainfreight Limited

Mainfreight is a global supply chain logistics provider, specialising in the handling of freight that is less than container load, with businesses operating in over 240 branches throughout New Zealand, Australia, Europe, Asia, and the United States. It provides customers with a full range of logistics services that include managed warehousing, domestic transport, metro and wharf cartage and international air and sea freight forwarding operations all linked by technology with full supply chain transparency.

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MasterCard is the second largest payment network in the world, operating in 210 countries and supporting more than 2 billion cards across its network. MasterCard’s growth outlook is underpinned by the secular shift to electronic payments and away from cash, particularly in emerging markets where MasterCard has significant presence. These structural growth drivers combined with increasing margins and high cash flow generation (allowing for substantial share buybacks) supports a strong growth outlook over the medium to long term.

Microsoft Corporation

Microsoft Corporation

Microsoft Corporation is an American multinational technology company. It develops, manufactures, licenses, supports, and sells computer software, consumer electronics, personal computers, and related services. Its best known software products are the Microsoft Windows line of operating systems, the Microsoft Office suite, Internet Explorer and Edge Web browsers. Its flagship hardware products are the Xbox video game consoles and the Microsoft Surface lineup of touchscreen personal computers. As of 2016, it is the world's largest software maker by revenue, and one of the world's most valuable companies.



NAB is one of the four major Australian banks. Having exited less profitable UK and Insurance businesses, NAB enjoys attractive options in terms of expanding its valuable Australasian franchise.

nextdc ltd

NextDC Ltd

Next DC is Australia’s leading independent data centre operator with a nationwide network of facilitie. NEXTDC provides enterprise-class colocation services to local and international organisations. They have a focus on sustainability and renewable energy.


NVR, Inc.

NVR is the 4th largest homebuilder in the US. Unlike most homebuilders, which are also land developers, NVR focuses solely on homebuilding, using options to control land, which gives them the right but not the obligation to buy lots on a just-in-time basis. NVR also differentiates itself from peers by pre-fabricating frames, roofs, staircases in one of its eight manufacturing facilities. Most of NVR competitors still do everything on site.

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ooh media

Ooh! Media

Ooh! Media is a leading Out Of Home advertising company with a dominant share in the Retailing sector. The company sells advertising opportunities on its wide network of signs and digital screens, allowing advertisers to reach consumers in new and exciting ways.



PayPal is a technology-enabled provider of payment solutions, enjoying relationships with over 10 million merchants and 169 million consumers spanning the globe. The company is most well-known for its online payments technology where consumers can purchase online using their PayPal account in a way that is highly secure and doesn’t require sending credit card details over the internet.

rea group limited

REA Group Ltd

REA operates the leading online classified real estate advertising website in Australia. It also operates leading property website in five South East Asian countries and has significant holdings in similar businesses in the United States and India.

salesforce v2


Salesforce is the dominant provider of cloud customer relationship management (CRM) technology globally. 90% of Fortune 500 companies use Salesforce's business-critical software offerings, such as Slack (communications) and Tableau (data visualisation).


Seek Limited

SEEK is the largest global online employment marketplace. Operating across Australia, New Zealand, South East Asia, China, Brazil, Mexico, Bangladesh and Africa, SEEK's employment marketplaces are exposed to approximately 2.6 billion people & more than 20% of global GDP.

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serko limited

Serko Ltd.

Serko is a computer software company that focuses on making corporate travel easier by booking, managing and reconciling travel information and expenses. Serko has more than 6,000 customers around the world in over 35 countries.

signature bank

Signature Bank

Signature Bank is a specialist regional bank, lending largely to wealthy families and private businesses in and around New York. They have a sticky deposit base that comes from managing transactional business accounts for businesses like law firms, accounting firms, and property management companies, a long track record of profitable growth and a very strong history of credit control.

spark new zealand

Spark New Zealand Ltd

Spark (previously known as Telecom) is one of New Zealand's largest telecommunications companies. They provide telephone services, mobile network, internet and ICT.

Summerset Group Holdings Limited


Summerset Group owns and operates 31 retirement villages throughout New Zealand. They have over 5000 residents living in their villages with room to one day have more as they also own 8 land sites in New Zealand and 2 in Australia.

tencent holdings ltd

Tencent Holdings Ltd.

Tencent is China’s largest online gaming company with over 50% market share and owns WeChat, the leading social network and messaging platform with over a billion users. The WeChat app is deeply ingrained into daily life in China with the average user spending an hour a day on the platform. Tencent also has leading positions in a range of adjacencies including digital payments (WeChat Pay), music & video streaming, and cloud computing.

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vista group international

Vista Group International

Vista Group International is an innovative and profitable company providing sophisticated software to cinema exhibitors. It has around 40% worldwide market share with clients in over 70 countries. Its integrated software systems allows cinema exhibitors to run wide ranging functions such as ticketing, food and beverage sales and re-ordering, staff and film scheduling, loyalty schemes, digital signage as well as external customer interfaces like websites and mobile apps. It also has a fast growing analytics business.



Westpac is Australia's oldest bank and corporation. It operates a leading bank franchise in both Australia and New Zealand and has a strong presence in all spheres of retail and business banking. Westpac has a formidable stable of brands supporting its top tier position in both deposit gathering and lending.


Wisetech Global Ltd.

Wisetech Global Ltd. develops cloud-based software solutions for the international and domestic logistics industries. Its activities include development, sale, and implementation of software solutions that enable logistics service providers to facilitate the movement and storage of goods and information domestically and internationally. The company was founded by Maree McDonald Isaacs and Richard John White on August 2, 1994 and is headquartered in Sydney, Australia.


Woolworths Group Ltd

Woolworths Group operates the largest food retailer in Australia. It also operates New Zealand’s second largest food retailer Countdown, Australian discount department store chain Big W and is the largest liquor store operator in Australia. It is a leading player in two of the most highly consolidated food markets globally in Australia and New Zealand. This favourable competitive structure and the scale advantages afforded by its extensive store network have underpinned Woolworths’ industry leading profit margins.


Xero Limited

Xero is a market leading provider of cloudbased accounting software to small and medium businesses and their accountants in New Zealand, Australia and the U.K. They have growing presences in the U.S and other markets such as South East Asia. They are an innovative company and have achieved impressive subscriber growth to date and are on the cusp of breaking even. Although initially expensive to acquire, their customer base of 1.2 million small to medium businesses globally represents a significant competitive advantage.

Portfolio holdings summary as at 30 April 2022

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