Scroll

Please note there is an IRD system closure from 21st - 27th October that will delay full KiwiSaver withdrawals and transfers in to, or out from, all KiwiSaver providers.

For urgent withdrawals, please contact our team regarding a partial option.

Income Fund

INCOME FUND

A conservative investment option

APPLY NOW » REQUEST INFO PACK » PRINT »

4.2%
as at 30/09/2021
after fees and before tax
0.1%
as at 30/09/2021
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$15,406
inception date 18/04/2011
$1.1091
as at 22/10/2021
Minimum
investment
$100 per month

About the Fund

The Income Fund gives our clients access to a diverse portfolio of fixed interest investments from around the globe. This fund combines our rigorous investment research with active portfolio management. As well as being an option to invest in this fund as part of a diversified investment strategy across our managed funds, this fund offers an alternative to bank deposits. Your money is invested throughout the world in a range of industries and sectors that are not available in Australasia, providing added diversification. Because this fund is designed to be a more conservative fund there are no investments in shares. You can also access your money at any time and there is a low minimum for investment.

Why choose the Income Fund

Cash and fixed interest plays an important stabilising role in any investment portfolio. Think of it as something of a financial umbrella to offer your portfolio protection in difficult market conditions. This is because these types of investments are expected to offer more stable, though lower, returns over the long term.

 

APPLY NOW » Request Info Pack »

Growth of $10,000 invested in the fund since inception

* New Zealand Government Stock Index (Inception to 31/10/2016), S&P/NZX 2 Year Swap Index (1/11/2016 to now)


Sector Split

as at 30 September 2021

Sector Split

Geographic Split

as at 30 September 2021

Sector Split

Portfolio holdings

The Fund holds a range of different investments, including corporate and Government bonds, as well as cash holdings. See below for more detail on these.

view portfolio holdings »

 

Highlights and lowlights — September 2021

Your portfolios: Highlights and lowlights

 

A highlight this month was our investment in Dell Technologies Inc. The company has benefited from the surge in demand for IT hardware and software solutions reflecting the increase in work from home trends stemming from the pandemic. In addition, the management team recently updated investors regarding long term business targets for the company and related capital allocation plans. The latter included a strong commitment to low financial leverage which is of course music to a lender’s ears. This caused the value of the company’s bonds to rise.

We were also pleased to receive an earnings update from Golden Goose – the Italian based branded footwear business we recently made an investment in. The company, with sales in over 70 countries, continues to grow strongly, reflecting its considerable brand strength. Pleasingly, the company also increased the share of its revenue that comes from sales direct to consumers (which are higher margin relative those sold through third party channels). Unsurprisingly, their bonds were in strong demand post the earnings update which caused their price to rise.

Closer to home, despite the COVID related lockdown, TR Group came to market with a new wholesale bond issue. The cash raised will help fund the ongoing growth of its business. As keen supporters of the company, we invested in the new bond, which saw strong demand. We expect the company to go from strength to strength in the years ahead – reflecting its ability to deliver the right truck, in the right condition for its customers.

A lowlight for the fund was our investment position in Banca Monte dei Paschi di Siena (‘Monte’). As mentioned last month, UniCredit, a competing Italian banking group, announced that it is considering an acquisition of Monte subject to certain conditions. Local press reports suggested the deal may not proceed, causing investors to reassess Monte’s risk return proposition. We continue to monitor this investment closely, remain engaged with the bank’s executive team, and are comfortable with the bank’s stand-alone business and balance sheet profile.


Fund resources

Fisher Funds Income Fund Updates

Your portfolio team

David McLeish

David McLeish »

Head of Fixed Income

Quin Casey

Quin Casey »

Portfolio Manager

Matt Logan

Matt Logan »

Senior Investment Analyst

Lyle  McNee

Lyle McNee »

Senior Investment Analyst

Luke O’Donovan

Luke O’Donovan »

Macro Analyst


OUR MANAGED FUNDS

Is there anything we
can help you with?

Leave us a message