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International Growth Fund

INTERNATIONAL
GROWTH FUND

A world of investment opportunities

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$2.4806
as at 04/12/19
8.1%
as at 30/11/2019
after fees and before tax
24.2%
as at 30/11/2019
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$25,645
inception date 7/11/2007
Minimum
investment
$2,000

About the Fund

The Fisher Funds International Growth Fund is a hand-picked portfolio of 20-40 growth companies located predominantly in the US, Europe and Asia. We provide New Zealand investors access to a portfolio of high quality growth companies through a single tax efficient investment.

Our investment team travels around the world to identify businesses that have durable competitive advantages and significant growth opportunities. The portfolio includes both large well-recognised businesses (many of which are household names), and smaller companies with long growth runways. Regardless of the size of these businesses they are typically leaders in their markets. We employ a research heavy investment process, and invest only when we believe the market does not fully appreciate the long term potential of these businesses.

Why International shares

  • World of opportunitythe global investment opportunity set is vast and can provide New Zealand investors access to a range of businesses in industries not available on the local stock market. We invest in a range of industries including digital payments, online advertising, ecommerce and medical devices, which not only have attractive industry outlooks, but also provide valuable diversification for New Zealand investors.
  • Flexibility to invest wherever we find the best opportunities there are always attractive growth companies somewhere in the world, it is our job to find them.
  • Diversificationin addition to broad industry diversification, we invest in a wide range of countries globally, in both developed and emerging markets.
  • We look for qualitywe do not buy shares in new or unproven companies, but focus on companies with proven track records and sustainable advantages that help them outstrip competition.
Growth of $10,000 invested in the Fund since inception

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Biggest contributors/detractors

as at 30 November 2019

Alibaba Group Holding Ltd. Sponsored ADR

13% Share Price Change 0.7% Contribution to Return

Dollar Tree, Inc.

-17% Share Price Change -0.5% Contribution to Return

ICON Plc

11% Share Price Change 0.4% Contribution to Return

Sector Split

as at 30 November 2019

Sector Split

Significant Holdings

as at 30 November 2019

Alphabet Inc. Class A 8.1%
Alibaba Group Holding Ltd. Sponsored ADR 6.2%
Facebook, Inc. Class A 6.0%
Cash 4.0%

Your portfolio team

Ashley Gardyne

Ashley Gardyne »

Senior Portfolio Manager

Chris Waters

Chris Waters »

Senior Investment Analyst

Harry  Smith

Harry Smith »

Senior Investment Analyst


Highlights and lowlights — November 2019

Your portfolios: Highlights and lowlights

The International Growth Fund gained 3.0% for the month, compared with our global benchmark which gained 2.8%. November was another good month for global equity markets. The US-China trade negotiations continue to drag on and the absence of a further deterioration in negotiations seems to have given markets hope that a deal can be reached. This trade optimism, coupled with a slight pickup in PMI saw the S&P index up 3.6%, reaching all-time highs. Europe also saw signs of improved manufacturing and consumer activity, boosting markets 2.5%.

Alibaba (+13%) was the top performer in the portfolio. Early in the month, Alibaba reported strong results with continued strength in top-line growth on the back of a resilient Chinese consumer, and flat margins despite ongoing investment into growth segments such as cloud and video.

Dollar Tree (-15%) shares fell following their quarterly earnings report. The company is attempting to turn around performance at discount retailer Family Dollar. Despite the disappointing result, we believe the company is on track to deliver sustained growth in both its Dollar Tree and Family Dollar operations.

We exited autoparts distributor, LKQ, during the quarter. Organic growth was getting harder to come by and with the recent spike in LKQ’s share price we saw the company as fully valued and took the opportunity to exit the stock.

 


Portfolio holdings

Portfolio holdings

See a selection of the companies the International Growth Fund invests in below. You’ll find a wide variety of companies from technology giant Alphabet - the parent company of Google, discount retailer TJ Maxx through to Chinese app provider Tencent.

view portfolio holdings »


Fund resources

Fisher Funds International Growth Fund Updates

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