International Growth Fund


A world of investment opportunities


as at 31/10/2020
after fees and before tax
as at 31/10/2020
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
inception date 7/11/2007
as at 26/11/20
$100 per month

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.


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

* From November 2015 the market index is S&P Global LargeMidCap Index 50% hedged into NZD

Significant holdings

as at 31 October 2020

Alibaba Group Holding Ltd 8.0%
Facebook, Inc. Class A 7.2%
Alphabet Inc. Class A 7.1%
Cash 4.3%

Biggest contributors/detractors

as at 31 October 2020

Tencent Holdings Ltd. »

16% Share Price Change 0.7% Contribution to Return

Mastercard Incorporated Class A

-15% Share Price Change -0.7% Contribution to Return

Alphabet Inc. Class A

10% Share Price Change 0.6% Contribution to Return

Sector Split

as at 31 October 2020

Sector Split

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 »


Highlights and lowlights — October 2020

Your portfolios: Highlights and lowlights


The International Growth Fund fell -1.1% for the month, ahead of our global benchmark, which fell 2.4%. It was a busy month for portfolio earnings with 13 companies reporting.

Alphabet (+10.3%) was a strong performer as it continues to deliver strong advertising growth despite a weak economic backdrop. Group revenue grew 14% in the third quarter, driven by strong search advertising and YouTube growth, combined with 45% growth in its Cloud business. Its advertising business is benefiting from the continual shift of ad budgets from traditional media to digital – a trend that has accelerated in 2020.

Tencent and Alibaba  (+16%) and Alibaba (+3.7%) were top also top contributors. In addition to strong Chinese economic data, both companies were buoyed by the highly anticipated Ant Group IPO where investor demand has been extremely strong. Chinese retail investors alone have requested nearly $3 trillion of stock, well above the $37 billion being raised. While Alibaba is the obvious beneficiary via its 33% shareholding, this also shone the spotlight on Tencent’s underappreciated fintech business, which has around 40% share of the Chinese payments market.

Mastercard (-14.5%) was the biggest drag on performance in October after hitting all-time highs in recent months. Mastercard’s third quarter results showed that while ecommerce and contactless payments are benefitting parts of its business, weak cross-border travel activity is still materially impacting its business. Cross-border payment fees are likely to remain under pressure until there is a widely available vaccine and travellers are again feeling confident – which is unlikely to be until 2022. Despite these near-term headwinds, the long-term outlook for digital payment adoption has only been strengthened by the pandemic.

A resurgence of coronavirus cases in the US and Europe has increased the risk of further lockdowns and restrictions which hurt our discretionary retail names like TJX (-8.7%), Essilor (-8.6%) and Adidas (-7.6%).

Fund resources

Fisher Funds International Growth Fund Updates

Your portfolio team

Ashley Gardyne

Ashley Gardyne »

Senior Portfolio Manager

Chris Waters

Chris Waters »

Senior Investment Analyst

Harry  Smith

Harry Smith »

Senior Investment Analyst


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