Update - 28 February 2021

Given the latest COVID-19 update our whole team are now working from home. We’ve worked successfully this way before and know our organisation remains fully functional. Our Client Services team are available to answer any questions you have, although you may reach them faster by email. You can also check the balance of your account and make changes to your investment, such as updating your tax rate through Fisher Funds Online. We hope you and your families stay safe.

International Growth Fund


A world of investment opportunities


as at 31/01/2021
after fees and before tax
as at 31/01/2021
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 26/02/21
$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 January 2021

Signature Bank 9.6%
Facebook, Inc. Class A 7.6%
Alibaba Group Holding Ltd. 7.4%
Cash 2.4%

Biggest contributors/detractors

as at 31 January 2021

Signature Bank »

23% Share Price Change 1.7% Contribution to Return

Tencent Holdings Ltd. »

21% Share Price Change 0.8% Contribution to Return

adidas AG

-12% Share Price Change -0.6% Contribution to Return

Sector Split

as at 31 January 2021

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 — January 2021

Your portfolios: Highlights and lowlights


The International Growth Fund ended the month down 0.2%, broadly in-line with the benchmark index which was down 0.3%.

Signature Bank (+22.5%) continued its strong performance from recent months, driven by broad strength in regional banks coupled with another good earnings result, with record deposit growth. The stock is now up 117% from November lows.
Tencent (+20.8%) and Alibaba (+9.1%) both benefited from the news that the US government decided against restricting investments in the Chinese tech giants as part of the wider banning of investment in Chinese military-linked companies. In addition, Tencent has seen massive demand from mainland Chinese retail and institutional funds in recent months.

Greggs (+16%) has performed well since we first bought it in December. A positive Q4 trading update was ahead of expectations and highlighted continued momentum throughout the quarter as restrictions eased and as customers increasingly adopt the new digital and delivery offerings.

Facebook (-5%) fell in January despite releasing strong financial results. The company’s advertising revenue grew 31% in the fourth quarter, accelerating from the 22% growth delivered last quarter. The company called out strong advertising growth driven by eCommerce, as well as the shift in consumer demand towards products and away from services (eg. travel and entertainment) as a result of the pandemic. User engagement continues to remain high and Facebook’s Daily Average Users climbed 11% to over 1.8 billion. Facebook remains one of our largest holdings.

The other detractors this quarter were largely concentrated in companies impacted by further COVID lockdowns and vaccine delays, including companies exposed to travel (Hilton, Hexcel, Heico, and MasterCard) and physical retail (Adidas, Essilor, and StoneCo).


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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