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.
Facebook » |
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| 16% Share Price Change | 0.8% Contribution to Return |
PayPal » |
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| 9% Share Price Change | 0.7% Contribution to Return |
Cerner » |
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| 16% Share Price Change | 0.6% Contribution to Return |
| Alphabet Inc. Class A | 7.7% |
| Mastercard Incorporated Class A | 5.7% |
| TJX Companies Inc | 5.3% |
| Cash | 1.6% |
| Top 10 holdings | 48.0% |
Global markets continued the recent strong run in April, with the US first-quarter earnings season off to a better than expected start and recent economic data out of China and the US showing signs of stabilisation. The International Growth Fund returned 5.0% in April, ahead of our global benchmark (+4.5%).
Strong performers in the fund for the month included PayPal, MasterCard, Google and Facebook, all of which recently reported first quarter financial results.
Drags on performance were United Parcel Service and Core Laboratories. While the recent slowdown in the global economy had been expected to impact United Parcel Service, its first-quarter revenue growth was worse than anticipated and came in flat year-on-year. This combined with its ongoing investments in facility automation and headwinds from bad weather in the quarter resulted in flat earnings. While the lack of growth this quarter is disappointing, we believe UPS is making the right investments in its network to position the company to benefit from growing freight volumes and e-commerce deliveries.
We added Texas based software company Tyler Technologies to the portfolio. Tyler is the leading provider of software to the local government sector in the US. Tyler is the only company in this market that can offer a full suite of products and it continues to extend its lead through both research & development and bolt-on acquisitions. Despite being the industry leader, Tyler only has 13% market share and we see continued market share gains and margin expansion over the long term.
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.
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