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International Growth Fund

INTERNATIONAL
GROWTH FUND

A world of investment opportunities

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$1.9890
as at 16/01/19
6.0%
as at 31/12/2018
after fees and before tax
-2.0%
as at 31/12/2018
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$19,126
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 31 December 2018

Alibaba Group Holding Ltd »

-15% Share Price Change -0.8% Contribution to Return

Fresenius Medical Care »

-21% Share Price Change -0.7% Contribution to Return

Signature Bank

-17% Share Price Change -0.6% Contribution to Return

Sector Split

as at 31 December 2018

Sector Split

Biggest holdings

as at 31 December 2018

Alphabet Inc. Class A 8.2%
PayPal Holdings Inc 6.6%
Alibaba Group Holding Ltd. Sponsored ADR 5.9%
Cash 1.2%
Top 10 holdings 48.6%

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 — December 2018

Your portfolios: Highlights and lowlights

There was no holiday cheer in the global share markets in December with sharp falls in global markets. In New Zealand dollar terms our measure of global share performance ended the month 6.8% lower. Against this challenging backdrop the International Growth Fund fell 7.3% for the month.

In a month where few stocks made gains, the performance of recent addition Tencent was a highlight, gaining 3% as Chinese authorities restarted the online game approval process earlier than expected. New game licenses approvals had been halted since March, so this news was welcomed by the market as Tencent can now look to launch and monetise its pipeline of new games.

Heart valve company Edwards Lifesciences outperformed the market after a well-received investor day which reconfirmed the large market opportunity in trans-catheter heart valve replacement (which allows for valve replacement without open-heart surgery).

Core Laboratories was our worst performer, down 26% as the oil services sector reacted to the ongoing decline in the oil price which is impacting customer demand for its oilfield services and drilling products. Fresenius Medical Care was down 19% as the company downgraded 2019 guidance citing lower dialysis revenue and increased investment in the home dialysis market. We view these headwinds as largely temporary and still see strong long-term fundamental growth drivers as global dialysis patient numbers continue to grow and as Fresenius takes a greater role in managing the full care of kidney patients through risk sharing agreements with insurers.


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.

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Fund resources

Fisher Funds International Growth Fund Updates

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