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International Growth Fund

INTERNATIONAL
GROWTH FUND

A world of investment opportunities

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8.2%
as at 30/06/2020
after fees and before tax
15.9%
as at 30/06/2020
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$27,051
inception date 7/11/2007
$2.6912
as at 03/07/20
Minimum
investment
$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

* Global Small Cap Index (Inception to 31/3/2015, S&P PMI/S&P EMI 50/50 blend 50% hedged to NZD (1/4/2015 to now).


Significant holdings

as at 30 June 2020

Facebook, Inc. Class A 6.9%
Alphabet Inc. Class A 6.9%
Alibaba Group Holding Ltd. Sponsored ADR 6.3%
Cash 2.2%

Biggest contributors/detractors

as at 30 June 2020

Tencent Holdings Ltd. »

21% Share Price Change 0.8% Contribution to Return

Hexcel Corporation

25% Share Price Change 0.6% Contribution to Return

Edwards Lifesciences Corporation

-8% Share Price Change -0.5% Contribution to Return

Sector Split

as at 30 June 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 — June 2020

Your portfolios: Highlights and lowlights

 

The International Growth Fund was flat for the month, lagging our index which gained [1.0%]. While markets edged higher, concerns emerged late in the month about ramping coronavirus cases in the United States and the potential for further shutdowns. This saw weaker performance by sectors that are more exposed to lockdown such as retailers, hotels and medical-device names that underperformed during the month.

Our top performer was Hexcel (+25%), which manufactures composite components for aircraft. While the aerospace industry has been devastated by the coronavirus, there are signs of green shoots for the travel industry. Positive progress on the regulatory approval of the Boeing 737 Max further boosted Hexcel’s performance. Tencent was another strong performer (+22%) hitting all-time highs. Tencent held its annual Games conference in June where it showcased a strong pipeline of new games and updates.  More importantly, this event highlighted the global reach of Tencent’s gaming business, and the opportunities to capture more of the growing global gaming market outside of China.

Facebook and Alphabet both underperformed in June as a group of advertisers including Unilever and Coca-Cola decided to temporarily halt advertising across Facebook and other social media platforms due to their failure to monitor and remove hate speech. These advertisers only make up a small percentage of these companies’ revenues and it is unlikely to have a material financial impact, but we are following the situation closely given the important issues in play. Advertisers do not want their brands advertised on platforms that carry objectionably content, but at the same time we believe that Facebook and Alphabet are moving in the right direction to remove much of the offending content and set policies that improve the safety of their platforms. This is a difficult balancing act, because they are also trying to provide a platform that allows individuals the freedom to share their unique opinions.


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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