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International Growth Fund

INTERNATIONAL
GROWTH FUND

A world of investment opportunities

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$2.2073
as at 21/03/19
7.2%
as at 28/02/2019
after fees and before tax
7.4%
as at 28/02/2019
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$21,909
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 28 February 2019

PayPal »

10% Share Price Change 0.8% Contribution to Return

Alibaba Group Holding Ltd »

9% Share Price Change 0.6% Contribution to Return

MasterCard »

6% Share Price Change 0.4% Contribution to Return

Sector Split

as at 28 February 2019

Sector Split

Biggest holdings

as at 28 February 2019

Alphabet Inc. Class A 7.7%
PayPal Holdings Inc 6.7%
Alibaba Group Holding Ltd. Sponsored ADR 6.5%
Cash 3.4%
Top 10 holdings 52.5%

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 — February 2019

Your portfolios: Highlights and lowlights

The International Growth Fund gained 4.7% in February, which was a month where global share markets continued to rebound. The US S&P 500 Index rallied 3% in February and is now up 11% for the year and 18% from its pre-Christmas lows.  Fourth-quarter reporting season continued in February and most of our portfolio companies delivered pleasing updates. Animal healthcare company, Zoetis, reported 7% revenue growth and 21% earnings growth driven by strength in its companion animal business. Its dermatology products for cats and dogs delivered strong growth and the recent acquisition of Abaxis (diagnostic tools for vets) is being integrated on schedule and initial results are promising.

Off-price retailer, TJX Companies, delivered impressive fourth-quarter results. Same store sales growth of 6% would be the envy of many retailers and on top of this they continue to roll-out new stores. Management provided upbeat guidance for 2019. 

We exited our position in long time portfolio holding eBay in February. Recent financial results have demonstrated that growth continues to slow (in a strong e-commerce market) despite managements’ best turnaround efforts, which has caused us to question our investment thesis. Despite recent weak financial results, its share price has gained over 30% this year on news that activist investors Elliott Management and Starboard Value have taken stakes in the company and are agitating for change. As a result we have been able to exit our holding at what we think is a fair price.


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.

view portfolio holdings »


Fund resources

Fisher Funds International Growth Fund Updates

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