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