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Level 2 Update

The Fisher Funds team is back to being primarily office based. Our team will be fully compliant with all the expectations set out by the Government, and if you are visiting us you can be assured that we will be operating a safe hygienic environment, and observing social distancing guidelines.

International Growth Fund

INTERNATIONAL
GROWTH FUND

A world of investment opportunities

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8.9%
as at 31/08/2020
after fees and before tax
20.5%
as at 31/08/2020
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$29,723
inception date 7/11/2007
$2.8068
as at 18/09/20
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

* From November 2015 the market index is S&P Global LargeMidCap Index 50% hedged into NZD


Significant holdings

as at 31 August 2020

Facebook, Inc. Class A 7.7%
Alibaba Group Holding Ltd. Sponsored ADR 7.2%
Alphabet Inc. Class A 6.8%
Cash 5.7%

Biggest contributors/detractors

as at 31 August 2020

Facebook, Inc. Class A

16% Share Price Change 1.0% Contribution to Return

Alibaba Group Holding Ltd. Sponsored ADR

14% Share Price Change 0.9% Contribution to Return

Mastercard Incorporated Class A

16% Share Price Change 0.7% Contribution to Return

Sector Split

as at 31 August 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 — August 2020

Your portfolios: Highlights and lowlights

 

The International Growth Fund gained 5.9% for the month, ahead of our global benchmark, which gained 5.2%.The MSCI All-Country World index was up 6% in August (the sharpest gain in August since 1988) and Wall Street’s S&P 500 index gained 7% for the month, wiping out the last of its pandemic losses and reaching an all-time high.

Facebook(+16%) was the top contributor to fund performance in August, benefiting from market enthusiasm for Facebook Shop and a proposed TikTok ban in the US.  Facebook Shop allows retailers to build a storefront, sell merchandise and receive payments directly on Facebook. On top of this Facebook has also extended its Instagram Checkout pilot from a select group of brands to all US businesses. The push into e-commerce will allow small businesses to reach new customers and provides another avenue for Facebook to monetise its social media properties. President Trump’s Executive Order to ban Chinese short video platform TikTok, as well as Facebook launching its own short video product (called Reels) also provided a boost to the stock. Reels has been built into Instagram and has seen good engagement from users since launch in August.

Hilton (+20%) played a little catch-up in August. The company reported earnings during the month, which showed a recovery in hotel occupancy is underway from very low levels. Management were positive on the sustainability of cost reductions they have taken and their ability to capture market share from independent operators as travellers look for brands they can trust.  Alibaba (+14%) had a strong month following the announcement of the upcoming listing of its Ant Group subsidiary which operates leading digital payments app Alipay. 

Signature Bank (-5%) fell with the broader banking sector. The KBW US Bank Index is down 31% year-to-date, compared to the S&P 500 which is up 8%. The reasons for the underperformance of banking stocks include Covid-19 related credit losses and a difficult operating environment due to the recent drop in interest rates. We expect Signature Bank can continue to grow despite the tough operating environment as the bank captures market share by hiring banking teams away from other banks and expands on the West Coast of the US.


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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