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International Growth Fund

INTERNATIONAL
GROWTH FUND

A world of investment opportunities

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7.9%
as at 29/02/2020
after fees and before tax
16.5%
as at 29/02/2020
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$25,525
inception date 7/11/2007
$2.2146
as at 25/03/20
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 29 February 2020

Alphabet Inc. Class A 8.5%
Alibaba Group Holding Ltd. Sponsored ADR 6.7%
Facebook, Inc. Class A 6.5%
Cash 0.2%

Biggest contributors/detractors

as at 29 February 2020

Signature Bank

-12% Share Price Change -0.5% Contribution to Return

Abbott Laboratories »

-12% Share Price Change -0.4% Contribution to Return

adidas AG

-12% Share Price Change -0.4% Contribution to Return

Sector Split

as at 29 February 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 — February 2020

Your portfolios: Highlights and lowlights

The International Growth Fund lost 3.0% for the month, ahead of our global benchmark, which was down 6.4%. After reaching record highs on February 19th, US equity markets led global stock exchanges sharply lower during the last seven days of the month.

Global markets had been looking through the short-term impact of a China slowdown and disruption to supply chains from Coronavirus at the start of the month. This shifted with growing concern about a potential global slowdown as the spread of Coronavirus widened to other countries, most notably Italy and South Korea.

The portfolio’s best performers during the month were Chinese holdings, Tencent (+3.5) and Alibaba (+1%). Tencent derives the majority of its revenue from video games and therefore should benefit as people stay home. Alibaba, an e-commerce giant, believes the impact of the virus should actually drive incremental demand longer term as people eat and work more from home.

One of our more defensive holdings, off-price retailer, TJX Companies (+2%) updated the market with a healthy earnings report. TJX noted particularly strong performance in Europe, thanks in part to economic weakness in the region. This environment suits TJX unique merchandising model as there is more inventory available to buy at a discount. Secondly, it provides the opportunity for TJX to relocate stores or open new ones in vacated premises. Lastly, the company is able to capture market share as their value proposition becomes more appealing to consumers.

Adidas (-12%) share price came under pressure as news broke that Coronavirus spread into Europe. At 30%, Western Europe represents Adidas’s largest region by sales. It was widely expected the company would benefit from upcoming football tournament, Euro 2020, scheduled for June with games in Italy as well as other countries. However, as sporting events are cancelled or played behind closed doors, expectations for Adidas have changed from sales benefit to potentially having excess inventory. This may pressure profit margins over the next couple of quarters.


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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