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.
* From November 2015 the market index is S&P Global LargeMidCap Index 50% hedged into NZD
| Signature Bank | 8.0% |
| Facebook, Inc. Class A | 7.8% |
| Alphabet Inc. Class A | 6.9% |
| Cash | 6.8% |
Signature Bank » |
|
| 21% Share Price Change | 1.3% Contribution to Return |
Alibaba Group Holding Ltd » |
|
| -12% Share Price Change | -1.0% Contribution to Return |
adidas AG |
|
| 11% 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 ended the month up +7.2% lagging the benchmark that was up +8.2%.
Three vaccines were announced that are effective against the covid-19 in November. This drove a risk-on mood in global equity markets, adding fuel to the post-US election rally. These eclipsed worries about the near-term economic outlook.
During the month we were rewarded by companies, in what we term, our ‘old habits return’ bucket. This group of businesses includes airplane componentry manufacturers Hexcel (+48%) and Heico (18%), conference and research provider Gartner (+19%), and hotel brand franchisor Hilton (+18%).
After consecutive months of been a laggard, Signature Bank (+39%), which is now our largest holding, had a very strong month. A substantial amount of the share price appreciation occurred early in the month on the announcement of covid-19 vaccines. This dampened concerns the market had around Signature Bank’s lending exposure to New York real estate, particularly retail.
Alibaba (-14%) was our worst performer for the month as the ecommerce and fintech industries in China face increasing regulatory scrutiny.
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