International Growth Fund Investment | Fisher Funds Scroll
International Growth Fund

INTERNATIONAL
GROWTH FUND

A world of investment opportunities

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7.6%
as at 31/05/2022
after fees and before tax
-18.4%
as at 31/05/2022
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$29,264
inception date 7/11/2007
$2.8479
as at 27/06/2022
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 May 2022

Meta Platforms Inc. Class A 8.1%
Alphabet Inc. Class A 7.1%
Amazon.com, Inc. 7.0%
Cash 2.7%

Biggest contributors/detractors

as at 31 May 2022

Signature Bank »

-11% Share Price Change -0.5% Contribution to Return

Gartner, Inc.

-10% Share Price Change -0.4% Contribution to Return

Meta Platforms Inc. Class A

-3% Share Price Change -0.4% Contribution to Return

Sector Split

as at 31 May 2022

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 — May 2022

Your portfolios: Highlights and lowlights

The International Growth Fund ended the month down -3.2% versus the benchmark which was down -0.2%. 

Global markets saw significant intra-month volatility in May before ending broadly flat for the month, as macro concerns including inflation, tightening monetary policy, China’s COVID restrictions, and the conflict in Ukraine continue to weigh on sentiment. Contributing to the portfolio, Hexcel (+6%) continued its strong performance of recent months as exceptionally high demand for global travel is driving increased expectations for new plane orders, which benefits Hexcel as a leading manufacturer of composite parts for new aircraft.

The largest detractors for the month were Signature Bank (-11%) and Gartner (-10%). Signature Bank shares fell on the collapse of algorithmic-backed stablecoins such as Terra, although the bank has no exposure to price swings in cryptocurrency as their stablecoin deposits relate only to coins that are 100% backed by US dollars or equivalent. Gartner was down following earnings, despite another quarter of strong results and guidance ahead of expectations, as the market is concerned around Gartner’s ability to grow their sales force in a tough hiring environment which would impair future growth. However, our conversations with the Gartner gives us comfort in their ability to meet hiring targets, and demand for Gartner research products remains high.

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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