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International Growth Fund

INTERNATIONAL
GROWTH FUND

A world of investment opportunities

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$2.2715
as at 22/05/19
7.7%
as at 30/04/2019
after fees and before tax
13.6%
as at 30/04/2019
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$23,447
inception date 7/11/2007
Minimum
investment
$2,000

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.
Growth of $10,000 invested in the Fund since inception

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Biggest contributors/detractors

as at 30 April 2019

Facebook »

16% Share Price Change 0.8% Contribution to Return

PayPal »

9% Share Price Change 0.7% Contribution to Return

Cerner »

16% Share Price Change 0.6% Contribution to Return

Sector Split

as at 30 April 2019

Sector Split

Biggest holdings

as at 30 April 2019

Alphabet Inc. Class A 7.7%
Mastercard Incorporated Class A 5.7%
TJX Companies Inc 5.3%
Cash 1.6%
Top 10 holdings 48.0%

Your portfolio team

Ashley Gardyne

Ashley Gardyne »

Senior Portfolio Manager

Chris Waters

Chris Waters »

Senior Investment Analyst

Harry  Smith

Harry Smith »

Senior Investment Analyst


Highlights and lowlights — April 2019

Your portfolios: Highlights and lowlights

Global markets continued the recent strong run in April, with the US first-quarter earnings season off to a better than expected start and recent economic data out of China and the US showing signs of stabilisation. The International Growth Fund returned 5.0% in April, ahead of our global benchmark (+4.5%).

Strong performers in the fund for the month included PayPal, MasterCardGoogle and Facebook, all of which recently reported first quarter financial results. 

Drags on performance were United Parcel Service and Core Laboratories. While the recent slowdown in the global economy had been expected to impact United Parcel Service, its first-quarter revenue growth was worse than anticipated and came in flat year-on-year. This combined with its ongoing investments in facility automation and headwinds from bad weather in the quarter resulted in flat earnings. While the lack of growth this quarter is disappointing, we believe UPS is making the right investments in its network to position the company to benefit from growing freight volumes and e-commerce deliveries.

We added Texas based software company Tyler Technologies to the portfolio.  Tyler is the leading provider of software to the local government sector in the US.  Tyler is the only company in this market that can offer a full suite of products and it continues to extend its lead through both research & development and bolt-on acquisitions. Despite being the industry leader, Tyler only has 13% market share and we see continued market share gains and margin expansion over the long term. 


Portfolio holdings

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.

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Fund resources

Fisher Funds International Growth Fund Updates

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