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International Growth Fund

INTERNATIONAL
GROWTH FUND

A world of investment opportunities

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9.9%
as at 31/12/2021
after fees and before tax
21.0%
as at 31/12/2021
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$38,221
inception date 7/11/2007
$3.4298
as at 25/01/2022
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 December 2021

Meta Platforms Inc. Class A 9.9%
Alphabet Inc. Class A 6.9%
Signature Bank 6.1%
Cash 3.5%

Biggest contributors/detractors

as at 31 December 2021

ICON Plc

15% Share Price Change 0.6% Contribution to Return

Mastercard Incorporated Class A

14% Share Price Change 0.6% Contribution to Return

Edwards Lifesciences Corporation

21% Share Price Change 0.6% Contribution to Return

Sector Split

as at 31 December 2021

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 — December 2021

Your portfolios: Highlights and lowlights

The International Growth Fund rose +4.4% in December, compared with the global benchmark which gained +3.4%. This month’s outperformance was driven partly by strong performance from our healthcare holdings Icon and Edwards Lifesciences, as well as Mastercard. The two biggest drags on performance were our Chinese investments, Tencent and Alibaba, which continued to slide.

Edwards Lifesciences (+20%), the transcatheter heart valve manufacturer, held its annual investor day in December. The management presentations reiterated the large scale of the opportunity to repair and replace faulty heart valves through minimally invasive technology, rather than open-heart surgery. We continue to see years of strong growth ahead for Edwards, in a market where they are the leading player.

Icon plc (+14%), the clinical trials outsourcing provider, gained on continued strong industry trends and reports that the integration of Icon’s acquisition of PRA Health Sciences is progressing well. Demand from pharmaceutical and biotech companies for clinical trials remains strong as a result of a strong biotech funding environment, resulting in industry backlogs near record levels and confidence that strong growth will continue in 2022.

 

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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