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.
Alphabet Inc. Class A |
|
| 7% Share Price Change | 0.90% Contribution to Return |
PayPal Holdings Inc |
|
| 5% Share Price Change | 0.50% Contribution to Return |
Mastercard Incorporated Class A |
|
| 6% Share Price Change | 0.50% Contribution to Return |
| Alphabet Inc. Class A | 8.4% |
| Alibaba Group Holding Ltd. Sponsored ADR | 6.1% |
| Facebook, Inc. Class A | 5.9% |
| Cash | 6.7% |
The International Growth Fund gained 3.2% for the month, ahead of our global benchmark which gained 0.4%. The coronavirus outbreak took the shine off a strong start to the year in global markets. The S&P Index ended flat for the month after being up 3% at one point. European markets were down 1% and the MSCI China Index fell 5%.
Earnings season is now in full swing with eight of our companies reporting in January. Results for our portfolio have generally been positive. Amazon was up 9% following a strong earnings report with revenue growth strong across the cloud computing business, e-commerce and advertising, and profitability also exceeding market expectations. The company’s recent shift to one day shipping continues to pay dividends with healthy growth in e-commerce and the company adding more Prime subscribers than any previous quarter.
Dollar Tree, the discount retailer fell 7% for the month following its earnings release in December. The company is attempting to turnaround the performance of their Family Dollar banner. Management has made good progress growing sales by revamping stores, but profit margins have been under pressure as the company shifts away from discretionary items to selling more everyday items such as food. Despite the disappointing share price performance, we remain positive on the steps Dollar Tree management are taking to realign the Family Dollar banner for sustained growth.
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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