International Growth Fund


A world of investment opportunities


as at 31/07/2021
after fees and before tax
as at 31/07/2021
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
inception date 7/11/2007
as at 03/08/21
$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 July 2021

Facebook, Inc. Class A 9.60%
Alibaba Group Holding Ltd. Sponsored ADR 8.00%
Alphabet Inc. Class A 7.10%
Cash 2.90%

Biggest contributors/detractors

as at 31 July 2021

Alibaba Group Holding Ltd. Sponsored ADR

-14% Share Price Change -1.10% Contribution to Return

Tencent Holdings Ltd. »

-18% Share Price Change -0.80% Contribution to Return

Alphabet Inc. Class A

10% Share Price Change 0.70% Contribution to Return

Sector Split

as at 31 July 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 — June 2021

Your portfolios: Highlights and lowlights


The International Growth fund was up 4.6% for June, ahead of the benchmark at 3.8%.

Paypal(+12%) was our top performer after it announced an increase in fees for some of its newer products like PayPal Checkout and Pay with Venmo. The fact that PayPal is able to raise rates in what is a competitive payments market reflects the power of PayPal’s platform and the value that PayPal’s products and services provide to customers.  Facebook (+6%) also performed well following a federal court ruling which dismissed antitrust lawsuits by the US Government and most states, that were seeking to break up Facebook's social networking businesses. The ruling judge said that the lawsuit did not provide sufficient evidence to support monopolisation claims against Facebook. This loss deals a blow to regulator’s attempts to pursue the large tech companies under existing antitrust legislation. 


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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