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.
|Meta Platforms Inc. Class A||9.9%|
|Alphabet Inc. Class A||6.9%|
|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|
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.
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.
Senior Portfolio Manager
Senior Investment Analyst
Senior Investment Analyst
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