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.
Alibaba Group Holding Ltd. Sponsored ADR |
|
| 13% Share Price Change | 0.7% Contribution to Return |
Dollar Tree, Inc. |
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| -17% Share Price Change | -0.5% Contribution to Return |
ICON Plc |
|
| 11% Share Price Change | 0.4% Contribution to Return |
| Alphabet Inc. Class A | 8.1% |
| Alibaba Group Holding Ltd. Sponsored ADR | 6.2% |
| Facebook, Inc. Class A | 6.0% |
| Cash | 4.0% |
The International Growth Fund gained 3.0% for the month, compared with our global benchmark which gained 2.8%. November was another good month for global equity markets. The US-China trade negotiations continue to drag on and the absence of a further deterioration in negotiations seems to have given markets hope that a deal can be reached. This trade optimism, coupled with a slight pickup in PMI saw the S&P index up 3.6%, reaching all-time highs. Europe also saw signs of improved manufacturing and consumer activity, boosting markets 2.5%.
Alibaba (+13%) was the top performer in the portfolio. Early in the month, Alibaba reported strong results with continued strength in top-line growth on the back of a resilient Chinese consumer, and flat margins despite ongoing investment into growth segments such as cloud and video.
Dollar Tree (-15%) shares fell following their quarterly earnings report. The company is attempting to turn around performance at discount retailer Family Dollar. Despite the disappointing result, we believe the company is on track to deliver sustained growth in both its Dollar Tree and Family Dollar operations.
We exited autoparts distributor, LKQ, during the quarter. Organic growth was getting harder to come by and with the recent spike in LKQ’s share price we saw the company as fully valued and took the opportunity to exit the stock.
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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