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.
|Facebook, Inc. Class A||7.6%|
|Alibaba Group Holding Ltd.||7.4%|
|23% Share Price Change||1.7% Contribution to Return|
|21% Share Price Change||0.8% Contribution to Return|
|-12% 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 ended the month down 0.2%, broadly in-line with the benchmark index which was down 0.3%.
Signature Bank (+22.5%) continued its strong performance from recent months, driven by broad strength in regional banks coupled with another good earnings result, with record deposit growth. The stock is now up 117% from November lows.
Tencent (+20.8%) and Alibaba (+9.1%) both benefited from the news that the US government decided against restricting investments in the Chinese tech giants as part of the wider banning of investment in Chinese military-linked companies. In addition, Tencent has seen massive demand from mainland Chinese retail and institutional funds in recent months.
Greggs (+16%) has performed well since we first bought it in December. A positive Q4 trading update was ahead of expectations and highlighted continued momentum throughout the quarter as restrictions eased and as customers increasingly adopt the new digital and delivery offerings.
Facebook (-5%) fell in January despite releasing strong financial results. The company’s advertising revenue grew 31% in the fourth quarter, accelerating from the 22% growth delivered last quarter. The company called out strong advertising growth driven by eCommerce, as well as the shift in consumer demand towards products and away from services (eg. travel and entertainment) as a result of the pandemic. User engagement continues to remain high and Facebook’s Daily Average Users climbed 11% to over 1.8 billion. Facebook remains one of our largest holdings.
The other detractors this quarter were largely concentrated in companies impacted by further COVID lockdowns and vaccine delays, including companies exposed to travel (Hilton, Hexcel, Heico, and MasterCard) and physical retail (Adidas, Essilor, and StoneCo).
Senior Portfolio Manager
Senior Investment Analyst
Senior Investment Analyst
Is there anything we
can help you with?