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Level 2 Update

The Fisher Funds team is back to being primarily office based. Our team will be fully compliant with all the expectations set out by the Government, and if you are visiting us you can be assured that we will be operating a safe hygienic environment, and observing social distancing guidelines.

New Zealand Growth Fund

NEW ZEALAND
GROWTH FUND

Investments in your backyard

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12.9%
as at 31/08/2020
after fees and before tax
26.2%
as at 31/08/2020
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$145,479
inception date 10/08/1998
$12.3706
as at 21/09/20
Minimum
investment
$100 per month

About the Fund

The Fisher Funds New Zealand Growth Fund is our flagship fund and was launched in August 1998. The fund aims to produce attractive long term returns by investing in quality companies chosen by our Investment Team. Typically the fund will be invested in 15 to 20 companies in at any one time. Often a company in the fund will have been chosen because it offers a unique product or service, has a dominant market position or brand, or operates in a fast growing sector.

Why New Zealand shares

  • Easy access to key people and information — Investing in our own backyard allows us to know our companies well, understand the economic and political environment in which they operate, and structure our portfolios to capitalise on the best growth opportunities available in NZ. 
  • Familiarity — One of the things that appeals to our clients about investing in New Zealand is familiarity. Many of the companies in the Fund are household names and chances are you have used their product/services at some point.

 

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Growth of $10,000 invested in the fund since inception


Significant holdings

as at 31 August 2020

Fisher & Paykel Healthcare Corporation Limited 16.2%
Mainfreight Limited 15.3%
a2 Milk Company Ltd. 12.7%
Cash 3.6%

Biggest contributors/detractors

as at 31 August 2020

a2 Milk Company Ltd.

-11% Share Price Change -1.5% Contribution to Return

Xero Limited »

14% Share Price Change 1.3% Contribution to Return

Vista Group International Ltd

43% Share Price Change 1.1% Contribution to Return

Sector Split

as at 31 August 2020

Sector Split

Portfolio holdings

In the portfolio holdings below you will find a range of well loved New Zealand companies from logistics providers like Mainfreight through to dairy pioneer The a2 Milk Company.

view portfolio holdings »

 

Highlights and lowlights — July 2020

Your portfolios: Highlights and lowlights

In July the NZ Growth Fund returned +4.0%, ahead of the local market at +2.5% (S&P/NZX50G).

Summerset (+22%) provided its 2Q20 update including 1H20 guidance of $40-45m NPAT. This was better than many had feared given the effects of Alert Level 4 mid-period. New sales of independent living units, a key barometer for the company, have recovered strongly and are currently growing at 20-40% vs the same time last year. This reflects the great job Summerset did to keep residents safe from COVID which has generated positive word of mouth.

Mainfreight (+20%) provided an update at its Annual Shareholders' Meeting, including a trading update for the first 17 weeks of the 2021 financial year beginning 1 April.  An outstanding performance despite the impacts of COVID.  Constant currency revenue is up +5% on the prior year and profit before tax an impressive +20%. This compares to -0.3% and -58% respectively for the first 7 weeks per the company's last update. Mainfreight's sales teams went into overdrive targeting market share opportunities, including from lesser competitors who delivered poor service or could not execute well against the COVID backdrop.

Pushpay (-10%) lagged during the month as major shareholder Peter Hujlich sold a quarter of his holding and recent director appointment Justine Smyth unexpectedly resigned later in the month. CFO Shane Sampson also sold some shares late in the month. We expected Hujlich may reduce his stake so this was not unexpected. Disappointingly we could not get a direct reason why Smyth resigned but think it may be as she could not have as much influence on the board on issues important to her.

Fund resources

Fisher Funds New Zealand Growth Fund Updates

Your portfolio team

Sam  Dickie

Sam Dickie »

Senior Portfolio Manager

Matt Peek

Matt Peek »

Investment Analyst


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