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New Zealand Growth Fund

NEW ZEALAND
GROWTH FUND

Investments in your backyard

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$9.0311
as at 14/02/19
11.7%
as at 31/01/2019
after fees and before tax
6.0%
as at 31/01/2019
after fees and before tax
If you had invested $10,000 at
inception, today it would be worth ...
$97,198
inception date 10/08/1998
Minimum
investment
$2,000

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.
Growth of $10,000 invested in the Fund since inception

View all resources for this fund »

Biggest contributors/detractors

as at 31 January 2019

a2 Milk Company »

13% Share Price Change 1.3% Contribution to Return

Fisher & Paykel Healthcare »

-3% Share Price Change -0.4% Contribution to Return

Xero Limited »

4% Share Price Change 0.3% Contribution to Return

Sector Split

as at 31 January 2019

Sector Split

Biggest holdings

as at 31 January 2019

Fisher & Paykel Healthcare Corporation Limited 12.0%
a2 Milk Company Ltd. 10.5%
Mainfreight Limited 9.8%
Cash 2.4%
Top 10 holdings 74.5%

Your portfolio team

Sam  Dickie

Sam Dickie »

Senior Portfolio Manager

Zoie Regan

Zoie Regan »

Senior Investment Analyst

Matt Peek

Matt Peek »

Investment Analyst


Highlights and lowlights — January 2019

Your portfolios: Highlights and lowlights

The New Zealand Growth was up 2.2% for the month. Portfolio company a2 Milk was a standout (+13.5%), on the back of several supportive proof points and various investment firms touting the company’s potential to succeed in 2019. Both sales data for some of the key Chinese e-commerce platforms and Australian supermarket data had a strong finish to 2018, plus New Zealand export data also indicated strong volume growth. These data points reconciled with our positive view from late 2018, when we saw regulatory concerns subside and in-market pricing improving, which when combined with our overall positive view of the company gave us confidence to increase our holding at lower prices.

 Michael Hill (-7.7%) reported its key December quarter sales, which were disappointing in absolute terms, reflective of broader retail market conditions, although showing a marked improvement since new CEO Daniel Bracken has started. The company has backed away from its unsuccessful shift to cutting promotional activity, which saw same store sales fall -11% in the previous quarter. Same store sales rebounded to +1.3% in November/December. Daniel’s initial focus is on retail operating fundamentals and we are of the view his influence will have a positive impact here.

 We reduced our position in Auckland Airport during the month.  The stock has performed strongly recently and given this, together with the signs airlines are reducing capacity we reduced the holding.

 

Portfolio holdings

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 »


Fund resources

Fisher Funds New Zealand Growth Fund Updates

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