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.
a2 Milk Company » |
|
| -8% Share Price Change | -1.2% Contribution to Return |
Summerset » |
|
| 10% Share Price Change | 0.6% Contribution to Return |
Infratil Limited » |
|
| 8% Share Price Change | 0.6% Contribution to Return |
| a2 Milk Company Ltd. | 13.7% |
| Mainfreight Limited | 12.7% |
| Fisher & Paykel Healthcare Corporation Limited | 12.7% |
| Cash | 1.9% |
The NZ Growth Fund posted returns of +0.7% in September, compared with the local share market which returned +1.6% (S&P/NZX50G).
Summerset (+10%) acquired a retirement village site in Cranbourne North, near Melbourne, its first site for development in Australia. This type of acquisition was well foreshadowed by the company and does not settle until early 2021 which means the company can progress planning in the meantime. The village adds to its New Zealand development pipeline and units will likely be available for sale commencing late 2021 or early 2022.
Accounting software provider Xero declined modestly for the month (-2%). We attended Xerocon Brisbane 2019, the showcase event for Xero's accountant, bookkeeper, and app ecosystem partners. This reinforced Xero’s compelling value proposition to its accounting and bookkeeping partners, which amounts to very large time and workflow savings, is very personal to them and builds strong product advocacy. The management team continued to reiterate the message that they are in the 'early innings' of a long and lucrative game, with cloud accounting adoption still in the early stages in key markets, "like the internet 15 years ago".
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.
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