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.
| Fisher & Paykel Healthcare Corporation Limited | 17.3% |
| Mainfreight Limited | 13.9% |
| a2 Milk Company Ltd. | 13.4% |
| Cash | 3.9% |
Fisher & Paykel Healthcare Corporation Limited |
|
| 19% Share Price Change | 2.8% Contribution to Return |
a2 Milk Company Ltd. |
|
| 6% Share Price Change | 0.8% Contribution to Return |
Xero Limited » |
|
| 5% Share Price Change | 0.6% Contribution to Return |
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.
In June the NZ Growth Fund returned +5.9%, ahead of the local market at +5.2% (S&P/NZX50G). This rounded out a strong quarter following the market rout in the March quarter.
Fisher & Paykel Healthcare (+19%) announced a very strong 2020 fiscal year result boosted by strong hardware and consumables orders due to COVID. Its nasal high flow therapy is proving a more effective treatment for COVID patients versus traditional invasive alternatives such as intubation (an ‘endotracheal tube’ physically inserted down the throat and into the airways). Longer term, this experience could prove a powerful proof point for practitioners that F&P's products should be used for treatment of far more respiratory patients than is currently the case.
Delegat (+13%) provided an update that its upcoming fiscal 2020 result will be well ahead of its earlier expectations prior to COVID on the back of higher than expected wine case sales. The result was driven by strong sales of its core Oyster Bay products in the supermarket channel. Customers ensured they had enough product to drink at home through COVID related lockdowns and gravitated towards trusted brands. This was more than enough to compensate for lower demand from restaurants (only around 10% of normal sales mix).
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