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.
Fletcher Building Limited » |
|
| -21% Share Price Change | -0.7% Contribution to Return |
Mainfreight Limited » |
|
| 7% Share Price Change | 0.6% Contribution to Return |
Infratil Limited » |
|
| 8% Share Price Change | 0.6% Contribution to Return |
| Fisher & Paykel Healthcare Corporation Limited | 12.4% |
| a2 Milk Company Ltd. | 10.7% |
| Mainfreight Limited | 9.7% |
| Cash | 1.8% |
| Top 10 holdings | 74.3% |
The New Zealand sharemarket stabilised in November after a sharp sell-off in October, with the S&P/NZX50G up +0.9%, similar to global markets. The New Zealand Growth fund performed worse than the market, falling -0.8% as low-growth sectors, like telecommunications companies or electricity utilities, generally outperformed the more strongly growing companies which we favour. The best performing shares in the portfolio were our defensive holdings in Intratil (+8.2%) and Meridian (+5.4%), while Mainfreight (+6.7%) also performed well on the back of a good first half result. Fletcher Building was the worst performer (-21.2%) after it reduced its profit guidance at its Annual Meeting.
We are constantly considering the prospects of our companies and the reasons for owning them, especially in difficult markets, while remaining mindful that one or two months is a short time when it comes to investing in shares.
Mainfreight is an excellent example of a key position in the portfolio taking a long-term approach to business that is paying off. Mainfreight’s mantra is that “decisions are made on the basis that we will be here for another 100 years”. The team continues to win new customers by taking this long-term approach and by providing superior service. A recent initiative that is paying off is the firm’s move to run its own intercity line haul services in the United States. Doing this means improved service to customers helping retention and customer acquisition. The company continues to expand its global network into new regions to expand with its customers and has made changes to underperforming areas of the business that have needed attention, with improved performance. This long term customer focus holds the company in good stead for continued growth.
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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