NZ Fund Managers

[Snoopy]

https://fisherfunds.co.nz/assets/ann...March-2021.pdf

Fisher funds have been widely discussed on this forum for their listed exchange traded funds, Kingfish (NZX), Barramundi (ASX) and Marlin (Rest of World). But this is a discussion of the unlisted versions of those funds. The funds under scrutiny here are:

1/ The New Zealand Growth Fund:

Investment Theme	Stock picking on the NZX
Fund Size	@31-12-2021 was $320.0m
Principal holdings	@31-12-2021 were: Mainfreight, Fisher & Paykel Healthcare, Xero Limited, Infratil Limited, Summerset Group Holdings Ltd, Auckland International Airport Limited, A2 Milk Company Limited, Vista Group International Limited and Ryman Healthcare Limited.
Distribution over FY2022	None
Total Management Annual Charge	= 1.40%
Fund risk rating	'5'

2/ The Australian Growth Fund:

Investment Theme	Stock picking on the ASX
Fund size	@31-12-2021 was $109.8m
Principal holdings	@31-12-2021 were: CSLLimited, Wisetech Global Limited (software for freight and customs management), Carsales.com Ltd, CBA, Seek Limited, NextDC Limited (data centre operator), NAB, ANZ, AUB Group Limited (insurance brokers and underwriting agencies), Brambles Ltd (freight).
Currency Hedging Policy	Target 70% to NZD
Distribution over FY2022	None
Total management annual charge	= 1.42%
Risk rating	'6'

3/ The International Growth Fund:

Investment Theme	Stock picking outside of Australia and New Zealand
Fund size	@31-12-2021 was $142.9m.
Principal holdings	@31-12-2021 were: Meta (was Facebook), Alphabet (was Google), Signature Bank (US based full service commercial bank), Tencent Holdings Ltd (Chinese multinational technology and entertainment conglomerate and holding company headquartered in Shenzhen, Hong Kong listed), Dollar General Corporation (American variety stores), Paypal Holdings, Gartner Inc (consulting company doing technical research), ICON plc (clinical research organization doing research outsourced by pharmaceutical, biotechnology and medical device companies), Mastercard.
Currency Hedging Policy	Target 50% (In practice between 0% and 110%)
Distribution over FY2022	None
Total management and annual charge	= 1.42%
Risk rating	''5'

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Fisher funds claims to be the fifth largest investment manager in New Zealand, managing over $13.2 billion for more than 280,000 clients (AR2021 page 4). They have a 20 strong investment team (AR2021 p6). Fisher Funds have a 'concentrated approach' to their investments. A fund will typically hold just 15-20 different shares at any one time. This is consistent with a non-index tracking approach.

SNOOPY