Todays announcements (x3) on NZX
Hi
Check it out on DB site - KFL, MLN, BRM - and eg as posted below for KFL
Todays NZX announcements W Couillault resigns as Director, continues as employee for KFL, MLN, BRM.
New Director will be announced next week...
For many the drop in NAV for FFM, funds in NZ and OZ is..."sickening"
What is going on ...
therefore what?
Any insights...
TL
KFL
15/02/2008
GENERAL
REL: 1102 HRS Kingfish Limited
GENERAL: KFL: Fisher Funds update
Warren Couillault has resigned as a director of Fisher Funds Management Ltd.
He remains an employee of Fisher Funds. The appointment of another director
will be announced early next week.
End CA:00160548 For:KFL Type:GENERAL Time:2008-02-15:11:02:39
??? Personal reasons?????
Now why would someone with 27% in a highly lucrative fees for life fund management firm resign as a director but remains as an employee? Something doesn't smell right?
Couillault resigns as Fisher Funds director
5:00AM Saturday February 16, 2008
By Tamsyn Parker
Warren Couillault. Photo / Kenny Rodger
Fisher Funds' chief investment officer Warren Couillault has resigned as a director.
Couillault, who currently remains an employee with the firm, joined Fisher in 2002 and became part of the board in 2004 when he bought into the business.
He jointly manages the firm's New Zealand investment portfolios including the New Zealand Growth fund and listed Kingfish fund with managing director and principle Carmel Fisher, and also oversees investment decisions made by the company's two other investment teams.
Yesterday Fisher said Couillault remained a portfolio manager with the firm and a key player in investment decisions.
She said Couillault's decision to step down from the board was "for his own reasons".
Couillault did not return calls from the Business Herald..
Fisher put out a brief one-line statement to the market for its three listed vehicles Kingfish, Barramundi and Marlin yesterday morning saying Couillault had decided to resign.
Fisher disputed rumours that there had been a disagreement: "There has been no bust-up. It's business as usual for us."
The specialist growth fund manager, which has previously sold itself to the public on its strong performance, has been hit hard in recent weeks by volatility and big sharemarket falls.
Fisher said investment money coming into the business had slowed, but a recent survey by fund management research firm FundSource showed the firm was still doing well compared to its peers.
Fisher said investors were nervous and much of the recent stock market falls could be attributed to investor sentiment. "It's investor sentiment driving things rather than anything fundamental."
She said the firm was looking forward to the reporting season over the next couple of weeks to gain certainty about the companies it invested in.
Fisher and her husband Hugh remain directors along with Australian portfolio manager Frank Jasper, who owns a 10 per cent share in the business with his wife and Anthony Segedin.
The Fishers have a 55 per cent stake while Couillault owns just under 27 per cent with his wife Sarah. The remaining shares are owned by Ashwell Holdings, LBD Trustees and the firm's new fund manager Ken Applegate, who joined the company late last year.
An announcement on Couillault's replacement on the board is expected early next week.
Kingfish's share price closed down 8c yesterday at $1.05.
Morningstar recommends Fisher Funds
Obviously a very hard swallow for Morningstar to admit that they have recommended a lemonfish in the last 4 years.
When you are wrong, make it even more wrong! Then, it might become right?
Fisher Funds recommended by Morningstar
Tuesday 1st April 2008
Fisher Funds has been given a recommended rating from research house Morningstar, which says the manager "remains one of the best domestic equities approaches on offer".
While Morningstar has issued more glowing reports on the manager previously, the one released today is still positive.
It says that while Fisher Funds has been experiencing "some testing times" it is assured that founder Carmel Fisher can "stay ahead of the market and many rivals over the long term."
Morningstar says two clouds hover over the firm; one is the departure of chief investment office Warren Couillault, and the other is the size of the strategy and liquidity of some holdings.
Couillault's departure is a blow, as there's no doubt he played a key role in the strategy's success during his five years at the firm.
However, Morningstar says not to underestimate Fisher and to remember the firm moved quickly to make a new appointment. Recently it appointed Murray Brown as a senior analyst. Morningstar says Fisher has $400 million invested in its strategy and that it is highly-concentrated and holds some small illiquid stocks.
On the positive side Morningstar says Fisher is well aware of these issues and is able to handle the associated risks.
Morningstar's strongest criticism is over a fee hike last year. It says it's "not overly enthused about the fee hike" which saw the management fee rise to 1.5% plus a performance bonus related to the 90-day bank bill rate.
"This now makes it one of the more expensive New Zealand offerings. We'd prefer to see an equities-based hurdle, which would be more appropriate for this strategy than cash."
Morningstar says it's "comfortable that (Fisher's) strategy's in good shape, and have no problem continuing to endorse it as a supporting player."
It suggests the fund should be used in tandem with a core domestic equities holding.
Millions made but by who?
Quote:
Originally Posted by
Toulouse - Luzern
Since 1 April Sample FFM portfolios (indicative):
NZ FFM +3%
AU FFM +4%
Wow!
Since April 2004 to yesterday when KFL listed, NZX up 40%. KFL up 11%.
Since Oct 2006 when BRM listed, Australian market up 4.4%. BRM down 33%.
Meanwhile, lots and lots of management fees charged - millions. Who has been making out like robbers?
KFL discount & related matters ...
.. of significance to share price, discount to NAV, & how this "should" vary cyclically under new dividend regime, [& other info important to members above who propose to rush into further investing in KFL, BRM or Merlin] : can all be found in what sounds like very reasonable & well-informed article in today's Sunday Star Times. Don't spend any money until you've read it, & pondered, would sound like good advice perhaps?
All best of luck & good wishes,
Sharer.
Reading the link may seriously affect your health
Fisher Funds directors share $10.3 million dividend pot
That will probably give Balance apoplexy!
Best Wishes
Paper Tiger