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  1. #221
    Legend shasta's Avatar
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    Quote Originally Posted by TwinkleToes View Post
    Just a point that may not have been mentioned. The manager of the various Fisher Funds is compensated on the basis of the NAV and not the share price. When I found this out I sold my shares in Marlin two months ago at a big loss.

    Before doing so I rang Fisher Funds and told them that the structure of the funds was wrong (as determined by the massive discounts of the share prices). I said the moral action would be for them to admit the flaws with the fund's structures and liquidate and give the money back to shareholders.

    Of course they rejected that idea!

    I see that Fishers have been buying stock in BRM and KFL to support the prices. This is rational considering the NAV's. However, the MOST rational act for the shareholders is fund liquidation and distribution.
    They won't liquidate a company where they get paid to look after "your" money, regardless of performance, nice try though!

    Don't they put half of there bonus fees into buying shares on market?

    I'm sure they did this a while back, maybe Treetops will remember?

    I was in KFL a while back & did quite well out of it when its main holdings were running quite nicely (MFT, RAK, PPL etc).

    If they can't find a decent home for the money (& i dont mean sitting around doing nothing but earning interest!) they should be buying back shares on market & retain as treasury shares to use for future DRP's.

    Perhaps you should contact KFL & request they get 50% of there management fees in KFL shares on market, & keep them on escrow for 12 months.(If they refuse, they clearly don't back themselves!)

    Whilst perfomance on NAV seems unfair, you don't want management too focussed on the short term & selling winners to meet KPI's, at the expense of shareholders longer term interests.

    Look at GPG & IFT, like KFL they announce "lumpy" earnings due to the timing of asset sales, so how else would you want there KPI's set?

    As an Accountant, i'm seeing the term EVA (Economic Value Added) become more & more prevailent, in brief it's the kind of KPI, Warren Buffett would like, as it refers to "use/allocation of capital".

    That's very simplistic but i'm not going into it in great depth on here, but i wonder if it's a more "transparent" KPI that they may agree to?

    I always found the KFL team very approachable, though i've been out for quite a while.
    Last edited by shasta; 15-02-2008 at 10:20 PM.

  2. #222
    Speedy Az winner69's Avatar
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    Quote Originally Posted by shasta View Post
    .......

    As an Accountant, i'm seeing the term EVA (Economic Value Added) become more & more prevailent, in brief it's the kind of KPI, Warren Buffett would like, as it refers to "use/allocation of capital".

    That's very simplistic but i'm not going into it in great depth on here, but i wonder if it's a more "transparent" KPI that they may agree to?

    I always found the KFL team very approachable, though i've been out for quite a while.
    Good old EVA ..... easiest way to assess 'EVA' is look at ROIC -- one of the first financial things Winner looks at when assessing things (doesn't work for spec resource companies and the like) ......... because at tells you whether a company is creating or adding value (like excessive returns over the cost of capital) ....... and at the end of the day generally only value creators have strong shareholder returns

    Don't really see how EVA fits in with KFL (even though I hope they use it to assess there investments) in that they takes your money and try to turn it into something bigger. They do sort of have an excessive return KPI ---- isn't there objective to make returns of X% points over the bank rate (the risk free rate of return)

  3. #223
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    Warren is not the portfolio manager for Barramundi (which obviously has CCP in its slew of stocks). Frank Jasper manages the Australian portfolio so I doubt Warren has been made to fall on his sword for that reason, if any.

  4. #224
    Legend Balance's Avatar
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    Default ??? 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.

  5. #225
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    Something doesn't smell right?

    Investor scentiment?
    Make NZ good and great, God defend NZ.

  6. #226
    Legend Balance's Avatar
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    Hmm ... me thinks the fish and barramundi have gone off.

  7. #227
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    With the lack of a 'reason' forthcoming, the rumour-mill is suggesting that there could have been a professional indescretion of some kind.

    At the end of the day, especially if you own 27% of the business and have been active in the running of it, there must be a strong reason to give up your seat on the board...

    IMO, he has always come across as a stand-up trustworthy guy, so they should put the truth out there to stop the rumours spreading.
    Last edited by Steve; 17-02-2008 at 03:17 PM.
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  8. #228
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    'She said Couillault's decision to step down from the board was "for his own reasons".'

    This does not make sense to me at all. If you were going to step aside surely you would stay on the board and step down from managing the portfolios.
    i.e how many board meetings do you think Fisher has every month.

    Something does not add up here.
    Toddy

  9. #229
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Toddy View Post
    'She said Couillault's decision to step down from the board was "for his own reasons".'

    This does not make sense to me at all. If you were going to step aside surely you would stay on the board and step down from managing the portfolios.
    i.e how many board meetings do you think Fisher has every month.

    Something does not add up here.
    .... the only thing I can think off is that the they stopped having sausage rolls at the board meetings and this is his protest

    Agree with those who feel there is more to this than the headlines say ....... suppose he still has his shareholding?

  10. #230
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    Final exercise date for KFL warrants is looming (31/03). I suppose it would benefit existing shareholders somewhat if large numbers of warrants lapsed, which would seem a real possibility in the current market. And anything else which helped to drive the SP down towards $1 would also be helpful. Hmmmm.

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