International Growth Fund
Growing investments on the global stage
The International Growth Fund was launched in 2007 and seeks to deliver long term (5 or more years) capital growth by investing in a hand-picked portfolio of high quality, growing companies around the world.
Why invest internationally?
Access to a wider range of superior investment opportunities
The global stage offers access to a much larger universe of valuable growing companies. Investing internationally also offers the prospect of participating in important global sectors and themes which are unavailable in New Zealand and Australia. It is a world rich in opportunity!
We currently invest in a range of different countries and sectors aiming to spread investor risk across investment alternatives. We only invest through the developed stock exchanges where listing rules require high standards of corporate governance and shareholder protection.
What type of companies are you likely to find in the International Growth Fund?
The International Growth Fund gives New Zealand investors access to a portfolio of 30 to 50 international growth companies through a single tax efficient investment. The mix of companies in the portfolio is designed to maximise returns while providing superior industry, economic and geographic diversity when compared with portfolios limited to Australia and New Zealand.
Company selection and portfolio construction is founded on key investment principles:
- Development of a proprietary investment case through a robust research process
- A focus on the medium term to deliver value through compounding positive returns
- A distinct preference for companies with healthy balance sheets and strong cash flows
- A disciplined approach to entry and exit pricing levels
The Fund focuses on identifying quality companies with sustainable business models, sound growth prospects and a strong track record in delivering value to shareholders. We have an intensive research process which allows us to develop strong insights into industries and companies and we place significant emphasis on building strong relationships with company management. We travel regularly meeting with our portfolio companies and prospective investments - this hands-on research is central to rounding out our investment theses.
Current Unit Price (as at Thursday, 5 December 2013) $1.3377
Fund Inception November 2007
How has the fund performed as at 30 November 2013
|International Growth Fund (Returns after fees and before tax)||Benchmark
(90 Day Bank Bill Rate)
(MSCI Global Small Cap Index in $NZ)
|1 month||+ 3.4%||+ 0.2%||+ 3.5%|
|3 months||+ 6.4%||+ 0.7%||+ 6.7%|
|6 months||+ 8.9%||+ 1.3%||+ 12.2%|
|12 months||+ 26.1%||+ 2.7%||+ 34.7%|
|2 years*||+ 13.6%||+ 2.7%||+ 20.3%|
|3 years*||+ 4.1%||+ 2.8%||+ 11.4%|
|5 years*||+ 9.8%||+ 3.0%||+ 12.5%|
|Since Launch*||+ 5.1%|
* Average annual return after fees and before tax
Fund Performance as at 30 November2013
(after fees and before tax)
The above graph illustrates the impact of $10,000 invested on day one in the International Growth Fund (after fees and before tax).
Find out more about what the companies in the portfolio do and why we like them.
Sector Allocation as at 31 October 2013
Geographic Allocation as at 31 October 2013
Roger Garrett, Senior Portfolio Manager
Roger is responsible for managing our International Equity portfolios and joined the team in October 2012. His investment career began in 1988 as an economist and analyst at Francis Allison Symes. In 1991 he joined Citibank Investment Management as a Senior Portfolio Manager responsible for managing the equity and bond portfolios. In 1994 he transferred to London with Citibank and joined their Emerging Markets equity team as a Portfolio Manager. In 2004 Roger moved into the role of Head of Global Equities at Citigroup until the asset management business was sold to Legg Mason at the end of 2005. Roger then moved back to the Emerging Market equity team as a Senior Portfolio Manager and Head of Research.
Manuel Greenland, International Analyst
Manuel joined Fisher Funds in May 2012 and is responsible for researching and analysing international companies. Prior to joining Fisher Funds Manuel spent four years at Polo Capital in Brazil, managing Latin American and South African portfolios. Prior to moving into fund management Manuel worked at Deutsche Securities in Johannesburg for three years where he was a highly rated analyst in both the Industrial Metals, and Paper and Forest Products sectors. Manuel is a CFA and also a Chartered Accountant, spending the early part of his career with KPMG in South Africa.