International Growth Fund
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 Wed 28/09/16) $1.5844
Fund Inception November 2007
How has the fund performed as at 31 August 2016
|International Growth Fund
(Returns after fees
and before tax)
(90 Day Bank
(S&P PMI/EMI Blended
Index - NZD 50% hedged)^
|1 month||+ 0.7%||+ 0.2%||+ 0.2%|
|3 months||+ 0.7%||+ 0.6%||+ 0.9%|
|6 months||+ 8.2%||+ 1.3%||+ 10.4%|
|12 months||- 1.6%||+ 2.7%||+ 2.1%|
|2 years*||+ 7.1%||+ 3.2%||+ 9.2%|
|3 years*||+ 7.4%||+ 3.1%||+ 9.5%|
|5 years*||+ 8.8%||+ 3.0%||+ 12.8%|
|7 years*||+ 5.4%||+ 3.0%||+ 9.2%|
|Since Launch*||+ 5.2%|
* Annualised returns, after fees and before tax
^ Global Small Cap Index (Inception to 31/3/2015, S&P PMI/S&P EMI 50/50 blend 50% hedged to NZD (1/4/2015 to now)
Fund Performance as at 31 August 2016
(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 August 2016
Geographic Allocation as at 31 August 2016
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.
Ashley Gardyne, Senior Investment Analyst
Ashley joined Fisher Funds in May 2013 as a Senior Investment Analyst working alongside Roger Garrett and Manuel Greenland on the International team. Ashley spent four years with ABN AMRO in New Zealand before moving to the United Kingdom where he spent a further six years with the firm. Ashley's investment banking experience spans a range of sectors including media, industrials, energy, consumer and utilities. Ashley is married with two young children.
Chris Waters, Senior Investment Analyst
Chris joined Fisher Funds in October 2014 to focus on researching companies for the international equity portfolios. Prior to Fisher Funds Chris worked in corporate finance, most recently as an Associate Director at KPMG Auckland where he worked on a number of prominent transactions and IPOs. From 2007 to 2013 Chris was based in London working in the corporate finance teams at accounting firms PwC and BDO, where he was responsible for the valuation of European private companies across a range of industries.
- Fisher Funds thoughts on the global economy
- Fisher Funds thoughts on international markets
- e-Commerce emerging theme in Fisher Funds International portfolios