The New Zealand Growth Fund declined -1.0% in April versus the S&P/NZX 50 gross index which was down -1.2%.

Fisher & Paykel Healthcare (+11%) released another new product during the month, with the launch of its Nova Micro nasal pillow mask for obstructive sleep apnea (OSA). This is the company's second new OSA mask in short succession (following the Solo mask launched in October 2023) taking the company comfortably ahead of its goal of averaging one new mask each year. The company is also still seeing strong performance from its Evora full face mask in the US. This all bodes well for market share gains at a time where key competitor Philips Respironics’ reputation is at a low ebb, as it works through issues to remedy faulty OSA machines with the US Government.

Ryman Healthcare (-11%) saw the immediate resignation of its CEO in April, who joined the company two-and-a-half year ago. The decision appears to have been driven by the board and its desire to accelerate the pace of positive change within the organisation. We visited Ryman's Grace Joel village during the month, which reinforced our view that its brand and resident proposition continues to resonate very well.