Fisher Funds Growth Fund

Nearly every dollar in this fund sits in New Zealand and Australian shares, with 97 percent in Australasian equities and the balance in cash. The Fisher Funds Growth Fund runs $4.3 billion across a concentrated portfolio dominated by household names: Fisher & Paykel Healthcare alone commands 18 percent of the fund, Infratil another 15 percent, and Mainfreight nearly 8 percent. The top ten holdings account for nearly 80 percent of assets, a deliberate tilt toward large, liquid companies in healthcare, infrastructure, logistics and energy. Auckland Airport, Summerset, EBOS, Xero, a2 Milk, Meridian and Contact round out the list.

The fund charges a total fee of 1.12 percent annually. Over one year it returned 5.2 percent, over three years 12.1 percent annualised, and over five years 5.9 percent annualised. The asset allocation reflects a high-growth stance within the replicated category, though the 78 percent growth assets figure appears to understate the equity exposure shown in the detailed breakdown.

This is an actively managed, home-biased fund built around a small number of large positions. The concentration means individual stock movements carry weight, and the New Zealand focus leaves the portfolio exposed to the fortunes of the domestic market without the diversification of international equities.

General information only, not financial advice. Past performance is not a reliable indicator of future results.