Fisher Funds Growth Fund

Nearly one in five dollars in this fund sits in a single stock: Fisher & Paykel Healthcare. This is concentration by design. Fisher Funds runs 97 percent of the portfolio in Australasian shares, with the top ten holdings accounting for nearly 80 percent of assets. The fund holds just under 4.3 billion dollars in total, making it one of the largest actively managed domestic equity portfolios in the KiwiSaver system.

The portfolio reads as a bet on New Zealand's established blue-chip exporters and infrastructure plays. Infratil takes 14.7 percent, Mainfreight 7.8 percent, Auckland Airport 7.5 percent. Summerset, EBOS, Xero, A2 Milk, Meridian and Contact round out the top ten. The fund charges 1.27 percent in management fees, with an additional 0.15 percent in other costs. Over five years, it has returned 5.9 percent per year. Over three years, that figure lifts to 12.1 percent.

This is an active, high-conviction portfolio with minimal diversification beyond New Zealand and Australia. The 78 percent growth asset allocation reflects the fund's risk level 4 classification, though the actual exposure to shares is higher once the portfolio's composition is factored in. The fund holds almost no cash and no offshore equities outside Australasia.

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