Fisher Funds’ New Zealand Growth Fund reversed its sterling performance in 2007 with a shocker in its most recent financial year.
Unit holders in the Growth Fund were sent a copy of the fund’s annual report last week, showing the value of their holdings has dropped 33.7 per cent: total unit holder’s funds declined by $46.3 million to just under $91 million in the year to March 31.
This was on the back of the hammering that small to medium sized New Zealand growth equity stocks took in the last six months of the fund’s financial year.
The fair value of the Growth Fund’s financial assets dropped from $156.8 million to $98.9 million, with its poorest investment performers being Pumpkin Patch, Metlifecare and Ryman Healthcare, its most heavily-weighted stock.
The Growth Fund’s equity selections are almost identical to that of Fisher Fund’s listed growth fund Kingfish; and the New Zealand investments included in its Kiwisaver scheme.
Unsurprisingly, Growth Fund unit holders did not pay any performance fees for the year; last year, Fisher Funds Management received a $1.7 million bonus for its successful stock picking.
At balance date, the Growth Fund’s unit price was $3.1527; it has since recovered slightly to $3.1761.
Fisher Funds celebrated its tenth anniversary this month.