Fisher Funds Growth investors suffer

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.

This article is tagged with the following keywords. Find out more about My Tags

2 Comments & Questions

Commenter icon key: Subscriber Verified

How is this going to affect the value of my kiwi savings

Reply
Share

Fisher Funds will not recover until the next Bull market.
That is a long way in the future.
You should have invested in a low risk fund for the first two years of Kiwisaver.
So should have I and the other fools who have $43 million[Morningstar 30/09/08]tied up with yesterday's Guru.

Reply
Share

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7878 -0.0004 -0.05%
AUD 0.9091 0.0005 0.06%
EUR 0.6356 -0.0003 -0.05%
GBP 0.5032 0.0001 0.02%
HKD 6.1123 -0.0013 -0.02%
JPY 92.8410 0.0020 0.00%

Commods

Commodity Price Change Time
Gold Index 1201.1 7.690 2014-11-21T00:
Oil Brent 78.6 -0.120 2014-11-21T00:
Oil Nymex 76.5 0.710 2014-11-21T00:
Silver Index 16.4 0.260 2014-11-21T00:

Indices

Symbol Open High Last %
NZX 50 5526.9 5526.9 5526.9 -0.56%
NASDAQ 4751.0 4751.6 4701.9 0.24%
DAX 9521.2 9736.1 9484.0 2.62%
DJI 17721.0 17894.8 17719.0 0.51%
FTSE 6678.9 6773.1 6678.9 1.08%
HKSE 23353.7 23508.0 23349.6 0.37%
NI225 17285.7 17381.6 17300.9 0.33%