The Manager
We are stock-pickers and regard ourselves as business owners rather than sharemarket investors. We believe that there will always be companies that will do well, irrespective of the economic or market environment. We are constantly searching for such businesses.
Fisher Funds is a specialist share investor applying its stock selection approach to the objective of achieving high absolute returns for its clients. The company was established in April 1998 and launched its first retail fund in August 1998. The principal activity of Fisher Funds is managing the investments of a number of unit trusts, listed investment companies Kingfish Limited and Barramundi Limited (as well as Marlin) and providing investment advice to a range of both individual and institutional investors.
Investment Style
We do not believe that company size or its position in an index is an indicator of quality or income potential. We invest in stocks on the basis of their individual merits and our portfolio weightings bear little resemblance to market indices.
We seek companies that have an ability to grow dividends over time.
We typically adopt an investment approach that combines growth criteria with value disciplines, emphasising a company’s proven ability to grow earnings and the expectation of future earnings growth. This is seen as a driver for future income streams for investors. We are more inclined to invest in quality businesses with a proven history and sustainable competitive advantage than companies that appear cheap on criteria such as book value.
We place a lot of emphasis on fundamental analysis and attempt to know more about each of our companies than any other analyst. We would rarely buy a stock before we have met with management a number of times and visited their operations.
We do not want so many portfolio holdings as to dilute our efforts and knowledge, but we want enough to reduce the risk if something goes wrong. A portfolio candidate will only make it into our portfolio if it is at least as good as our existing portfolio holdings.
We sell only when the fundamentals of the company or industry have changed significantly. We do not sell on the basis of share price movements (up or down) and the level of the market is irrelevant to our buying and selling decisions. We are long-term buy and hold investors – rather than chopping and changing, we believe that we can maximise returns by investing in great companies and sticking with them.
"A copy of Fisher Funds Disclosure Statement can be viewed here". |
