About Kingfish

• Achieve a high real rate of return, comprising both income and capital growth, within risk parameters acceptable to the Directors;
• Deliver investors a regular and growing income stream in the form of dividends; and
• Provide a portfolio of securities that allows investors to access a number of small-to-medium companies through a single listed investment.
  

The investment philosophy of the Manager, Fisher Funds, is summarised by the following broad principles:

• Buy and hold shares in companies for the medium to long term.
• Invest in companies that have a proven track record of growing profits.
• Invest as a longterm investor and sell only on the basis of a fundamental change in the original investment case. Such a fundamental change might be a new and unknown management team, the emergence of a new competitor, a change in industry dynamics, significant regulatory change or a diversification into a new business sector.
• Focus on achieving an absolute return for shareholders, rather than outperforming an NZX market index.
• Place significant emphasis on fundamental analysis – understanding the business, knowing the management and board, identifying a company’s sustainable competitive advantage.

• Equity Securities (as defined in the Management Agreement) listed on the NZSX or NZAX;
• Equity Securities in New Zealand companies listed on other stock exchanges;
• Unlisted New Zealand equities; 
• Underwriting or sub-underwriting commitments relating to New Zealand equities otherwise authorised by the Board;
• Bank deposits or other money market securities, in New Zealand dollars, the maturity of which is greater than 30 days from the time of investment;
• Any other type of security approved by the Company and notified to the Management in accordance with the Management Agreement.