Fisher looking to close NZ growth fund
Fisher Funds is expecting to close its New Zealand Growth Fund to new investments later this year.
Friday, June 1st 2007, 7:57AM
The fund will close to new investment “sooner rather than later,” Fisher says.
While the date for a close off hasn't been made yet, she says they are within $50 million of the mark.
Part of the reason behind this is that as the fund gets bigger it has to take bigger and bigger stakes in the companies it invests in.
“We can only own so much of a company and can’t buy any more.”
Fisher says if they kept accepting new money the fund would have to consider things such as changing its investment strategy.
She doesn’t want to do that as the strategy has worked well and the same strategy is working well with its Australian unit trust.
Fisher says around 70% of the money they are receiving at the moment is going into this fund.
She says that the Australian market is going well and investors believe they will also get a currency gain. The Australian fund’s portfolio is largely similar to the Fisher-managed listed investment company Barrumundi.
Fisher says the company intends to launch a new fund later this year, however details are under wraps at this stage.
Currently she is recruiting a new investment manager.
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