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At a Glance December 2006 Quarter

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At a Glance December 2006 Quarter December 2006 Quarter At a Glance Dear Shareholders Performance for 33 months Welcome to our December 2006 quarterly possess particularly for larger wealthier offshore to 31 December 2006 (since IPO) shareholders’ newsletter. We trust that you industry players as well as private equity buyers. enjoyed a safe and happy holiday season. We expect more of the same in 2007. Net Asset Value $2.0678 +114% Diluted Net The Board and Manager, Fisher Funds, are PORTFOLIO REVIEW Asset Value $1.5587 +61% pleased to report the following noteworthy Twelve of the 14 stocks in the portfolio showed Share Price $1.51 +51% milestones that were achieved during the share price gains during the quarter, with the Warrant Price $0.52 +52% December quarter. exceptions being Michael Hill (-3% including dividends) and Kidicorp (-7%). Their small Performance for the nine 1) The Net Asset Value (“NAV”) continued its declines took just 0.2% from the overall portfolio months to 31 December 2006 impressive upwards climb to more than gain. All of the increase in the NAV per share Net Asset Value +30% double the NAV at the time of listing. The came from gains in Mainfreight (+28%), Ryman Diluted Net Asset Value +20% NAV increased 30% over the past nine Healthcare (+22%), Freightways (+23%) and Share Price +35% months from $1.5888 at 31 March 2006 Pumpkin Patch (+16%). Software of Excellence Warrant Price +117% to $2.0678 at 31 December 2006; recorded the largest gain of the quarter, +41%, 2) The discount of the share price to the diluted although our small holding meant its contribution NAV was 3.1% at the end of the quarter. was modest. Mainfreight’s 43% increase in Dec Quarter Share Price Gains This level of discount has steadily reduced interim earnings exceeded expectations and the (including Dividends) from 13.8% at 31 March 2006. The current stock was further re-rated when management Mainfreight +28% share price more closely reflects the gains suggested that 2007 earnings could grow by the Freightways +23% in the Kingfish NAV achieved to date. (This same extent. The possibility of an acquisition Ryman Healthcare +22% is discussed in greater detail later in this in the USA did not dampen the market’s Pumpkin Patch +16% update); enthusiasm. In fact we are delighted that Software of Excellence +41% 3) Kingfish shares and warrants traded at an the management team plans to expand the all time high during the quarter. Kingfish company’s presence so materially outside NZ. If Recent Portfolio changes shares reaching $1.55 and warrants $0.52; successful, significant earnings growth may be 4) Our September 2006 Interim Report was possible. Ryman Healthcare delivered another Rakon increased published; six months of double-digit earnings growth Comvita increased 5) The Board announced on 1 November and pointed out that earnings in future years 2006 the continuation of the Kingfish share would be boosted by the contemporaneous Portfolio Holdings at 31 and warrant buyback in accordance with marketing of three new villages now underway. December 2006 section 65 of The Companies Act 1993. At Freightways’ share price gains were harder to 31 December 2006 the balance of treasury explain as there was little company specific Kingfish Holdings stock remained at 956,561 shares. During news other than management comments that Limited: Weightings the December quarter 1,421,159 warrants activity in September looked to be a little better Ryman Healthcare 20.9% were acquired at a cost of $511,541 and than in previous (tough) months. The Pumpkin Mainfreight 18.8% subsequently cancelled. Patch share price reflected investor optimism on Pumpkin Patch 11.2% the back of promising international expansion Metlifecare 10.9% We look forward to the remainder of the 2007 opportunities about which management appears Freightways 10.8% year with confidence and we thank you for to be increasingly positive. So overall, a healthy Michael Hill 6.6% your continued support. quarter for the Kingfish portfolio with some good news and positive developments from core (Holdings owns the core portfolio of holdings. companies that are expected to be owned for many years) Rob Challinor PORTFOLIO CHANGES Chairman There was very little activity in the portfolio in the Kingfish Nursery Limited: 16% Kingfish Limited - 12 January 2007 past quarter with most of the action occurring • Delegat’s in the middle of the year as we looked to • Rakon FISHER FUNDS QUARTERLY REVIEW redeploy the Waste Management (takeover) • Cadmus Technology The December 2006 quarter was very positive proceeds in to Delegat’s and Rakon. With that • Comvita for the New Zealand share market with reinvestment largely done, our transaction • Kidicorp the NZSX50 Index gaining some 12%. The activity was limited to topping-up the Rakon buoyancy might seem surprising given high • NZ Exchange holding and underpinning a capital raising by and increasing domestic rates, the stubbornly • Software of Excellence Nursery stock, Comvita. It raised approximately high NZ-dollar and mediocre growth outlook. $12m to fund further development of its unique Unlisted investments 0.6% The 12% gain was around half of the index’s manuka-honey-based products and expand its total increase for the full year. Telecom’s presence internationally. We also purchased Cash: 4.2% recovery and Fletcher Building’s re-rating were a modest holding in a non-listed private the primary drivers. The potential privatisation equity company which invests in established (Nursery owns shares in companies of The Warehouse and subsequent positioning companies with a view to working alongside that have not yet met all Investment of interested corporate acquirers highlighted incumbent shareholders / management to criteria to become a core holding) the attractiveness that certain NZ companies facilitate expansion. PERFORMANCE (31 DEC 2006) One Month Three Months One Year Since Inception o How do you decide if and when to exercise your warrants; and Kingfish NAV 4.0% 12.0% 53.1% 113.5% o What to do if you wish to exercise your 90 Day Bank Bill Index +7% p.a. 1.2% 3.7% 14.7% 40.7% warrants on 31 March 2007. Difference 2.8% 8.3% 38.4% 72.8% TAXATION OF DOMESTIC NZSX Small Cap Index (NZSCI) 1.9% 9.1% 22.9% Update49.4% INVESTMENT FUNDS – “PIE REGIME” NZSX Mid Cap Index (NZSEMC) 5.8% 12.7% 39.2% 61.6% The Government has recently introduced NZSX 50 Gross Index (NZ50G) 5.0% 13.0% 20.3% 66.2% legislation which changes the way managed ASM KEY DISCUSSION POINTS RELATIVE PERFORMANCE TO 30 fundsJUNE are 2005 taxed. The intent behind the At whatKingfish level of NAVNet Asset discount Value, to Share and Warrant Price Performance changes is to remove any tax obstacles to $2.20December 2004 Quarter One thoseThree investing in Twelve managed funds Since and leave share price wouldKFL + KFLWA Kingfish Price consider Month Months Months Inception $2.20 investors in the same tax position whether a$2.00 share buy back?KFL +NAV KFLWA Price Kingfish NAV (Start Date 31 March 04) 4.67%they -5.50% invest in equities 18.48% directly 25.84% or via a $2.00 KFL NAVPrice managed fund. The$1.80 shares of a Listed Investment Company (LIC)KFL Pricesuch as Kingfish may 90 Day Bank Bill Index +7%pa 1.14% 3.47% 13.82% 17.12% $1.80 alternate$1.60 trading between a premium or Difference 3.53%Fisher -8.97% Funds has actively 4.66% lobbied 8.72% for listed investment vehicles, such as Kingfish, to be discount$1.60 to NAV. The Kingfish capital management$1.40 policy as disclosed in the part of the new tax regime. Based on an initial review of the legislation, Fisher Funds believes prospectus$1.40 states that “if in the opinion Net Asset Value Performance $1.20 it is likely that Kingfish will meet the eligibility of the Board the value of the shares and $1.20 Since Inceptioncriteria to be Vs a “portfolio Relevant investment Indices entity”. The warrants$1.00 do not appropriately reflect the new regime commences in 1 October 2007. underlying$1.00 asset value the board will from Kingfish NZ50G NZSCI NZSEMC time$0.80 to time consider buying shares and Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Although the implications for investors warrants$0.80 in Kingfish. Any decision by the Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 in Kingfish will depend on their personal Board to acquire shares or warrants will 40 circumstances, it is likely that many consider other KFLWAinvestment Warrant Price alternatives shareholders will benefit: and$0.60 whether the acquisition is in the best • Under the current regime, Kingfish derives $0.50 KFLWA Warrant Price $0.60 interest$0.40 of the shareholders”. The Kingfish 35 imputation credits which can be passed $0.50 Board$0.30 will most likely consider a buyback onto investors. Under the new regime, $0.40 $0.20 there will be greater scope for Kingfish to programme$0.30 when it believes the discount $0.10 pay effectively an unimputed dividend to to$0.20 beMar-04 extreme,Jun-04 S ep-0or4 greater Dec-04 M ar-0than5 Jun-0the5 Sep-0530 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 discount$0.10 ranges prevalent in similar investors without creating further tax at Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 investment vehicles.
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