Embed Size (px)
Citation preview
ANNUAL REPORTFISHER FUNDS MANAGED FUNDS
2018
DETAILS OF THE SCHEMEFisher Funds Managed Funds (the “Scheme”) comprises five Funds; the Income Fund, the Property & Infrastructure Fund, the New Zealand Growth Fund, the Australian Growth Fund and the International Growth Fund (together the “Funds”). The annual report for the Scheme covers the period 1 April 2017 to 31 March 2018.
» The Scheme is a registered managed investment scheme.
» The Manager of the Scheme is Fisher Funds Management Limited (“Fisher Funds”), who is also the investment manager of the Scheme.
» For more information about our investment team, investment philosophy and historical investment returns please refer to our website fisherfunds.co.nz.
» The Supervisor of the Scheme is Trustees Executors Limited (the “Supervisor”).
» The 3 August 2017 product disclosure statement for the Scheme is open for applications and available at fisherfunds.co.nz/product-disclosure-statements.
» The 31 March 2018 quarterly fund update for each of the Funds is currently available at fisherfunds.co.nz/fund-updates.
» The 31 March 2018 financial statements and auditor’s report for the Scheme have been registered under the Financial Markets Conduct Act 2013 and are available at fisherfunds.co.nz/annual-reports.
2
6,450 C L I E N T S
31 MARCH 2018
AT A GLANCE
$406MINVESTEDIN THE SCHEME
13.8%RETURNNZ GROWTH FUND
3
NUMBER OF MANAGED INVESTMENT PRODUCTS ON ISSUE
UNITS ON ISSUEThe table below shows the number of units on issue for each Fund at the start and end of the year.
Fund nameNumber of
units on issue at 31 March 2017
Number of units on issue at
31 March 2018
Income Fund 63,840,233 59,284,275
Property & Infrastructure Fund
32,213,247 36,458,019
New Zealand Growth Fund
19,652,697 19,238,766
Australian Growth Fund
18,357,585 17,070,033
International Growth Fund
18,524,154 22,444,919
FUNDS UNDER MANAGEMENTThe table below shows the funds under management for each Fund at the start and end of the year.
Fund nameFunds under
management at 31 March 2017
Funds under management at
31 March 2018
Income Fund $65,314,000 $59,925,000
Property & Infrastructure Fund
$68,553,000 $83,635,000
New Zealand Growth Fund
$141,198,000 $157,357,000
Australian Growth Fund
$59,299,000 $59,740,000
International Growth Fund
$30,761,000 $45,239,000
4
CHANGES RELATING TO THE SCHEMEThe following is a summary of material changes relating to the Scheme made during the year ended 31 March 2018.
GOVERNING DOCUMENTThere were no changes to the Governing Document for the Scheme.
THE TERMS OF OFFER OF INTERESTS IN THE SCHEMEThere were no changes to the terms of offer of interests in the Scheme.
THE STATEMENT OF INVESTMENT POLICY AND OBJECTIVES (SIPO)On 9 June 2017 we made a change to the SIPOs of the Funds to update the prohibited investments clause.
On 22 December 2017 we made a change to the SIPO of the Property & Infrastructure Fund to update the benchmark asset allocation.
On 3 May 2018 we made a change to the SIPO of the New Zealand Growth Fund to update the benchmark and the typical investments, authorised investments and currency hedging clauses.
The SIPOs of the Funds are available at fisherfunds.co.nz/resources.
RELATED PARTY TRANSACTIONSThere were no material changes to the nature or scale of related party transactions for the Scheme. All related party transactions during the year to 31 March 2018 were on an arm’s length basis and enacted on normal commercial terms.
5
OTHER INFORMATION
INVESTMENT PERFORMANCEThe investment performance of each of the Funds for the year ended 31 March 2018 was:
Fund name31/03/2017 Unit Price $
31/03/2018 Unit Price $
Return
%
1
Income Fund 1.0230 1.0105 2.6%2
Property & Infrastructure Fund
2.1280 2.2942 7.8%
New Zealand Growth Fund
7.1893 8.1792 13.8%
Australian Growth Fund
3.2302 3.4993 8.3%
International Growth Fund
1.6604 2.0160 21.4%
1Returnsarebeforetaxandafterfeesandarecalculatedbasedonthechangeinunitpriceovertheperiod.
2TheIncomeFundreturniscomprisedofdistributionstounitholdersof3.8%andadropintheunitpriceof1.2%(from$1.0230to$1.0105).
Pastperformanceisnotindicativeoffutureperformance.Returnsarenotguaranteedbyanyperson.
Members should refer to fisherfunds.co.nz for the current unit price for each Fund and longer term investment returns.
6
7
CHANGES TO PERSONS INVOLVED WITH THE SCHEME
DIRECTORS OF THE MANAGERFisher Funds Management Limited
1. Hugh Gladstone Fisher resigned as a Director on 25 August 2017
2. Francis Ivor Charles Jasper resigned as a Director on 25 August 2017
3. Liberato Petagna resigned as a Director on 25 August 2017
4. Edward Francis Sippel was appointed as a Director on 25 August 2017
5. Sir John Wells resigned as a Director on 5 March 2018
KEY PERSONNEL OF THE MANAGERFisher Funds Management Limited
On 18 April 2017, Bruce McLachlan started as our new Chief Executive Officer. Carmel Fisher stepped down as Managing Director in late May 2017. Carmel remains a Director on the Fisher Funds Board of Directors.
On 27 July 2017, Glenn Ashwell resigned from his position as Chief Financial Officer and Chief Operating Officer.
On 1 August 2017, Vedran Babic was promoted from Operations Manager to Chief Operating Officer.
On 1 August 2017, Mark Brighouse stepped down as Chief Investment Officer and was appointed as Chief Investment Strategist.
On 1 August 2017, Frank Jasper was appointed as Chief Investment Officer.
On 2 October 2017, Jody Kaye started as Chief Financial Officer.
8
DIRECTORS OF THE SUPERVISORTrustees Executors Limited
1. Andrew Eason Scott-Howman was appointed as a Director on 24 April 2017
2. Franceska Eve Banga was appointed as a Director on 18 July 2017
3. Franceska Eve Banga resigned as a Director on 5 April 2018
4. Robert Paul Russell resigned as a Director on 17 May 2018
5. Matthew James Sale was appointed as a Director on 17 May 2018
CHANGE IN CONTROL OF THE MANAGEROn 25 August 2017, the TSB Community Trust, through its group companies (“the Group”), purchased 51% of the ordinary shares1 in Fisher Funds Management Limited, taking its shareholding to 100%. The Group then immediately sold 24.99% of the shares to TA FF HoldCo Limited, a holding company of TA Associates Management, LP, a global private equity firm with extensive funds management experience.1ThereisonlyoneclassofsharesonissueinFisherFunds—
OrdinaryShares—whichcarryequalvotingrights.
HOW TO FIND FURTHER INFORMATIONFurther information about the Scheme and the Funds can be found on the Disclose Register at companiesoffice.govt.nz/disclose
There are two parts to the Disclose Register:
1. The scheme register includes information such as the Governing Document, financial statements and the statement of investment policy and objectives.
2. The offer register includes information such as the product disclosure statement, quarterly fund updates, historic fund returns and other material information.
This information is also available on our website fisherfunds.co.nz/resources or you can call us on 0508 FISHER (0508 347 437) to request this information. The information can be obtained from us without charge.
9
CONTACT DETAILS AND COMPLAINTSIf you have any questions about your investment in the Scheme please contact:
Head of Client Services
Fisher Funds Management Limited Level 1, Crown Centre67-73 Hurstmere Road Private Bag 93502, Takapuna Auckland 0740Freephone: 0508 FISHER (0508 347 437)Email: [email protected] Website: fisherfunds.co.nz
You may also contact the Supervisor at:
The Manager, Governance and Investor OversightTrustees Executors Limited Level 7, 51 Shortland StreetPO Box 4197Shortland Street Auckland 1140Telephone: 09 308 7100
The address of the securities registrar is:
Trustees Executors LimitedLevel 5, 10 Customhouse QuayPO Box 409Wellington 6140Telephone: 04 495 0995
10
If you are not satisfied with the service you have received from Fisher Funds, then you should contact us. Wehave an internal complaints process and undertake to investigate your concerns promptly and fairly. You may contact us to make a complaint by telephone, email or in writing as follows:
The Compliance Manager
Fisher Funds Management Limited Level 1, Crown Centre67-73 Hurstmere Road Private Bag 93502, Takapuna Auckland 0740Freephone: 0508 FISHER (0508 347 437)Email: [email protected]
You may also contact the Supervisor at their address on the previous page
Fisher Funds and the Supervisor are both members of an independent dispute resolution scheme operated by Financial Services Complaints Limited (FSCL). Each of us has 40 working days to resolve your complaint. If you are not satisfied by the response, you may refer the matter to FSCL by emailing [email protected] or calling FSCL on 0800 347 257. Alternatively you may write to FSCL at:
Financial Services Complaints Limited4th Floor, 101 Lambton Quay PO Box 5967Wellington 6145
Full details of how to access the FSCL scheme can be obtained from its website fscl.org.nz. There is no cost to you to use the services of FSCL.
11
Fisher Funds Management Limited
Level 1, Crown Centre67-73 Hurstmere RoadPrivate Bag 93502, TakapunaAuckland 0740, New Zealand0508 FISHER (0508 347 437)+64 9 445 [email protected]
We're always here to help ...
FF80
3 0
7/18
