Kingfish investment portfolio shows 6% return
Kingfish investment portfolio shows 6% return in first quarter
The Directors of investment company Kingfish Limited are delighted with the 6.21% increase in Net Asset Value achieved in the first three months since listing on 31 March 2004.
“Kingfish’s Net Asset Value was $0.9684 after issue expenses”, said the company’s Chairman, Rob Challinor. “As at 30 June 2004 the NAV had risen to $1.0285”.
“The investment portfolio comprised 74% New Zealand share market investments and 26% cash, reflecting the success the manager, Fisher Funds, has had in achieving their target stock positions in a relatively short period”.
Mr Challinor added “The present combined value of Kingfish shares and options for those investors who participated in the IPO is $1.05 compared with the issue price of $1.00, representing a 5% gain in three months”.
“As at 30 June 2004, there were 17 stocks in the Kingfish portfolio, two of which are listed on the NZAX. The four largest portfolio positions, comprising 40% of the portfolio, are Freightways, Metlifecare, Turners Auctions and Waste Management”.
Although the Manager has investigated a number of unlisted companies for inclusion in the portfolio, no unlisted companies had been introduced to the portfolio as at 30 June 2004.
The Manager has advised the Board that it is comfortable with the current portfolio composition and expects further investments to be made as opportunities arise.
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