Barramundi Increases Net Asset Value By 23%

Barramundi Increases Net Asset Value By 23% Since Listing

“The Barramundi Board is delighted to announce its maiden result for the eight months of investment activities ended 30 June 2007. After a successful initial public offering in which the company raised $100m of new capital, Barramundi listed on the New Zealand Stock Exchange on 26 October 2006.

“Our Manager, Fisher Funds Management Limited, has successfully selected investments which have increased Net Asset Value per share by 22.9%,” said Chairman, Rob Challinor.

The increase in Net Asset Value has driven an after tax surplus for the eight months of $21.3m. The surplus includes $24.1 million of net gains on equity investments held, offset by issue expenses, foreign exchange losses on cash and other operating costs.

Carmel Fisher, Managing Director of Fisher Funds, said she was pleased with Barramundi’s first period of operations. “As long term investors, we don’t read too much into short term performance, but we are delighted with Barramundi’s performance over its first eight months with Net Asset Value growth comfortably outperforming both the Barramundi benchmark and the broad Australian share market. Most of all we are delighted with the calibre of companies that we have been able to identify in the Australian share market. We are confident that the management teams of these companies will be able to grow their earnings over the long term”.

A number of Barramundi’s companies have returned in excess of 40% in Australian dollar terms against Barramundi’s initial purchase price with Arrow Energy returning over 180%.

Ms Fisher says “We have been delighted at the response that we have had from Australian management teams, and have been thrilled to find under-researched and unloved companies hidden at the smaller end of the Australian share market – just the sort of companies that have proven successful for us in the past”.

Fisher Funds believes it has constructed a portfolio of companies that are among Australia’s leading smaller, growth businesses. At 30 June 2007, 93% of Barramundi’s portfolio was invested in 16 Australian equities, representing industries such as energy, retirement villages and debt collection. Fisher Funds does not anticipate it will need to make any immediate or significant changes to the Barramundi portfolio but will continue to identify and consider those management teams with robust business models. Ms Fisher says “We are very comfortable with the outlook for Barramundi’s portfolio companies. They are each leaders in their field, they are well managed, they know where they are going and why. We know that as long as these things remain in place for our companies we should experience healthy share price returns over the long term”.

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