Fisher Funds International Growth Fund
Managed by Fisher Funds Fisher Funds International Growth Fund is a international equities managed fund operated by Fisher Funds; PIE-structured; FMA risk indicator 6/7. Headline terms: annual fund charge 1.42% · minimum investment NZ$2,000 · distributions no distributions (accumulating). Compared with 80 other same-category funds on this site, the 1.42% annual fund charge sits above the same-category median of 0.60%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
1.31%
vs peer avg 0.91%
Risk indicator
6/7
1 = lower risk · 7 = higher risk
5-year return p.a.
0.26%
peer avg 4.91%
Fund size
NZ$74.0m
98% growth · 2% income
Focuses on growth of your investment over the long term by investing in quality international companies which can consistently produce increasing earnings.
Benchmark track record
Compare International Equities consistency →How Fisher Funds International Growth Fund performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Beat its benchmark in 4 of 11 years
annual returns to 31 March 2026Since inception: 9.01% p.a. after fees & tax vs benchmark 10.85%.
How Fisher Funds International Growth Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- Microsoft Corporation (7.1%) · Amazon.Com Inc (6.9%) · Mastercard Inc-Class A (5.9%)
- Currency policy
- Active currency management is used to control risk and improve risk-adjusted returns. Benchmark hedge ratios are established for each asset class with tactical shifts permitted; hedge levels are monitored daily. Benchmar…
Key facts
Fund start date
7 November 2007
Min. investment
NZ$2,000
Subsequent: NZ$1,000
Distributions
No distributions (accumulating)
Tax structure
PIE
Capped at your PIR (max 28%)
Performance fee
From the Product Disclosure Statement.
Performance fee paid (last published): 0.00%
10% of the excess return above the hurdle rate of return (The Official Cash Rate plus 5%), subject to beating the high water mark. Performance-based fees are capped at 2% of each fund's average net asset value per year.
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 0% | 0% | 20% |
| International shares | 100% | 80% | 100% |
| Alternatives | 0% | 0% | 10% |
Responsible-investment approach
Fisher Funds invests responsibly by maintaining a Master Exclusion List (MEL) identifying countries, sectors and entities not aligned with its responsible investment approach or required to be excluded by law; integrating ESG factors, risks and opportunities into fundamental research using own research and a third-party ESG research provider; and exercising active stewardship through its Proxy Voting Policy across all relevant portfolios.
Derivatives policy
Each fund is permitted to use derivatives that reference investments authorised in the SIPO. Where derivatives are used, the resulting portfolio exposures to investments plus the economic exposure derived by derivative positions must comply with all appropriate guidelines in the SIPO.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- Fisher Funds discloses that its funds may invest in other Fisher Funds-managed wholesale funds, but confirms management fees on those investments are generally waived or fully rebated to the investing fund.
- Fisher Funds acknowledges it may pay fees to financial advisers, banks, and other distributors for referring or servicing investors, which could influence those intermediaries' recommendations.
- Fisher Funds charges a performance fee of 10% of returns above a hurdle rate (OCR plus 3% for the Property & Infrastructure Fund; OCR plus 5% for the NZ, Australian, and International Growth Funds), only when a high water mark is exceeded, capped at 2% of average net asset value per year.
Generated 2026-05-28 from Fisher Funds Managed Funds OMI (dated 2025-09-15). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
Trustees Executors Limited
Custodian
Apex Investment Administration (NZ) Limited (appointed to look after some of the Scheme assets)
Conflicts disclosed
2
In OMI
Conflicts of interest disclosed in OMI
- The funds may invest in wholesale funds that are also managed by Fisher Funds, creating a potential conflict of interest as the manager benefits from assets under management across multiple funds; however, the funds generally do not incur a management fee on such investments, or if a fee is incurred, Fisher Funds fully rebates it.
- Fisher Funds may pay service fees to financial advisers, referring banks, distributors, and other intermediaries for the origination and/or ongoing servicing of investors, which may create an incentive for those intermediaries to recommend Fisher Funds products.
How this fund compares to peers
Mechanical comparison vs the 81 other international equities funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
1.31%
Category median: 0.61%
Pricier than most peers (top 87% by fee)
5y return p.a. (after fees)
+0.26%
Category median: +8.31%
Lower than most peers (bottom 3% over period)
Fund size
NZ$74.0m
Category median: NZ$95.7m
46th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$638
Compounded charge over 5 years (excl. returns)
$337 more than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
 Microsoft Corporation | 7.13% |
 Amazon.Com Inc | 6.91% |
 Mastercard Inc-Class A | 5.93% |
 Meta Platforms Inc | 5.44% |
| TE Tencent Holdings Limited | 4.93% |
| NI Netflix Incorporation | 4.44% |
 Nvidia Corp | 4.30% |
| DA Danaher Corporation | 4.04% |
| IS Intuitive Surgical Inc | 3.94% |
| MS MSCI Inc | 3.56% |
Documents
- Other Material Information165 kB · file fingerprint recorded
- Product Disclosure Statement246 kB · file fingerprint recorded
- Product Disclosure Statement143 kB · file fingerprint recorded
- Product Disclosure Statement666 kB · file fingerprint recorded
- Product Disclosure Statement595 kB · file fingerprint recorded
Also via Sorted Smart Investor
FMA Disclose mirrors and historical files from Sorted.
- FISHER FUNDS INTERNATIONAL GROWTH FUND (FND1210) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.56 KB
- Fisher Funds Managed Funds PDS 30 Sep 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 594.70 KB
- Fisher Funds International Growth Fund 31 March 2026 Fund Update.pdf The quarterly update published by the provider PDF, 56.26 KB
- Unit Pricingand Valuation Policy Apr 2025.pdf Unit Pricing and Valuation Policy Apr 2025 PDF, 161.30 KB
- Fisher Funds Managed Funds OMI 30 Sep 2025.pdf This document provides material information about Fisher Funds Managed Funds ('the Scheme’) to help you make an informed decision about investing in the
- Responsible Investment Policy Sep 2025.pdf Responsible Investment Policy Sep 2025 PDF, 173.36 KB
- Portfolio Trading Policy Apr 2025.pdf Portfolio Trading Policy Apr 2025 PDF, 233.77 KB
- Liquidity Risk Management Policy July 2025.pdf Liquidity Risk Management Policy July 2025 PDF, 146.27 KB
- Proxy Voting Policy Sep 2025.pdf Proxy Voting Policy Sep 2025 PDF, 175.65 KB
- Conflictsof Interest Policy Nov 2025.pdf Conflicts of Interest Policy Nov 2025 PDF, 167.49 KB
- Unlistedand Suspended Securities Policy Feb 2024.pdf Unlisted and Suspended Securities Policy Feb 2024 PDF, 193.75 KB
- Fisher Funds Managed Funds SIPO 10 Mar 2026.pdf Statement of investment policy and objectives PDF, 274.05 KB
About this category
Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors.
About Fisher Funds
One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income.
See all funds from Fisher Funds →Common questions
Questions people ask about Fisher Funds International Growth Fund
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
Is my money safe with Fisher funds?
Fisher Funds is a licensed fund manager regulated by the Financial Markets Authority. This fund is classified as Risk Indicator 6/7 on the FMA standardised scale, indicating higher potential volatility as it holds approximately 98.31% growth assets. All investor money is held in trust and subject to the same investor protections as other NZ-regulated funds; check the current Product Disclosure Statement on the Fisher Funds website for full details of fund protections and risks.
What is the average return from Fisher investments?
The Fisher Funds International Growth Fund achieved a 5-year return after fees and before tax of 4.34% p.a., based on the latest FMA Disclose data. Past performance is not a reliable indicator of future returns; actual returns will vary year to year depending on market conditions and fund performance.
What are the negatives of Fisher investments?
The annual fund charge for this International Growth Fund is 1.31% p.a., which is 0.36 percentage points above the peer-cohort average fee of 0.95% p.a. as at the latest QFU. The fund carries a Risk Indicator of 6/7, reflecting higher volatility typical of growth-focused international equity portfolios; this means the value of your investment may fluctuate significantly in the short term.
Head-to-head
Compare Fisher Funds International Growth Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other International Equities funds
Same manager
Other funds by Fisher Funds
- Fisher Funds Growth FundDiversified
- Fisher Funds New Zealand Growth FundAustralasian Equities
- Fisher Funds Property & Infrastructure FundListed Property
FMA risk band
Same risk band (6/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
View risk band 6 funds →AI & integrations
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Fisher Funds International Growth Fund?
Fisher Funds International Growth Fund is managed by Fisher Funds. One of NZ’s largest active managers; growth-focused process across NZ, Aus, global and fixed income.
What asset class is the Fisher Funds International Growth Fund?
It is a international equities managed fund. Funds investing in shares listed outside Australasia. Includes broad global trackers, regional funds, ESG-focused strategies, and theme funds covering automation, healthcare, water and other sectors.
What are the fees for the Fisher Funds International Growth Fund?
The annual fund charge for the Fisher Funds International Growth Fund is 1.31% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Fisher Funds International Growth Fund?
The risk indicator is 6/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Fisher Funds International Growth Fund a PIE fund?
Yes. The Fisher Funds International Growth Fund is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Fisher Funds International Growth Fund?
Fund size (assets under management) is NZ$74 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Fisher Funds International Growth Fund invest in?
The latest published top holdings are: Microsoft Corporation (7.13%), Amazon.Com Inc (6.91%), Mastercard Inc-Class A (5.93%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the Fisher Funds International Growth Fund?
The Fisher Funds International Growth Fund is available via Fisher Funds directly. Always read the current Product Disclosure Statement before investing.
Is my money safe with Fisher funds?
Fisher Funds is a licensed fund manager regulated by the Financial Markets Authority. This fund is classified as Risk Indicator 6/7 on the FMA standardised scale, indicating higher potential volatility as it holds approximately 98.31% growth assets. All investor money is held in trust and subject to the same investor protections as other NZ-regulated funds; check the current Product Disclosure Statement on the Fisher Funds website for full details of fund protections and risks.
What is the average return from Fisher investments?
The Fisher Funds International Growth Fund achieved a 5-year return after fees and before tax of 4.34% p.a., based on the latest FMA Disclose data. Past performance is not a reliable indicator of future returns; actual returns will vary year to year depending on market conditions and fund performance.
What are the negatives of Fisher investments?
The annual fund charge for this International Growth Fund is 1.31% p.a., which is 0.36 percentage points above the peer-cohort average fee of 0.95% p.a. as at the latest QFU. The fund carries a Risk Indicator of 6/7, reflecting higher volatility typical of growth-focused international equity portfolios; this means the value of your investment may fluctuate significantly in the short term.