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Kingfish posts second six-month drop

Tuesday 18th November 2008

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Kingfish, the New Zealand small-cap investor managed by Fisher Funds, posted its second six-monthly decline in net asset value in the face of a rout in stocks that have driven down prices worldwide.

The net loss in the six months ended September 30 was $7.8 million from a loss of $6.1 million a year earlier, the company said in a statement.

"In this climate, traditional stock picking and portfolio management techniques mattered little - investors were intent on selling shares irrespective of their quality, their fundamentals or their value," said Carmel Fisher, managing director of Fisher Funds. "While the underlying businesses comprising the Kingfish portfolio were resilient, their share prices proved anything but," she said.

Kingfish's four largest holdings are Ryman Healthcare,
Mainfreight, Metlifecare and Freightways, meaning its biggest bets are in freight and retirement homes. Shares of Kingfish gained 3.7% to 84 cents today and have declined 34% this calendar year, while the NZX's SmallCap index fell 28%.

By Jonathan Underhill

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