Kingfish Limited Analysis

Overview

Kingfish is a listed investment company that invests in growing New Zealand companies. The Kingfish portfolio is managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Kingfish is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single tax-efficient investment vehicle. Kingfish listed on the NZX Main Board on 31 March 2004 and may invest in companies that are listed on the NZX Main Board, NZX Alternative Market or unlisted companies.

Performance

The following information was extracted from Kingfish Limited's full year report, released 20 May 2024:

Kingfish delivers $19.9m net profit

• Net profit after tax for year ended 31 March 2024 $19.9m
• Total shareholder return +3.7%
• Adjusted NAV return (after expenses, fees and tax) +4.6%
• Dividend return +8.5% (10.83cps)

NZX-listed investment company Kingfish Limited (NZX: KFL) today announced an after-tax net operating profit of $19.9m for the year ended 31 March 2024.

Globally investors have experienced another tough year, with market performance being driven by a myriad of factors, including ongoing recessionary concerns, high interest rates in response to inflation and geopolitical uncertainty. Given this environment, global share markets, which were volatile for most of the 2023 calendar year, have only recently started showing signs of recovery. However, while the New Zealand share market returns have lagged global share market performance, Kingfish has performed relatively well.

The portfolio’s Adjusted NAV return of +4.6% (+6.3% gross performance) was ahead of the S&P/NZX50G benchmark which was up 1.9% for the 12-month period.

During the financial year the Company, in accordance with its capital management strategy, bought back 660k shares per the buyback policy.

Total shareholder return for the 12-month period was 3.7%, which was impacted by the fall in the share price, which moved from $1.32 at the start of the year, down to $1.25 as at 31 March 2024.