We typically adopt an investment approach that combines
growth criteria with value disciplines, emphasising a company’s
proven ability to grow earnings and the expectation of future
earnings growth. This is seen as a driver for future income
streams for investors. We are more inclined to invest in quality
businesses with a proven history and sustainable competitive
advantage than companies that appear cheap on criteria such
as book value.
We place a lot of emphasis on fundamental analysis and attempt
to know more about each of our companies than any other analyst.
We would rarely buy a stock before we have met with management
a number of times and visited their operations.
We do not want so many portfolio holdings as to dilute our
efforts and knowledge, but we want enough to reduce the risk
if something goes wrong. A portfolio candidate will only make
it into our portfolio if it is at least as good as our existing
portfolio holdings.
We sell only when the fundamentals of the company or industry
have changed significantly. We do not sell on the basis of
share price movements (up or down) and the level of the market
is irrelevant to our buying and selling decisions. We are
long-term buy and hold investors – rather than chopping
and changing, we believe that we can maximise returns by investing
in great companies and sticking with them.
For more information visit the Fisher
Funds website.
A copy of Fisher Funds Disclosure Statement can be viewed
here".
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