The Fisher Funds managed listed Australian equities trust, Barramundi (NZX: BRM) has seen its annual profit fall 50% to $2.7 million.
The result includes gains on investments of $3mill including the impact of foreign currency, dividend and interest income of $2.7m, less operating expenses and tax of $3 mill.
Barramundi’s gross performance of 6.0% for the financial year lagged the benchmark index which was up 14.7% over the same period.
Barramundi chairman Alistair Ryan said: “While the Australian share market performed strongly over the past year, the gains were not evenly distributed, with the banking and mining sectors enjoying the lion’s share of performance."
Senior Portfolio Manager Manuel Greenland said: “We specialise in understanding wide moat businesses and believe in the power of their compounding earnings growth to create value over time. While we may occasionally miss out on share price appreciation of companies with volatile prospects; we aim to similarly avoid the associated losses."
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