Fisher Funds reports $17.3 million loss for two investment vehicles
Monday 28 September 2026 · 3 outlets · 3 reports · updated 
Fisher Funds has reported a $17.3 million loss over one year for two of its listed managed investment vehicles. This outcome occurred despite the benchmark index returning 30.5 per cent during the same period as international markets rose.
Key facts
5 facts
- Marlin lost $17.3 million with an adjusted net asset value return of -8.5 percent for the year to 30 June 2026
- Barramundi lost $42.9 million with an 18.2 percent adjusted net asset value return
- Marlin's benchmark, the S&P Large Mid Cap/S&P Small Cap Index (50% hedged), returned 30.5 percent
- Barramundi's benchmark, the ASX200 (70% hedged), returned 9.2 percent
- Fiona Oliver serves as the chair for both investment vehicles
The full story
1 min read · 2 outlets
Two managed investment vehicles managed by Fisher Funds, Marlin and Barramundi, have reported significant losses for the financial year ending 30 June 2026. Marlin, which invests in international equities, lost $17.3 million and saw an adjusted net asset value return of -8.5 percent. This occurred despite its benchmark, the S&P Large Mid Cap/S&P Small Cap Index (50 percent hedged to New Zealand dollars), returning 30.5 percent.
The Barramundi fund lost $42.9 million and delivered an 18.2 percent adjusted net asset value return. Barramundi is benchmarked against the ASX200, 70 percent hedged to New Zealand dollars, which returned 9.2 percent. Fiona Oliver, the chair of both vehicles, described the 2026 financial year as disappointing for shareholders.
Senior portfolio manager Ashley Gardyne attributed Marlin's performance to being on the wrong side of a surge in cyclical and AI-linked stocks. Gardyne noted that the fund faced headwinds from stock-specific issues and sector positioning. The fund has since undertaken a comprehensive review of its portfolio and investment process.
Kernel founder Dean Anderson commented that the results demonstrate how the risks of concentration and conviction can manifest. He noted that while active management avoids index-hugging, a lack of diversification can lead to significant embarrassment when picking a small number of stocks.
Compiled from reports by RNZ and The Post.