BRM – December 2016 and November 2016 monthly updates

1
Monthly Update
December 2016
BRM NAV
$
0.65
SHARE PRICE
$
0.63
DISCOUNT
3.7
%
as at 30 November 2016
A word from the Manager
It’s the festive season and I’ve been thinking rather more about food and drink lately than usual (although to be fair, they
are amongst my favourite topics!). I thought these words in a Christmas recipe book were an apt introduction to our final
newsletter of the year:
Without a palate cleanser, strong flavours overwhelm the palate, making it difficult to experience delicate flavours in the
next course. Palate cleansers consumed between courses neutralise the palate, cleansing any lingering flavours.
I don’t know about you, but I am seriously in need of a Trump palate cleanser! The strong Trump flavours have certainly
overwhelmed all others in the past month, and arguably the past year. For investors, 2016 will be remembered as the
year Donald Trump was elected President and changed the world as we knew it. How he changed it will only become
clear in time ... there is certainly no clarity right now, even though markets are behaving as if there is.
We can only guess what might happen in the American economy, and in global markets in two years’ time, just as we can
only guess who the real Donald Trump is and what he really intends to do.
Markets are forward looking and are supposed to discount future outcomes in today’s
prices. But how does a market factor in absolute uncertainty? To date, markets have
focused on the almost-certain outcomes like: there will be more infrastructure
spending (there’s at least one big wall that needs to be built), there will be more
growth (Trump has promised more jobs will be created and filled), and there will be
higher interest rates (because there will be growth and inflation, and Trump doesn’t
support the Fed’s strategy in using interest rates to drive the economy).
This has been the immediate and obvious trend, and it has seen a reversal of some
of the most powerful trends of the last few years — high-yielding investments are
no longer as popular, US money is being repatriated from international assets,
and growth assets are now being favoured over defensive assets.
But like I said at the beginning, this is the festive season so the important thing
is to wish you all a very happy, enjoyable and safe Christmas wherever you
may be. We have loved talking to you in 2016 and hope to have many more
conversations with you in 2017.
Best wishes and a Happy New Year.
Carmel Fisher
Managing Director,
Fisher Funds
WARRANT PRICE
$
0.01

Sector Split
as at 30 November 2016
Key Details
as at 30 November 2016
FUND TYPE
Listed Investment Company
INVESTS IN
Growing Australian companies
LISTING DATE
26 October 2006
FINANCIAL YEAR END
30 June
TYPICAL PORTFOLIO SIZE
25-35 stocks
INVESTMENT CRITERIA
Long-term growth
PERFORMANCE
OBJECTIVE
Long-term growth of capital and
dividends
TAX STATUS
Portfolio Investment Entity (PIE)
MANAGER
Fisher Funds Management
Limited
MANAGEMENT
FEE RATE
1.25% of gross asset value
(reduced by 0.10% for every 1% of
underperformance relative to the
change in the NZ 90 Day Bank Bill
Index with a floor of 0.75%)
PERFORMANCE
BENCHMARK
Changes in the NZ 90 Day Bank
Bill Index + 7%
PERFORMANCE
FEE HURDLE
15% of returns in excess of
benchmark and high water mark
HIGH WATER MARK
$0.61 per share
SHARES ON ISSUE
146m
MARKET CAPITALISATION
$92m
GEARING
None (maximum permitted 20%
of gross asset value)
1 Month3 Months1 Year3 Years
(accumulated)
Since Inception
(accumulated)
BRM Adjusted NAV*(0.5%)(4.7%)+1.4% +7.0% +30.2%
Total Shareholder Return*+0.6% (0.3%)+8.5% +15.7% +30.4%
Gross Performance^(0.1%)(4.1%)+5.2%+18.2%+80.8%
Benchmark Index^^+2.4% +1.5% +9.0% +20.0%+15.7%
Performance
to 30 November 2016
2
9
%

FINANCIALS
17
%
12
%
CONSUMER
DISCRETIONARY
13
%
INFORMATION
TECHNOLOGY
INDUSTRIALS
2
%
CONSUMER
STAPLES
26
%
HEALTHCARE
4
%
MATERIALS
The Barramundi portfolio also holds cash.
4
%
REAL ESTATE
^ Gross of fees and tax and adjusting for capital management initiatives
^^Benchmark Index: S&P/ASX Small Ords Industrial Gross Index until 30 September 2015 & S&P/ASX
200 Index (hedged 70% to NZD)
*Definitions of non-GAAP measures:
Adjusted Net Asset Value (Adjusted NAV)
The adjusted NAV per share represents the total assets of Barramundi (investments and cash) minus any
liabilities (expenses and tax), divided by the number of shares on issue. It adds back dividends paid to
shareholders and adjusts for:
»the impact of shares issued under the dividend reinvestment plan at the discounted
reinvestment price;
»shares bought on-market (share buybacks) at a price different to the NAV, and;
»warrants exercised at a price different to the NAV at the time exercised.
Adjusted NAV assumes all dividends are reinvested in the company’s dividend reinvestment plan and
excludes imputation credits.
The directors believe this metric to be useful as it reflects the underlying performance of the
investment portfolio adjusted for dividends, share buybacks and warrants, which are capital allocation
decisions and not a reflection of the portfolio’s performance.
Total Shareholder Return (TSR)
The TSR combines the share price performance, the warrant price performance (when warrants are on
issue), the net value of converting warrants into shares and dividends paid to shareholders.
TSR assumes:
»all dividends paid are reinvested in the company’s dividend reinvestment plan at the
discounted reinvestment price and exclude imputation credits, and;
»all shareholders that have received warrants (for free), have subsequently exercised their
warrants at the warrant expiry date and bought shares (if they were in the money).
The directors believe this metric to be useful as it reflects the return of an investor who reinvests their
dividends and, if in the money, exercises their warrants at warrant maturity date for additional shares.
No metric has been included for investors who choose other investment options.

November’s Biggest Movers in Australian dollar terms
Typically the Barramundi portfolio will be invested 90% or more in equities.
The remaining portfolio is made up of another 25 stocks and cash.
APN OUTDOOR
GROUP
+12
%
NATIONAL AUSTRALIA
BANK
+7
%
RIO TINTO
+7
%
ACONEX
-18
%
VOCUS
COMMUNICATIONS
-27
%
5 Largest Portfolio Positions
as at 30 November 2016
RAMSAY
HEALTHCARE
7
%
BRAMBLES
5
%
CSL
5
%
SEEK
5
%
CARSALES.COM
5
%
Total Shareholder Return
to 30 November 2016
3
Oct
2006
Oct
2007
Oct
2008
Oct
2009
Oct
2010
Oct
2011
Oct
2012
Oct
2013
Oct
2015
Oct
2016
Oct
2014
Share Price/Total Shareholder Return
$
1.00
$
1.20
$
0.8 0
$
0.60
$
0.40
Share PriceTotal Shareholder Return
$
1.60
$
0.20
$
0.00
$
1.40

Disclaimer: The information in this update has been prepared as at the date noted on the front page. The information has been prepared as a general summary of the matters covered only, and it is by
necessity brief. The information and opinions are based upon sources which are believed to be reliable, but Barramundi Limited and its officers and directors make no representation as to its accuracy
or completeness. The update is not intended to constitute professional or investment advice and should not be relied upon in making any investment decisions. Professional financial advice from
an authorised financial adviser should be taken before making an investment. To the extent that the update contains data relating to the historical performance of Barramundi Limited or its portfolio
companies, please note that fund performance can and will vary and that future results may have no correlation with results historically achieved.
Barramundi Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7074 | Fax: +64 9 489 7139
Email: enquire@barramundi.co.nz | www.barramundi.co.nz
4
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142
Phone: +64 9 488 8777 | Fax: +64 9 488 8787
Email: enquiry@computershare.co.nz | www.computershare.com/nz
About Barramundi
Barramundi is an investment
company listed on the New
Zealand Stock Exchange. The
company gives shareholders
an opportunity to invest in a
diversified portfolio of between
25 and 35 growing Australian
companies through a single,
professionally managed
investment. The aim of
Barramundi is to offer investors
competitive returns through
capital growth and dividends.
Capital Management Strategies
Regular Dividends
»Quarterly distribution policy introduced in
August 2009
»Under this policy, 2% of average NAV is targeted
to be paid to shareholders quarterly
»Dividends paid by Barramundi may include
dividends received, interest income, investment
gains and/or return of capital
» This policy is well received by shareholders as it
provides an attractive and regular return that is
referable to the NAV
»Shareholders who prefer to have increased
capital rather than a regular income stream have
the opportunity to participate in the company’s
dividend reinvestment plan (DRP)
»Shares issued to DRP participants are at a 3%
discount to market price
»Barramundi became a portfolio investment entity
on 1 October 2007. As a result, dividends paid to
New Zealand tax resident shareholders have not
been subject to further tax
Share Buyback Programme
»Barramundi has a buyback programme in place
allowing it (if it elects to do so) to acquire up to 7.2m
of its shares on market in the year to 31 October 2017
»Shares bought back by the company are held as
treasury stock
» Shares held as treasury stock are available to be
re-issued for the dividend reinvestment plan and to
pay performance fees
Warrants
»On 8 November 2016, a new issue of warrants
(BRMWD) was announced
»The warrants were issued at no cost to shareholders
and in the ratio of one warrant for every four
Barramundi shares held
»Exercise Price = $0.63 per Share on the exercise of
each Warrant (adjusted for dividends declared during
the period up to the Exercise Date)
»Exercise Date = 24 November 2017
»The final Exercise Price will be announced and an
Exercise Form will be posted to warrant holders in
late October 2017
Management
Barramundi’s portfolio is managed
by Fisher Funds Management
Limited. Manuel Greenland
(senior portfolio manager) and
Terry Tolich (senior investment
analyst) take the prime
management responsibilities
and are highly experienced in
researching and investing in
Australian growth companies
with over 50 years combined
experience. Fisher Funds is based
in Takapuna, Auckland.
Board
The Manager has authority
delegated to it from the Board
to invest according to the
Management Agreement and
other written policies. The
Board of Barramundi comprises
independent directors Alistair
Ryan (Chairman), Carol
Campbell and Andy Coupe;
and non-independent director
Carmel Fisher.

---

1
Monthly Update
November 2016
BRM NAV
$
0.66
SHARE PRICE
$
0.63
DISCOUNT
4.2
%
as at 31 October 2016
A word from the Manager
By the time you receive this newsletter, the American
election will be done and dusted and life will have returned
to semi-normal.
It will be semi rather than fully normal because after an ugly
campaign focused on the personalities rather than policies of
two unpopular candidates, the election aftermath will be like
nothing we’ve seen before.
There will be a semblance of normality because, as we’ve
previously stated, no elected President — whatever their
majority or popularity — can make wholesale changes or
implement drastic measures that will derail the orderly
progression of the US economy. There will be plenty of time for
the world to get accustomed to the new American President.
Apart from the US election, investors have had plenty to
occupy their minds in recent months, with anticipation of US
interest rate hikes providing enough angst to stop markets
making any real headway. There’s been new news on all
manner of things, lots of company goings-on and plenty to
keep investors glued to their screens. But little that has been
actionable or market moving.
With this market backdrop, I was interested to read a
summary of Marcus Aurelius’ Meditations. Sometimes in
frustrating markets like we’re in now, investors can question
their investment philosophies and be tempted to take action,
any action to get things moving along in the right direction.
Nobody likes limbo and prolonged uncertainty, but that’s what
we’ve got, and we might continue to have for a few more
months yet.
There’s a lot in Aurelius’ meditations for investors that might
be useful right now, to avoid straying from time-tested
investment approaches:
1. You aren’t in control of much. You can’t control other
people and how they act. All you get to control is how you
respond. As an investor, you are in control of very little.
You don’t decide when and how the Fed raises rates. You
don’t decide global economic output, profit margins,
exchange rates or inflation. You don’t get to control how
other investors around the world feel about the future or
what they think next year’s earnings will be for any single
company. You are, by and large, at the whim of the markets.
Sorry. You get to control how you respond to each of these
events. You can make rational or panicked decisions. Count
the short list of things you can control and let go of the rest.
2. Nothing ever really changes. Markets are made up
of people, and despite our best efforts to understand
ourselves, we haven’t ever changed. We are given to
manias and panics, to speculation and greed. We think that
what just happened is going to be what happens forever,
despite decades of history that shows us otherwise. Markets
cycle and economies cycle and that isn’t going to change.
3. You can endure this (or you won’t). This is Aurelius’s
version of “this too shall pass”. Whatever is going on in the
markets, the economy, the world, we’ll either come out the
other side, or we won’t and it’s all over anyway. These are
your two outcomes: the economy and markets recover from
the next big thing, or they don’t.
4. Be indifferent to what makes no difference. This is the
best advice any investor can receive. It is simply too easy to
get information. Company earnings, revenue projections,
economic data, inflation, Fed meeting minutes, opinion
polls, name your poison. There is enough data to assemble
any conceivable narrative. Bearish? You can support it.
Valuations, earnings declines, too-high profit margins, a
long-in-the-tooth bull market cycle. Bullish? Sure! Wages
are going up, inflation is subdued, interest rates are still
low, consumers are feeling good, unemployment is low
etc. Whatever you want, you can find it. Of course, none of
these things make any difference to you as an investor. This
information is interesting, but it’s not actionable. It makes
no difference. Be indifferent.
Carmel Fisher
Managing Director,
Fisher Funds

Sector Split
as at 31 October 2016
Key Details
as at 31 October 2016
FUND TYPE
Listed Investment Company
INVESTS IN
Growing Australian companies
LISTING DATE
26 October 2006
FINANCIAL YEAR END
30 June
TYPICAL PORTFOLIO SIZE
25-35 stocks
INVESTMENT CRITERIA
Long-term growth
PERFORMANCE
OBJECTIVE
Long-term growth of capital and
dividends
TAX STATUS
Portfolio Investment Entity (PIE)
MANAGER
Fisher Funds Management
Limited
MANAGEMENT
FEE RATE
1.25% of gross asset value
(reduced by 0.10% for every 1% of
underperformance relative to the
change in the NZ 90 Day Bank Bill
Index with a floor of 0.75%)
PERFORMANCE
BENCHMARK
Changes in the NZ 90 Day Bank
Bill Index + 7%
PERFORMANCE
FEE HURDLE
15% of returns in excess of
benchmark and high water mark
HIGH WATER MARK
$0.61 per share
SHARES ON ISSUE
146m
MARKET CAPITALISATION
$92m
GEARING
None (maximum permitted 20%
of gross asset value)
1 Month3 Months1 Year3 Years
(accumulated)
Since Inception
(accumulated)
BRM Adjusted NAV*(3.9%)(7.2%)+8.2%+6.0%+30.9%
Total Shareholder Return*0.0%(0.9%)+9.4%+15.0%+29.7%
Gross Return^(3.8%)(6.6%)+11.6% +17.0% +81.0%
Benchmark Index^^(1.8%)(2.8%)+7.1%+10.5%+13.0%
Performance
to 31 October 2016
2
9
%

FINANCIALS
15
%
12
%
CONSUMER
DISCRETIONARY
12
%
INFORMATION
TECHNOLOGY
INDUSTRIALS
2
%
CONSUMER
STAPLES
3
%
TELECOMMUNICATION
SERVICES
25
%
HEALTHCARE
4
%
REAL ESTATE
The Barramundi portfolio also holds cash.
4
%
MATERIALS
^ Gross of fees and tax and adjusting for capital management initiatives
^^Benchmark Index: S&P/ASX Small Ords Industrial Gross Index until 30 September 2015 & S&P/ASX
200 Index (hedged 70% to NZD)
*Definitions of non-GAAP measures:
Adjusted Net Asset Value (Adjusted NAV)
The adjusted NAV per share represents the total assets of Barramundi (investments and cash) minus any
liabilities (expenses and tax), divided by the number of shares on issue. It adds back dividends paid to
shareholders and adjusts for:
»the impact of shares issued under the dividend reinvestment plan at the discounted
reinvestment price;
»shares bought off the market (share buybacks) at a price different to the NAV, and;
»warrants exercised at a price different to the NAV at the time exercised.
Adjusted NAV assumes all dividends are reinvested in the company’s dividend reinvestment plan and
excludes imputation credits.
The directors believe this metric to be useful as it reflects the underlying performance of the
investment portfolio adjusted for dividends, share buybacks and warrants, which are a capital
allocation decision and not a reflection of the portfolio’s performance.
Total Shareholder Return (TSR)
The TSR combines the share price performance, the warrant price performance (when warrants are on
issue), the net value of converting warrants into shares and dividends paid to shareholders.
TSR assumes:
»all dividends paid are reinvested in the company’s dividend reinvestment plan at the
discounted reinvestment price and exclude imputation credits, and;
»all shareholders that have received warrants (for free), have subsequently exercised their
warrants at the warrant expiry date and bought shares (if they were in the money).
The directors believe this metric to be useful as it reflects the return of an investor who reinvests their
dividends and, if in the money, exercises their warrants at warrant maturity date for additional shares.
No metric has been included for investors who choose other investment options.

October’s Biggest Movers in Australian dollar terms
Typically the Barramundi portfolio will be invested 90% or more in equities.
The remaining portfolio is made up of another 25 stocks and cash.
ACONEX
-16
%
BAPCOR
-15
%
OOH! MEDIA
-14
%
APN OUTDOOR
GROUP
-14
%
LINK ADMINISTRATION
-13
%
5 Largest Portfolio Positions
as at 31 October 2016
RAMSAY
HEALTHCARE
7
%
BRAMBLES
5
%
CSL
5
%
SEEK
4
%
NATIONAL
AUSTRALIA BANK
4
%
Total Shareholder Return
to 31 October 2016
3
Oct
2006
Oct
2007
Oct
2008
Oct
2009
Oct
2010
Oct
2011
Oct
2012
Oct
2013
Oct
2015
Oct
2016
Oct
2014
Share Price/Total Shareholder Return
$
1.00
$
1.20
$
0.8 0
$
0.60
$
0.40
Share PriceTotal Shareholder Return
$
1.60
$
0.20
$
0.00
$
1.40

Disclaimer: The information in this update has been prepared as at the date noted on the front page. The information has been prepared as a general summary of the matters covered only, and it is by
necessity brief. The information and opinions are based upon sources which are believed to be reliable, but Barramundi Limited and its officers and directors make no representation as to its accuracy
or completeness. The update is not intended to constitute professional or investment advice and should not be relied upon in making any investment decisions. Professional financial advice from
an authorised financial adviser should be taken before making an investment. To the extent that the update contains data relating to the historical performance of Barramundi Limited or its portfolio
companies, please note that fund performance can and will vary and that future results may have no correlation with results historically achieved.
Barramundi Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7074 | Fax: +64 9 489 7139
Email: enquire@barramundi.co.nz | www.barramundi.co.nz
4
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142
Phone: +64 9 488 8777 | Fax: +64 9 488 8787
Email: enquiry@computershare.co.nz | www.computershare.com/nz
About Barramundi
Barramundi is an investment
company listed on the New
Zealand Stock Exchange. The
company gives shareholders
an opportunity to invest in a
diversified portfolio of between
25 and 35 growing Australian
companies through a single,
professionally managed
investment. The aim of
Barramundi is to offer investors
competitive returns through
capital growth and dividends.
Capital Management Strategies
Regular Dividends
»Quarterly distribution policy introduced in
August 2009
»Under this policy, 2% of average NAV is targeted
to be paid to shareholders quarterly
»Dividends paid by Barramundi may include
dividends received, interest income, investment
gains and/or return of capital
» This policy is well received by shareholders as it
provides an attractive and regular return that is
referable to the NAV
»Shareholders who prefer to have increased
capital rather than a regular income stream have
the opportunity to participate in the company’s
dividend reinvestment plan (DRP)
»Shares issued to DRP participants are at a 3%
discount to market price
»Barramundi became a portfolio investment entity
on 1 October 2007. As a result, dividends paid to
New Zealand tax resident shareholders have not
been subject to further tax
Share Buyback Programme
»Barramundi has a buyback programme in place
allowing it (if it elects to do so) to acquire up to 7.2m
of its shares on market in the year to 31 October 2017
»Shares bought back by the company are held as
treasury stock
» Shares held as treasury stock are available to be
re-issued for the dividend reinvestment plan and to
pay performance fees
Warrants
»On 8 November 2016, a new issue of warrants
(BRMWD) was announced
»The warrants will be issued at no cost to shareholders
and in the ratio of one warrant for every four
Barramundi shares held
»Exercise Price = $0.63 per Share on the exercise of
each Warrant (adjusted for dividends declared during
the period up to the Exercise Date)
»Exercise Date = 24 November 2017
»The final Exercise Price will be announced and an
Exercise Form will be posted to warrant holders in
late October 2017
Management
Barramundi’s portfolio is managed
by Fisher Funds Management
Limited. Manuel Greenland
(senior portfolio manager) and
Terry Tolich (senior investment
analyst) take the prime
management responsibilities
and are highly experienced in
researching and investing in
Australian growth companies
with over 50 years combined
experience. Fisher Funds are
based in Takapuna, Auckland.
Board
The Manager has authority
delegated to it from the Board
to invest according to the
Management Agreement and
other written policies. The
Board of Barramundi comprises
independent directors Alistair
Ryan (Chairman), Carol
Campbell and Andy Coupe;
and non-independent director
Carmel Fisher.