MLN – October 2019 monthly update

1
A word from the Manager
Global markets rebounded strongly in September following
August’s trade war inspired sell off. The US market has now
notched up gains every quarter this year, bringing the year-to-
date gain to 18.7% and making it the strongest start to a year
since 1997. Marlin’s gross performance for September was
+0.9%, behind our global benchmark which gained +2.2%.
Strong performance from LKQ, Dollar Tree and Descartes
during the month was more than offset by a sell-off that
impacted a number of our technology holdings. Cyclical
industries like banks and industrials rallied as economic
concerns receded and interest rates rebounded from August’s
decline. This switch back towards cyclical companies led to
the underperformance of many higher growth businesses.
This dynamic impacted our portfolio in September, with
marked underperformance by PayPal, MasterCard and
Facebook.
Portfolio Company Developments
Dollar Tree (+12%) shares have performed well following
results that highlighted positive developments on a number
of its strategic initiatives. The turnaround of its Family Dollar
banner is gaining momentum. The company is improving its
assortment, installing more coolers, and adding more food
items and necessities to drive foot traffic into the store. The
company has also been testing moving away from the $1
price point and including multiple price points in its Dollar
Tree stores. Management provided positive commentary on
the results of this trial, which could lead to a wider roll-out,
faster sales growth and greater profitability.
LKQ, the replacement car parts supplier, saw its shares rise
20% during the month. The company updated investors on
its strategy for its European business, setting out a pathway
to improved profit margins and stronger cash flow
generation. It was also disclosed that activist investor,
ValueAct had taken a 5% stake in the company. Activist
involvement correlates with recent shareholder friendly
moves, including fresh European leadership and a revised
incentive compensation plan to focus on profitability.
Another portfolio highlight this month was a strong set of
financial results from logistics software provider, Descartes
Systems (+13%). The company is growing its revenue
at 20% per annum and earnings even faster as it benefits
from strong operating leverage in its core business
and synergy gains from the recent acquisition of trade
compliance software provider Visual Compliance.
On the other side of the coin, Chinese ecommerce giant
Alibaba (-4%) dragged on performance this month.
Alibaba’s share price was hit by headlines suggesting the
US government may block listings by Chinese companies
on US stock exchanges. While the Trump administration
has since denied this rumour, sentiment has taken a hit
and investors now see risk that Alibaba is dragged into the
ongoing US-China trade war.
1
Share Price Discount to NAV (using NAV to four decimal places)
Monthly Update
October 2019
MLN NAV
$
1.01
SHARE PRICE
$
0.93
DISCOUNT
1
7.5
%
as at 30 September 2019
Ashley Gardyne
Senior Portfolio Manager
Fisher Funds Management Ltd

2
Sector Split
as at 30 September 2019
Key Details
as at 30 September 2019
FUND TYPE
Listed Investment Company
INVESTS IN
Growing international companies
LISTING DATE
1 October 2007
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
FEE HURDLE
Changes in the NZ 90 Day Bank
Bill Index + 5%
PERFORMANCE FEE
10% of returns in excess of
benchmark and high water mark
HIGH WATER MARK
$0.94
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
148m
MARKET
CAPITALISATION
$138m
GEARING
None (maximum permitted 20%
of gross asset value)
29
%
CONSUMER
DISCRETIONARY
9
%
FINANCIALS
17
%

HEALTH CARE
18
%
INFORMATION
TECHNOLOGY
Geographical Split
as at 30 September 2019
16
%
WEST EUROPE
74
%
NORTH AMERICA
8
%
INDUSTRIALS
10
%

ASIA
The Marlin portfolio also holds cash.
17
%
COMMUNICATION
SERVICES
Performance
to 30 September 2019
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+1.0%+5.5%+8.2%+17.1%+12.8%
Adjusted NAV Return+0.7%+7.0%+8.8%+16.0%+11.4%
Portfolio Performance
Gross Performance Return +0.9%+6.9%+11.6%+19.7%+15.1%
Benchmark Index^+2.2%+3.1%+1.0%+11.8%+12.1%
^Benchmark index: World Small Cap Gross Index until 30 September 2015 & S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD) from 1 October 2015
Non-GAAP Financial Information
Marlin uses non-GAAP measures, including adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return. The rationale for using such non-GAAP measures is as follows:
»adjusted net asset value – the underlying value of the investment portfolio adjusted for capital allocation decisions after expenses, fees and tax,
»adjusted NAV return – the net return to an investor after expenses, fees and tax,
»gross performance return – the Manager’s portfolio performance in terms of stock selection and currency hedging before expenses, fees and tax, and
»total shareholder return – the return to an investor who reinvests their dividends, and if in the money, exercises their warrants at warrant maturity date for additional shares.
All references to adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return in this monthly update are to such non-GAAP measures. The calculations applied to non-GAAP
measures are described in the Marlin Non-GAAP Financial Information Policy. A copy of the policy is available at http://marlin.co.nz/about-marlin/marlin-policies/

Total Shareholder Return
to 30 September 2019
3
September’s Biggest Movers in local currency terms
Typically the Marlin portfolio will be invested 90% or more in equities.
LKQ CORPORATION
+20
%
DESCARTES SYSTEMS
+13
%
DOLLAR TREE
+12
%
PAYPAL HOLDINGS
+6
%
5 Largest Portfolio Positions
as at 30 September 2019
ALPHABET
8
%
ALIBABA GROUP
6
%
FACEBOOK
6
%
TJX COMPANIES
5
%
ADIDAS
5
%
The remaining portfolio is made up of another 21 stocks and cash.
ADIDAS
-5
%
Nov
2007
Nov
2008
Nov
2009
Nov
2010
Nov
2011
Nov
2012
Nov
2014
Nov
2013
Share Price/Total Shareholder Return
Share PriceTotal Shareholder Return
Nov
2015
$
1.00
$
0.50
$
0.00
$
1.50
Nov
2016
Nov
2017
$
2.50
$
2.00
Nov
2018

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 Marlin Global 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 Marlin Global 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.
Marlin Global Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 484 0365 | Fax: +64 9 489 7139
Email: enquire@marlin.co.nz | www.marlin.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
Marlin Global
Marlin 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 quality growing
international companies (excluding
New Zealand and Australia)
through a single, professionally
managed investment. The aim
of Marlin is to offer investors
competitive returns through capital
growth and dividends.
Capital Management Strategies
Regular Dividends
»Quarterly distribution policy introduced in
August 2010
»Under this policy, 2% of average NAV is targeted
to be paid to shareholders quarterly
»Dividends paid by Marlin may include dividends
received, interest income, investment gains
and/or return of capital
»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
»Marlin 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
»Marlin has a buyback programme in place allowing
it (if it elects to do so) to acquire up to 5.9m of its
shares on market in the year to 31 October 2019
»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
Warrants
»Warrants put Marlin in a better position to grow
further, operate efficiently and pursue other capital
structure initiatives as appropriate
»A warrant is the right, not the obligation, to
purchase an ordinary share in Marlin at a fixed price
on a fixed date
»There are currently no warrants on issue

Management
Marlin’s portfolio is managed
by Fisher Funds Management
Limited. Ashley Gardyne (Senior
Portfolio Manager), Chris
Waters and Harry Smith (Senior
Investment Analysts) have prime
responsibility for managing
the Marlin portfolio. Together
they have significant combined
experience and are very capable
of researching and investing in
the quality global companies that
Marlin targets. 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 Marlin
comprises independent
directors Alistair Ryan (Chair),
Carol Campbell, and Andy
Coupe; and non-independent
director Carmel Fisher.