KFL – May 2021 monthly update

1
A WORD FROM THE MANAGER
Market Update
In April, Kingfish’s gross performance return was +1.7%
and the adjusted NAV return was up 1.6%. This compares
with the local market benchmark index return which was
+1.4% (S&P/NZX50G).
The Portfolio
Auckland Airport (-1%) opened quarantine-free travel
with Australia during April. Traffic has been modest so
far (around 30% of 2019 levels) with passengers largely
being returning residents and those visiting friends and
family. The easing of border restrictions with Australia will
act as a test case for wider border openings with low-risk
countries such as the Pacific Islands and possibly certain
Asian nations.
Electricity generator-retailers Contact Energy (+8%) and
Meridian (-1%) have had differing fortunes after being
downweighted in the Blackrock renewable energy ETFs
during April with a large number of shares trading.
Contact is benefiting from its long generation position at
the current time of high electricity prices whereas Meridian
is generating less due to low hydro lake levels.
Premium wine company Delegat (+2%) announced the
result of its 2021 harvest. The harvest was 2% lower than
the prior vintage due to unseasonal cool spring weather
during flowering. However, this result was far better than
overall industry estimates of a reduction of 20-30% for the
total Marlborough sauvignon blanc industry. The resilient
outcome shows good viticulture risk management and was
supported by ongoing growth in planted area and the
ability to source greater volumes from grower partners.
The one-off negative financial impact is largely contained
within the 2022 fiscal year and does not affect the
company’s attractive longer-term growth trajectory.
F&P Healthcare (+12%) shares rose as the acceleration in
COVID cases in India drove an increase in global cases
to new highs since the pandemic began. The company
continues to provide equipment to treat the ongoing wave
of COVID patients.
Infratil (+2%) announced the acquisition of Pacific
Radiology, New Zealand's largest provider of diagnostic
imaging with 46 clinics and 90 radiologists. This is
Infratil's second investment in diagnostic imaging, after
acquiring Australian business Qscan last year. The
investment is based on the strong organic growth outlook
for the industry plus scale benefits the combined platform
will obtain, such as buying equipment. During the month
Infratil also benefited from an increased offer to acquire its
shareholding in Tilt Renewables at $8.10 per share after
a competing bid emerged to drive up the original $7.80
offer. The Pacific Radiology deal is an attractive way to
reinvest the proceeds from the Tilt sale.
Summerset (+1%) reported strong first quarter sales metrics,
including best-ever resales figures (127 units) and the
second-best quarterly unit sales overall (275 units).
Vista (+11%) continued to perform well as Godzilla vs
Kong delivered good box office numbers in its first weeks
of screening. This is another proof point that audiences will
return to cinemas when there is the combination of safety
(absence of COVID and/or vaccine rollout) and content
(with Hollywood blockbusters a key component for many
markets).
1
Share Price Premium to NAV (using NAV to four decimal places)
MONTHLY UPDATE
May 2021
KFL NAV
$
1. 7 9
$
1.94
Share Price
PREMIUM
1
8.2
%
as at 30 April 2021
Sam Dickie
Senior Portfolio Manager
Fisher Funds Management Limited

2
KEY DETAILS
as at 30 April 2021
FUND TYPE
Listed Investment Company
INVESTS IN
Growing New Zealand
companies
LISTING DATE
31 March 2004
FINANCIAL YEAR END
31 March
TYPICAL PORTFOLIO SIZE
10-25 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 + 7%
PERFORMANCE FEE
10% of returns in excess of
benchmark and high water mark
HIGH WATER MARK
$1.76
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
312m
MARKET CAPITALISATION
$605m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 30 April 2021
6
%
30
%
INDUSTRIALS
19
%
INFORMATION
TECHNOLOGY
31
%
HEALTH CARE
9
%
CONSUMER
STAPLES
The Kingfish portfolio also holds cash

UTILITIES
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+2.1%(3.1%)+44.7%+26.4%+18.9%
Adjusted NAV Return+1.6%0.0%+31.4%+19.5%+16.2%
Portfolio Performance
Gross Performance Return+1.7%+0.7%+35.8%+23.0%+19.1%
S&P/NZX50G Index+1.4%(3.0%)+20.9%+14.7%+13.3%
Non-GAAP Financial Information
Kingfish 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, before expenses, fees and tax, and
»total shareholder return – the return combines the share price performance, the warrant price performance, the net value of converting any warrants into shares, and the dividends paid to shareholders. It
assumes all dividends are reinvested in the company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money), at warrant expiry date.
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 Kingfish Non-GAAP Financial Information Policy. A copy of the policy is available at http://kingfish.co.nz/about-kingfish/kingfish-policies/
PERFORMANCE to 30 April 2021

33
TOTAL SHAREHOLDER RETURN to 30 April 2021
Mar
2004
Mar
2006
Mar
2007
Mar
2008
Mar
2009
Mar
2010
Mar
2011
Mar
2012
Mar
2014
Mar
2015
Mar
2013
Mar
2016
Share Price/Total Shareholder Return
$
3.00
$
4.00
$
5.00
$
6.00
$
7.00
$
8.00
Share PriceTotal Shareholder Return
$
1.00
$
2.00
$
0.00
Mar
2017
Mar
2018
Mar
2019
Mar
2020
Mar
2021
Mar
2005
APRIL’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO
during the month
Typically the Kingfish portfolio will be invested 90% or more in equities.
The remaining portfolio is made up of another 9 stocks and cash.
5 LARGEST PORTFOLIO POSITIONS as at 30 April 2021
FISHER & PAYKEL
HEALTHCARE
+12
%
VISTA GROUP
+11
%
CONTACT ENERGY
+8
%
A2 MILK
-11
%
PUSHPAY
-12
%
MAINFREIGHT
18
%
INFRATIL
17
%
SUMMERSET
14
%
FISHER & PAYKEL
HEALTHCARE
8
%
AUCKLAND
INTERNATIONAL AIRPORT
7
%

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 Kingfish 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 a financial
adviser should be taken before making an investment. To the extent that the update contains data relating to the historical performance of Kingfish Limited or its portfolio companies, please note that fund
performance can and will vary and that future results June have no correlation with results historically achieved.
Kingfish Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7094 | Fax: +64 9 489 7139
Email: enquire@kingfish.co.nz | www.kingfish.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 KINGFISH
Kingfish 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 10 and 25 quality
growing New Zealand companies
through a single, professionally
managed investment. The aim
of Kingfish is to offer investors
competitive returns through capital
growth and dividends.
CAPITAL MANAGEMENT STRATEGIES
Regular Dividends
»Quarterly distribution policy introduced in
June 2009
»Under this policy, 2% of average NAV is targeted
to be paid to shareholders quarterly
»Dividends paid by Kingfish 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
»Kingfish 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
MANAGEMENT
The Manager has authority
delegated to it from the Board to
invest according to the Management
Agreement and other written policies.
Kingfish’s portfolio is managed
by Fisher Funds Management
Limited. Sam Dickie (Senior Portfolio
Manager), Matt Peek and Michael
Bacon (Senior Investment Analysts)
have prime responsibility for
managing the Kingfish portfolio with
the assistance of Luke O’Donovan
(Quantitative Analyst). Together they
have around 50 years combined
experience and are very capable
of researching and investing in the
quality New Zealand companies that
Kingfish targets. Fisher Funds is based
in Takapuna, Auckland.
BOARD
The Board of Kingfish
comprises independent
directors Alistair Ryan (Chair),
Carol Campbell, Andy Coupe
and Carmel Fisher.
Share Buyback Programme
»Kingfish has a buyback programme in place allowing
it (if it elects to do so) to acquire its shares on market
»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 Kingfish 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 Kingfish at a fixed price on a
fixed date.
»There are currently no Kingfish warrants on issue.