KFL – December 2022 monthly update

1
A WORD FROM THE MANAGER
In November, Kingfish’s gross performance return was
up 2.4% and the adjusted NAV return was up 2.3%. This
compares to the benchmark S&P/NZX50G, which was up
1.9%.
November was another busy month, with our March year-
end companies reporting their first half results for the six
months through to September.
a2 Milk (+15%) announced that it had received FDA
approval to sell its a2 Platinum infant formula in the US
on a temporary basis until 6 January 2023. There is also
the potential for this to be extended or for it to transition
to a permanent opportunity. This is incrementally helpful
in further building the brand in the US and growing this
business towards breakeven.
EBOS (+9%) hosted an investor day in Melbourne. This
included a tour of its highly automated pharmaceuticals
distribution centre at Keysborough and presentations from
the broader management team.
Fisher & Paykel Healthcare (+21%) delivered a better
than expected first half result, after previously providing
guidance in mid-August. Revenue of $691 million was
ahead of the $670m expected due to stronger sales
across most products, which also translated into higher
net profit ($95.9m v $85-95m guidance). The company
has seen sequential improvement in hospital consumable
sales every month since May, which is unseasonably
strong. Normally the second quarter is lower than the first
quarter and monthly sales show quite a lot of volatility, so
a long period of sequential growth is positive. The stronger
performance is due to several factors, including signs the
high inventory levels hospital respiratory support customers
have been working through earlier in 2022 have largely
been resolved. Hospital nasal high flow hardware has also
been stronger than expected. In its Homecare division, the
company has seen strong demand for its Evora Full sleep
apnea face mask which has recently been launched in the
key US market.
Infratil (+2%) reported its first half result, broadly in line
with expectations. Data centre business CDC also hosted
a site visit at its Auckland data centre in Silverdale. No
financial detail was given, but management are confident
on demand and the advantage CDC has attained as first
mover in the New Zealand hyperscale datacentre market.
CDC New Zealand CEO Andrew Kirkham also impressed
with his depth of knowledge on the local market.
Mainfreight (-6%) formally announced its first half result,
which was broadly in line with the draft release it provided
at its Investor Day in late October. New information
included more detailed commentary on the divisional
outlook by region and product. There was also a further
5-week update for October, subsequent to the 5-week
update for September at the Investor Day. While the
growth in the profit before tax for the whole business is
slowing (+11% verses +36%), this is largely due to the
Air and Ocean division's strong profitability in late 2021.
We believe Transport and Warehousing profit growth is
continuing at higher rates (circa 15-20% year on year)
while Air & Ocean is maintaining profit growth at elevated
levels, even as ocean freight rates on some routes fall from
highs. While it is early days, this is beginning to lend some
credibility to the company's assertions that it expects to
retain much of the uplift in Air & Ocean profitability since
the onset of COVID.
Pushpay (+2%) detailed its first half result, having pre-
announced the headline figures at the end of October
along with its proposed takeover. The core business
delivered a lower level of underlying growth, with most
of the reported growth coming from its Resi acquisition.
The company is finding it challenging to retain and grow
customers in its core medium and large church segment
due to the presence of lower priced competitors. Processing
volumes (+2%) also showed low growth, due to cost-of-
living pressures in the US.
1
Share Price Discount to NAV (using the net asset value per share, after expenses, fees and tax, to four decimal places).
MONTHLY UPDATE
December 2022
KFL NAV
$
1.43
$
1.40
Share Price
DISCOUNT
1
(2.2
%
)
as at 30 November 2022

2
KEY DETAILS
as at 30 November 2022
FUND TYPE
Listed Investment Company
INVESTS IN
Growing New Zealand
companies
LISTING DATE
31 March 2004
FINANCIAL YEAR END
31 March
TYPICAL PORTFOLIO SIZE
15-25 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
$1.55
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
325m
MARKET CAPITALISATION
$455m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 30 November 2022
4
%
30
%
INDUSTRIALS
20
%
INFORMATION
TECHNOLOGY
32
%
HEALTH CARE
8
%
CONSUMER
STAPLES

UTILITIES
Matt Peek
Portfolio Manager
Fisher Funds Management Limited
Ryman Healthcare (-21%) reported its first half result.
Underlying profit beat expectations, in part due to stronger
resale margins. However, sales of new units were 24%
below expectations. Management cited delays in residents
moving in as they take longer to sell their houses, given the
softer housing market. This also weighed on cash flows.
Debt rose a surprising $400 million to $3.0 billion as
Ryman continues to invest in new villages. The combination
of increasing debt, soft cash flow and a deteriorating
housing market, is an unhealthy combination and we have
reduced our position.
CASH
6
%
Summerset (-3%) purchased a new Australian site in
Drysdale, Victoria. This is another broadacre site, being
ten hectares. This site brings Summerset's landbank in
Australia to seven sites.

33
TOTAL SHAREHOLDER RETURN to 30 November 2022
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
$
9.00
Share PriceTotal Shareholder Return
$
1.00
$
2.00
$
0.00
Mar
2017
Mar
2018
Mar
2019
Mar
2020
Mar
2021
Mar
2022
Mar
2005
NOVEMBER’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO
during the month
The remaining portfolio is made up of another 10 stocks and cash.
5 LARGEST PORTFOLIO POSITIONS as at 30 November 2022
FISHER & PAYKEL
HEALTHCARE
+21
%
A2 MILK
COMPANY
+ 15
%
EBOS GROUP
+9
%
MAINFREIGHT
-6
%
RYMAN
HEALTHCARE
- 21
%
MAINFREIGHT
17
%
FISHER & PAYKEL
HEALTHCARE
16
%
AUCKLAND
INTERNATIONAL
AIRPORT
16
%
INFRATIL
10
%
SUMMERSET
9
%
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+0.7%(11.5%)(24.9%)+5.4%+11.3%
Adjusted NAV Return+2.3%(1.0%)(13.0%)+4.4%+9.5%
Portfolio Performance
Gross Performance Return+2.4%(0.9%)(12.2%)+6.1%+11.7%
S&P/NZX50G Index+1.9%(0.4%)(9.2%)+0.7%+7.1%
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 dividends (and other capital management initiatives) and after expenses, fees and tax,
»adjusted NAV return – the percentage change in the adjusted NAV,
»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 November 2022

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
Email: enquire@kingfish.co.nz | www.kingfish.co.nz
4
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142
Phone: +64 9 488 8777
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
15 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. Matt Peek
(Portfolio Manager) and Michael
Bacon (Senior Investment Analyst)
have prime responsibility for
managing the Kingfish portfolio.
Together they have significant
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 Andy Coupe
(Chair), Carol Campbell,
David McClatchy and Fiona
Oliver.
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