KFL – February 2023 monthly update

1
A WORD FROM THE MANAGER
In January, Kingfish’s gross performance return was up
5.5% and the adjusted NAV return was up 5.3%. This
compares to the benchmark S&P/NZX50G, which was up
4.3%.
Auckland Airport (+9%) reported December traffic figures.
International passenger numbers reached 69% of their
pre-covid equivalent, up from 67% the prior month.
Importantly, long-haul passengers reached 58% of the
pre-COVID equivalent (up from 51%). This is a positive, as
long-haul passengers are the most valuable and have been
slow to recover. This is due to travel disruptions, airlines
gradually returning fleets from storage, and the aviation
industry's inability to fully staff their networks to pre-
COVID levels. In December, China began to ease border
restrictions after almost three years of isolation, which is
important because Chinese traffic was an important growth
driver for the airport pre-pandemic.
Fisher & Paykel Healthcare (+12%) provided sales
guidance above expectations for its current financial year.
The company's hospital business has been benefiting from
demand for nasal high flow oxygen consumables and
hardware created by the COVID surge in China and the
strong early flu season and surge in RSV cases in North
America. Sales of its obstructive sleep apnea masks have
also remained stronger than expected.
Infratil (+3%) reported an increase in the independent
valuation for Canberra Data Centres (CDC), its largest
asset by value. The midpoint of the valuation increased
by 13% since the previous valuation in September 2022
(6% in NZ dollar terms). This translates to $0.27 per
Infratil share. Infratil also announced positive progress
with Longroad's portfolio of development and operating
renewable energy projects. The 285 megawatt Sun
Streams 3 project is about to commence construction, and
Longroad acquired a new 98 megawatt project called
Titan Solar, which is already in operation. Sun Streams
3 represents 22% of Longroad's near-term development
pipeline, and Titan Solar will add 6% to Longroad's
existing portfolio of operating assets.
Ryman Healthcare (+29%) saw a strong share price move
during the month. While there was no company specific
news, the move reflects some comfort from Summerset's
return to growth on new unit sales. Although we had
reduced the position size on balance sheet concerns in
November, we also think the steep share price fall in
December had simply overshot fundamentals, and we
upgraded our position during January as the valuation had
become much more attractive.
Summerset (+10%) announced its unit sales result for the
December quarter, with new sales and resales higher than
the September quarter by 28% and 25% respectively, plus
also higher than the corresponding December quarter in
2021. The growth in new sales shows there is still demand
for the retirement village offering despite a subdued
housing market, although this is elongating settlement time
frames. In response to this, management had allowed
committed buyers to move in early, before they have settled
on the sale of their house.
1
Share Price Discount to NAV (using the net asset value per share, after expenses, fees and tax, to four decimal places).
MONTHLY UPDATE
February 2023
KFL NAV
$
1.45
$
1.41
Share Price
DISCOUNT
1
(2.5
%
)
as at 31 January 2023
Matt Peek
Portfolio Manager
Fisher Funds Management Limited

2
KEY DETAILS
as at 31 January 2023
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
$1.52
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
328m
MARKET CAPITALISATION
$462m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 31 January 2023
4
%
30
%
HEALTH CARE
22
%
INFORMATION
TECHNOLOGY
31
%
INDUSTRIALS
8
%
CONSUMER
STAPLES

UTILITIES
CASH
5
%
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+2.2%+3.6%(11.9%)+3.1%+11.3%
Adjusted NAV Return+5.3%+5.6%(2.4%)+4.2%+9.5%
Portfolio Performance
Gross Performance Return+5.5%+5.9%(1.3%)+5.8%+11.7%
S&P/NZX50G Index+4.3%+5.6%+0.7%+0.7%+7.2%
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 31 January 2023

33
TOTAL SHAREHOLDER RETURN to 31 January 2023
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
JANUARY’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 31 January 2023
RYMAN
HEALTHCARE
+29
%
FISHER & PAYKEL
HEALTHCARE
+12
%
SUMMERSET
+10
%
AUCKLAND
INTERNATIONAL
AIRPORT
+9
%
MAINFREIGHT
+6
%
MAINFREIGHT
17
%
FISHER & PAYKEL
HEALTHCARE
16
%
SUMMERSET
16
%
INFRATIL
10
%
AUCKLAND
INTERNATIONAL
AIRPORT
8
%

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 and Zoie Regan
(Senior Investment Analysts) 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