Barramundi 2023 Annual Report

ANNUAL REPORT
2 0 23
30 JUNE

03 About Barramundi
06 Directors’ Overview
10 Manager’s Report
16 The STEEPP Process
18 Barramundi Portfolio Stocks
27 Board of Directors
28 Corporate Governance
Statement
35 Directors’ Statement of
Responsibility
36 Financial Statements
55 Independent Auditor’s Report
59 Shareholder Information
60 Statutory Information
63 Directory
CONTENTSCALENDAR
Next Dividend Payable
Interim Period End (1H24)
22 SEPTEMBER 2023
31 DECEMBER 2023
Annual Shareholders’ Meeting
Ellerslie Event Centre, Auckland
10:30am
13 OCTOBER 2023
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This report is dated 7 September 2023 and is signed on behalf of the board of
Barramundi Limited by Andy Coupe, Chair, and Carol Campbell, Director.
Andy Coupe, Chair Carol Campbell, Director
ABOUT BARRAMUNDI
Barramundi Limited (“Barramundi” or “the Company”) is a listed investment
company that invests in growing Australian companies. The Barramundi portfolio
is managed by Fisher Funds Management Limited (“Fisher Funds” or “the
Manager”), a specialist investment manager with a track record of successfully
investing in quality, growth companies. Barramundi listed on NZX Main Board on
26 October 2006 and may invest in companies that are listed on an Australian stock
exchange (with a primary focus on those outside the top 20 at the time of investment)
or unlisted companies.
INVESTMENT OBJECTIVES
The key investment objectives of Barramundi are to:
• achieve a high real rate of return, comprising both income and capital growth,
within risk parameters acceptable to the directors; and
• provide access to a diversified portfolio of Australian quality, growth stocks through
a single tax efficient investment vehicle.
INVESTMENT APPROACH
The investment philosophy of Barramundi is summarised by the following broad
principles:
• invest as a medium to long-term investor exiting only on the basis of a fundamental
change in the original investment case;
• invest in companies that have a proven track record of growing profitability; and
• construct a diversified portfolio of investments, based on the ‘STEEPP’ investment
criteria (see pages 16 and 17).
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Dividends paid during the year ended 30 June 2023 (cents per share)
Total for the year ended 30 June 2023 5.52 cents per share (2022: 6.68 cps)
DIVIDENDS PAID
23 September
2022
1.36
16 December
2022
1.39
24 March
2023
1.36
23 June
2023
1.41
For the 12 months ended 30 June 2023
AT A GLANCE
$38.3M
Net profit
26.4%
Gross performance return
-1.1%
Total shareholder return
As at 30 June 2023
$0.71
Share price
$0.72
NAV per share
23.1%
Adjusted NAV return

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As at 30 June 2023
SECTOR SPLIT
As at 30 June 2023
LARGEST INVESTMENTS
9%
CSL Limited
6%
WiseTech
6%
AUB Group
6%
Carsales.com
5%
Xero
Financials 26%
Information Technology 20%
Healthcare 18%
Communication Services 17%
Consumer Discretionary 6%
Industrials 4%
Materials 3%
Consumer Staples 3%
Cash 3%
These are the five largest percentage holdings in the Barramundi portfolio
1
. The full Barramundi portfolio and percentage holding
data as at 30 June 2023 can be found on page 15.
1
Percentage holdings have been rounded to the nearest 1%.

DIRECTORS’ OVERVIEW
“Barramundi has
delivered a strong
operating result
in FY23, during
another year
of challenging
macroeconomic
conditions.”
Andy Coupe
Chair
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For the 2023 financial year, the Barramundi
portfolio recorded a net profit, after
expenses, fees and tax of $38.3m, which
equated to an adjusted NAV return
1
of 2 3 .1%.
Barramundi’s gross performance return
2
was
26.4%, considerably ahead of the Company’s
benchmark (S&P/ASX 200 Index, hedged 70% to
NZD) return of 14.8% for the 12-month period
to 30 June 2023.
Share market investors have experienced another
challenging period due to a number of factors that have
driven, and continue to drive, global uncertainty. These
include recessionary concerns, rapidly rising interest rates
in response to inflation, and geopolitical uncertainty. In
the early part of 2023, there was also turmoil in parts of
the global banking sector, which further damaged investor
confidence.
Given this market backdrop, global share markets have
remained volatile, and the Australian share market was
no exception. However, as the year progressed, and with
sustained relatively low unemployment across many
developed countries, the economy has proved more
resilient than expected in the face of these higher interest
rates and tightening monetary policy. Furthermore,
indications of easing global inflation through the first half
of 2023 have tempered investor concerns of how high
interest rates might need to go in this economic cycle.
The Manager is naturally cautious regarding the earnings
outlook for Barramundi’s portfolio companies as cost
pressures will continue to weigh on profitability and
Australian household demand and spending is likely to
be further impacted by higher interest rates for at least
the balance of the current calendar year. However, the
Manager continues to carefully monitor all investments
in the portfolio, and their belief in the soundness of the
portfolio is reflected in the accompanying report.
We are satisfied that the Manager’s STEEPP process and
the rigour and analytical discipline that is applied within
this process has positioned the portfolio well and helped
buffer the portfolio from some of the more extreme
market movements of recent times.
Barramundi shareholders have seen a weakening of the
share price over the course of the 2023 financial year, with
the share price falling 8%. The share price started the year
at a 22% premium to Net Asset Value (NAV)
3
and ended
the year at a 1% discount to the NAV. As a result, the total
shareholder return
4
, which represents the change in share
price, dividends paid per share and the impact of warrants,
was –1.1%.
REVENUES AND EXPENSES
The 2023 net profit comprised gains on investments of
$39.6m, dividend and interest income of $4.0m, less
operating expenses and tax of $5.2m. Overall operating
expenses were $1.6m higher than the previous year,
mainly due to higher management fees, as the prior year’s
operating expenses included a management fee rebate
5

of $1.0m, due to underperformance against the S&P/NZX
Bank Bill 90 Day Index in the prior year.
DIVIDENDS
We have maintained the Company’s distribution policy of
2% of NAV per quarter. We recognise that the regularity
of the tax-effective quarterly dividends is important for
many shareholders. Over the 12-month period to 30 June
2023, Barramundi paid 5.52 cents per share in dividends.
The next dividend will be 1.44 cents per share, payable on
22 September 2023 with a record date of 7 September
2023.
Barramundi has a dividend reinvestment plan which
provides ordinary shareholders with the option to reinvest
all or part of any cash dividends in fully paid ordinary
shares. Full details of the dividend reinvestment plan
6
can
be found in the Barramundi Dividend Reinvestment Plan
Offer Document, a copy of which is available at
barramundi.co.nz/investor-centre/capital-management-
strategies.
1
The adjusted net asset value return is the underlying performance of the investment portfolio adjusted for dividends, (and other
capital management initiatives) and after expenses, fees and tax.
2
Gross performance return – The Manager’s portfolio performance in terms of stock selection & currency hedging before expenses,
fees and tax. It is an appropriate return measure for assessing the Manager’s performance against an index or benchmark.
3
The NAV per share represents the market value of the total assets of Barramundi (investments and cash) less any liabilities (expenses
and tax), divided by the number of shares on issue.
4
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.
5
The management fee reduces by 0.10% for each 1.0% pa that the gross return (expressed as a percentage of the gross asset value
at the beginning of the financial year) achieved on the portfolio, is less than the change in the S&P/NZX Bank Bill 90 Day Index over
the year, down to a minimum management fee of 0.75%pa.
6
Participation forms for the Dividend Reinvestment Plan (DRP) can be obtained by contacting either Barramundi or Computershare
Investor Services Limited.
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DIRECTORS’ OVERVIEW CONTINUED
COMPANY PERFORMANCE
FOR THE YEAR ENDED 30 JUNE
20232022202120202019
5 YEARS
(ANNUALISED)
Total Shareholder Return-1.1%-23.5%83.3%21.6%15.5%14.3%
Adjusted NAV Return2 3.1%-16.2%37. 6%10.6%5.6%10.7%
Dividend Return
1
7. 5%7.1%6.6%8.5%8.8% -
Net (Loss) / Profit$38.3m($34.6m)$52.3m$12.5m$7. 4 m -
Basic Earnings per Share14 .15 c p s-13.99cps24.82cps6.44cps4.40cps -
OPEX Ratio2.1%1.2%3.3%2.0%2.0% -
OPEX Ratio (before performance fee)1.7%1.2%1.7%1.8%2.0% -
AS AT 30 JUNE
20232022202120202019
NAV (as per financial statements)$0.72$0.64$0.87$0.68$0.69
Adjusted NAV$2.68$2.17$2.59$1. 89$1.70
Share Price$0.71$0.77$1.10$0.69$0.63
Warrant Price-$0.025$0.35-$0.02
Share Price Discount/(Premium) to NAV
2
1.4%(21.9%)(36.8%)(1.5%)8.7%
WARRANTS
On 26 May 2023, warrant holders had the option to
convert their warrants into ordinary shares at an exercise
price of $0.83 per warrant. On the exercise date, 77,531
warrants out of a possible 66.6 million warrants were
converted into Barramundi ordinary shares. The new
shares were allotted to warrant holders on 31 May 2023.
The additional funds were invested during June 2023.
SHARE BUYBACKS
Share Buybacks
7
are another part of Barramundi’s capital
management programme. Share buybacks only occur
when the share price to NAV discount exceeds 6%. During
the 12 months to 30 June 2023 there were no share
buybacks (FY22: Nil)
ANNUAL SHAREHOLDERS’ MEETING
The 2023 annual shareholders’ meeting will be held
on Friday 13 October 2023 at 10:30am at the Ellerslie
Event Centre in Auckland and online. All shareholders
are encouraged to attend, with those who are unable
to attend the meeting invited to cast their vote on the
Company resolutions prior to the meeting.
CONCLUSION
2023 has been a strong year for Barramundi and one
of partial recovery for the Australian share market.
Changeable market conditions, like those experienced over
the period, continue to reinforce the Manager’s strategy
of focusing on well-managed, quality businesses, whose
sustainable competitive advantages enable them to adapt
and respond to an ever-changing environment over the
medium to long term.
We would like to thank you for your continued support
and look forward to seeing many of you at the annual
meeting on 13 October.
On behalf of the board,
Andy Coupe, Chair
Barramundi Limited
7 September 2023
7
Shares purchased under the buyback programme are held as treasury stock and subsequently utilised under the dividend
reinvestment plan.
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NON-GAAP FINANCIAL INFORMATION
Barramundi uses the following non-GAAP measures:
• 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 net asset value,
• gross performance return – the Manager’s portfolio performance in terms of stock selection and currency
hedging before expenses, fees and tax,
• 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,
• OPEX ratio – the percentage of Barramundi’s assets used to cover operating expenses, excluding tax and
brokerage, and
• dividend return – how much Barramundi pays out in dividends each year relative to its average share price
during the period. (Dividends paid by Barramundi may include dividends received, interest income, investment
gains and/or return of capital.)
All references to the above measures in this Annual Report are to such non-GAAP measures. The calculations applied
to non-GAAP measures are described in the Barramundi Non-GAAP Financial Information Policy. A copy of the policy
is available at barramundi.co.nz/about-barramundi/barramundi-policies.
TOTAL SHAREHOLDER RETURN
PORTFOLIO PERFORMANCE
FOR THE YEAR ENDED 30 JUNE
20232022202120202019
5 YEARS
(ANNUALISED)
Gross Performance Return26.4%-15.3%41.6%13.5%10.0%13.6%
Index
3
14.8%-5.3%28 .1%-6.6%10.2%7. 5%
Performance Fee Hurdle
4
11.1%7. 8%7. 3%8.2%9.0%
NB: All returns have been reviewed by an independent actuary.
1
Barramundi’s dividend return is calculated by dividing the dividends paid in a given year by the average share price for that
year. (The dividend policy of paying a quarterly dividend that is 2% of average NAV has been consistently applied.)
2
Share price discount/(premium) to NAV (including warrant price on a pro-rated basis).
3
Index: S&P/ASX 200 index (hedged 70% to NZ$). Returns shown gross in NZ$ terms.
4
The performance fee hurdle is the Benchmark Rate (change in NZ 90 Day Bank Bill Index +7%).
Share Price/Total Shareholder Return
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Oct
2006
Oct
2007
Oct
2011
Oct
2013
Oct
2014
Oct
2015
Oct
2008
Oct
2009
Oct
2010
Oct
2016
Oct
2020
Oct
2012
Oct
2022
Share Price Total Shareholder Return
Oct
2017
Oct
2018
Oct
2019
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MANAGER’S REPORT
Robbie Urquhart
Senior Portfolio Manager
“In a great year
for Barramundi,
the strength of our
portfolio companies
was evident as they
lifted prices to
combat inflation.”
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SUMMARY AND MARKET REVIEW
What a difference a year makes. Barramundi had
a strong year with the portfolio delivering a gross
performance return (before expenses, fees and tax)
of +26.4%, more than recouping the losses from
what was a tough 2022. Importantly, Barramundi also
outperformed the benchmark S&P/ASX 200 Index
(hedged 70% to NZD) which rebounded +14.8% in the
period.
As we mentioned in last year’s review, concerns about
the economic impact of sharply rising interest rates (a
response to rising inflation) had precipitated a broad
market sell-off during 2022. In its efforts to combat
inflation, in line with moves by central banks across the
globe, the Reserve Bank of Australia (“RBA”) had begun
hiking interest rates aggressively. The RBA continued
with this strategy over the financial year, lifting interest
rates from 1.85% in July 2022 to 4.1% by June 2023.
A consequence of aggressive interest rate rises from
central banks globally, is that inflationary pressures
began subsiding, both in Australia and internationally.
By the end of the financial year the market had begun
anticipating an end to the interest rate hiking cycle. The
Australian 10-year Government bond rate finished the
year at 4.02%, only 0.36% higher than in June 2022. In
conjunction with reasonably resilient economic data and
low unemployment, this provided a broad-based boost
to the Australian equity market.
All sectors of the Australian market ended the year
in positive territory. Information Technology was the
strongest sector, rising 37% in the year. Fast growing
companies (like technology companies) are typically the
most negatively impacted by rising interest rates because
of the amplified effect this has when discounting their
cash flows, the bulk of which occur many years into
the future. Conversely, as interest rates stabilised, this
boosted investor sentiment towards the sector. In
addition to this, as discussed below, strong growth in
the earnings of tech companies and improving investor
sentiment towards companies deemed to benefit from
Artificial Intelligence (“AI”) also boosted their share price
returns.
Utilities (+15%) and Materials (+15%) also led the
market higher. Utilities benefitted from a stabilisation in
interest rates. The Materials sector was boosted overall
by a belated re-opening of the Chinese economy as it
emerged from pandemic-related lockdowns. That said,
as the year progressed, the economic rebound in China
disappointed expectations. This weighed on mining
company returns in the second half of the financial year.
Barramundi does not have any mining companies in the
portfolio.
The Real Estate sector (+2.5%), weighed down
by valuation concerns driven by elevated vacancy
rates, particularly in office buildings, was the worst
performing sector in the year. Companies with defensive
characteristics such as Consumer Staples (+3%) and
Healthcare (+4%) businesses also lagged.
THE BARRAMUNDI PORTFOLIO
YEAR IN REVIEW
Technology companies have been back in vogue
with investors
Reflecting some of these trends, within the Barramundi
portfolio, our technology businesses were some of
our best performing holdings during the year. They
likely benefitted from the increased investor appetite
for companies deemed to benefit from the rise of
AI. However they have also been performing well
operationally.
We’ve seen our technology and internet focussed
companies offset inflationary pressures by increasing
prices of their services (a feature we look for in our
research process). This has helped underpin strong
revenue growth in the year. Allied with a disciplined
focus on costs (a new, and welcomed feature for
fast growing tech companies), this has boosted the
underlying profitability of these businesses, which has
been well received by investors.
A mixture of these factors was evident in the results
and commentary from Wisetech (+111% in A$ over the
year) − our best performing position in the year. And
these features have also played a role in the returns of
our online classified advertising businesses, Carsales
(+34%) and REA (+30%). Online employment classified
advertising business, SEEK, also benefitted from this
dynamic yet returned a more tepid (but respectable)
+6% in the year. This was mainly because investors were
concerned about the impact a slowdown in the broader
economy would have on demand for employment.
Accounting software provider Xero (+55%), saw
continued growth within its core markets of Australia
and NZ. Pleasingly, subscriber numbers rebounded in
the UK (a key growth market for the company). New
CEO, Sukhinder Singh Cassidy, has also been at pains
to emphasise that the company will be more disciplined
and focussed in the way it manages its resources than
it has in the past. In line with this, Xero has taken the
painful steps of reducing its workforce in an effort to
streamline its cost base.
Life insurance claims software provider Fineos (+50%)
similarly experienced strong revenue growth from
increased use of its software by its existing customers
and through converting customers using legacy on-
premise versions of its software to a cloud based
version. Most importantly, after a few years of having its
sales cycle impacted by the pandemic, Fineos has also
announced new multi-year landmark contracts with a
couple of large new North American customers.
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MANAGER’S REPORT CONTINUED
Pricing power: the antidote to rising inflationary
pressures
Our investment process is designed to identify
companies that have economic moats. This is reflected
in the ‘S’ pillar in STEEPP. Essentially, we like investing
in businesses that have levers they can pull to protect
or limit the impact on their profitability of adverse
economic events (like an inflationary shock) or from
competitive pressures.
Pricing power and the ability for companies to offset
cost or inflationary pressures by increasing price (without
a meaningful drop in demand for its goods or services)
is one manifestation of an economic moat. As alluded
to above, pricing power has been evident in the results
delivered by our technology and internet companies this
past year. It has also applied to a number of our other
portfolio holdings.
Insurance broker AUB Group (+70%) is one such
example. By the end of the June fiscal year, AUB was
expecting its after tax profit to be over 60% higher
than in FY22. This reflected both solid organic earnings
growth and the inclusion of nine months of earnings
from a major UK acquisition, Tysers. Organic growth was
underpinned by rising insurance premium rates. AUB
Group’s earnings depend largely on commissions earned
across its network of insurance brokers on insurance
premiums paid by their customers. It consequently
benefits from these rising insurance premiums as the
dollar value of commission (charged as a percent of the
higher premiums) is larger. The market was also initially
sceptical of the Tysers acquisition. However, as the year
progressed it became apparent that Tysers was having a
good year as well (it also benefitted from rising insurance
premiums). AUB Group’s share price consequently rose
as investors became more comfortable with the UK
business.
Brambles (+38%) is another example of a high quality
business with pricing power. Brambles is the largest
global pooled pallet provider to businesses shipping
goods across the world (think of pallets used to deliver
goods sold in supermarkets). With supply chains still
recovering from the pandemic-related disruption, pallets
have been in short supply. This has allowed Brambles to
push through meaningful price increases enabling it to
recover higher costs in its own business (such as lumber,
labour and transport costs). This has underpinned strong
profit growth (and share price performance) for the
company in the year.
Economic uncertainty and slow post-pandemic
profit recovery has weighed on some shareholdings
That said, it has not been all plain sailing for our portfolio
companies in FY23.
CSL, a global leader in providing patients with
plasma-based therapies, and our largest position in
the portfolio, returned a lacklustre +4% in the year.
CSL tempered market expectations for profit growth
in FY23 and FY24. Part of this is a timing issue – CSL’s
profit margins are recovering and management expects
profitability to revert to pre-pandemic levels (but more
slowly than the market had hoped). Currency is also
partly to blame as CSL’s profits are negatively impacted
by a strong US$.
Crucially for Barramundi, we have an orientation to
invest in businesses with a longer-term (3-5 years+)
time horizon in mind. So, we evaluate how we think
a company can grow its earnings (the second ‘E’ in
STEEPP) over these sorts of time horizons when judging
the merits of whether a company fits our investment
process.
To this end, we think CSL is doing a good job on
the things it can control. In particular we note that
throughout the pandemic, CSL continued investing in
additional manufacturing capacity and in improving
the efficiency of its operations. CSL has essentially
widened the economic moat of the business. It has
given the company a great platform to be successful. So
even if it is a bit slower than the market would like, we
are comfortable that CSL’s profit margin recovery and
earnings growth is heading in the right direction.
oOH!Media (+0.4%) also had a lacklustre year from a
share price perspective. Outdoor advertising expenditure
rebounded during 2022 as lockdowns ended and human
mobility increased. However, as higher interest rates
have shown signs of impacting consumer spending, the
advertising market has showed signs of softening. This
has weighed on oOH!Media’s share price. As with CSL,
we think the management team is doing a credible job
managing what it can control, including securing some
important new outdoor advertising contracts in Sydney
in late FY23.
We think oOH!Media’s future is bright and it is well
positioned to grow its earnings over the longer term.
We think out-of-home advertising should continue to
take share from other media formats. This will be driven
by ongoing digitisation of its asset base, increasingly
sophisticated audience measurement giving advertisers
confidence of the return on their spend, and greater
programmatic trading of out-of-home inventory giving
advertisers more flexibility.
In contrast to CSL and oOH!Media, pizza franchise
owner Domino’s poor share price performance (-30%)
was reflective of a tough operating environment,
exacerbated by poor execution by management. This
was our worst performing portfolio company in the year.
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Domino’s was caught by surprise by the full brunt of
inflationary cost pressures across food, energy and
labour. In an effort to recover these cost increases, and
protect franchisee profitability, management pushed
through a series of price and menu adjustments. The
magnitude of these price increases ultimately resulted
in order volumes slipping, particularly for delivery pizzas
which had also previously been boosted by increased
orders during COVID lock-downs. This has weighed on
Domino’s profits.
Domino’s has a proud multi-decade long track record of
building its leading position in pizza in the core markets
in which it operates. We think the results from this last
year are a function of a very unusual post-pandemic
operating environment. We recognise that management
are working hard to address their errors around
pricing and performance. We think they will resolve
this weak performance in time. But we are looking for
management to lift their game during FY24.
PORTFOLIO CHANGES IN THE YEAR
We added no new companies to the portfolio in the
year. With a wide dispersion in share price returns
across our portfolio, most of our positioning changes
during the year involved taking advantage of these
discrepancies to add or reduce the weighting in existing
portfolio companies.
We exited one position (Cochlear) in its entirety during
the year. Unusually for Barramundi, we had only been
invested in Cochlear for a relatively short time, having
initiated a position in January 2022.
However, by April 2023, its share price had risen
+37% since adding it to the portfolio. Over that time,
Cochlear’s earnings had rebounded strongly following
the pandemic, benefitting from the reopening of
hospitals across the world and also from the customer
uptake of its newest cochlear processor, the N8, and
its new bone anchor unit, the Osia. We still really like
the business. However, we felt that the overall risk/
return opportunity was more evenly balanced than in
January 2022. So, we divested our position. We moved
it from our portfolio onto our watchlist or ‘fishing pond’
of companies that (usually at the right price) we might
add (or add again if we have owned it before) to the
portfolio at some point in the future.
Less meaningfully, but also on valuation grounds − after
a strong period of share price performance, we also
trimmed or reduced our weighting in Woolworths and
some of our technology or internet businesses such as
Wisetech and Carsales.
We also reduced our weighting in Westpac Bank.
Operationally, Westpac has lagged its Australian peers
in some areas (such as in IT and banking ‘infrastructure’
investment). Reflective of these challenges, Westpac has
recently overhauled its management team and signalled
that further investment in the business is likely going to
be required. Hence, we have reduced our target weight.
In contrast, we added to our CSL and Resmed positions
in the year. Both are global leaders within their
respective healthcare niches, are reasonably priced and
have good long-term prospects in our view. Note our
comments about CSL in the discussion above.
We also increased our target weighting in Macquarie
Group following a sustained period of strong financial
performance by the company. With a strong balance
sheet, Macquarie remains well positioned to invest this
capital opportunistically and generate strong earnings
growth over the medium-longer term.
We also participated in equity raisings and added to
our positions in AUB Group and NEXTDC. AUB Group
raised equity to help fund its acquisition of Tysers,
which, as discussed above is performing well for AUB
shareholders.
NEXTDC raised equity to fund expansion into two
new regions, Kuala Lumpur and Auckland. It is also
accelerating the expansion of its Australian data centre
operations given the increased demand for data centre
capacity from its key clients. This is a good harbinger of
future earnings growth for the company.
INVESTMENT SUMMARY AND
OUTLOOK
The first half of calendar year 2023 was characterised
by a global economy that was quite resilient in the
face of a sharp, co-ordinated tightening of monetary
policy by global central banks that sought to stamp out
inflationary pressures. Thus far, rates of unemployment
across a number of leading developed economies has
remained low. The same has been true of Australia and
NZ. Inflation now seems to be receding, and interest
rates also seem to have stabilised.
This has all helped contribute to share market returns
that have been stronger in the past six months than
many pundits expected at the end of 2022.
This backdrop is supportive for equity markets as we
start the 2024 fiscal year.
However, in a note of caution, we have seen signs more
recently that higher interest rates are beginning to
hurt consumer spending. Reflecting this, a number of
discretionary retailers or consumer exposed businesses
have reported softer trading conditions in recent
months. These trends may get worse as the full impact
of interest rate hikes put through by central banks to
date are absorbed by consumers. Specific to Australia, as
we noted in last year’s report, households are reasonably
indebted and this poses some risks should the economy
slow sharply.
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This places our portfolio in a strong position to weather
economic turmoil, should it eventuate. It means our
portfolio companies are also well placed to continue
expanding their businesses and growing their earnings
(and lead over their competition) over the longer term.
Our investment approach stood Barramundi
shareholders in good stead over a tumultuous FY2023.
We think this will also stand Barramundi shareholders in
good stead in the future.

Robbie Urquhart, Senior Portfolio Manager
Fisher Funds Management Limited
7 September 2023
MANAGER’S REPORT CONTINUED
Nevertheless, Australia remains in a strong position to
weather these challenges. Buoyed by resilient commodity
exports, the economy is performing relatively well.
We note the Australian Government is in an enviable
position of posting a budget surplus in what has been a
tepid year globally of economic growth. Net migration
into Australia has rebounded strongly, providing
another tailwind for domestic economic growth. This
is supportive for companies exposed to the domestic
economy.
As alluded to in our commentary above, many of the
Barramundi portfolio companies are not dependent
on discretionary spending decisions by consumers to
generate their profits. Many of them provide goods and
services that customers need. Furthermore, through
our STEEPP based investment philosophy, we have
sought to invest in businesses that have economic moats
around them – high quality businesses that have durable
competitive advantages.
The information in this Manager’s Report has been prepared as at mid-August 2023. 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; however, Barramundi Limited and its officers and directors make no representation as to its
accuracy or completeness. The report 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 report 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.
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PORTFOLIO HOLDINGS
SUMMARY AS AT 30 JUNE 2023
Company
%
Holding
Ansell2.1%
ANZ Banking Group2.1%
AUB Group6.3%
Audinate Group2.0%
Brambles4.0%
Carsales5.7%
Commonwealth Bank4.4%
Credit Corp4.0%
CSL9.3%
Domino's Pizza4.3%
Fineos Corporation Holdings2.3%
James Hardies Industries Plc3.4%
Macquarie Group4.2%
Nanosonics1.8%
National Australia Bank2.6%
NEXTDC4.4%
oOh!Media3.0%
PWR Holdings2.0%
REA Group4.5%
ResMed4.5%
SEEK4 .1%
Westpac2.3%
Wise Tech Global6.4%
Woolworths Group2.4%
Xero Limited4.8%
Equity Total96.9%
Australian cash2.5%
New Zealand cash0.4%
Total cash2.9%
Forward foreign exchange contracts0.2%
Total100.0%
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STRENGTH OF
THE B USINESS
What is the company’s
competitive advantage? Is it
sustainable? Is the company a
market leader? Does it have a
dominant position? A strong
business is one that can maintain
its profit margins by employing a
unique strategy.
TR A CK
RECORD
How has the company performed
in the past? Has the company
performed under the same
management team? Has it grown
organically or by acquisition? How
did the company react during a
downturn? Fisher Funds prefers to
buy established companies that
have executed well in the past.
EARNINGS
HISTO R Y
How fast has the company
been able to grow its earnings
in the past? How consistent
has earnings growth been?
Fisher Funds prefers to buy
companies that exhibit secular
growth characteristics where the
company has proven its ability
to provide a high or improving
return on invested capital.
Fisher Funds employs a process that it calls STEEPP to analyse existing and potential portfolio
companies. This analysis gives each company a score against a number of criteria that Fisher Funds
believes need to be present in a successful portfolio company. All companies are then ranked
according to their STEEPP score to broadly determine their portfolio weighting (or indeed whether
they make the grade to be a portfolio company in the first place).
The STEEPP criteria are as follows:
STE
THE STEEPP PROCESS
Applying this STEEPP analysis, Fisher Funds constructed a portfolio
for Barramundi which comprised 25 securities as at 30 June 2023.

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EARNINGS GROWTH
FORECAST
What is the company’s earnings
growth forecast over the next
three to five years? What is the
probability of achieving the
forecast? What does Fisher Funds
expect the company’s earnings
potential to be? Fisher Funds
notices that too many analysts
focus on short-term earnings. As
long-term growth investors, Fisher
Funds thinks about where the
company’s earnings could be in
three to five years.
PEOPLE/
MANAGEMENT
Who are the management team
and how long have they been in
their roles? Who are the directors,
what is their history with the
company, and what do they bring
to the board? What is the depth of
management in the organisation
and is there a succession plan for
the key executive roles? Do the
management team own shares
in the business and how are
they rewarded? Has the board
and management exhibited
good corporate behaviour in the
areas of environmental, social
and governance considerations?
For Fisher Funds, the quality of
the company management and
its corporate governance is of
paramount importance.
PRICE/
VALUATION
How much of the future earnings
growth is already reflected in
the share price? Where does the
current share price sit in relation
to Fisher Funds’ worst to best case
valuation range? A company will
generate a higher score where the
market price currently reflects little
of that company’s upside potential.
EPP

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WHAT DOES IT DO?
AUB Group operates a general
insurance broking network
across Australia and New
Zealand that is primarily focused
on the small to medium-sized
business market. The broking
network is complemented and
supported by AUB’s ownership
of a range of insurance
underwriting agencies and its
recent acquisition of Tysers, a
large London-based wholesale
insurance broker.
WHY DO WE OWN IT?
We like AUB’s owner-driven
business model where member
firms are strongly incentivised
to grow. We believe insurance
broking is an industry ripe for
consolidation, allowing AUB
to be an aggregator of smaller
broking firms. The combination
of adding more firms to the
network, long-term organic
growth in the insurance market,
and the benefits of scale should
drive healthy earnings growth
for AUB over time.
+ 70 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
THE BARRAMUNDI
PORTFOLIO STOCKS
WHAT DOES IT DO?
Ansell designs, develops,
manufactures and markets a
wide range of personal protective
equipment (predominantly gloves)
for use in various industrial and
manufacturing activities and in
healthcare. It is essentially an
industrial materials business that
transforms natural rubber latex and
synthetic latex into these value-
added products. It is a leading
player (#1 or #2) in all its key
market segments.
WHY DO WE OWN IT?
Ansell has an attractive
combination of businesses that
benefit when the world economy
grows and those that enjoy
relatively resilient demand even
when economies are weak. We
expect the company’s earnings to
grow over time as better health
and safety standards are adopted
in emerging markets and as it
successfully differentiates its
products from the commodity-end
of the markets it serves through
both branding and product
innovation.
WHAT DOES IT DO?
Australia and New Zealand Banking
Group Limited (ANZ) has significant
retail and business banking
operations in its home markets
of Australia and New Zealand. It
has a leading agricultural banking
business in New Zealand.
WHY DO WE OWN IT?
ANZ has largely withdrawn from
its Asian expansion strategy over
the past few years and has focused
on its home markets. Along
with the other major Australian
banks, ANZ enjoys a supportive
industry structure and has a wide
economic moat. The major banks’
scale, capital strength, regulatory
expertise, technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn healthy
returns on their capital.
+24%
TOTAL SHARE RETURNTOTAL SHARE RETURN
The following is a brief introduction to each of your portfolio companies, with a description
of why Fisher Funds believes they deserve a position in the Barramundi portfolio. Total share
return is for the year to 30 June 2023 and is based on the closing price for each company plus
any capital management initiatives. For companies that are new additions to the portfolio
during the year, total share return is from the first purchase date to 30 June 2023.
+4%
TOTAL SHARE RETURNTOTAL SHARE RETURN
Total share returns in Australian dollar terms sourced from Bloomberg.

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+38%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+ 34 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Brambles is a supply-chain
logistics company operating in
more than 50 countries. The
group specialises in the pooling
of unit-load equipment and
associated services, primarily
the outsourced management of
pallets (CHEP).
WHY DO WE OWN IT?
Although Brambles is a capital-
intensive business it generates
attractive returns on capital.
It is difficult for potential
competitors to replicate the scale
of Brambles’ pallet pool and its
extensive service centre network.
Moreover, there is considerable
IP in managing the flow of pallets
through the supply chain and
keeping control of the assets.
We expect sound growth from
Brambles for many years to come
as the penetration of pooled
pallets continues to increase in
developed markets and as modern
supply chains are established in
emerging markets.
WHAT DOES IT DO?
Carsales owns a network of
classified advertising websites in
Australia. Carsales’ main website,
www.carsales.com.au, is the
leading automotive classifieds
website in Australia. Carsales has
developed and acquired leading
classified vehicle advertising
websites in other countries such
as South Korea, Brazil and the US.
This has diversified its earnings
base and increased its runway for
future earnings growth.
WHY DO WE OWN IT?
A first mover advantage is
important in establishing
network-effect moats in online
marketplaces: think of eBay,
Amazon or TradeMe. Carsales
enjoys the first mover advantage
in all its markets, making it hard
for competition to encroach on
its dominance. Management
have developed a credible track
record in replicating their success
in the Australian market in their
overseas markets. Coupled
with its increasingly diversified
(geographically) earnings base,
Carsales is in a strong position to
capitalise on a range of attractive
growth prospects in the future.
WHAT DOES IT DO?
Audinate is the leading provider
of professional digital audio
networking technologies.
Audinate’s technology, branded
as ‘Dante’, distributes digital audio
signals over computer networks.
It is sold to and incorporated in
professional sound equipment
produced by global manufacturers
(such as speakers and amplifiers).
Dante technology is displacing
more expensive analogue
networking technology.
WHY DO WE OWN IT?
Dante technology has become
the standard technology globally
for digital networking of sound
systems. For products from one
manufacturer (say speakers) to be
digitally networked with products
from another manufacturer (say a
microphone), both products need
the Dante technology. This creates
a virtuous circle of demand for
Dante technology as more and
more sound systems are digitally
networked. This acts as a significant
competitive advantage and helps
cement Audinate’s leading position
in the development of the digital
professional audio networking
market. Analogue systems are at an
early phase of displacement. As such,
Audinate has a long runway of growth
in front of it, which we like. It also
has a strong balance sheet and has
the ability to therefore keep investing
heavily in innovation and development
which could also create further value
for shareholders in the future.
+23%
TOTAL SHARE RETURNTOTAL SHARE RETURN

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BARRAMUNDI PORTFOLIO STOCKS CONTINUED
WHAT DOES IT DO?
Commonwealth Bank of
Australia (CBA) operates a
leading banking franchise in
both Australia and New Zealand
and has a strong presence in all
spheres of retail and business
banking. CBA has built a very
profitable portfolio of assets
and positioned itself to benefit
from key growth areas in the
Australian economy. The bank
also enjoys an enviable scale
advantage in gathering deposits,
giving it an important source of
stable and low-cost funding.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, capital
strength, regulatory expertise,
technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn
healthy returns on their capital.
CBA’s significant share in core
Australian lending and deposit
gathering should ensure it
continues to profit and grow
over time.
WHAT DOES IT DO?
Credit Corp purchases and then
collects, on its own account,
portfolios of defaulted debt.
These are primarily bought
from banks. The company
has successfully replicated
its Australasian debt buying
operation in the US. It has also
leveraged its understanding of
the sub-prime market to build an
Australasian consumer lending
business that focuses on credit
impaired borrowers.
WHY DO WE OWN IT?
We like Credit Corp’s leading
market position and strong
reputation with Australia’s major
banks, which have allowed it a
healthy share of the PDL market.
The business enjoys a scale
advantage versus competitors,
has a conservative balance sheet
and is tightly managed. The
mature Australian PDL business
should deliver sound growth,
with the company’s burgeoning
consumer lending business and
US PDL operation providing
further significant opportunities.
+ 16 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
+0.8%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+4%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
CSL is a global leader in the
development and manufacture
of plasma derived therapies,
influenza vaccines, and iron
deficiency and nephrology
therapies.
WHY DO WE OWN IT?
CSL’s therapies address
conditions for which drug trials
are typically difficult to conduct,
giving existing companies with
approved therapies a tremendous
advantage. As a result, CSL enjoys
healthy returns on capital and
strong earnings growth over
very long product lifecycles. In
addition to owning several leading
therapies, CSL is continuing its
historic investment of significant
resources in plasma supply and
research and development,
securing future earnings growth.
Total share returns in Australian dollar terms sourced from Bloomberg.

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-30%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+50%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Fineos is a leading provider of
policy administration systems
software to the Life, Accident &
Health (LA&H) insurance industry.
Its Claims product is used by 7 of
the top 10 LA&H insurers in the
US and 6 of the top 10 insurers
in Australia, as well as the ACC
in NZ.
WHY DO WE OWN IT?
LA&H insurers are in the early
stages of switching from legacy
mainframe centric systems to fully
digital solutions like those offered
by Fineos. Fineos’s core Claims
product is best in class, mission-
critical software. Although the
COVID environment has impacted
the timing in which LA&H
insurers will make this switch,
technological obsolescence
of existing systems will drive
adoption. This is the source
of Fineos’ long-run earnings
growth. Given the quality of its
software, and the credibility of
its large customer base, it is well
positioned to continue winning
contracts and increase penetration
within existing clients.
WHAT DOES IT DO?
Domino’s Pizza Enterprises is the
master franchisor of the Domino’s
brand in Australia, New Zealand,
France, Germany, Belgium, the
Netherlands, Monaco, Japan,
Taiwan, Malaysia, Singapore and
Cambodia. The company has
established a leading position
in its key markets by focussing
on meeting consumer taste,
convenience, and value needs.
WHY DO WE OWN IT?
Domino’s has a long growth
runway from the combination
of store rollout, same store sales
growth and margin improvement
opportunities. The company
expects to more than double its
store count over the next decade.
The business has significant
scale, technology expertise and a
powerful brand, which combine
to place it in a strong competitive
position. With meaningful
contributions from businesses
around the world, Domino’s offers
quality diversification from the
Australian economy.
+ 25 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
James Hardie is the global leader
in manufacturing fibre cement
siding, used to clad timber framed
homes. It generates the majority
of its earnings from the US. It also
has a substantial fibre cement
business across Australia, New
Zealand and the Philippines. It has
a mature fibre gypsum business in
Europe.
WHY DO WE OWN IT?
James Hardie is the scale
manufacturer in fibre cement with
90% of the entire category in
the US, and a dominant position
in Australia. It benefits from its
significant scale in manufacturing.
This scale advantage has enabled
it to grow the fibre cement
category as a proportion of
external cladding for houses for
decades in its key markets at
attractive and improving profit
margins.
Well run under successive
management teams, fibre
cement’s share of outside
cladding continues to grow in the
US, offering James Hardie a long
runway yet of earnings growth.

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WHAT DOES IT DO?
National Australia Bank (NAB)
operates a leading banking
franchise in both Australia and
New Zealand and has a strong
presence in all spheres of retail
and business banking. NAB
has a strong stable of brands
supporting its top tier position
in both deposit gathering and
lending.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, regulatory
expertise, technology and
brands constitute significant
barriers to entry for potential
competitors, allowing the banks
to earn healthy returns on their
capital. NAB has emerged from
a restructuring with a strong
balance sheet and compelling
portfolio of opportunities,
positioning it well for the future.
+2 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
+ 41 %+ 13 %
TOTAL SHARE RETURNTOTAL SHARE RETURNTOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Nanosonics has developed an
innovative technology for point of
use, high-level disinfection. The
company’s first product to market,
the Trophon, is revolutionising
disinfection in the sonograph
market. The Trophon has become
the standard of care for high-
level disinfection of ultrasounds
and is used in over 5,000 medical
institutions in North America, with
a strong presence in Australia,
New Zealand, Germany and the
United Kingdom.
WHY DO WE OWN IT?
Hospitals, medical facilities and
healthcare regulators around the
world are increasingly focused
on preventing infection through
more stringent disinfection
requirements. With a strong patent
portfolio and the first product to
market, the Trophon, Nanosonics is
well-positioned for healthy future
earnings growth.
WHAT DOES IT DO?
Domiciled in Australia, Macquarie
Group is a global financial services
company spanning four divisions.
The majority of its profit comes
from its asset management and
commodity & global markets
divisions. Macquarie also runs an
Australian investment bank as well
as a small retail bank.
WHY DO WE OWN IT?
Macquarie’s strong culture and
people development, helped
by its global scale has been key
to its 50+ consecutive years of
profitability – an enviable track
record. Macquarie develops
expertise and focuses its resources
on long-term structural growth
areas of the economy (such as
the growth in green, renewable
energy). As such, it is well
positioned to continue growing its
earnings for many years to come.
Total share returns in Australian dollar terms sourced from Bloomberg.

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WHAT DOES IT DO?
oOh!Media is Australasia’s
largest Out of Home advertising
company. It has over 37,000
digital and static advertising
billboards and screens that can
be found in or on roadsides,
retail centres, airports, train
stations, bus stops, office towers,
cafes, bars and universities.
This extensive network enables
advertisers to get their messages
to a large number of people as
they move about in the course of
their daily lives.
WHY DO WE OWN IT?
The audiences for traditional
broadcast media such as free-
to-air TV and print are shrinking
and becoming increasingly
fragmented as they are disrupted
by new digital media. Against
this backdrop, Out of Home
advertising remains a very
effective broadcast medium as it
cannot be avoided by audiences.
At the same time, increasing
digitisation of Out of Home sites
is enabling more dynamic, real-
time messaging by advertisers
and more sophisticated audience
measurement is confirming to
them the returns they are getting
on this spend. All of these factors
should assist the Out of Home
format to capture an increasing
share of the total advertising pie,
to the benefit of oOh!Media.
WHAT DOES IT DO?
Next DC is an Australian data
centre business. It currently
operates 12 data centres across
Australia and has 3 new data
centre developments underway.
Next DC provides only the data
centre infrastructure within which
its customers can locate their
servers. Its unique proposition is
to create a valuable ecosystem
within its data centres by
assembling a community of
customers for whom it makes
commercial sense to be in close
data proximity.
WHY DO WE OWN IT?
Next DC benefits from the
strong secular growth trends in
cloud computing, data use and
connectivity. The Australian cloud
services market is forecast to more
than double in the next 5 years.
The growth in demand for cloud
services has been accelerated by
the COVID-19 crisis. Assisted by
this tailwind, Next DC’s earnings
should multiply as the capacity of
its existing data centres becomes
fully utilised and as the capacity
of its new data centres comes
on-stream over the next couple
of years.
+ 19 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
+0.4%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+39 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
PWR specialises in manufacturing
cooling solutions for global
high-end motorsport teams such
as Formula One, NASCAR and
Formula E. PWR is recognised as
a world leader when it comes
to high performance cooling,
and it has used its expertise to
win a number of contracts to
provide cooling solutions for
high-priced limited run supercar
manufacturers such as Aston
Martin and Porsche.
WHY DO WE OWN IT?
PWR has a culture of innovation
and invests a meaningful
proportion of its revenues back
into researching and developing
new cooling solutions each year.
We think this not only keeps PWR
at the forefront of its existing
markets but has the potential to
broaden PWR’s customer base
to include companies in other
industries.

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BARRAMUNDI PORTFOLIO STOCKS CONTINUED
+6%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
SEEK is the largest global online
employment marketplace. It
operates across Australia, New
Zealand, Southeast Asia, China,
Brazil, Mexico, Bangladesh and
Africa.
WHY DO WE OWN IT?
In Australia and New Zealand
SEEK has a strong competitive
position by virtue of being
“front of mind” for job seekers.
It will continue to benefit from
the migration of employment
advertising from traditional media
to online. Domestically, successful
development of new products
like its talent search platform
will provide high-value new
revenue streams. Its international
investments give SEEK exposure
to faster-growing, less mature
employment markets.
+30%
TOTAL SHARE RETURNTOTAL SHARE RETURN
+8 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
ResMed manufactures cloud-
connected devices and
consumables that are used to
treat sleep-disordered breathing
(“SDB”) and other respiratory
disorders (COPD, neuro-muscular,
asthma). It has developed
software platforms that use the
data from its devices to improve
patient outcomes and healthcare
ecosystem productivity. ResMed
also has a portfolio of Software-
as-a-Service businesses that
enable healthcare providers to
manage patients and deliver
services to them as they move
between various out-of-hospital
settings.
WHY DO WE OWN IT?
ResMed is the global leader in
the treatment of SDB. It has a
strong competitive position based
on its scale, intellectual property
and customer captivity. There is
a long growth runway in SDB.
The addressable market is large
(potentially 20%+ of adults have
SDB), growing (ageing & obesity)
and under-penetrated (even in
the US less than 20% of SDB
sufferers are treated). As the
number of people on treatment
rises, ResMed not only benefits
from the initial sale of a device
but from a recurring stream of
consumable sales that grows as
its installed device base increases.
As a result, the company is highly
cash generative. It is led by a
very capable and experienced
management team.
WHAT DOES IT DO?
REA operates the leading online
classified real estate advertising
portal in Australia. It also holds
significant holdings in similar
businesses in the United States,
India and Southeast Asia.
WHY DO WE OWN IT?
In Australia, REA operates in a
largely duopolistic market. It
benefits from a strong network
moat. Close to 100% of real
estate agents in Australia
advertise residential and
commercial properties for sale
and for rent on its portals.
Its residential property site,
realestate.com.au, has the largest
and most engaged audience
in Australia with 117m visits
per month, 3.3x its nearest
competitor. REA is a strong
business with attractive growth
prospects both domestically and
offshore.
Total share returns in Australian dollar terms sourced from Bloomberg.

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WHAT DOES IT DO?
Westpac is Australia’s oldest bank.
It operates a leading banking
franchise in both Australia and
New Zealand and has a strong
presence in all spheres of retail and
business banking. Westpac has a
strong stable of brands supporting
its top tier position in both deposit
gathering and lending.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, regulatory
expertise, technology and brands
constitute significant barriers to
entry for potential competitors,
allowing the banks to earn healthy
returns on their capital. Westpac’s
significant share in core Australian
lending and deposit gathering
should ensure it continues to
profit and grow over time.
+16 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
+ 111 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
WiseTech Global is a logistics
software business with a
presence in key global regions
and key global customers. Its
main product, Cargowise One,
offers clients a complete suite
of logistics services and general
business solutions. An early lead
in the freight forwarding software
domain confers a key technology
advantage over competing
software systems, increases
customer switching costs and
establishes a nascent network
benefit to participants using its
technology.
WHY DO WE OWN IT?
While increasing trade flows
are supportive, customers need
better technology to help them
manage greater supply chain
complexity, comply with more
onerous regulation and address
vociferous competition. WiseTech
is an early leader in an industry
with low penetration of a clear
internet-based technology
solution, making for significant
growth prospects should the
company retain its leading
position in the sphere.
+ 15 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Woolworths Group operates the
largest food retailer in Australia.
It also operates New Zealand’s
second-largest food retailer
Countdown and Australian
discount department store chain
Big W.
WHY DO WE OWN IT?
Woolworths Group is a leading
player in two of the most highly
consolidated food markets
globally in Australia and New
Zealand. This favourable
competitive structure and the
scale advantages afforded by
its extensive store network
have underpinned Woolworths’
industry-leading profit margins.

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+55 %
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Xero is the market leading
provider of cloud-based
accounting software for small-
to medium businesses and their
accountants in New Zealand,
Australia and the UK, with
growing presences in the US and
other markets such as SE Asia
and Africa.
WHY DO WE OWN IT?
Xero’s software is highly rated,
and it continues to pioneer
innovative new functionality to
attract and retain customers. As
a result, Xero has a significant
share of the cloud-based
accounting software market
and is growing subscriber
numbers rapidly. The size of the
ultimate opportunity for Xero is
significant and there are many
years of growth ahead given
the industry is only in the early
stages of migration to the cloud.
With a strong disciplined focus
on costs and cash generation,
Xero’s revenue growth should
translate strongly into earnings
and free cash flow growth in
the future. Xero’s small and
medium-size business customers
globally have been difficult
and expensive to acquire but
the flip side is the customer
base represents a significant
sustainable competitive
advantage.
BARRAMUNDI PORTFOLIO STOCKS CONTINUED
Total share returns in Australian dollar terms sourced from Bloomberg.

DAVID McCL ATCH Y BCom
Chair of Investment Committee
Independent Director
David McClatchy is an experienced company director
who has had extensive investment management
experience across New Zealand and international
markets over the last 35 years. David is a director of
Kingfish, Marlin Global, Trust Investment Management
and on the Board of Guardians of NZ Superannuation.
Before returning to New Zealand in 2019, David
was Group Chief Investment Officer for Insurance
Australia Group and Director and Head of IAG Asset
Management. Prior to this, David had a 16-year
career with ING as Chief Executive and Chair of
ING Investment Management in Australia and Chief
Investment Officer and Director of ING New Zealand.
David’s principal place of residence is Tauranga.
David McClatchy was first appointed to the
Barramundi board on 1 July 2021.
FIONA OLIVER LLB, BA, CFInstD
Independent Director
Fiona Oliver is a professional director, and her
governance roles span a range of business sectors
including renewable energy, natural gas, technology,
and professional and financial services. She is a director
of Kingfish and Marlin Global. Fiona is also a director
(and Audit Committee Chair) of Gentrack Group
Limited and the First Gas Group. She is also a director
of Freightways Limited, Summerset Holdings Limited,
the New Zealand Superannuation Fund and Wynyard
Group Limited (in liquidation). Fiona’s Executive career
was in the financial services sector in New Zealand
and overseas. In New Zealand, her roles included
Chief Operating Officer of Westpac’s investment
arm, BT Funds Management, and General Manager
of AMP NZ’s Wealth Management division. In Sydney
and London, Fiona managed the Risk and Operations
function for AMP’s private capital division. Prior to this,
Fiona was a senior corporate and commercial solicitor in
New Zealand and overseas, specialising in mergers and
acquisitions. Fiona is a Chartered Fellow of the Institute
of Directors and a member of Global Women. Fiona
was awarded the Beacon Award by the New Zealand
Shareholders Association in 2021 for her role as Chair
of the independent directors of Tilt Renewables Limited
during the attempted takeover of this company in
2018. Fiona’s principal place of residence is Auckland.
Fiona Oliver was first appointed to the Barramundi
board on 1 June 2022.
CAROL CAMPBELL BCom, FCA, CFInstD
Chair of Audit and Risk Committee
Independent Director
Carol Campbell is an experienced company director
who has a sound understanding of efficient board
governance and extensive financial experience. Carol is
a director and Chair of the Audit and Risk committees
of Kingfish and Marlin Global, and Chair of the Audit
and Risk committee of Barramundi. Carol also holds
a number of directorships across a broad spectrum of
companies including T&G Global, New Zealand Post,
Chubb Insurance New Zealand and NZME, where she is
also the Chair of the Audit and Risk committees. Carol
is a fellow of both Chartered Accountants Australia and
New Zealand and the Institute of Directors. Carol had
her own chartered accountancy practice for 11 years
after a successful career as a partner at Ernst & Young
for over 25 years. Carol’s principal place of residence is
Auckland.
Carol was first appointed to the Barramundi board on
5 June 2012.
ANDY COUPE LLB, CFInstD
Chair of the Board
Chair of Remuneration and Nominations Committee
Independent Director
Andy Coupe is a professional company director with
a wide range of governance experience. Prior to that
he held senior roles in investment banking, with a
particular focus on equity capital markets. Andy is
Chair of Kingfish and Marlin Global, and is also a
director of Briscoe Group. Andy was formerly Chair of
Television New Zealand, Farmright, Solid Energy New
Zealand and the New Zealand Takeovers Panel. Andy’s
principal place of residence is Hamilton
Andy was first appointed to the Barramundi board on
1 March 2013.
Pictured left to right: David McClatchy, Carol Campbell, Fiona Oliver and Andy Coupe.
BOARD OF DIRECTORS
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FOR THE YEAR ENDED 30 JUNE 2023 AND CURRENT AS AT THE DATE OF
THIS ANNUAL REPORT
CORPOR ATE
GOVERNANCE STATEMENT
Barramundi’s board recognises the importance of good
corporate governance and is committed to ensuring that
the Company meets best practice governance principles
to the extent that they are appropriate for the nature of
Barramundi’s operations. Strong corporate governance
practices encourage the creation of value for Barramundi
shareholders, while ensuring the highest standards of
ethical conduct and providing accountability and control
systems commensurate with the risks involved.
The board is responsible for establishing and
implementing the Company’s corporate governance
frameworks and is committed to fulfilling this role in
accordance with best practice, having appropriate
regard to applicable laws, the NZX Corporate
Governance Code (“NZX Code”), and the Financial
Markets Authority’s Corporate Governance in New
Zealand - Principles and Guidelines. The board oversees
the management of Barramundi, with the day-to-day
portfolio and administrative management responsibilities
of Barramundi being delegated to Fisher Funds
Management Limited (“Fisher Funds” or “the Manager”).
This Corporate Governance Statement reports against
the NZX Code which came into effect on 17 June
2022. A revised NZX Code recently came into effect for
financial years commencing on or after 1 April 2023 and
Barramundi will report on that basis in its next Annual
Report.
Over the financial year ended 30 June 2023,
Barramundi was in compliance with the NZX Code,
with the exception of recommendations 4.3
1
and
5.3
2
. The Company is not in compliance with those
recommendations due to the specific nature of the
Company’s business model and more particularly for the
reasons explained below in the commentary regarding
the relevant NZX Code principles. The alternative
governance practices adopted by Barramundi in respect
of those matters have the approval of the board.
The Company’s corporate governance policies and
procedures and board and committee charters, are
regularly reviewed by the board against the corporate
governance standards set by NZX Limited (“NZX”) and
to reflect any changes required by law, guidance from
other relevant regulators, and developments in corporate
governance practices.
Barramundi’s constitution and each of the Company’s
charters, codes, and policies referred to in this section
are available on the Barramundi website
(barramundi.co.nz) under the “About Barramundi” and
“Policies” sections.
Principle 1 – Code of ethical behaviour
Directors should set high standards of ethical
behaviour, model this behaviour, and hold
management accountable for these standards being
followed throughout the organisation.
CODE OF ETHICS & STANDARDS OF
PROFESSIONAL CONDUCT
Barramundi’s Code of Ethics & Standards of Professional
Conduct details the ethical and professional behavioural
standards required of the directors of the Company
and those employees of the Manager who work on
Barramundi matters.
The Code of Ethics & Standards of Professional Conduct
covers a wide range of areas including: standards of
behaviour, conflicts of interest, proper use of Company
information and assets, compliance with laws and
policies, reporting concerns, and receiving gifts.
Any person who becomes aware of a breach or
suspected breach of the Code of Ethics & Standards
of Professional Conduct is required to report it
immediately in accordance with the procedure set
out in the Code of Ethics & Standards of Professional
Conduct.
Compliance with the Code of Ethics & Standards of
Professional Conduct is monitored through education
and notification by individuals who become aware of
any breach.
Training on the requirements of the Code of Ethics
& Standards of Professional Conduct is included as
part of the induction process for new directors and
relevant new employees of the Manager, and there is
regular training on the requirements of the Code of
Ethics & Standards of Professional Conduct for existing
directors and relevant employees of the Manager.
The Code of Ethics & Standards of Professional
Conduct is available on Barramundi’s website for
directors of the Company and employees of the
Manager to access at any time.
SECURITIES TRADING POLICY
Barramundi’s Securities Trading Policy details the
restrictions on persons nominated by Barramundi
(including its directors and employees of the Manager
who work on Barramundi matters) (“Nominated
Persons”) relating to their trading in Barramundi shares
and other securities.
1
Barramundi does not have a formal environmental, social, and governance (ESG) framework. However, the Manager has a
formal ESG framework which governs its stock selection, which the board is fully supportive of and committed to.
2
There is no CEO remuneration disclosure as Barramundi delegates its management personnel requirements to Fisher Funds
pursuant to an Administration Services Agreement and does not have its own CEO.
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Nominated Persons, with the permission of the board
of Barramundi, may trade in Barramundi shares only
during the trading window commencing immediately
after Barramundi’s weekly disclosure of its net asset
value on NZX’s market announcement platform and
ending at the close of trading two days following the
net asset value disclosure.
Nominated Persons may not trade in Barramundi shares
when they have price sensitive information that is not
publicly available.
The Securities Trading Policy is available on
Barramundi’s website.
Principle 2 – Board composition and
performance
To ensure an effective board, there should be
a balance of independence, skills, knowledge,
experience, and perspectives.
BOARD CHARTER
Barramundi’s board operates under a written
charter which defines the respective functions and
responsibilities of the board, focusing on the values,
principles, and practices that provide the Company’s
corporate governance framework.
The board has overall responsibility for all decision
making within Barramundi. The board is responsible
for the direction and control of Barramundi and
is accountable to shareholders and others for
Barramundi’s performance and its compliance with
the applicable laws and standards. The board has
delegated the day-to-day portfolio and administrative
management responsibilities relating to Barramundi
to the Manager. The responsibilities of the Manager
are clear as they are described in the Management
Agreement and Administration Services Agreement
with Barramundi.
The board uses committees to address certain
matters that require detailed consideration. The board
retains ultimate responsibility for the function of its
committees and determines their responsibilities.
The board is assisted in meeting its responsibilities by
receiving regular reports and plans from the Manager
and through its annual work programme.
Directors have access to key employees of the Manager
who are connected to the activities of Barramundi and
can request any information they consider necessary for
informed decision making.
The Board Charter is available on Barramundi’s website.
NOMINATION AND APPOINTMENT
OF DIRECTORS
In accordance with Barramundi’s constitution and NZX
Listing Rules, a director must not hold office without
re-election past the third annual shareholders’ meeting
following his or her appointment or three years
(whichever is the longer). A director appointed by the
board must not hold office (without re-election) past
the next annual shareholders’ meeting following his or
her appointment.
Procedures for the nomination, appointment, and
removal of directors are contained in Barramundi’s
constitution and the Board Charter. The Remuneration
and Nominations Committee of the board is
responsible for identifying and nominating candidates
to fill director vacancies for board approval.
WRITTEN AGREEMENT
Barramundi provides a letter of appointment to
each newly appointed director setting out the terms
of their appointment which they are required to
sign. The letter includes information regarding the
board’s responsibilities, expectations of directors and
independence, expected time commitments, indemnity
and insurance provisions, obligations to declare relevant
conflicting interests, and confidentiality. New directors
are required to formally consent to act as a director.
DIRECTOR INFORMATION AND
INDEPENDENCE
The board comprises four directors with diverse
backgrounds, skills, knowledge, experience, and
perspectives. Information about each director,
including a profile of their experience, length of service,
independence, and attendance at board meetings is
available on pages 27 and 30 of this Annual Report and
also on Barramundi’s website.
The board takes into account guidance provided under
the NZX Listing Rules including the factors specified
in the NZX Code in determining the independence of
directors. Director independence is considered annually.
Directors have undertaken to inform the board as soon
as practicable if they think their status as an independent
director has or may have changed.
As at 30 June 2023, the board considers that each of
Andy Coupe (Chair), Carol Campbell, David McClatchy,
and Fiona Oliver are independent directors and therefore
the board has determined that all of the directors on the
board are independent directors.
Information in respect of each director’s ownership
interests in Barramundi shares is available on page 60.
DIVERSITY
Barramundi has a formal Diversity and Inclusion Policy
applicable to the Company’s directors. The board views
diversity as including, but not being limited to, skills,
qualifications, experience, gender, race, age, ethnicity,
and cultural background. The board recognises that
having a diverse and inclusive board will enhance
effectiveness in key areas and that membership of the
board is best served by having a mix of individuals with
appropriate expertise and a breadth of experience, who
are each encouraged to regularly contribute their views.
This objective is recognised in the Diversity and Inclusion
Policy.
All appointments to the board are based on merit, and
include consideration of the board’s diversity needs,
including gender diversity. The principal measurable
diversity objective adopted by the board is to embed
gender diversity as an active consideration in all
succession planning for board positions. The board
assesses annually both the objective set out in the
Diversity and Inclusion Policy and the Company’s
progress in achieving that objective.
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The board’s gender composition as at the two most
recent annual balance dates was as follows:
NumberProportion
2023FemaleMaleFemaleMale
Directors2250%50%
NumberProportion
2022FemaleMaleFemaleMale
Directors2250%50%
The board is comprised of four individuals who have
a wide range of skills, knowledge and corporate
experience in the financial services sector. The board
recognises that having a diverse board will assist it in
effectively carrying out its role and that its membership
is best served by having a mix of individuals with
appropriate expertise and a breadth of experience.
The board reviews its diversity in terms of skills,
qualifications, experience, gender, race, age, ethnicity, and
cultural background. The Remuneration and Nominations
Committee’s annual assessment of the board’s diversity
concluded that the board had met the diversity objectives
set out in the Diversity and Inclusion Policy.
The Diversity and Inclusion Policy is available on
Barramundi’s website.
DIR ECTOR TR A INING
All directors are responsible for ensuring they remain
current in understanding how best to perform their
duties as directors. To ensure ongoing education,
directors are regularly informed of developments
that affect the Company’s industry and business
environment.
ASSESSMENT OF DIRECTOR
PERFORMANCE
The Remuneration and Nominations Committee
conducts a formal review of director, committee, and
board performance annually. The review includes
an assessment of whether appropriate training has
been undertaken by directors. Appropriate strategies
for improvement are recommended to the board as
and when required. The Chair of the board also has
discussions with directors on individual performance as
considered appropriate.
INDEPENDENT CH A IR AND
SEPARATION OF THE CHAIR AND
CHIEF EXECUTIVE
The current Chair of the board is an independent
director. Barramundi does not have a Chief Executive
Officer as it delegates its management personnel
requirements to the Manager pursuant to an
Administration Services Agreement. The Chair of the
board is a different person to the Chief Executive Officer
of the Manager.
Principle 3 – Board committees
The board should use committees where this will
enhance its effectiveness in key areas, while still
retaining board responsibility.
The board has three standing committees: the
Audit and Risk Committee, the Remuneration
and Nominations Committee, and the Investment
Committee.
Each committee operates under a charter approved by
the board. The charter of each committee is reviewed
annually.
DIRECTOR MEETING ATTENDANCE
A total of nine board meetings, two Audit and
Risk Committee meetings, one Remuneration and
Nominations Committee meeting, and two Investment
Committee meetings were held in the financial year
ended 30 June 2023. Director attendance at board
meetings and committee meetings is shown below.
DirectorBoard
Audit and
Risk
Committee
Remuneration
and
Nominations
Committee
Investment
Committee
Carol
Campbell
9/92/21/12/2
Andy
Coupe
9/92/21/12/2
David
McClatchy
9/92/21/12/2
Fiona
Oliver
9/92/21/12/2
AUDIT AND RISK COMMITTEE
The Audit and Risk Committee Charter sets out the
objectives of the Audit and Risk Committee, which
are to provide assistance to the board in fulfilling its
responsibilities in relation to the Company’s financial
reporting, internal controls structure, risk management
systems, and the external audit function. The Audit and
Risk Committee Charter is available on Barramundi’s
website.
The Audit and Risk Committee focuses on audit and risk
management and specifically addresses responsibilities
relative to financial reporting and regulatory compliance.
The Audit and Risk Committee is accountable for ensuring
the performance and independence of the Company’s
external auditor, including that the external auditor or lead
audit partner is changed at least every five years.
The Audit and Risk Committee also reviews the
appropriateness of any non-audit services and
recommends to the board which services, other
than the statutory audit, may be provided by
PricewaterhouseCoopers as external auditor.
The external auditor has a clear line of direct
communication at any time with either the Chair of the
Audit and Risk Committee or the Chair of the board, both
of whom are independent directors. During the financial
year ended 30 June 2023, the Audit and Risk Committee
held private sessions with the external auditor.
CORPORATE GOVERNANCE STATEMENT CONTINUED
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The Audit and Risk Committee currently comprises all
of the directors, each of whom are considered to be
independent, and is chaired by Carol Campbell.
The Audit and Risk Committee may invite the Corporate
Manager and/or other employees of the Manager and
such other persons, including the external auditor, to
attend meetings as it considers necessary to provide
appropriate information and explanations.
REMUNER ATION AND NOMINATIONS
COMMIT TEE
The Remuneration and Nominations Committee
Charter sets out the objectives of the Remuneration and
Nominations Committee, which are to set and review
the level of directors’ remuneration, ensure a formal
rigorous and transparent procedure for the appointment
of new directors to the board, and evaluate the balance
of skills, knowledge, and experience on the board. The
Remuneration and Nominations Committee also assesses
the performance of individual directors, the board, and
board committees.
The Remuneration and Nominations Committee currently
comprises all of the directors, each of whom are
considered to be independent. Andy Coupe is Chair of the
Remuneration and Nominations Committee.
The Remuneration and Nominations Committee may
invite the Corporate Manager and/or other employees
of the Manager and such other persons, including the
external auditor, to attend meetings as it considers
necessary to provide appropriate information and
explanations.
The Remuneration and Nominations Committee Charter is
available on Barramundi’s website.
INVESTMENT COMMITTEE
The Investment Committee Charter sets out the
objective of the Investment Committee, which is to
oversee the investment management of Barramundi
to ensure the portfolio is managed in accordance
with the investment mandate and with the long-term
performance objectives of Barramundi. The Investment
Committee Charter is available on Barramundi’s website.
The Investment Committee currently comprises all
of the directors, each of whom are considered to
be independent. David McClatchy is Chair of the
Investment Committee.
TAKEOVER RESPONSE PROTOCOLS
The board has adopted a formal Takeover Response
Protocol as an internal framework that sets out the
process to be followed if there is a takeover offer for
Barramundi.
Principle 4 – Reporting and disclosure
The board should demand integrity in financial and
non-financial reporting, and in the timeliness and
balance of corporate disclosures.
CONTINUOUS DISCLOSURE
Barramundi is committed to promoting investor
confidence by providing complete and equal access
to information in accordance with the NZX Listing
Rules. Barramundi has a Continuous Disclosure Policy
designed to ensure this occurs and a copy of the policy
is available on Barramundi’s website. The Corporate
Manager is responsible for overseeing and co-
ordinating required disclosures to the market.
CHARTERS AND POLICIES
Barramundi’s key corporate governance documents,
including its Code of Ethics & Standards of Professional
Conduct, board and committee charters, and other
policies, are available on Barramundi’s website under
the “About Barramundi” and “Policies” sections.
FINANCIAL REPORTING
Barramundi believes its financial reporting is balanced,
clear, and objective. Barramundi is committed to
ensuring integrity and timeliness in its financial and
non-financial reporting and ensuring the market and
shareholders are provided with an objective view on
the performance of the Company.
The Audit and Risk Committee oversees the quality
and integrity of external financial reporting, including
the accuracy, completeness, and timeliness of financial
statements. The Audit and Risk Committee reviews
half-yearly and annual financial statements and
makes recommendations to the board concerning
accounting policies, areas of judgement, compliance
with accounting standards, stock exchange and legal
requirements, and the results of the external audit.
ESG FRAMEWORK
The NZX Code recommends that environmental,
economic, and social sustainability factors and
practices are included in its non-financial disclosures.
As at 30 June 2023, Barramundi did not have a
formal environmental, social, and governance (ESG)
framework. Barramundi considers that, given the
nature of its operations (as an investment company),
it is not appropriate to maintain an ESG framework
due to the lack of available metrics relevant to its
business against which it could report on such
matters. Barramundi will continue to assess the
relevance of adopting an ESG framework. However,
the Manager has a formal ESG framework which
governs its stock selection, which the Barramundi
board is fully supportive of and committed to. Details
of the Manager’s ESG framework can be seen on
the Manager’s website at www/fisherfunds.co.nz/
responsible-investing.
CLIMATE RELATED DISCLOSURES
The Financial Sector (Climate-related Disclosures and
Other Matters) Amendment Act 2021 received royal
assent in October 2021. This legislation introduces a
new financial reporting requirement which requires
certain entities, known as Climate Reporting Entities
(CREs), to produce annual climate statements that
identify and report on the impact of climate change
on their organisations and disclose greenhouse gas
emissions. It will impact the reporting of most NZX
listed issuers such as Barramundi.
The New Zealand External Reporting Board (XRB)
has developed the Aotearoa New Zealand Climate
Standards, which were finalised at the end of 2022
and apply to Barramundi’s current financial year (being
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the financial year ending 30 June 2024) because it
commenced after 1 January 2023. These standards
are based on the recommendations of the Taskforce
on Climate-related Financial Disclosures (TCFD) and
are consistent with international developments.
Barramundi is committed to reporting on a basis
consistent with the new standards to the extent
applicable to its business.
The Barramundi board will determine the appropriate
climate risk reporting for Barramundi, in accordance
with the new standards.
Principle 5 – Remuneration
The remuneration of directors and executives
should be transparent, fair, and reasonable.
DIRECTORS’ REMUNERATION
The Company’s Director Remuneration Policy sets
out the structure of the remuneration for directors,
the review process, and reporting requirements.
The Director Remuneration Policy is available on
Barramundi’s website.
Directors’ fees are determined by the board on
the recommendation of the Remuneration and
Nominations Committee within the aggregate amount
approved by shareholders. The current directors’ fee
pool limit of $157,500 (plus GST if any) was approved
by shareholder resolution passed at the 2018 Annual
Shareholders’ Meeting.
Each year, the Remuneration and Nominations
Committee reviews the level of directors’ fees. The
Remuneration and Nominations Committee considers
the skills, performance, experience, and level of
responsibility of directors when undertaking the review,
and is authorised to obtain independent advice on
market conditions.
The following table sets out the remuneration received
by each director from Barramundi for the financial
year ended 30 June 2023. No director received fees or
payment for any other services to the Company. No
retirement payments were made or agreed to be made to
any director during the financial year ended 30 June 2023.
Directors’ remuneration* for the 12 months
ended 30 June 2023
Andy Coupe (Chair)$50,000
(1)
Carol Campbell $ 37, 5 0 0
(2)
David McClatchy$ 37, 5 0 0
(3)
Fiona Oliver$32,500
(4)
* excludes GST
(1)
$5,000 of this amount was applied to the purchase
of 5,860 shares under the Barramundi Share Purchase
Plan. (Andy Coupe holds in excess of the 50,000 share
threshold set out in the Barramundi Share Purchase Plan
but has elected to continue in the plan.)
(2)
Included in this total amount is $5,000 that Carol
Campbell received as Chair of the Audit and Risk
Committee. $3,750 of this amount was applied to the
purchase of 4,375 shares under the Barramundi Share
Purchase Plan. (Carol Campbell holds in excess of the
50,000 share threshold set out in the Barramundi Share
Purchase Plan but has elected to continue in the plan.)
(3)
Included in this total amount is $5,000 that David
McClatchy received as the Chair of the Investment
Committee. $3,750 of this amount was applied to the
purchase of 4,410 shares under the Barramundi Share
Purchase Plan.

(4)
$3,250 of this amount was applied to the purchase of
3,770 shares under the Barramundi Share Purchase Plan.
Details of remuneration paid to directors are also
disclosed in note 4 to the financial statements for the
financial year ended 30 June 2023. The directors’ fees
disclosed in the financial statements include a portion
of non-recoverable GST expensed by Barramundi.
DIRECTORS’ SHAREHOLDING -
SHARE PURCHASE PLAN
The Barramundi Share Purchase Plan was introduced
by the board in 2012 which requires each director
to allocate 10% of their annual director’s fees to
the purchase (on market) of Barramundi shares.
Once an individual director’s shareholding reaches
50,000 shares, the director can elect whether or not
to continue in the plan. The intention of the Share
Purchase Plan is to further align the interests of
directors with those of Barramundi shareholders.
EXECUTIVE REMUNERATION
Barramundi delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement. For this reason,
Barramundi does not have a Chief Executive Officer and
it does not consider it appropriate to make disclosures
about remuneration for the Manager’s personnel
or include those personnel in the application of the
Company’s remuneration policies. Barramundi does
not set the remuneration policies applicable to the
Manager’s personnel. The fees paid to Fisher Funds
for administration services are set out in note 4 to
Barramundi’s financial statements for the financial year
ended 30 June 2023.
Principle 6 – Risk management
Directors should have a sound understanding of
the material risks faced by the issuer and how to
manage them. The board should regularly verify
that the issuer has appropriate processes that
identify and manage potential and material risks.
RISK MANAGEMENT FRAMEWORK
The board has overall responsibility for Barramundi’s
system of risk management and internal control.
Barramundi has in place policies and procedures to
identify areas of significant business risk and implements
procedures to manage those risks effectively.
Key risk management tools used by Barramundi include
the Audit and Risk Committee function, outsourcing of
certain functions to service providers, internal controls,
financial and compliance reporting procedures and
processes, and business continuity planning. Barramundi
also maintains insurance policies that it considers
adequate to meet its insurable risks.
The board is actively involved in tracking the
development of existing risks and the emergence of
new risks to Barramundi’s business. The Audit and Risk
Committee and board receive regular reports on the
CORPORATE GOVERNANCE STATEMENT CONTINUED
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operation of risk management policies and procedures
from the Manager. As part of the robust risk assessment
process, significant risks are discussed at each board
meeting, and/or as required. A full risk assessment
report, including the action plan for mitigating risks, is
provided at all Audit and Risk Committee meetings.
In addition to Barramundi’s policies and procedures
in place to manage business risks, the Manager has
its own comprehensive risk management policy. The
board is informed of any changes to the Manager’s risk
management policies.
During Barramundi’s 2023 financial year, global stock
markets (including the Australian share market in which
Barramundi invests) experienced renewed market
volatility due to recession concerns, rapidly rising interest
rates in response to inflation, and the ongoing political
uncertainty in Europe (Ukraine/Russia conflict).
The preparation of Barramundi’s financial statements for
the financial year ended 30 June 2023 has not required
the addition of any new judgements or estimates.
Barramundi provides shareholders and warrant holders
with regular communications covering the performance
of the Company and of the underlying stocks invested
in by the Company. These types of communications
include monthly updates, quarterly newsletters, and
annual reports. Numerous NZX announcements are
also made, including weekly and month-end NAV per
share updates, as well as interim and annual financial
statements.
HEALTH AND SAFETY
The Manager operates under a Health and Safety
Policy. Under this policy, Fisher Funds assumes
responsibility for the health and safety of its
employees.
Principle 7 – Auditors
The board should ensure the quality and
independence of the external audit process.
Barramundi’s Audit and Risk Committee makes
recommendations to the board on the appointment
of the external auditor. The Audit and Risk Committee
monitors the independence and effectiveness of the
external auditor and approves and reviews any non-audit
services performed by the external auditor. An External
Auditor Independence Policy, which documents the
framework of Barramundi’s relationship with its external
auditor, was adopted by the board in 2018. This policy
includes procedures:
(a) to sustain communication with Barramundi’s external
auditor;
(b) to ensure that the ability of the external auditor to
carry out its statutory audit role is not impaired, or
could reasonably be perceived to be impaired;
(c) to address what, if any, services (whether by type
or level) other than its statutory audit roles may be
provided by the external auditor to Barramundi; and
(d) to provide for the monitoring and approval by the
Audit and Risk Committee of any service provided by
the external auditor to Barramundi other than in its
statutory audit role.
The Audit and Risk Committee meets with the external
auditor, without representatives of the Manager present,
to approve its terms of engagement, audit partner
rotation (at least every five years), and the audit fee, as
well as to review and provide feedback in respect of the
annual audit plan.
Barramundi’s current external auditor,
PricewaterhouseCoopers (“PwC”), was appointed by
shareholders at the 2007 annual meeting in accordance
with the provisions of the Companies Act 1993.
PwC is automatically reappointed as auditor under
Part 11, Section 207T of the Companies Act at the
Annual Shareholders’ Meeting, except in the limited
circumstances set out in the Act.
The Audit and Risk Committee has assessed PwC to be
independent and confirmed that the non-audit services
it has provided in relation to confirming the amounts
used in the Manager’s performance fee calculation
have not compromised PwC’s independence. Written
confirmation of PwC’s independence has been obtained
by the board.
PwC, as external auditor of Barramundi’s 2023 financial
statements, will attend this year’s Annual Shareholders’
Meeting and will be available to answer questions about
the conduct of the audit, preparation and content of
the auditor’s report, accounting policies adopted by
Barramundi, and its independence in relation to the
conduct of the audit.
Barramundi does not have an internal audit function,
however the Company regularly reviews all areas of
risk management and focuses on all operating and
compliance risk obligations as described above in relation
to Principle 6. Barramundi delegates day-to-day portfolio
and administrative management responsibilities relating
to Barramundi to the Manager, and the Corporate
Manager is responsible for managing operational and
compliance risks across Barramundi’s business and
reporting on those matters to the board as needed.
Principle 8 – Shareholder rights and relations
The board should respect the rights of shareholders
and foster constructive relationships with
shareholders that encourage them to engage with
the issuer.
INFORMATION FOR SHAREHOLDERS
The board recognises the importance of providing
shareholders with comprehensive, timely, and equal
access to information about its activities. The board
aims to ensure that shareholders have available to
them all information necessary to assess Barramundi’s
performance.
Barramundi’s website, barramundi.co.nz, provides
information to shareholders and investors about
the Company. Barramundi’s ‘Investor Centre’ part
of its website contains a range of information,
including periodic and continuous disclosures to NZX,
annual reports, and content related to the Annual
Shareholders’ Meeting. The website also contains
information about Barramundi’s directors, copies of
key corporate governance documents, and general
company information.
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The board recognises that other stakeholders may have
an interest in Barramundi’s activities. While there are
no specific stakeholders’ interests that are currently
identifiable, Barramundi will continue to review policies
in consideration of future interests.
COMMUNICATING W ITH
SHAREHOLDERS
Barramundi communicates regularly with its
shareholders through its monthly and quarterly
updates. The Company receives questions from
shareholders from time to time, and has processes
in place to ensure shareholder communications are
responded to within a reasonable timeframe. The
Company’s website sets out Barramundi’s appropriate
contact details for communications from shareholders.
Barramundi also provides options for shareholders
to receive and send communications by post or
electronically.
SHAREHOLDER VOTING RIGHTS
When required by the Companies Act 1993,
Barramundi’s Constitution, and the NZX Listing Rules,
Barramundi will refer decisions to shareholders for
approval. Barramundi’s policy is to conduct voting at its
shareholder meetings by way of poll and on the basis
of one share, one vote.
NOTICE OF ANNUAL MEETING
The 2023 Barramundi Notice of Annual Shareholders’
Meeting will be sent to shareholders at least 20 working
days prior to the meeting and will be published on
Barramundi’s website.
Subject to any COVID-19 or similar restrictions which
prevent the Company from holding a physical meeting,
this year’s Annual Shareholders’ Meeting will be held
at 10.30am on 13 October 2023, at the Ellerslie Event
Centre in Auckland, and online. Full participation of
shareholders is encouraged at the Annual Shareholders’
Meeting and shareholders are also encouraged to submit
questions in writing prior to the meeting if they are
unable to attend either form of the meeting.
MANAGEMENT AGREEMENT
RENEWAL
The Management Agreement between Barramundi
and Fisher Funds is subject to renewal every five
years. The Management Agreement is next subject
to renewal in October 2026.
NZX WAIVERS
There were no waivers granted by NZX or relied upon
by the Company in the financial year ended 30 June
2023.
CAPITAL RAISINGS
Barramundi Share Issue (Warrant Conversion
BRMWF)
On 16 May 2022, Barramundi issued 66,682,342
warrants to eligible shareholders. On 26 May 2023
(the “Exercise Date”), Barramundi warrant holders
had the option to convert their warrants into ordinary
Barramundi shares at an exercise price of $0.83 per
warrant. On the Exercise Date, 77,531 warrants were
converted into Barramundi ordinary shares, with new
shares being allotted to the relevant warrant holders on
31 May 2023.
The remaining 66,604,811 warrants which were not
exercised lapsed, and all rights in regards to them
expired.
The funds received through the exercise of the warrants
were invested in Barramundi’s then current investment
portfolio of stocks.
CORPORATE GOVERNANCE STATEMENT CONTINUED
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We present the financial statements for Barramundi Limited for the year ended 30 June 2023.
We have ensured that the financial statements for Barramundi Limited present fairly the financial position of the
Company as at 30 June 2023 and its financial performance and cash flows for the year ended on that date.
We have ensured that the accounting policies used by the Company comply with generally accepted accounting
practice in New Zealand and believe that proper accounting records have been kept. We have ensured
compliance of the financial statements with the Financial Markets Conduct Act 2013.
We also consider that adequate controls are in place to safeguard the Company’s assets and to prevent and
detect fraud and other irregularities.
The Barramundi board authorised these financial statements for issue on 21 August 2023.
Andy Coupe Carol Campbell
David McClatchy Fiona Oliver
FOR THE YEAR ENDED 30 JUNE 2023
DIRECTORS’ STATEMENT
OF RESPONSIBILITY
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FINANCIAL
STATEMENTS CONTENTS
37 Statement of Comprehensive Income
38 Statement of Changes in Equity
39 Statement of Financial Position
40 Statement of Cash Flows
41 Notes to the Financial Statements
55 Independent Auditor’s Report
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
NOTES 2023 2022
$000$000
Interest income 167 14
Dividend income 3,830 3,658
Net changes in fair value of investments 2 39,569 (36,432)
Other income3 13 129
Total income/(loss) 43,579 (32,631)
Operating expenses4 4,15 4 2,521
Net profit/(loss) before tax 39,425 (35,152)
Total tax expense/(benefit)5 1,091 (507)
Net profit/(loss) after tax attributable to shareholders 38,334 (34,645)
Total comprehensive income/(loss) after tax attributable to shareholders 38,334 (34,645)
Basic earnings/(losses) per share7 14 .15 c (13.99c)
Diluted earnings/(losses) per share7 14 .15 c (13.99c)
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY
NOTES
SHARE
CAPITAL
(ACCUMULATED
DEFICITS)/
R E TAINED
EARNINGS
TOTAL
EQUIT Y
$000$000$000
Balance at 1 July 2021 169,434 16,257 185,691
Comprehensive loss
Net loss after tax - (34,645) (34,645)
Total comprehensive loss for the
year ended 30 June 2022
- (34,645) (34,645)
Transactions with shareholders
Shares issued for warrants exercised
(net of exercise costs)
6 (c) 30,693 - 30,693
Warrant issue costs6 (c) (13) - (13)
Dividends paid6 (d) - (16,825) (16,825)
New shares issued under dividend reinvestment plan6 (e) 5,776 - 5,776
Total transactions with shareholders for the
year ended 30 June 2022 36,456 (16,825) 19,631
Balance at 30 June 2022 205,890 (35,213) 170,677
Comprehensive income
Net profit after tax - 38,334 38,334
Total comprehensive profit for the year ended
30 June 2023 - 38,334 38,334
Transactions with shareholders
Shares issued for warrants exercised
(net of exercise costs)
6 (c) 56 - 56
Warrant issue costs6 (c) (3) - (3)
Dividends paid6 (d) - (14,970) (14,970)
New shares issued under dividend reinvestment plan6 (e) 5,13 8 - 5,13 8
Total transactions with shareholders for the
year ended 30 June 2023
5,191 (14,970) (9,779)
Balance at 30 June 2023 211,081 (11,8 49) 199,232
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
NOTES 2023 2022
$000$000
SHAREHOLDERS' EQUITY199,232170,677
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 10 5,859 2,576
Trade and other receivables 8 551 1,483
Financial assets at fair value through profit or loss 2 194,696 167,114
Current tax receivable5 97 97
Total Current Assets 201,203 171,270
Non-current Assets
Deferred tax asset5 11 1,078
Total Non-current Assets 11 1,078
TOTAL ASSETS 201,214 172,348

LIABILITIES
Current Liabilities
Trade and other payables 9 1,114 1,516
Financial liabilities at fair value through profit or loss2 868 155
Total Current Liabilities 1,982 1,671
TOTAL LIABILITIES 1,982 1,671
NET ASSETS 199,232 170,677
These financial statements have been authorised for issue for and on behalf of the Board by:
R A Coupe / Chair C A Campbell / Chair of the Audit and Risk Committee
21 August 2023 21 August 2023
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The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
NOTES 2023 2022
$000 $000
Operating Activities
Sale of listed equity investments 39,321 60,372
Interest received 148 14
Dividends received 3,528 3,629
Other income 30 116
Purchase of listed equity investments ( 31,711) (71,757)
Operating expenses (2,350) (6,000)
Taxes paid (25) (43)
Net settlement of forward foreign exchange contracts 4,142 (4,343)
Net cash inflows/(outflows) from operating activities10 13,083 (18,012)

Financing Activities
Shares issued for warrants exercised (net of exercise costs) 56 30,693
Warrant issue costs (3) (13)
Dividends paid (net of dividends reinvested) (9,832) (11, 0 4 9 )
Net cash (outflows)/inflows from financing activities (9,779) 19,631
Net increase in cash and cash equivalents held 3,304 1,619
Cash and cash equivalents at beginning of the year 2,576 949
Effects of foreign currency translation on cash balance (21) 8
Cash and cash equivalents at end of the year10 5,859 2,576
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
NOTE 1 BASIS OF ACCOUNTING
Reporting Entity
Barramundi Limited (“Barramundi” or “the Company”) is listed on the NZX Main Board, is registered
in New Zealand under the Companies Act 1993 and is a FMC Reporting Entity under the Financial
Markets Conduct Act 2013.
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Basis of Preparation
These financial statements have been prepared in accordance with the requirements of Part 7
of the Financial Markets Conduct Act 2013, the NZX Main Board listing rules and New Zealand
Generally Accepted Accounting Practice (NZ GAAP). They comply with New Zealand equivalents
to International Financial Reporting Standards (NZ IFRS) as appropriate to for-profit entities, and
International Financial Reporting Standards (IFRS).
The financial statements have been prepared on the historical cost basis, except for financial assets
and liabilities at fair value through profit or loss.
The functional and reporting currency used to prepare the financial statements is New Zealand
dollars, rounded to the nearest one thousand dollars. Where relevant, prior year comparatives
have been reclassified to conform with current year financial statement presentation. Where there
has been a material restatement of comparative information the nature of, and the reason for the
restatement is disclosed in the relevant notes.
The operating expenses include GST where it is charged by other parties as it cannot be reclaimed.
Foreign Currency Transactions and Translations
Foreign currency transactions are converted into New Zealand dollars using exchange rates
prevailing at transaction date. Foreign currency assets and liabilities are translated into New Zealand
dollars using the exchange rates prevailing at the balance date.
Foreign exchange gains or losses relating to the financial assets and liabilities at fair value through
profit or loss are presented in the Statement of Comprehensive Income within “Net changes in fair
value of financial assets and liabilities”.
Foreign exchange gains and losses relating to cash and cash equivalents, trade and other
receivables, and trade and other payables are presented in the Statement of Comprehensive Income
within “Other income”.
Accounting Policies
Accounting policies that summarise the recognition and measurement basis used and are relevant
to an understanding of the financial statements, are provided throughout the notes to the financial
statements and are designated by a
symbol.
The accounting policies adopted have been consistently applied to all years presented, unless
otherwise stated.
There are no new accounting standards, amendments to standards and interpretations that
have a material impact on these financial statements. The same applies for any new standards,
amendments to standards and interpretations that have been issued but are not yet effective.
Financial Reporting by Segments
The Company operates in a single operating segment, being Australian financial investment.
The Company is managed as a whole and is considered to have a single operating segment. There
is no further division of the Company or internal segment reporting used by the Directors when
making strategic, investment or resource allocation decisions.
There has been no change to the operating segment during the year.
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2023
Critical Judgements, Estimates and Assumptions
The preparation of financial statements requires the directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities,
income and expenses.Judgements are designated by a
j

symbol in the notes to the financial
statements. There were no material estimates or assumptions required in the preparation of these
financial statements.
Authorisation of Financial Statements
The Barramundi Board of Directors authorised these financial statements for issue on 21 August 2023.
No party may change these financial statements after their issue.
NOTE 2 INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
j
Given that the investment portfolio is managed, and performance is evaluated, on a fair value
basis in accordance with a documented investment strategy, Barramundi has classified all of its
investments at fair value through profit or loss.
Investments are initially recognised at fair value and are subsequently revalued to reflect changes
in fair value. Net changes in the fair value of financial assets and liabilities are recognised in the
Statement of Comprehensive Income.
Financial assets at fair value through profit or loss comprise Australian listed equity investment
assets and forward foreign exchange contracts with positive value.
Financial liabilities at fair value through profit or loss comprise forward foreign exchange contracts
with negative value.
Forward foreign exchange contracts can be used as economic hedges for equity investments
against currency risk. They are accounted for on the same basis as those investments and are
recognised at their fair value.
All purchases and sales of investments are recognised at trade date, which is the date the
Company commits to purchase or sell the investment and transaction costs are expensed as
incurred. When an investment is sold, any gain or loss arising on the sale is included in the
Statement of Comprehensive Income. Realised gains or losses are calculated as the difference
between the sale proceeds and the carrying amount of the item.
The fair value of listed equity investments traded in active markets are based on last sale prices at
balance date, except where the last sale price (which may have been prior to balance date) falls
outside the bid-ask spread at close of business on balance date for a particular investment, in
which case the bid price will be used to value the investment.
The fair value of forward foreign exchange contracts is determined by using valuation techniques
based on spot exchange rates and forward points supplied by a reputable pricing vendor.
Dividend income from investments is recognised in the Statement of Comprehensive Income when
the Company’s right to receive payments is established (ex-dividend date).
Investments recognised at fair value are categorised according to a fair value hierarchy that shows
the extent of judgement used in determining their fair value. Where unadjusted quoted prices
are used in an active market, the investments are categorised as Level 1. When significant inputs
derived from observable market data are used, the investments are categorised as Level 2. If
significant inputs are not based on observable market data, they are categorised as Level 3.
j
All listed equity investments held by Barramundi are categorised as Level 1 and all forward
foreign exchange contracts are classified as Level 2 in the fair value hierarchy. There have been no
transfers between levels of the fair value hierarchy during the year (2022: none).
There were no financial instruments classified as Level 3 at 30 June 2023 (2022: none).
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20232022
Investments at Fair Value through Profit or Loss$000$000
Financial Assets:
Australian listed equity investments 193,916 166,205
Forward foreign exchange contracts 780 909
Total financial assets at fair value through profit or loss 194,696 167,114
Financial Liabilities:
Forward foreign exchange contracts 868 155
Total financial liabilities at fair value through profit or loss 868 155

Net Changes in Fair Value of Investments
Australian listed equity investments 38,805 (38,225)
Foreign exchange (losses)/gains on Australian listed equity investments (2,537) 5,514
Gains/(losses) on forward foreign exchange contracts 3,301 (3,721)
Net changes in fair value of investments through profit or loss 39,569 (36,432)
The notional value of forward foreign exchange contracts held at 30 June 2023 was
$136,698,280 (2022: $120,648,922).
NOTE 3 OTHER INCOME
20232022
$000$000
Miscellaneous income 34 -
Foreign exchange (losses)/gains on cash and cash equivalents and
outstanding settlements
(21) 129
Total other income 13 129
NOTE 4 OPER ATING EXPENSES
20232022
$000$000
Management fee (note 11(a)(i)) 2,394 1, 511
Performance fee (note 11(a)(i)) 801 -
Administration services (note 11(a)(i)) 159 159
Directors' fees (note 11(b)) 180 187
Custody, accounting and brokerage 176 267
Investor relations and communications 155 156
NZX fees 76 59
Professional fees 43 43
Fees paid to the auditor:
Statutory audit and review of financial statements 51 48
Non-assurance services
1
4 -
Regulatory fees 48 24
Other operating expenses 67 67
Total operating expenses 4 ,15 4 2,521
1
Non-assurance services relate to agreed upon procedures performed in respect of the performance fee
calculation. No other fees were paid to the auditor.
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2023
NOTE 5 TAXATION
Barramundi is a Portfolio Investment Entity (“PIE”) for tax purposes.
Taxation expense comprises both current and deferred tax. Current tax is the expected tax payable
on the taxable income for the year, using tax rates enacted or substantively enacted at balance
date, and any adjustment to tax payable in respect of previous years. Current tax for current and
prior periods is recognised as a liability or asset to the extent that it is unpaid (or refundable).
Deferred tax (if any) is recognised as the difference between the carrying amounts of assets and
liabilities in the financial statements and the amounts used for taxation purposes. A deferred tax
asset is only recognised to the extent it is probable it will be utilised.
20232022
$000$000
Taxation expense is determined as follows:
Net profit/(loss) before tax 39,425 (35,152)
Non-taxable realised gain on financial assets and liabilities (13,745) (17, 3 6 4)
Non-taxable unrealised (gain)/loss on financial assets and liabilities (22,412) 50,084
Fair Dividend Rate income 762 690
Exempt dividends subject to Fair Dividend Rate (58) (57)
Imputation credits 63 105
Non-deductible expenses and other (2) 215
Forfeit of foreign tax credits 89 43
Taxable income/(loss for tax purposes) 4 ,122 (1,436)
Tax at 28% 1,15 4 (402)
Imputation credits (63) (105)
Total tax expense/(benefit) 1,091 (507)
Taxation expense/(benefit) comprises:
Current tax - -
Deferred tax 1,066 (517)
Forfeit of tax credits 25 10
Total tax expense/(benefit) 1,091 (507)
Current tax balance
Opening balance 97 64
Tax paid - 33
Current tax receivable 97 97
Deferred tax balance
Opening balance 1,078 560
Accrued dividends (28) (7)
Current year losses (1,039) (525)
Deferred tax asset 11 1,078
j
A deferred tax asset is recognised only if it is probable that future tax profits will be available to utilise
against the deferred tax asset.
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Imputation credits
The imputation credits available for subsequent reporting periods total $29,174 (2022: $33,784).
This amount represents the balance of the imputation credit account at the end of the reporting
period, adjusted for imputation credits that will arise from the receipt of dividends recognised as a
receivable at 30 June 2023.
NOTE 6 SHAREHOLDERS’ EQUITY
a. Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares and warrants are shown in equity as a deduction.
When shares are acquired by the Company, the amount of consideration paid is recognised
directly in equity. Acquired shares are classified as treasury stock and presented as a deduction
from share capital. When treasury stock is subsequently sold or reissued, the cost of treasury
stock is reversed and the realised gain or loss on sale or reissue, net of any directly attributable
incremental transaction costs, is recognised within share capital.
Barramundi has 275,960,204 fully paid ordinary shares on issue (2022: 268,464,628). All ordinary
shares rank equally and have no par value. All shares carry an entitlement to dividends and one vote
is attached to each fully paid ordinary share.
b. Buybacks
Barramundi maintains an ongoing share buyback programme. For the year ended 30 June 2023,
Barramundi did not acquire any shares (2022: nil) under the programme which allows up to 5%
of the ordinary shares on issue (as at the date 12 months prior to the acquisition) to be acquired.
Shares acquired under the buyback programme are held as treasury stock and subsequently reissued
to shareholders under the dividend reinvestment plan. There were no shares held as treasury stock
at balance date (2022: nil).
c. Warrants
Warrant issue costs of $3,094 (2022: $13,482) were incurred in July 2022, which related to the May
2022 warrant issue.
Warrant exercise costs of $1,265 were incurred in July 2022, this cost is the difference between the
accrual and invoice for the November 2021 warrant exercise.
On 26 May 2023, 77,531 Barramundi warrants valued at $64,351 less issue costs of $9,654 (net
$54,697) were exercised at $0.83 per warrant and the remaining 66,604,811 warrants lapsed.
On 29 October 2021, 48,082,491 warrants valued at $30,772,794 less issue costs of $80,097
(net $30,692,697) were exercised at $0.64 per warrant, and the remaining 4,450,427 warrants
lapsed.
d. Dividends
Dividend distributions to the Company’s shareholders are recognised as a liability in the financial
statements in the period in which the dividends are declared by the Barramundi Board.
Barramundi has a distribution policy where 2% of average NAV is distributed each quarter.
Dividends paid during the year comprised:
2023
$000
CENTS PER
SHARE
2022

$000
CENTS PER
SHARE
23 Sep 2022 3,651 1.3624 Sep 2021 3,613 1.69
16 Dec 2022 3,755 1.3917 Dec 2021 4,762 1.81
24 Mar 2023 3,700 1.3625 Mar 2022 4,449 1.68
23 Jun 2023 3,864 1.4123 Jun 2022 4,001 1.50
14,970 5.52 16,825 6.68
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2023
NOTE 6 SHAREHOLDERS’ EQUITY CONTINUED
e. Dividend Reinvestment Plan
Barramundi has a dividend reinvestment plan which provides ordinary shareholders with the option
to reinvest all or part of any cash dividends in fully paid ordinary shares at a 3% discount to the five-
day volume weighted average share price from the date the shares trade ex-entitlement. During the
year ended 30 June 2023, 7,418,045 ordinary shares totalling $5,138,184 (2022: 6,617,449 ordinary
shares totalling $5,775,560) were issued in relation to the plan for the quarterly dividends paid. To
participate in the dividend reinvestment plan, a completed participation notice must be received by
Barramundi before the next record date.
NOTE 7 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the
Company by the weighted average number of ordinary shares on issue during the year. Diluted
earnings per share assumes conversion of all dilutive potential ordinary shares in determining the
denominator. Potential ordinary shares include outstanding warrants.
20232022

Basic Earnings/(losses) per Share
Net profit/(loss) after tax attributable to shareholders of the Company
($'000)
38,334 (34,645)
Weighted average number of ordinary shares on issue net of treasury stock
('000)
270,980 247, 6 6 8
Basic earnings/(losses) per share14 .15 c (13.99c)
Diluted Earnings per Share
Net profit/(loss) after tax attributable to shareholders of the Company
($'000)
38,334 (34,645)
Weighted average number of ordinary shares on issue net of treasury stock
('000)
270,980 247, 6 6 8
Diluted effect of warrants on issue ($'000)
1
- -
270,980 247, 6 6 8
Diluted earnings/(losses) per share 14 .15 c (13.99c)
1
During both the 2023 and 2022 periods, it was assumed that the warrants issued were not exercised due to
being antidilutive. As of June 30, 2023, there were no remaining warrants issued (2022: nil).
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NOTE 8 TRADE AND OTHER RECEIVABLES
Trade and other receivables are classified as financial assets at amortised cost and are initially
recognised at fair value, and subsequently measured at amortised cost less any provision for
impairment. Receivables are assessed on a case-by-case basis for impairment.
j
The trade and other receivables’ carrying values are a reasonable approximation of fair value.
20232022
$000$000
Interest receivable 19 -
Dividends receivable 514 408
Related party receivable (note 11(a)(ii)) - 1,0 07
Unsettled investment sales - 45
Prepayments 18 23
Total trade and other receivables 551 1,483
NOTE 9 TRADE AND OTHER PAYABLES
Trade and other payables are classified as other financial liabilities and are initially recognised at
fair value, and subsequently measured at amortised cost.
j
The trade and other payables’ carrying values are a reasonable approximation of fair value.
20232022
$000$000
Dividends payable 51 60
Related party payable (note 11(a)(i)) 1,020 188
Unsettled investment purchases - 1,183
Other payables and accruals 43 85
Total trade and other payables 1,114 1,516
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2023
NOTE 10 CASH AND CASH FLOW RECONCILIATION
Cash and Cash Equivalents
Cash and cash equivalents are classified as financial assets at amortised cost and comprise cash on
deposit at banks.
20232022
$000$000
Cash - New Zealand Dollars 779 542
Cash - Australian Dollars 5,080 2,034
Cash and cash equivalents 5,859 2,576
Reconciliation of Net Profit/(Loss) after Tax to Net Cash Flows from
Operating Activities
Net profit/(loss) after tax 38,334 (34,645)

Items not involving cash flows:
Unrealised losses/(gains) on cash and cash equivalents 21 (8)
Unrealised (gains)/losses on revaluation of investments (22,412) 50,084
Unrealised losses/(gains) on forward foreign exchange contracts 8 41 (623)
(21,550) 49,453
Impact of changes in working capital items
Decrease in trade and other payables (402) (1,274)
Decrease/(increase) in trade and other receivables 932 (177)
Change in current and deferred tax 1,067 (551)
1,597 (2,002)
Items relating to investments
Amount paid for purchases of listed equity investments (31,903) (71,757)
Amount received from sales of investments net of realised gains/(losses) 25,465 42,999
Movements in unsettled purchases of investments 1,183 (1,183)
Movements in unsettled sales of investments (43) (877)
(5,298) (30,818)
Net cash inflows/(outflows) from operating activities 13,083 (18,012)
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NOTE 11 RELATED PARTY INFORMATION
Parties are considered to be related if one party has the ability to control or exercise significant
influence over the other party in making financial or operational decisions.
a. Fisher Funds Management Limited
Fisher Funds Management Limited (“Fisher Funds” or “the Manager”) is an entity that provides key
management personnel services to Barramundi by virtue of its management agreement.
In return for the performance of its duties as Manager, Fisher Funds is paid the following fees:
Management fee: 1.25% (plus GST) per annum of the gross asset value, calculated weekly and
payable monthly in arrears. The fee reduces if the Manager underperforms, thereby aligning the
Manager’s interests with those of the Barramundi shareholders. For every 1% underperformance
(relative to the change in the NZ 90 Day Bank Bill Index) the management fee percentage is reduced
by 0.1%, subject to a minimum 0.75% per annum management fee.
Performance fee: Fisher Funds may earn an annual performance fee of 10% plus GST of excess
returns over and above the performance fee hurdle return (being the change in the NZ 90 Day Bank
Bill Index plus 7%) subject to achieving the High Water Mark (“HWM”). The total performance fee
amount is subject to a cap of 1.25% of the adjusted net asset value (prior to performance fees) and
is settled fully in cash.
The HWM is the dollar amount by which the net asset value per share exceeds the highest net asset
value per share (after adjustment for capital changes and distributions) at the end of any previous
calculation period in which a performance fee was payable, multiplied by the number of shares at
the end of the period.
In accordance with the terms of the Management Agreement, when a performance fee is earned, it
is paid within 60 days of the balance date.
Performance fees paid to the Manager are recognised as an expense in the Statement of
Comprehensive Income.
Administration fee: Fisher Funds provides corporate administration services and a fee is payable
monthly in arrears.
(i) Fees Earned and Payable:
20232022
$000$000
Fees earned by the Manager for the year ended 30 June
Management fees 2,394 1, 511
Performance fees 801 -
Administration services 159 159
Operating expenses 3,354 1,670
Fisher Funds earned a performance fee of $801,324 for the year (FY22: Nil) as excess returns of
$20,493,506 (2022: Nil) were generated and the net asset value per share before the deduction of
the performance fee was $0.72 (2022: Nil) which exceeded the HWM after adjustment for capital
and distributions of $0.70 (2022: did not exceed HWM).
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20232022
Fees payable to the Manager at 30 June
$000$000
Management fees 206 175
Performance fees 801 -
Administration services 13 13
Related party payables 1,020 188
(ii) Related Party Receivables
20232022
$000$000
Fees receivable from the Manager 30 June
Management fee credit note- 1,0 07
Related party receivable- 1,007
Fisher Fund’s management fee was calculated and invoiced at 1.25% of gross asset value, with no
balance date adjustment to reduce the management fee as the gross return did not underperform
the NZ 90 Day Bank Bill Index (30 June 2022: Underperformed by 19.4 percentage points). The
Company has no outstanding management fee credit to offset against future management fee
expenses (30 June 2022: $1,007,381).
(iii) Investment Transactions with Related Parties
Off-market transactions between Barramundi and other funds managed by Fisher Funds take place
for the purposes of rebalancing portfolios without incurring brokerage costs. These transactions are
conducted after the market has closed at last sale price. There were no purchases for the year ended
30 June 2023 (2022: $567,988) and no sales totalled (2022: $2,679,600).
b. Directors
Barramundi considers its Board of Directors (“Directors”) key management personnel. Barramundi
does not have any employees.
During the financial year the Directors earned fees for their services of $179,719 including GST
(2022: $187,114 including GST). The Directors’ fee pool is $181,125 including GST for the year
ended 30 June 2023 (30 June 2022: $181,125 including GST). There were no Director fees payable at
the end of the period (30 June 2021: nil).
The Directors held shares in the company as at 30 June 2023 which total 0.12% of total shares on
issue (30 June 2022: 0.11%).The Directors did not hold warrants in the Company as at 30 June 2023
(30 June 2022: 0.11%).
Dividends of $18,108 (2022: $28,284) were also received by directors or their associates as a result
of their shareholding.
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2023
NOTE 11 RELATED PARTY INFORMATION CONTINUED
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NOTE 12 FINANCIAL RISK MANAGEMENT
The Company is subject to a number of financial risks which arise as a result of its investment
activities, including market risk, credit risk and liquidity risk.
The Management Agreement between Barramundi and Fisher Funds details permitted investments.
Financial instruments currently recognised in the financial statements also comprise cash and cash
equivalents, forward foreign exchange contracts, trade and other receivables and trade and other
payables.
Market Risk
All equity investments present a risk of loss of capital, often due to factors beyond the Company’s
control such as competition, regulatory changes, commodity price changes and changes in general
economic climates domestically and internationally. The Manager moderates this risk through
careful stock selection, diversification and daily monitoring of the market positions. For corporate
governance purposes there is also regular reporting to the Board of Directors. In addition, the
Manager has to meet the criteria of authorised investments within the prudential limits defined in
the Management Agreement.
The market risk of the Company is concentrated in Australia.
Price Risk
Price risk is the risk of gains or losses from changes in the market price of investments. The Company
is exposed to the risk of fluctuations in the underlying value of its listed portfolio companies. One
company comprised more than 10% of Barramundi’s total assets at 30 June 2023 (2022: One). CSL
Limited comprised 10% (2022: 10%) of Barramundi’s total assets, and therefore fluctuations in the
value of this portfolio company will have a greater impact on the overall investments balance.
Interest Rate Risk
Interest rate risk is the risk of movements in interest rates. Surplus cash is held in interest bearing
Australian and New Zealand bank accounts. The Company is therefore exposed to the risk of
changes in interest income from movements in both Australian and New Zealand interest rates.
There is no hedge against the risk of movements in interest rates.
The Company may use short-term fixed rate borrowings to fund investment opportunities. There
were no borrowings at 30 June 2023 (2022: Nil).
Currency Risk
Currency risk is the risk that the fair value or future cash flows of an investment will fluctuate
because of changes in foreign exchange rates. The Company holds assets denominated in Australian
dollars and it is therefore exposed to currency risk as the value of these assets in Australian dollars
will fluctuate with changes in the relative value of the New Zealand dollar. The Company mitigates
this risk by entering into forward foreign exchange contracts as and when the Manager deems
it appropriate. At any time during the year the portfolio may be hedged by an amount deemed
appropriate by the Manager.
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NOTE 12 FINANCIAL RISK MANAGEMENT CONTINUED
Sensitivity Analysis
The table below summarises the impact on net profit after tax and shareholders’ equity to
reasonably possible changes arising from market risk exposure at 30 June as follows:
20232022
$000$000
Price risk
1

Australian listed equity investmentsCarrying value 193,916 166,205
Impact of a 20% change in market prices: +/- 38,783 33,241
Interest rate risk
2

Cash and cash equivalentsCarrying value 5,859 2,576
Impact of a 1% change in interest rates: +/- 59 26
Currency risk
3

Cash and cash equivalentsCarrying value 5,080 2,034
Impact of a +10% change in exchange rates (464) (185)
Impact of a -10% change in exchange rates 567 226
Australian listed equity investmentsCarrying value 193,916 166,205
Impact of a +10% change in exchange rates (17, 6 2 9 ) (15 ,110 )
Impact of a -10% change in exchange rates 21,546 18,467
Forward foreign exchange contractsCarrying value (88) 754
Impact of a +10% change in exchange rates 12,427 10,968
Impact of a -10% change in exchange rates (15,18 9) (13,4 05)
Net foreign currency payables/receivablesCarrying value 514 (730)
Impact of a +10% change in exchange rates (47) 66
Impact of a -10% change in exchange rates 57 (81)
1
A variable of 20% is considered appropriate for market price risk sensitivity analysis based on historical price
movements.

2
A variable of 1% was selected as this is a reasonably expected movement based on historical volatility. The
percentage movement for the interest rate sensitivity relates to an absolute change in interest rate rather than
a percentage change in interest rate.

3
A variable of 10% was selected as this is a reasonably expected movement based on historic trends in
exchange rate movements.


BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2023
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Credit Risk
Credit risk is the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Company. In the normal course of its business, the Company is exposed to credit
risk from transactions with its counterparties.
Australian listed equity investments are held by an independent custodian, Trustees Executors
Limited. All transactions in listed securities are paid for on delivery according to standard settlement
instructions and are normally settled within three business days. Dividends receivable are due from
listed Australian companies and are normally settled within a month after the Ex-Dividend date. The
Company has cash and forward foreign exchange contracts with banks registered in New Zealand
and Australia which carry a minimum short-term credit rating of S&P A+ (2022: AA-).
The Company measures credit risk and expected credit losses using probability of default, exposure
at default and loss given default. Management considers both historical analysis and forward
looking information in determining any expected credit loss. At balance date, cash at bank was
held with counterparties with a credit rating of S&P A+ or equivalent (2022: AA-). Trade and other
receivables are normally settled within three business days.
Management considers the probability of default to be close to zero as the counterparties have a
strong capacity to meet their contractual obligations in the near term. As a result, no loss allowance
has been recognised based on 12-month expected credit losses as any such impairment would be
wholly insignificant to the Company.
The maximum credit risk of financial assets is deemed to be their carrying amount as reported in the
Statement of Financial Position.
Other than cash at bank, short term unsettled trades and dividends receivable, there are no
significant concentrations of credit risk. The Company does not expect non-performance by
counterparties, therefore no collateral or security is required.
Liquidity Risk
Liquidity risk is the risk that the assets held by the Company cannot readily be converted to cash
in order to meet the Company’s financial obligations as they fall due. The Company endeavours to
invest the proceeds from the issue of shares in appropriate investments while maintaining sufficient
liquidity (through daily cash monitoring) to meet working capital and investment requirements. All
trade and other payables have contractual maturities of three months or less.
Liquidity to fund investment requirements can be augmented through the procurement of a debt
facility from a registered bank to a maximum value of 20% of the gross asset value of the Company.
There were no such debt facilities at 30 June 2023 (2022: nil).
All derivative financial liabilities held by the Company have contractual maturities of three months or
less.
There have been no subsequent events to suggest any issues with satisfying working capital and
investment requirements.
Capital Risk Management
The Company’s objective is to prudently manage shareholder capital (share capital, reserves,
accumulated deficits) and borrowings (if any).
In order to maintain or adjust the capital structure, the Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders, undertake share buybacks, issue new
shares and secure borrowings in the short term.
The Company was not subject to any externally imposed capital requirements during the year.
Since announcing a long-term distribution policy in August 2009, the Company continues to pay 2%
of average net asset value each quarter in dividends.
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BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2023
NOTE 13 NET ASSET VALUE
The net asset value per share of Barramundi as at 30 June 2023 was $0.72 (2022: $0.64), calculated
as the net assets of $199,231,881 divided by the number of shares on issue of 275,960,204 (2022:
net assets of $170,677,223 and shares on issue of 268,464,628).
NOTE 14 COMMITMENTS AND CONTINGENT LIABILITIES
There were no unrecognised contractual commitments or contingent liabilities as at 30 June 2023
(2022: nil).
NOTE 15 SUBSEQUENT EVENTS
Dividend: The Board declared a dividend of 1.44 cents per share on 21 August 2023. The record date
for this dividend is 7 September 2023 with a payment date of 22 September.
There were no other events which require adjustment to, or disclosure, in these financial statements.




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Independent auditor’s report
To the shareholders of Barramundi Limited
Our opinion
In our opinion, the accompanying financial statements of Barramundi Limited (the Company) present
fairly, in all material respects, the financial position of the Company as at 30 June 2023, its financial
performance and its cash flows for the year then ended in accordance with New Zealand Equivalents
to International Financial Reporting Standards (NZ IFRS) and International Financial Reporting
Standards (IFRS).
What we have audited
The financial statements comprise:
●the statement of financial position as at 30 June 2023;
●the statement of comprehensive income for the year then ended;
●the statement of changes in equity for the year then ended;
●the statement of cash flows for the year then ended; and
●the notes to the financial statements, which include significant accounting policies and other
explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in theAuditor’s responsibilities for the audit of the financial statementssection of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand)(PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and theInternational Code of Ethics for Professional Accountants (including International
Independence Standards)issued by the International Ethics Standards Board for Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out an agreed-upon procedures engagement for the Company in relation to the
performance fee calculation. The provision of this other service has not impaired our independence as
auditor of the Company.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current year. Given the nature of the Company, we have
one key audit matter: Valuation and existence of Australian listed equity investments. This matter was
addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on this matter.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s report
To the shareholders of Barramundi Limited
Our opinion
In our opinion, the accompanying financial statements of Barramundi Limited (the Company) present
fairly, in all material respects, the financial position of the Company as at 30 June 2023, its financial
performance and its cash flows for the year then ended in accordance with New Zealand Equivalents
to International Financial Reporting Standards (NZ IFRS) and International Financial Reporting
Standards (IFRS).
What we have audited
The financial statements comprise:
●the statement of financial position as at 30 June 2023;
●the statement of comprehensive income for the year then ended;
●the statement of changes in equity for the year then ended;
●the statement of cash flows for the year then ended; and
●the notes to the financial statements, which include significant accounting policies and other
explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in theAuditor’s responsibilities for the audit of the financial statementssection of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand)(PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and theInternational Code of Ethics for Professional Accountants (including International
Independence Standards)issued by the International Ethics Standards Board for Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out an agreed-upon procedures engagement for the Company in relation to the
performance fee calculation. The provision of this other service has not impaired our independence as
auditor of the Company.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current year. Given the nature of the Company, we have
one key audit matter: Valuation and existence of Australian listed equity investments. This matter was
addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on this matter.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
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Description of the key audit matterHow our audit addressed the key audit matter
Valuation and existence of Australian
listed equity investments
Australian listed equity investments
(the investments) are valued at $194
million and represent 96% of total assets
at 30 June 2023.
Further disclosures on the investments
are included in note 2 to the financial
statements.
This was an area of focus for our audit
and an area where a significant proportion
of audit effort was directed.
As at 30 June 2023, all investments were
in companies that were listed on the ASX
and were actively traded with readily
available, quoted market prices.
All investments are held by Trustees
Executors Limited (the Custodian) on
behalf of the Company.
Our audit procedures included updating our
understanding of the business processes employed by
the Company for accounting for, and valuing, its
investment portfolio.
We obtained confirmation from the Custodian that
the Company was the recorded owner of each of the
investments.
We obtained copies of and assessed Trustees
Executors Limited’s Internal Controls Reports for
Custody, Investment Accounting and Registry services
for the period from 1 April 2022 to 31 March 2023. We
also obtained confirmation from Trustees Executors
Limited that there had been no material change to
the control environment in the period from 1 April 2023
to 30 June 2023.
We agreed the price for all investments held at 30
June 2023 and the exchange rate at which they have
been converted from Australian dollars to New
Zealand dollars to independent third-party pricing
sources.
Our audit approach
Overview
MaterialityOverall materiality: $996,000, which represents approximately 0.5% of net
assets.
We chose net assets as the benchmark because, in our view, the
objective of the Company is to provide investors with a total return on its
assets, taking account of both capital and income returns.
Key audit mattersAs reported above, we have one key audit matter, being:
Valuation and existence of Australian listed equity investments.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our audits,
we also addressed the risk of management override of internal controls, including among other
matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the financial statements as a whole, taking into account the structure of the Company, the
accounting processes and controls, and the industry in which the Company operates.
PwC
2
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Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall materiality for the financial statements as a whole as set out above. These,
together with qualitative considerations, helped us to determine the scope of our audit, the nature,
timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and in aggregate, on the financial statements as a whole.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the annual report, but does not include the financial statements and our
auditor's report thereon. The annual report is expected to be made available to us after the date of this
auditor's report.
Our opinion on the financial statements does not cover the other information and we will not express
any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Directors either intend to liquidate the
Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole,
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-2/
This description forms part of our auditor’s report.
PwC
3
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Whowereportto
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
audit work, for this report or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Philip Taylor.
For and on behalf of:
Chartered AccountantsAuckland
21 August 2023
PwC 4
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SHAREHOLDER INFORMATION
SPREAD OF SHAREHOLDERS AS AT 4 AUGUST 2023
Holding Range
# of
Shareholders# of Shares% of Total
1 to 999244103,0060.04
1,000 to 4,9996381, 6 7 7, 2470.61
5,000 to 9,9997915,481,8481.99
10,000 to 49,9992,39756,788,48120.58
50,000 to 99,99962843,581,53515.79
100,000 to 499,999571105,725,11938.31
500,000 +5362,602,96822.68
TOTAL5,322275,960,204100%
20 LARGEST SHAREHOLDERS AS AT 4 AUGUST 2023
Holder Name# of Shares% of Total
ASB NOMINEES LIMITED <ACCOUNT 340941 - ML>7, 4 59, 3 4 82.70
CUSTODIAL SERVICES LIMITED <A/C 4>5,271,6331.91
NEW ZEALAND DEPOSITORY NOMINEE LIMITED <A/C 1 CASH
ACCOUNT>
4,827,3971.75
LEVERAGED EQUITIES FINANCE LIMITED3,53 8 ,1291.28
ANTHONY JOHN SIMMONDS & MAUREEN SIMMONDS <AJ & M
SIMMONDS PARTNERSHIP A/C>
3,150,1501.14
FORSYTH BARR CUSTODIANS LIMITED <1-CUSTODY>2,761, 8171.00
FNZ CUSTODIANS LIMITED2, 28 8,5180.83
FRANZ CHRISTIAN ELIAS1,501,5340.54
JOHN ROBERT MACDONNELL1,472,0980.53
IVOR ANTHONY MILLINGTON1,400,0000.51
RUSSELL NOEL HARRIS & ELLEN CHRISTINE HARRIS1,247,8890.45
LAPAUGE LIMITED929,7290.34
LINDA LOUISE CREEDY918,6210.33
WILLIAM EDWARD ATKINS900,0000.33
BARRY NEVILLE COLMAN887,5000.32
IVAN WILLIAM FOX880,4150.32
COLIN ALEXANDER GREIG855,2410.31
DAVID WILLIAM FREDERICK HAWORTH836,6230.30
JANET MARGARET CURRIE & J D PATTERSON TRUSTEE LIMITED <BRIAN
CURRIE NO 2 FAMILY A/C>
815, 2170.30
ROGER WILLIAM CLARK788,4590.29
TOTAL42,730,31815.48
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DIRECTORS’ RELEVANT INTERESTS IN EQUITY SECURITIES AS AT 30 JUNE 2023
STATUTORY INFORMATION
INTERESTS REGISTER
Barramundi is required to maintain an interests register in which the particulars of certain transactions and matters
involving the directors must be recorded. The interests register for Barramundi is available for inspection at its
registered office. Particulars of entries in the interests register as at 30 June 2023 are as follows:
SharesShares
Held DirectlyHeld by Associated Persons
R A Coupe
(1)
145,500-
C A Campbell
(2)
186,063-
D M McClatchy
(3)
8 ,197-
F A Oliver
(4)
-3,924
(1)
R A Coupe purchased 5,860 shares on market in the year ended 30 June 2023 as per the Barramundi share purchase plan
(purchase price $0.84). R A Coupe acquired 10,957 shares in the year ended 30 June 2023, issued under the dividend
reinvestment plan (average issue price $0.70).
(2)
C A Campbell purchased 4,375 shares on market in the year ended 30 June 2023 as per the Barramundi share purchase plan
(purchase price $0.84). C A Campbell acquired 14,012 shares in the year ended 30 June 2023, issued under the dividend
reinvestment plan (average issue price $0.70).
(3)
D M McClatchy purchased 4,410 shares on market in the year ended 30 June 2023 as per the Barramundi share purchase
plan (purchase price $0.84). D M McClatchy acquired 618 shares in the year ended 30 June 2023, issued under the dividend
reinvestment plan (average issue price $0.70).
(4)
F A Oliver purchased 3,770 shares on market in the year ended 30 June 2023 as per the Barramundi share purchase
plan (purchase price $0.84). F A Oliver acquired 154 shares in the year ended 30 June 2023, issued under the dividend
reinvestment plan (average issue price $0.68).
DIRECTORS HOLDING OFFICE
Barramundi’s directors as at 30 June 2023 were:
• R A Coupe (Chair)
• C A Campbell
• D M McClatchy
• F A Oliver
In accordance with the Barramundi constitution and NZX Listing Rules, Fiona Oliver was elected as a director at the
2022 Annual Shareholders’ Meeting. Andy Coupe retires by rotation at the 2023 Annual Shareholders’ Meeting
and being eligible offers himself for re-election.
DIRECTORS’ INDEMNITY AND INSURANCE
Barramundi has arranged Directors’ and Officers’ Liability Insurance covering directors acting on behalf of
Barramundi. Cover is for damages, judgements, fines, penalties, legal costs awarded, and defence costs arising
from wrongful acts committed while acting for Barramundi. The types of acts that are not covered include
dishonest, fraudulent, malicious acts or omissions, and wilful breach of statute or regulations.
Barramundi has granted an indemnity in favour of all current and future directors of the Company in accordance
with its constitution.
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DIRECTORS’ RELEVANT INTERESTS
The following are relevant interests of Barramundi’s Directors as at 30 June 2023:
R A CoupeKingfish LimitedChair
Marlin Global LimitedChair
Coupe Consulting LimitedDirector
Briscoe Group Limited Director
C A CampbellKingfish LimitedDirector
Marlin Global LimitedDirector
T&G Global LimitedDirector
Hick Bros Holdings Limited & subsidiary companies Director
Woodford Properties 2018 LimitedDirector
alphaXRT LimitedDirector
New Zealand Post LimitedChair
Asset Plus LimitedDirector
Nica Consulting LimitedDirector
NZME LimitedDirector
Cord Bank LimitedDirector
T&G Insurance LimitedDirector
Bankside Chambers LtdDirector
Chubb Insurance New Zealand LimitedDirector
D M McClatchyKingfish LimitedDirector
Marlin Global LimitedDirector
Guardians of NZ SuperannuationBoard Member
Trust Investment ManagementDirector
F A OliverKingfish LimitedDirector
Marlin Global LimitedDirector
Gentrack Group LimitedDirector
First Gas GroupDirector
Freightways LimitedDirector
Wynyard Group Limited (in liquidation)Director
New Zealand Water PoloDirector
Summerset Group Holdings LimitedDirector
Guardians of NZ SuperannuationBoard Member
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AUDITOR’S REMUNERATION
During the 30 June 2023 year, the following amounts were paid/payable to the auditor, PricewaterhouseCoopers
New Zealand.
$000
Statutory audit and review of financial statements51
Other assurance services0
Non assurance services4
PricewaterhouseCoopers New Zealand is a registered audit firm and its audit partners are licensed auditors under
the Auditor Regulation Act 2011.
DONATIONS
Barramundi did not make any donations during the year ended 30 June 2023.
STATUTORY INFORMATION CONTINUED
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REGISTERED OFFICE
Barramundi Limited
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
DIRECTORS
Independent Directors
Andy Coupe (Chair)
Carol Campbell
David McClatchy
Fiona Oliver
CORPOR ATE
MANAGEMENT TEAM
Wayne Burns
Beverley Sutton
MANAGER
Fisher Funds Management
Limited
Level 1
67 – 73 Hurstmere Road
Takapuna
Auckland 0622
SHARE REGISTRAR
Computershare Investor
Services Limited
Level 2
159 Hurstmere Road
Takapuna
Auckland 0622
Private Bay 92119
A u c k l a n d 114 2
Phone +64 9 488 8777
Email: enquiry@computershare.co.nz
FOR MORE INFORMATION
For enquiries about transactions, changes of address, and dividend payments, contact the share registrar above.
Alternatively, to change your address, update your payment instructions, and to view your investment portfolio
including transactions online, please visit: www.investorcentre.com/NZ
FOR ENQUIRIES ABOUT BARRAMUNDI CONTACT
Barramundi Limited
Level 1, 67 – 73 Hurstmere Road, Takapuna, Auckland 0622
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7074 | Email: enquire@barramundi.co.nz
AUDITOR
PricewaterhouseCoopers
New Zealand
Level 27
P wC Tower
15 Customs Street West
Auckland 1010
SOLICITOR
Bell Gully
Level 21
48 Shortland Street
Auckland 1010
BANKER
ANZ Bank New Zealand Limited
23 – 29 Albert Street
Auckland 1010
NATURE OF BUSINESS
The principal activity of
Barramundi is investment in
quality, growing Australian
companies.
The information contained in this annual report is provided for information purposes only and does not constitute an offer,
invitation, basis for a contract, financial advice, other advice, or recommendation to conclude any transaction for the purchase
or sale of any security, loan, or other instrument. In particular, the information contained in this annual report is not financial
advice for the purposes of the Financial Markets Conduct Act 2013 as amended and should not be relied upon when making an
investment decision. Professional financial advice from a financial adviser should be taken before making an investment.
DIRECTORY
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