KFL – May 2024 monthly update

1
A WORD FROM THE MANAGER
New Zealand shares declined during April (S&P/
NZX 50 gross index -1.2%). The Kingfish portfolio
gross performance return and adjusted NAV return
performed better than this at -0.4% and -0.5%
respectively.
Fisher & Paykel Healthcare (+11%) released yet
another new product during the month, with the
launch of its Nova Micro nasal pillow mask for
obstructive sleep apnea (OSA). It will be released in
New Zealand and Canada over the next few months,
and in the US by early 2025. This is the company's
second new OSA mask in quick succession (following
the Solo mask in October 2023) and comfortably
ahead of the company's goal of one new mask
each year. The company is also still seeing strong
performance from its Evora full face mask in the US.
This comes at a time where key competitor Philips
Respironics’ reputation is at a low ebb, as it works
through issues around remedying its faulty OSA
machines. This dynamic bodes well for further market
share gains for Fisher & Paykel Healthcare.
Ryman Healthcare (-11%) saw the immediate
resignation of its CEO (Richard Umbers), who joined
the company two-and-a-half years ago. After speaking
to the Chair (who is now Acting CEO), we believe
the decision reflects the board’s desire to accelerate
the pace of change within the organisation. There is
a drive to improve performance across the business,
plus improve accounting and reporting disciplines to
provide better disclosure for investors. We think the
board and management quality has improved over
the last six months with the Chair in August 2023
and new CFO in November 2023, plus the refresh
of the board of directors. We visited the Grace Joel
village in St Heliers during the month and it is clear
Ryman's brand and resident proposition continues
to resonate very well. Shares are trading at around
a 40% discount to net asset backing, while market
transactions continue to take place near net asset
backing.
Summerset (-3%) provided its March quarter trading
update, with 254 total sales of units for the quarter
(+21% on a year ago) and broadly in line with
expectations. The company also reiterated at its
annual meeting that it remains on track to deliver
between 675 and 725 units in New Zealand in
2024. During the month we visited its flagship St
John's village where 340 units are currently under
development and on track to open later this year.
Despite no meaningful pickup in the housing market,
Summerset continues to lead the sector in both
development execution and sales. St Johns is a good
example of this. Despite the site being months from
opening, its sales are going better than plan and
the sell down rate is broadly in line with competitor
Oceania's highly touted St Heliers offering 'The
Helier' which opened in August 2023.
1
Share Price Discount to NAV (including warrant price on a pro-rated basis and using the net asset value per share, after expenses, fees and tax, to four decimal places).
MONTHLY UPDATE
May 2024
KFL NAV
$
1. 3 4
$
1. 2 3
Share Price
DISCOUNT
1
8.0
%
as at 30 April 2024
Warrant Price
$
0.0 0
Matt Peek
Portfolio Manager
Fisher Funds Management Limited

2
KEY DETAILS
as at 30 April 2024
FUND TYPE
Listed Investment Company
INVESTS IN
Growing New Zealand
companies
LISTING DATE
31 March 2004
FINANCIAL YEAR END
31 March
TYPICAL PORTFOLIO SIZE
15-25 stocks
INVESTMENT CRITERIA
Long-term growth
PERFORMANCE
OBJECTIVE
Long-term growth of capital and
dividends
TAX STATUS
Portfolio Investment Entity (PIE)
MANAGER
Fisher Funds Management
Limited
MANAGEMENT FEE RATE
1.25% of gross asset value
(reduced by 0.10% for every
1% of underperformance
relative to the change in the
NZ 90 Day Bank Bill Index
with a floor of 0.75%)
PERFORMANCE FEE
HURDLE
Changes in the NZ 90 Day
Bank Bill Index + 7%
PERFORMANCE FEE
10% of returns in excess of
benchmark and high-water mark
HIGH WATER MARK
$1.36
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
340m
MARKET CAPITALISATION
$418m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 30 April 2024
1
%
34
%
9
%
CASH
HEALTH CARE
5
%
CONSUMER
STAPLES

UTILITIES
MATERIALS
2
%
INFORMATION
TECHNOLOGY
4
%
45
%
INDUSTRIALS
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return(1.7%)(1.6%)+3.5%(6.8%)+6.3%
Adjusted NAV Return(0.5%)+2.6%+3.4%(1.6%)+6.1%
Portfolio Performance
Gross Performance Return(0.4%)+3.2%+5.1%(0.4%)+8.0%
S&P/NZX50G Index(1.2%)+0.7%(0.5%)(2.1%)+3.6%
Non-GAAP Financial Information
Kingfish uses non-GAAP measures, including adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return. The rationale for using such non-GAAP measures is as follows:
»adjusted net asset value – the underlying value of the investment portfolio adjusted for dividends (and other capital management initiatives) and after expenses, fees and tax,
»adjusted NAV return – the percentage change in the adjusted NAV,
»gross performance return – the Manager’s portfolio performance in terms of stock selection, before expenses, fees and tax, and
»total shareholder return – the return combines the share price performance, the warrant price performance, the net value of converting any warrants into shares, and the dividends paid to shareholders. It
assumes all dividends are reinvested in the company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money), at warrant expiry date.
All references to adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return in this monthly update are to such non-GAAP measures. The calculations applied to non-GAAP
measures are described in the Kingfish Non-GAAP Financial Information Policy. A copy of the policy is available at kingfish.co.nz/about-kingfish/kingfish-policies.
PERFORMANCE to 30 April 2024

33
TOTAL SHAREHOLDER RETURN to 30 April 2024
APRIL'S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO
during the month
The remaining portfolio is made up of another 10 stocks and cash.
5 LARGEST PORTFOLIO POSITIONS as at 30 April 2024
FISHER & PAYKEL
HEALTHCARE
+ 11
%
PORT OF TAURANGA
-9
%
VISTA GROUP
INTERNATIONAL
-10
%
VULCAN STEEL
-10
%
RYMAN HEALTHCARE
-11
%
INFRATIL
18
%
MAINFREIGHT
17
%
SUMMERSET
14
%
FISHER & PAYKEL
HEALTHCARE
8
%
AUCKLAND
INTERNATIONAL
AIRPORT
8
%
Share Price/Total Shareholder Return
$9.00
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Mar
2004
Share Price Total Shareholder Return
Mar
2005
Mar
2006
Mar
2007
Mar
2008
Mar
2009
Mar
2010
Mar
2011
Mar
2012
Mar
2013
Mar
2014
Mar
2015
Mar
2016
Mar
2017
Mar
2018
Mar
2020
Mar
2019
Mar
2021
Mar
2023
Mar
2022
Mar
2024

Disclaimer: The information in this update has been prepared as at the date noted on the front page. The information has been prepared as a general summary of the matters covered only, and it is by
necessity brief. The information and opinions are based upon sources which are believed to be reliable, but Kingfish Limited and its officers and directors make no representation as to its accuracy or
completeness. The update is not intended to constitute professional or investment advice and should not be relied upon in making any investment decisions. Professional financial advice from a financial
adviser should be taken before making an investment. To the extent that the update contains data relating to the historical performance of Kingfish Limited or its portfolio companies, please note that fund
performance can and will vary and that future results June have no correlation with results historically achieved.
Kingfish Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7094
Email: enquire@kingfish.co.nz | www.kingfish.co.nz
4
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142
Phone: +64 9 488 8777
Email: enquiry@computershare.co.nz | www.computershare.com/nz
ABOUT KINGFISH
Kingfish is an investment
company listed on the New
Zealand Stock Exchange. The
company gives shareholders
an opportunity to invest in a
diversified portfolio of between
15 and 25 quality growing New
Zealand companies through a
single, professionally managed
investment. The aim of Kingfish
is to offer investors competitive
returns through capital growth
and dividends.
CAPITAL MANAGEMENT STRATEGIES
Regular Dividends
»Quarterly distribution policy introduced in June 2009
»Under this policy, 2% of average NAV is targeted to be
paid to shareholders quarterly
»Dividends paid by Kingfish may include dividends
received, interest income, investment gains and/or return
of capital
»Shareholders who prefer to have increased capital rather
than a regular income stream have the opportunity to
participate in the company’s dividend reinvestment plan
(DRP)
»Shares issued to DRP participants are at a 3% discount
to market price
»Kingfish became a portfolio investment entity on 1
October 2007. As a result, dividends paid to New
Zealand tax resident shareholders have not been subject
to further tax
Share Buyback Programme
»Kingfish has a buyback programme in place allowing it
(if it elects to do so) to acquire its shares on market
»Shares bought back by the company are held as
treasury stock
»Shares held as treasury stock are available to be utilised
for the dividend reinvestment plan
MANAGEMENT
The Manager has authority
delegated to it from the Board
to invest according to the
Management Agreement and
other written policies. Kingfish’s
portfolio is managed by Fisher
Funds Management Limited. Matt
Peek (Portfolio Manager) and
Michael Bacon and Zoie Regan
(Senior Investment Analysts) have
prime responsibility for managing
the Kingfish portfolio. Together
they have significant combined
experience and are very capable
of researching and investing in the
quality New Zealand companies
that Kingfish targets. Fisher Funds is
based in Takapuna, Auckland.
BOARD
The Board of Kingfish
comprises independent
directors Andy Coupe
(Chair), Carol Campbell,
David McClatchy and Fiona
Oliver.
Warrants
»Kingfish announced an issue of warrants (KFLWH) on
20 June 2023
»Information pertaining to the warrants was mailed/
emailed to all shareholders on Tuesday 27 June 2023
»The warrants were issued at no cost to eligible
shareholders in the ratio of one warrant for every four
Kingfish shares held, based on the record date of
5 July 2023
»The warrants were allotted to shareholders on 6 July 2023
and listed on the NZX Main Board from 7 July 2023
»The Exercise Price of each warrant is $1.37, adjusted
down for the aggregate amount per Share of any cash
dividends declared on the shares with a record date
during the period commencing on the date of allotment of
the warrants and ending on the last Business Day before
the final Exercise Price is announced by Kingfish
»The Exercise Date for the warrants is 26 July 2024