KFL – February 2025 monthly update

1
A WORD FROM THE MANAGER
The Kingfish portfolio gross performance return and
adjusted NAV return in January were -1.8% and -1.7%
respectively, versus the New Zealand shares benchmark
S&P/NZX 50 return of -0.9%.
There was limited news flow during the month, in the
typically quiet January holiday period ahead of February
reporting.
Infratil (-11%) provided an update in relation to the value
of its stake in CDC Data Centres at the end of December,
versus the last update to the end of September. The value
of its stake effectively fell A$320m (around 7%) over those
three months, which it attributed to a lift in global interest
rates over the period increasing expected future interest
costs. CDC also announced it has completed contracting
for 230MW of capacity by year end versus expectations
earlier in 2024 that this would reach 400MW. Looking
at the big picture, this rate of contracting is still much
higher than was anticipated a year ago, however it was
disappointing to see expectations for a higher level of
contracting not met.
Summerset (-1%) provided its regular quarterly unit
sales update for the December quarter. It reported 361
sales, with 169 new sales and 192 resales. This brought
its 2024 full-year total to a record 1,238 settlements, up
12% from 2023 and largely in line with market and our
own expectations. Despite the ongoing challenges in the
housing market and lower contracted stock levels as at
June, the quarter saw Summerset’s highest-ever resales.
This points to demand for its established villages plus the
ongoing 'seasoning' from its historic and ongoing growth,
as existing villages see more turnover once they have
been established for several years, so we expect growth in
resales will be ongoing.
Given the tough economic environment in 2024, it was
interesting to see several listed retailers (none owned by
Kingfish) provide updates for the holiday period trading, to
see whether the Reserve Bank of New Zealand's interest
rate cuts over prior months and the resulting optimism
had translated into increasing consumer spend. In short,
discretionary categories appear to remain under pressure,
with jewellery retailer Michael Hill (share price -13% in
January) seeing New Zealand sales from September
through December around -10% on the prior year, a bigger
decline than -6% in July and August. Homeware and
sporting goods retailer Briscoe Group (-8%) and outdoors
retailer Kathmandu (-9%) provided updates that showed
local sales broadly in line with the comparable period last
year, but large declines in profit that revealed that those
results have been achieved by greater depth and frequency
of discounting, which has hurt profit margins. It appears
the anticipated consumer recovery in New Zealand is yet to
take hold.
1
Share Price Discount to NAV (using the net asset value per share, after expenses, fees and tax, to four decimal places).
MONTHLY UPDATE
February 2025
KFL NAV
$
1.46
$
1.35
SHARE PRICE
DISCOUNT
1
7.3
%
as at 31 January 2025
Matt Peek
Portfolio Manager
Fisher Funds Management Limited

2
KEY DETAILS
as at 31 January 2025
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
$1.26
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
346m
MARKET CAPITALISATION
$467m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 31 January 2025
1
%
25
%
10
%
CASH
INDUSTRIALS
6
%

UTILITIES
MATERIALS
3
%
CONSUMER
STAPLES
4
%
38
%
HEALTHCARE
INFORMATION
TECHNOLOGY
13
%

FINANCIALS
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+0.7%+9.6%+16.2%+0.4%+4.7%
Adjusted NAV Return(1.7%)+2.5%+18.5%+5.0%+6.1%
Portfolio Performance
Gross Performance Return(1.8%)+3.1%+21.2%+6.6%+7.8%
S&P/NZX50G Index(0.9%)+2.8%+9.5%+3.0%+2.1%
Non-GAAP Financial Information
Kingfish uses non-GAAP measures, including adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return. The rationale for using such non-GAAP measures is as follows:
»adjusted net asset value – the underlying value of the investment portfolio adjusted for dividends (and other capital management initiatives) and after expenses, fees and tax,
»adjusted NAV return – the percentage change in the adjusted NAV,
»gross performance return – the Manager’s portfolio performance in terms of stock selection, before expenses, fees and tax, and
»total shareholder return – the return combines the share price performance, the warrant price performance, the net value of converting any warrants into shares, and the dividends paid to shareholders. It
assumes all dividends are reinvested in the company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money), at warrant expiry date.
All references to adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return in this monthly update are to such non-GAAP measures. The calculations applied to non-GAAP
measures are described in the Kingfish Non-GAAP Financial Information Policy. A copy of the policy is available at kingfish.co.nz/about-kingfish/kingfish-policies.
PERFORMANCE as at 31 January 2025

33
TOTAL SHAREHOLDER RETURN to 31 January 2025
JANUARY'S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month
5 LARGEST PORTFOLIO POSITIONS as at 31 January 2025
EBOS
+8
%
VISTA GROUP
+5
%
a2 MILK COMPANY
+2
%
RYMAN
HEALTHCARE
-7
%
INFRATIL
-11
%
FISHER & PAYKEL
HEALTHCARE
19
%
MAINFREIGHT
13
%
SUMMERSET
10
%
INFRATIL
9
%
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
MANAGEMENT
The Manager has authority
delegated to it from the Board
to invest according to the
Management Agreement and
other written policies. Kingfish’s
portfolio is managed by Fisher
Funds Management Limited. Matt
Peek (Portfolio Manager) and
Michael Bacon and Zoie Regan
(Senior Investment Analysts) have
prime responsibility for managing
the Kingfish portfolio. Together
they have significant combined
experience and are very capable
of researching and investing in the
quality New Zealand companies
that Kingfish targets. Fisher Funds
is based in Takapuna, Auckland.
BOARD
The Board of Kingfish
comprises independent
directors Andy Coupe (Chair),
Carol Campbell, David
McClatchy and Fiona Oliver.
Share Buyback Programme
»Kingfish has a buyback programme in place allowing it (if
it elects to do so) to acquire its shares on market
»Shares bought back by the company are held as treasury
stock
»Shares held as treasury stock are available to be utilised
for the dividend reinvestment plan
Warrants
»Warrants put Kingfish in a better position to grow further,
operate efficiently, and pursue other capital structure
initiatives as appropriate
»A warrant is the right, not the obligation, to purchase an
ordinary share in Kingfish at a fixed price on a fixed date
»There are currently no Kingfish warrants on issue