MLN – August 2025 monthly update

1
A WORD FROM THE MANAGER
Marlin’s gross performance return for July was +0.2%, while the
adjusted NAV return was -0.1%. This compared with our global
benchmark, S&P Large Mid Cap/S&P Small Cap Index (50% hedged to
NZD), which was up +2.8%.
Market Environment
In July, markets were lifted by new trade agreements and the passage of
the One Big Beautiful Bill Act (OBBBA). While there is still open debate
as to whether this will drive US Government deficits higher in coming
years, at least it removed the uncertainty around a potential tax hike at
the end of the year. The US signed deals with Vietnam (20% tariffs, 40%
on trans-shipments), Japan, and the EU (15% tariffs on most imports),
easing fears of further trade escalation despite rates remaining above
pre-Trump levels.
“Crypto Week” saw the signing of the GENIUS Act, establishing the first
federal framework for stablecoins and boosting confidence in digital
assets. This, coupled with ongoing AI enthusiasm fuelled the rally in
more speculative assets e.g. non-profitable tech companies +7% for the
month, while global equities were up a more modest 1%.
Portfolio
Marlin’s AI-exposed portfolio holdings—Nvidia, Microsoft, Alphabet, and
Tencent—performed well during the month, with AI driving new growth
tailwinds for each company in distinct ways.
Microsoft (+10%) and Alphabet (+12%) both delivered strong
performance in July following solid earnings results, reinforcing the
positive momentum from their AI exposure. For Microsoft, growing
demand for its Azure cloud platform and its premium AI product suite,
including CoPilot, is driving revenue growth. With a large enterprise
customer base and a broad software offering, Microsoft is well-
positioned to monetise AI effectively; however, we’ve been gradually
reducing our weighting given its strong relative outperformance.
Alphabet is also benefiting from increased demand in its cloud business
and is enhancing its core Search offering through new AI-driven features
like AI Overviews, AI Mode, and visual search. These tools are changing
how users interact with Search, while AI-powered improvements to its
ad recommendation engines are driving better returns for advertisers.
While there were initial concerns that Alphabet could be an “AI loser” in
the face of chatbot competition, it has since demonstrated that AI is a
tailwind across its business and continues to lead in AI research with its
flagship model, Gemini. Earlier this year, we added to our position as its
shares lagged peers.
Nvidia (+16%) has been benefitting from AI demand for its accelerated
computer chips which power AI models like ChatGPT. AI is compute
intensive and Nvidia has the market leading technology to satisfy this
need with its latest Blackwell series, making it the chip of choice for its
customers such as Microsoft, Alphabet, Meta and Amazon.
Tencent (+13%) has over one billion users on its social media app
Weixin, that use the app for over an hour each day. This massive
user base offers unmatched potential to monetise AI through multiple
avenues including improved user engagement and increased advertising
revenue in its social media and video products, consumer facing AI
applications and AI search. We have been increasing our weighting in
Tencent as it has lagged US peers even though it is a prime beneficiary
of AI.
Some of our portfolio holdings have been facing short-term headwinds,
creating opportunities to add to the positions. While operating in two
very different industries, there are some similarities with the issues
impacting ASML (-11%) and Icon (+20%).
ASML develops and produces advanced equipment for semiconductor
manufacturing. Recently, investors became more concerned about
ASML’s sales prospects for 2026, as demand from customers softened
amid macroeconomic and tariff-related uncertainties. We had been
reducing target weight for the last few months as these risks were not
yet baked into the stock price. However, with the market recently pricing
these concerns—and believing the dip in demand will be temporary
while ASML’s long-term outlook remains strong—we have begun
increasing our position in the stock.
Icon, a clinical research outsourcing company, found itself in a similar
position last year. Significantly weaker demand, against a backdrop
of customer cost cutting, we had cut our weighting significantly over
the past two years. However, Icon has continued to take market share
against this weak market backdrop. We recently started adding back
to the position given sentiment had become too bearish. Icon delivered
strong share price performance in July amidst signs of an improving
backdrop.
Gartner (-14%) underperformed during the month on two main
concerns: i) tariffs and an uncertain macro backdrop are impacting
corporates spend on technology consulting and research; and ii)
whether AI will be positive or negative for the research and consulting
industry. We had reduced our weight in Gartner in late June and early
July on these concerns.
1
Share Price Premium to NAV (using the net asset value per share, after expenses, fees and tax, to four decimal places).
MONTHLY UPDATE
August 2025
as at 31 July 2025
SHARE PRICE
$
0.97
PREMIUM
1
2.4
%

MLN NAV
$
0.9 5

2
KEY DETAILS
as at 31 July 2025
FUND TYPE
Listed Investment Company
INVESTS IN
Growing international companies
LISTING DATE
1 October 2007
FINANCIAL YEAR END
30 June
TYPICAL PORTFOLIO
SIZE
20-35 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 + 5%
PERFORMANCE FEE
10% of returns in excess of
benchmark and high-water mark
HIGH WATER MARK
$0.94
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
224m
MARKET CAPITALISATION
$217m
GEARING
None (maximum permitted 20% of
gross asset value)
While Intuitive Surgical (-9%) reported continued strength in
procedure growth, unit sales of its DaVinci surgical robots were slightly
below expectations. Health systems in Europe, China and Japan are
increasingly cautious in making large capital expenditures. The US,
which makes up most of Intuitive’s revenue, continues to be strong,
supported by the highly anticipated broad launch of its new DV5 robotic
system.
New portfolio additions
Old Dominion Freight Line (ODFL) is the second largest less-than-
truckload (LTL) carrier in North America. LTL is defined as shipments
that don’t fill a whole truck. Due to having multiple customers,
requiring additional handling and sorting, LTL operators can charge
higher prices than the more commoditised Full Truck Load (FTL)
industry. ODFL’s reputation as the industry standard is underpinned
SECTOR SPLIT
as at 31 July 2025
28
%
11
%
18
%

FINANCIALS
21
%
GEOGRAPHICAL SPLIT
as at 31 July 2025
6
%
WESTERN
EUROPE
81
%
NORTH
AMERICA
18
%
13
%

ASIA PACIFIC
1
%
HEALTH CARE
COMMUNICATION
SERVICES
1
%
INFORMATION
TECHNOLOGY
CONSUMER
DISCRETIONARY
Sam Dickie
Senior Portfolio Manager
Fisher Funds Management Limited
by unmatched service quality: its on time delivery rate consistently
exceeds 99%, damage claims rates are impressively low (0.1 %). For
an unprecedented 15 consecutive years, ODFL has been named the
#1 national LTL carrier in quality by Mastio & Company—based on 28
customer satisfaction metrics. This, plus the strong corporate culture
of “helping the World Keep Promises”, or going the extra mile for the
customer, has driven strong market share gains and industry leading
profit margins. The freight sector has been in the recession in decades,
following significant COVID over-earning. This gave us an opportunity to
start building a position.

CASH &
DERIVATIVES
CONSUMER
STAPLES

3
JULY’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month in local currency
ICON
+20
%
NIVIDIA
+16
%
GARTNER
-14
%
GREGGS
-18
%
5 LARGEST PORTFOLIO POSITIONS as at 31 July 2025
AMAZON
8
%
MICROSOFT
7
%
MASTERCARD
6
%
ALPHABET
6
%
INTUITIVE SURGICAL
5
%
The remaining portfolio is made up of another 22 stocks and cash.
PERFORMANCE to 31 July 2025
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+6.6%+10.1%+7.3%+3.2%+6.4%
Adjusted NAV Return(0.1%)+8.2%+1.9%+8.1%+6.5%
Portfolio Performance
Gross Performance Return +0.2%+9.1%+4.5%+10.8%+9.2%
Benchmark Index^+2.8%+12.5%+12.6%+13.6%+13.0%
^Benchmark index: S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD)
The performance of the Benchmark Index for the May Update, June Update, and June Newsletter were overstated for certain periods. This has
been corrected in the versions of those documents available on Marlin Global Limited’s website.
Non-GAAP Financial Information
Marlin 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 and currency hedging 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 Marlin Non-GAAP Financial Information Policy. A copy of the policy is available at marlin.co.nz/about-marlin/marlin-policies.
UNITED HEALTH
-18
%
TOTAL SHAREHOLDER RETURN to 31 July 2025
Share Price/Total Shareholder Return
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Share Price Total Shareholder Return
Nov
2007
Nov
2011
Nov
2013
Nov
2014
Nov
2015
Nov
2008
Nov
2009
Nov
2010
Nov
2016
Nov
2020
Nov
2012
Nov
2022
Nov
2017
Nov
2018
Nov
2019
Nov
2021
Nov
2023
Nov
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 Marlin Global 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 Marlin Global Limited or its portfolio companies, please note that fund performance can
and will vary and that future results have no correlation with results historically achieved.
Marlin Global Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 484 0365
Email: enquire@marlin.co.nz | www.marlin.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
MARLIN GLOBAL
Marlin 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 20 and 35 quality growing
international companies (excluding
New Zealand and Australia) through
a single, professionally managed
investment. The aim of Marlin
is to offer investors competitive
returns through capital growth and
dividends.
CAPITAL MANAGEMENT STRATEGIES
Regular Dividends
»Quarterly distribution policy introduced in August 2010
»Under this policy, 2% of average NAV is targeted to be
paid to shareholders quarterly
»Dividends paid by Marlin 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
»Marlin 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
»Marlin 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 Marlin 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 Marlin at a fixed price on a fixed date
»There are currently no Marlin warrants on issue

MANAGEMENT
The Manager has authority delegated
to it from the Board to invest according
to the Management Agreement
and other written policies. Marlin’s
portfolio is managed by Fisher Funds
Management Limited. Sam Dickie
(Senior Portfolio Manager), Chris
Waters (Senior Investment Analyst),
and Daniel Moser and Charles Barty
(Investment Analysts) have prime
responsibility for managing the Marlin
portfolio. Together they have significant
combined experience and are very
capable of researching and investing
in the quality global companies that
Marlin targets. Fisher Funds is based in
Takapuna, Auckland.

BOARD
The Board of Marlin comprises
independent directors Andy
Coupe (Chair), Carol Campbell,
David McClatchy and Fiona
Oliver.