BRM – November 2025 monthly update

1
A WORD FROM THE MANAGER
Barramundi’s gross performance return for October was -2.2%
and the adjusted NAV return was -2.3%. This compares to the
S&P/ASX200 Index (70% hedged into NZ$) which was +0.4%
over the month.
The Australian share market rose in October, although market
performance was mixed across different sectors. Materials
(+4.3%) was the best performing sector helped by the
beleaguered Lithium miners which rebounded strongly on
improving optimism in the sector. Energy (+3.7%) also had a
good month as oil producers, uranium and coal miners all rose
strongly in the month.
Four (of eleven) sectors ended the month in the red, with
information technology the worst performing sector (-8.4%).
It was weighed down by negative sentiment towards software
companies generally, and company specific controversy in
Wisetech’s case (see below).
Portfolio Commentary
Insurance broker AUB Group (+13% in A$) was one of our
best performing companies in the month. Late in the month the
company confirmed that it had received a non-binding takeover
offer from a respected private equity operator, EQT, in Australia.
AUB’s board has consequently entered into discussions with
the private equity firm and provided them with exclusive due
diligence for a six-week period (from the 8th October) after
which EQT may or may not make a binding takeover offer for the
company. We are monitoring this closely.
In its Annual General Meeting (“AGM”) trading update Ansell
(+15%) noted that Q1 FY26 sales had been solid and that profit
margins had improved due to favourable FX trends in key revenue
currencies, lower freight costs, ongoing delivery of synergies from
last year’s acquisition, and manufacturing productivity gains. As
a result, its FY26 earnings guidance range was lifted by +3% at
the midpoint. The company now expects profit growth of +9 to
+18% for the year. The impact of US tariffs is being offset by
phased price increases that are already well underway.
PWR Engineering (+10%) hosted its AGM at its newly
constructed factory in the Brisbane region. PWR had outgrown its
old facility in recent years (a good problem). It made the decision
two years ago to move its operations down the road to the new
site. The move didn’t come without its obstacles, such as delays
to the permanent electrical connection. With that now behind
it and the majority of the equipment now up and running (with
the last few machines to be moved by December 2025) PWR is
confident that it can deliver on record demand for its products.
At its AGM MAAS (+7%) provided guidance for FY26 underlying
EBITDA to grow +10% to +23%. MAAS is seeing growth across
its Construction Materials, Civil Construction & Hire (“CC&H”)
and Residential Real Estate businesses. The Construction
Materials business growth is supported by price discipline and
volume growth as well as efficiency initiatives. Plant utilisation
and the ramp up of several renewable projects is driving
improvement in the CC&H business. MAAS also announced
it would accelerate the sales of commercial property that it
owns, releasing capital to be reinvested in its core Construction
Materials division.
Although Resmed’s share price slipped -3.7% during October, it
delivered a good Q1 update. Q1 trading continued the pattern
of the last two years of solid revenue growth, gross margin
expansion and good cost control. The net result was that
revenue growth of +9% (+8% constant currency) produced a
+15% increase in underlying after-tax profit. In our view, there
was little to criticise except for slightly disappointing Residential
Care Software sales. Resmed does not appear to be resting on
its laurels. It has a pipeline of gross margin and operating cost
improvement initiatives and has just launched its fourth new
mask in 18 months.
A decline in influenza vaccination rates in the US and government
cost containment measures in China reducing demand for
Albumin, saw CSL (-10%) disappointingly downgrade its
guidance for FY26. It downgraded revenue growth from
+4 to +5% and after-tax profit growth of +7 to +10%, to
revenue growth of +2 to +3% and profit growth +4 to +7%.
The uncertainty in US vaccination rates also saw it reduce
earnings guidance modestly for FY27 and FY28.
Wisetech’s (-23%) share price dropped after the corporate
regulator, ASIC, increased its scrutiny of the personal share
trading of founder Richard White and three employees. We note
that this is specific to these employees in their personal capacity.
The core investment case for Wisetech rests on the quality of
its software and the value it provides its customers. This is not
changed by the ASIC investigation.
1
Share Price Premium 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
November 2025
as at 31 October 2025
$
0.70
SHARE PRICE
PREMIUM
1
2.5
%

BRM NAV
$
0.69
$
0.02
WARRANT PRICE

SECTOR SPLIT
as at 31 October 2025
KEY DETAILS
as at 31 October 2025
FUND TYPE
Listed Investment Company
INVESTS IN
Growing Australian companies
LISTING DATE
26 October 2006
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 + 7%
PERFORMANCE FEE
10% of returns in excess of
benchmark and high water mark
HIGH WATER MARK
$0.66
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
343m
MARKET CAPITALISATION
$239m
GEARING
None (maximum permitted 20%
of gross asset value)
That said, we have engaged with the Board and are monitoring
this closely. Wisetech has its AGM in November. We are also
attending an investor day in Sydney in December so will have
more fulsome updates from the company then.
Portfolio Changes
We added large, diversified miners BHP (+0.3%) and Rio Tinto
(+0.1%) to the portfolio in October.
BHP focuses on three key commodities: iron ore (essential for
steel production), copper and potash (a fertilizer for crops). While
BHP’s iron ore assets are mature, the latter two commodities
are both growth commodities. Potash benefits from structurally
rising demand driven by population growth and rising standards
of living. Long term demand for copper is underpinned by the
increased electrification and transition (decarbonisation) of the
world economy.
BHP’s moat is predicated on having some of the highest quality
assets globally in each of these categories. This coupled with its
scale enables BHP to operate at the low end of the global cost
curve in each of these commodities – a great position to be in.
Robbie Urquhart
Senior Portfolio Manager
Fisher Funds Management Limited
Like BHP, Rio has a high-quality portfolio of Iron Ore assets (the
majority of its business), coupled with substantial copper and
aluminium divisions. It also has a small exposure to Lithium. Rio
proffers modestly better shorter-term earnings growth prospects
given the phasing of production from a copper mine in Mongolia
and an iron ore mine in Guinea. BHP in contrast is investing
heavily to increase production from its mines which will only start
benefitting its earnings in a few years’ time.
Both companies share similar robust long-term earnings
prospects.
2
Financials24%
Information Technology19%
Health Care18%
Communication Services16%
Industrials10%
Materials 6%
Consumer Discretionary 4%
Cash & Derivatives 3%

OCTOBER’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month in Australian dollar terms
ANSELL
+15
%
AUB GROUP
+13
%
ANZ
+10
%
WISETECH
-23
%
CSL
-10
%
5 LARGEST PORTFOLIO POSITIONS as at 31 October 2025
XERO
6
%
CSL
7
%
WISETECH
6
%
CAR GROUP
6
%
MACQUARIE
6
%
The remaining portfolio is made up of another 20 stocks and cash.
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return(0.1%)(1.7%)+12.8%+9.0%+5.5%
Adjusted NAV Return(2.3%)(4.8%)(2.3%)+9.5%+8.7%
Portfolio Performance
Gross Performance Return(2.2%)(4.3%)(0.4%)+12.2%+11.0%
Benchmark Index^+0.4%+4.0%+13.4%+14.0%+13.5%
PERFORMANCE to 31 October 2025
3
TOTAL SHAREHOLDER RETURN to 31 October 2025
^Benchmark Index: S&P/ASX 200 Index (hedged 70% to NZD)
Non–GAAP Financial Information
Barramundi 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 Barramundi Non–GAAP Financial Information Policy. A copy of the policy is available at barramundi.co.nz/about-barramundi/barramundi-policies.
Share Price/Total Shareholder Return
$4.00
$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
Oct
2021
Oct
2023
Oct
2024
Oct
2025

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 Barramundi 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 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.
Barramundi Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7074
Email: enquire@barramundi.co.nz | www.barramundi.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 BARRAMUNDI
Barramundi 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 Australian companies
through a single, professionally
managed investment. The aim of
Barramundi is to offer investors
competitive returns through capital
growth and dividends.
CAPITAL MANAGEMENT STRATEGIES
Regular Dividends
»Quarterly distribution policy introduced in
August 2009
»Under this policy, 2% of average NAV is targeted to be
paid to shareholders quarterly
»Dividends paid by Barramundi 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
»Barramundi 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
M A N AGEMENT
The Manager has authority delegated
to it from the Board to invest according
to the Management Agreement and
other written policies. Barramundi’s
portfolio is managed by Fisher Funds
Management Limited. Robbie Urquhart
(Senior Portfolio Manager), Terry Tolich
and Delano Gallagher (Senior Investment
Analysts) have prime responsibility for
managing the Barramundi portfolio.
Together they have significant combined
experience and are very capable of
researching and investing in the quality
Australian companies that Barramundi
targets. Fisher Funds is based in
Takapuna, Auckland.
BOARD
The Board of Barramundi
comprises independent
directors Andy Coupe (Chair),
Carol Campbell, David
McClatchy, Fiona Oliver and
Dan Coman.
Share Buyback Programme
»Barramundi 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
»Barramundi announced a new issue of warrants on
30 June 2025
»The warrant term offer document was sent to all
Barramundi shareholders in mid-July 2025
»Warrants were allotted to all eligible Barramundi
shareholders on 7 August 2025
»The new warrants (BRMWI) commenced trading on the
NZX Main Board from 8 August 2025
»The Exercise Price of each warrant is $0.70, 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
Barramundi
»The Exercise Date for the Barramundi warrants is
7 August 2026