MLN – November 2025 monthly update

1
A WORD FROM THE MANAGER
Marlin’s gross performance return for October was +2.3%, while
the adjusted NAV return was +2.0%. This compared with our global
benchmark, S&P Large Mid Cap/S&P Small Cap Index (50% hedged
to NZD), which was up +2.2%.
Market Environment
October was a broadly positive month for global equity performance
amid an evolving macroeconomic and geopolitical backdrop and a
solid US earnings season.
Japan outperformed with the Nikkei 225 Index +17%, as a weakening
yen boosted export-led industries. Europe (+2%); the UK (+4%) and
emerging markets (+4.2%) also saw positive performance for the
month.
The US market was up 2% in October, despite the ongoing China
trade rhetoric. Late-month US–China trade talks boosted sentiment,
with both sides outlining a one-year deal to pause US tariff hikes and
ease China’s rare earth export limits. Although no formal agreement
was reached, the constructive tone contrasted with earlier tensions
that had sparked the steepest one-day US market drop since April’s
Liberation Day announcements. US third-quarter earnings were also
supportive, with results from 320 of the 500 S&P 500 companies that
have reported to date showing that 82% beat consensus expectations
(vs a 73% historic average) with earnings coming in 6.4% above
forecasts.
The Federal Reserve lowered its target range by 0.25% to 3.75-4.0%;
however, the market has also pared back expectations of future
interest rate cuts, following Jerome Powell comments that a further cut
in December was not a foregone conclusion.
Portfolio
Intuitive Surgical (+22% in local currency) was up after strong
earnings results alleviated concerns over hospital spending and
procedure growth. The company shipped 427 new robotic systems,
the second largest quarter in recent years, including 230 placements
of the new DV5 system, the update to the workhorse Xi system
launched in 2015. Procedure growth accelerated to nearly 800,000
procedures during quarter, ahead of expectations. Robotic surgery
is increasingly becoming the standard of care, and with millions of
addressable procedures globally, there is a long runway for continued
procedure growth.
Amazon (+10%) reported an acceleration in the growth of its AWS
cloud business, growing 20% in the quarter as the company brought
on new data centre capacity to meet the growing demand for AI
and cloud computing. The advertising business (AMS) accelerated
for the third consecutive quarter, growing 24%. AMS signed several
new partnerships with companies like Spotify and Netflix that are
using Amazon’s advertising technology. Like other large technology
companies, Amazon continues to invest heavily in building out new
capacity for AI, with its capital expenditure forecast raised from $118b
to $125b for 2025; and the CFO saying that number will likely increase
in 2026.
Alphabet (+15%) reported another strong quarter as the company
firmly positions itself as an AI leader. Advertising revenue in its Search
and YouTube segments grew 15%, accelerating from last quarter as
AI search gains traction. Early results show that ‘AI Mode’ and ‘AI
Overviews’ are leading to higher usage of Google Search. Google
Cloud was the star performer, growing 35% and expanding margins.
Cloud backlog surged 82% year-over-year to $155 billion, fuelled
by enterprise AI demand, with Google signing more $1B+ deals in 9
months than the prior 2 years combined.
Floor & Décor (-17%) fell in the month, ahead of its third quarter
earnings report. US 30-year mortgage rates remained stubbornly
above 6%, keeping existing-home sales (a key driver of flooring
demand) near two-year low levels and weighing on big-ticket
remodelling demand. Despite this backdrop, Floor and Décor
continues to gain market share from smaller competitors exiting the
market. This should position Floor & Decor for strong growth when
housing sales recover.
Dexcom (-12%) sold off as its initial guidance for 2026 revenue
growth came in below expectations, alongside minor headwinds from
safety and reliability concerns around its G7 sensor. Despite the soft
outlook, management appears to be taking a conservative approach,
only including current insurance reimbursement coverage—even
though the company is only in the early stages of securing coverage
for the large Type 2 diabetes population with further approvals
anticipated for next year. The company believes the quality issues
have now mostly resolved and the complaint rates for G7 have been
largely stable. This view is supported by physician commentary,
suggesting the company can put this headwind behind them as we
move into the new year.
Meta (-13%) bucked the trend of large-cap tech stock performance,
as increased investment in AI overshadowed continued growth
acceleration and market share gains in its advertising business.
Across Facebook, Instagram and Threads, Meta’s AI recommendation
systems are delivering higher quality and more relevant content, which
led to 5% more time spent on Facebook in Q3, and video time spent
on Instagram up more than 30% since last year. Despite these higher
impressions and conversion rates driving increased revenue, investors
1
Share Price Discount to NAV (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
SHARE PRICE
$
0.95
DISCOUNT
1
1. 0
%

MLN NAV
$
0.9 6

2
KEY DETAILS
as at 31 October 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
$0.91
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
225m
MARKET CAPITALISATION
$214m
GEARING
None (maximum permitted 20% of
gross asset value)
focused more on the increased investment in AI. Management raised
capital expenditure for 2025 to circa $71 billion (90% growth y/y)
and expect 2026 capex to see upward pressure as they “invest
aggressively” in both owned infrastructure and third-party cloud
capacity to meet AI demand. While the cloud providers like Amazon
can monetise this investment through renting out computing capacity,
the payoff for Meta’s spend outside of its core advertising business, is
less immediate.
New portfolio additions
Equifax (EFX): We added a small position in Equifax during the
month. EFX is one of the three leading credit bureaus in the US and
globally. It collects data from multiple sources to form a database
SECTOR SPLIT
as at 31 October 2025
GEOGRAPHICAL SPLIT
as at 31 October 2025
Sam Dickie
Senior Portfolio Manager
Fisher Funds Management Limited
of individual consumers that businesses like banks use to make
better lending decisions; or Governments and employers use to run
automated background and income verification checks. EFX continues
to see increased penetration of these data services from customers.
Several of Equifax’s key end markets including mortgages and
employee verifications are currently depressed, which we anticipate
will improve over the next few years.
Health Care28%
Information Technology23%
Consumer Discretionary18%
Financials12%
Communication Services10%
Industrial4%
Cash & Derivatives3%
Consumer Staples2%
North America82%
Western Europe12%
Asia Pacific6%

3
OCTOBER’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month in local currency
INTUITIVE SURGICAL
+22
%
DANAHER CORP
+16
%
ALPHABET
+15
%
FLOOR & DÉCOR
-13
%
5 LARGEST PORTFOLIO POSITIONS as at 31 October 2025
AMAZON
8
%
MICROSOFT
7
%
MASTERCARD
6
%
INTUITIVE SURGICAL
6
%
DANAHER CORP
6
%
The remaining portfolio is made up of another 22 stocks and cash.
PERFORMANCE to 31 October 2025
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+0.5%(0.1%)+12.1%+6.8%+3.8%
Adjusted NAV Return+2.0%+3.3%+7.1%+12.9%+6.7%
Portfolio Performance
Gross Performance Return +2.3%+4.0%+9.8%+16.2%+9.5%
Benchmark Index^+2.2%+9.6%+21.4%+18.5%+14.7%
^Benchmark index: S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD)
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.
META PLATFORMS
-17
%
TOTAL SHAREHOLDER RETURN to 31 October 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
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2011
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2013
Nov
2014
Nov
2015
Nov
2008
Nov
2009
Nov
2010
Nov
2016
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2020
Nov
2012
Nov
2022
Nov
2017
Nov
2018
Nov
2019
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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 Charles
Barty (Investment Analyst) 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, Fiona Oliver
and Dan Coman.