BRM – August 2026 monthly update

1
A WORD FROM THE MANAGER
Barramundi’s gross performance return for July was +2.2% and the
adjusted NAV return was +2.1%. This compares to the S&P/ASX200 Index
(70% hedged into NZ$) which was +1.5% over the month.
July was a relatively quiet month for news with many companies in
‘blackout’ ahead of the release of their financial reports in August. Across
the market Energy was the best performing sector on the Australian
share market, rising +12% in the month as unrest flared up in the Middle
East. Financials (+6%) also performed well as the major Australian banks
rebounded after a softer few months prior. Information Technology
(-3%) and Industrials (-1%) fell modestly and were the worst performing
sectors.
Portfolio Commentary
Wisetech (+10% in A$) rebounded strongly in July after it was
announced that founder Richard White would be replaced as chair of the
Board by independent director Raelene Murphy. This resolution follows
further turmoil related to Mr White’s personal life. It is also a continuation
of the succession planning and changes that have been underway at
Wisetech for the last couple of years. Mr White remains on the Board
and will continue contributing meaningfully to Wisetech’s development
in his executive role as Chief Innovation Officer. After some speculation,
Wisetech also clarified that DSV, one of its largest logistics customers,
remains an active customer and is growing its transaction volumes
strongly. DSV’s existing contract with Wisetech runs until September 2028
and both parties are in discussions regarding how they can work together
beyond 2028. This clarification was well received by the market. Wisetech
also completed a small acquisition of an AI-powered supply chain risk and
compliance business which augments its AI-related development already
underway.
At its briefing on its business and private banking division, National
Australia Bank (+9%) (“NAB”) noted business lending growth continues
to be robust with NAB recording the strongest June month of growth
since 2022. Importantly, the market was focussed on ‘asset quality’ given
a smaller business bank competitor had shocked the market in June
with significant write-downs of loans. NAB noted that while the number
of loans on ‘watch’ had increased, it had not experienced a significant
deterioration in asset quality. This was well received by investors.
CSL (+7%) announced that it would undertake clinical trial work to
confirm the efficacy and safety of its next generation immunoglobulin (Ig)
manufacturing process. If successful, the next generation manufacturing
process would bring substantial yield benefits by allowing CSL to extract
more grams of Ig for every litre of plasma collected. Peers Grifols and
Takeda both reported solid quarterly results and provided guidance that
supports a more stable plasma market going forward. Specific to the
Ig market, both Grifols and Takeda are guiding to grow Ig sales in line
with the market which should allow CSL to grow at or above market.
Both Grifols and Takeda have guided to flat Albumin revenues, implying
a return to growth in China Albumin after the step change down on
the back of Chinese regulatory changes in CY25. CSL’s share price also
benefitted from the broader rotation into healthcare names.
Macquarie (+1%) surprised the market at its AGM in announcing the
retirement of well-regarded CEO Shemara Wikramanayake in November
after having worked at Macquarie for 40 years. Ms Wikramanayake
has overseen strong growth (and shareholder returns) over her 8-year
tenure as CEO. Macquarie is good at ‘growing its own timber’ from a
talent development perspective – a key part of our investment thesis. In
line with this Ms Wikramanayake will be succeeded by 30yr Macquarie
veteran Greg Ward, who currently runs their highly successful domestic
digital retail bank. Alongside this announcement, Macquarie’s trading
update noted the company is tracking in line with expectations and
guidance was reiterated.
Rio Tinto (-1%) delivered a solid 1H26 financial with all key divisions,
iron-ore, aluminium and copper delivering in-line with market
expectations. FY26 production and cost guidance was reiterated, with
strong commodity prices and a lower tax rate supporting a higher-than-
expected dividend for shareholders. Importantly, Rio continues to make
progress on its cost-out programme and is on track to deliver US$1.8bn
annualised savings by the end of FY26. Rio has also earmarked a number
of non-core assets which it can sell to release US$5bn of additional
cash by the end of the year. This reinforces management’s credentials
in delivering strong returns on invested capital, and hence value for
shareholders.
Xero (-3%) fell modestly in the month after the CEO sold shares that
she owned in the company. Personal tax obligations were cited for the
sale. Although the optics of the sale, given the fall in Xero’s price over
the last year, is not ideal, we believe this controversy is likely to subside.
More importantly, the key drivers of Xero’s growth and future value
remain firmly in place. At a conference Xero held for customers in July
for example, it outlined a range of new product features (AI related) that
will continue enhancing its value to customers. These were well received.
Xero has also recently increased pricing in a number of regions (again,
indicative of the value it provides to customers). We expect Xero to
continue growing its earnings (and cash flow) strongly over coming years.
During the month Next DC (-8%) announced a further 73MW of
contract wins. It has increased its total contract utilisation threefold in
the last 12 months to 740MW. The order book will progressively convert
to revenue and EBITDA over the next 4 years and will support strong
earnings growth. Also, during the month Next DC further increased its
senior debt facilities to $8.7b. Coupled with the $1.5b equity issuance
in April, we believe Next DC is well capitalised to fund its data centre
build-out.
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
August 2026
as at 31 July 2026
$
0.47
SHARE PRICE
DISCOUNT
1
12.6
%

BRM NAV
$
0.54
$
0.00
WARRANT PRICE

SECTOR SPLIT
as at 31 July 2026
KEY DETAILS
as at 31 July 2026
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
$0.62
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
351m
MARKET CAPITALISATION
$166m
GEARING
None (maximum permitted 20%
of gross asset value)
Fineos (-11%) provided a quarterly update where it announced it had
signed two new contracts. OneAmerica Financial signed a 10-year license
for Fineos’ full end-to-end AdminSuite. This is the third large US insurer
to take the full AdminSuite to manage quote-to-claim after New York Life
and Guardian and serves as a proof point that insurers are increasingly
recognising Fineos’ software as best-in-class for the entire quote-to-claim
journey. The Canadian Saskatchewan Teachers’ Federation also signed
Fineos to manage the administration of its disability claims. Lastly, Fineos
also announced it had successfully migrated ACC (in NZ) from the on-
premise to Cloud version of its product suite.
Robbie Urquhart
Senior Portfolio Manager
Fisher Funds Management Limited
Portfolio Changes
We reduced our target weighting in REA during the month following
a rebound in the share price. REA is a great business. However, the
Australian Government’s budget delivered in May includes some policy
changes which are negative for housing more generally. We consequently
remain cautious about the impact this will have on REA’s earnings.
2
Financials28%
Information Technology20%
Communication Services14%
Health Care11%
Industrials 9%
Materials 9%
Consumer Discretionary 5%
Cash & Derivatives 4%

JULY’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month in Australian dollar terms
PWR HOLDINGS
+24
%
REA GROUP
+15
%
WISETECH
+10
%
FINEOS CORP
-11
%
SEEK
+9
%
5 LARGEST PORTFOLIO POSITIONS as at 31 July 2026
WISETECH
6
%
BHP GROUP
6
%
XERO
6
%
MACQUARIE
GROUP
5
%
ANZ GROUP
5
%
The remaining portfolio is made up of another 18 stocks and cash.
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return(10.9%)(13.9%)(29.5%)(5.1%)(6.6%)
Adjusted NAV Return+2.1%+1.2%(19.8%)(1.5%)+0.7%
Portfolio Performance
Gross Performance Return+2.2%+1.6%(18.5%)+0.5%+2.6%
Benchmark Index^+1.5%+3.1%+8.0%+11.5%+9.0%
PERFORMANCE to 31 July 2026
3
TOTAL SHAREHOLDER RETURN to 31 July 2026
^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
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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 Fiona Oliver (Chair),
David McClatchy, Dan Coman
and Simon Flood.
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
»Warrants put Barramundi 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 Barramundi at a fixed price on a fixed
date
»There are currently no Barramundi warrants on issue