BRM - New Warrant Issue for Barramundi

[LoungeLizard]

Sold the last of my BRM warrants today.  I have lost confidence in the team at Barramundi and Marlin.  They are FAR TOO SLOW to change their positions when the narrative changes and in my opinion they are only paying lip service to the last part of the STEPP process.
I'm not prepared to be involved and support any fund manager that holds significant amounts of tech stocks on "looney tunes "metrics. Kingfish and their NZX holdings can easily be replicated without Fisher's quite expensive fees or beaten by anyone with a reasonable skill set so I'm done with fisher funds.
In her earlier years I think Carmel Fisher had some magic but the current investment team have disappointed for too long and should be fired.

Agree totally. I had a look at Kingfisher, Marlin and Barramundi not long ago, thinking a wider exposure would mitigate risk, plus the PIE tax structure appealed, but really their performance over time has been abysmal and the trend has continued (another monthly report showing underperformance released today.) Some of the stocks they hold are peculiar to say the least.

They are supposed to be professional investors yet can't beat a simple tracker fund. Not just occasionally, but most of the time. And they want to take a fee for that? They should really only get paid if they outperform the index. Might help them to take their jobs a bit more seriously??

[Basil]

BRM held their 2014 annual meeting on 30 October 2024.  During that meeting I publicly asked Robbie Urquart the investment manager to explain to those attending why he thought Xero on a forward PE of just on 100 and priced at $148 at the time and Wisetech on a forward PE of just on 110 and priced at $114 at the time fitted with their STEPP valuation process in terms of future growth not already priced in ?

He couldn't have been more dismissive if he'd had an hour to practice before my question.  Went on about how PE is just one of many valuation methodologies they use and that's not the right way to value these companies.  Today less than 16 months later XRO is trading at just on $73, about half what it was and WTC is trading at just $42, barely a third of what it was.  I singled out those two companies because I thought they had really lost the plot on those on the forward PE's they were trading on relative to their growth rate.

Earlier that year at the Kingfish annual meeting I spent quite a bit of time after the meeting with Matt Peek their investment manager outlining the case for Turners in a very crystal clear way when they were ~$4.  He said he was going to visit Todd and Aaron the following month.  He never bought any and the price has more than doubled.

Those guys can't seem to get out of their own way.  Notice how every other investment fund prices their units every day...but that's too much work for Fisher Funds who only do it once a week.  Is that just laziness ?

[thedabsman]

What similar alternatives are people looking at? I have some RF1 and have enjoyed the returns but I'd prefer a PIE

[LoungeLizard]

It makes me wonder why Fisherfunds KiwiSaver growth/performance funds do better than their NZX listed investments. Why the difference when they manage them all?

[777]

.  Notice how every other investment fund prices their units every day...but that's too much work for Fisher Funds who only do it once a week.  Is that just laziness ?

Actually Fisher does calculate their funds, including the Kiwisaver ones, every day. It is just the listed ones that are weekly.

[LoungeLizard]

Actually Fisher does calculate their funds, including the Kiwisaver ones, every day. It is just the listed ones that are weekly.

I guess that makes the point - they seem to be more focussed on their KiwiSaver products and the NzX listed ones are the poor cousins. Maybe they get the also-rans in Fund Managers as well?

[HAWKDOG]

AI analysis of BRM - based off a one sentence prompt - Can you analyse the holdings of BRM.nzx  Barramundi



Overview of Barramundi (BRM) Portfolio
Barramundi Limited (BRM) is a New Zealand-listed investment company managed by Fisher Funds, focusing on a diversified portfolio of 20-35 growing Australian companies.
The fund aims to deliver competitive returns through capital growth and dividends, with a benchmark of the S&P/ASX 200 Index (70% hedged to NZD) plus an additional target.
As of 31 January 2026 (the most recent detailed update available), the portfolio consists of approximately 24 holdings, emphasizing quality growth stocks across various sectors.
The fund held about 4% in cash and derivatives.

Recent performance for January 2026 showed a gross return of -2.2% and an adjusted NAV return of -2.3%, underperforming the benchmark index's +1.6% gain.

This was largely due to a rally in commodity-related sectors (Energy and Materials) and weakness in IT amid AI-related concerns. The manager views the IT sell-off as temporary and expects upcoming earnings reports to support recovery.

The latest undiluted NAV as of 11 February 2026 was $0.5978, with the share price closing at $0.6390.
Sector Allocation
The portfolio is diversified but tilted toward growth-oriented sectors like Financials, IT, and Health Care. Here's the breakdown as of 31 January 2026:
Sector Allocation (%)

Financials
26
Information Technology
19
Health Care
17
Communication Services
15
Industrials
10
Materials
7
Consumer Discretionary
4
Cash & Derivatives
4

Top Holdings:  The top five holdings represent around 28% of the portfolio (based on the January data).
Percentages are approximate and may fluctuate slightly with market movements. As of 11 February 2026, the top five were similar but with minor adjustments (e.g., Macquarie at 7%, Brambles replacing Maas Group).

WiseTech Global (6%): A leading logistics software provider with global reach, benefiting from increasing trade complexity and digital adoption.

CSL (6%): A global biotech leader in plasma therapies and vaccines, with strong R&D and long product lifecycles.

Macquarie Group (6%): A diversified financial services firm focused on asset management and markets, with exposure to structural growth areas like renewables.

Maas Group (5%): A diversified industrial player in construction materials and services, with valuable quarry assets and cost advantages.

BHP Group (5%): A major mining company with strong positions in copper, iron ore, and potash, poised for growth from electrification and population trends.

Full List of HoldingsThe complete portfolio as of 31 January 2026 includes the following companies (in alphabetical order). While exact percentages for all aren't publicly detailed beyond the top holdings, each is selected for its growth potential, competitive moats, and alignment with long-term trends like digitalization, health advancements, and infrastructure. Brief rationales are based on the fund's descriptions:
Ansell: Personal protective equipment manufacturer; growth from emerging market standards.
ANZ: Major bank with strong retail and agribusiness; benefits from industry barriers.
AUB Group: Insurance broking network; expanding through acquisitions and organic growth.
Audinate Group: Audio networking tech leader; early in displacing analogue systems.
BHP Group (top holding): Competitive miner with cost advantages in key commodities.
Brambles: Logistics firm specializing in pallets; network effects drive returns.
CAR Group: Online classifieds network; international expansion opportunities.
Cochlear: Hearing implant pioneer; addresses unmet needs with R&D focus.
Commonwealth Bank of Australia: Leading bank; scale and moats ensure profitability.
Credit Corp: Debt collection and lending; US growth and conservative balance sheet.
CSL (top holding): Biotech therapies; investments in supply chain and innovation.
Fineos Corporation Holdings: Insurance software; capitalizing on digital transformation.
Maas Group (top holding): Industrial diversified; location-based moats in quarries.
Macquarie Group (top holding): Financial services; culture of profitability and growth focus.
National Australia Bank: Bank with retail strength; supportive market structure.
Next DC: Data centre operator; riding cloud and AI demand.
oOh!media: Out-of-home advertising; shifting to digital for better metrics.
PWR Holdings Ltd: Performance cooling solutions; innovation in motorsport and EVs.
REA Group: Real estate portal; dominant in Australia with offshore potential.
ResMed: Sleep and respiratory devices; large under-penetrated market.
Rio Tinto Limited: Miner with metals for electrification; superior asset quality.
SEEK: Online employment marketplace; international exposure.
WiseTech Global (top holding): Logistics software; low penetration offers runway.
Xero: Cloud accounting software; market share gains in SMB segment.

Analysis and Manager InsightsThe portfolio is heavily weighted toward Australian financials and tech, reflecting a bet on structural growth themes like digital disruption, healthcare innovation, and commodity demand for electrification (e.g., via miners like BHP and Rio Tinto). Financials (26%) provide stability through established banks with wide moats, while IT (19%) and Health Care (17%) offer higher growth potential but introduce volatility, as seen in January's underperformance from AI fears impacting stocks like Xero, WiseTech, and Fineos.

Positive contributors in January included PWR (up 19% on a new contract), commodity-exposed BHP and Rio Tinto, and ResMed (solid results alleviating drug-related concerns). Detractors were mainly software firms, but the manager sees this as a "knee-jerk" reaction and anticipates reaffirmation of fundamentals in upcoming reports. Recent moves include exiting Reece (plumbing supplier) after a 12% return and increasing exposure to Commonwealth Bank, viewing it as undervalued post-decline.

Overall, the fund maintains a growth-oriented stance with defensive elements from diversified sectors. Holdings emphasize companies with strong competitive advantages, innovation, and exposure to global trends. For the most current NAV or changes, check NZX announcements, as markets can shift quickly. If you'd like deeper analysis on specific holdings or comparisons, let me know!

[Left Field]

Crikey..... and some said BRM was a 'safe' investment.......(thankfully not holding)

https://www.nzx.com/announcements/467530

[winner (n)]

Wonder if Robbie still has high hopes for Cochlear

Down 63% YTD (from Jan 1st that is)

[Clearasmud]

Wisetech has collapsed
CSL has collapsed.
Cochlear has collapsed.
Is BRM in a short term funk?
I assume due to these large caps and a few others the ASX200 is flat for the last year.