Fisher bridges value gap

Fisher Funds Management has acted to address investor concerns about the gap between the market price and net asset value of its listed funds by introducing a new distribution policy for its Kingfish NZ equities entity.

Under the new "long-term" plan Kingfish shareholders can choose to receive a payout of 8 per cent of the fund's average net asset value (NAV) each year in quarterly instalments or they can continue to participate in the fund's distribution reinvestment programme.

Earlier this week the Business Herald reported Gary Cross, a shareholder in the Marlin global equities fund, was seeking support from other investors in a bid to have the vehicle delisted.

Cross said that would allow redemptions at the fund's NAV which is presently 40 per cent above its share price of 70c.