KEY POINTS:
What is it called and what sort of savings product is it?
Marlin Global is an international share fund that will be listed on the NZX.
Who is the company behind it?
Marlin is the latest offering from Fisher Funds Management. The company already has
two listed investment trusts, Kingfish and Barramundi, as well as a number of unlisted unit trusts.
Who is the target market?
People looking to invest some of their money into offshore shares which have a growth bias.
What return does it offer?
Marlin has no fixed rate of return and no past performance to look at. A fund like this should be delivering returns in at least high single digits each year.
When was it launched?
The IPO is due to open on Monday, October 8, and closes on October 28.
What other products is it like or is it competing with?
Marlin competes against unlisted unit trusts that invest in international shares, as well as listed vehicles such as UK-based investment trusts. In some ways it could be argued that Marlin competes against GPG too, as it is considered by many to be an international investment trust.
Is it long term, short term or medium term?
International share funds suit investors with medium to long-term investment timeframes.
What is the unique selling point of the product?
Fisher's investment style and profile have proved popular with investors - and it has delivered good returns. From an investment perspective people who take up the IPO also receive one warrant for every two shares allotted. Assuming the fund does well this is a big benefit for investors.
How strong a stomach do you need for it?
Marlin is probably the most risky fund Fisher has done, putting it well towards the higher end of the risk spectrum.
What's the hitch?
Fisher Funds has delivered a winning formula for investing in NZ and Australia. Making that formula work with an international fund may be more difficult. Many years ago fund managers in NZ realised it was difficult to make international investment decisions from NZ, so outsourced investment management to offshore firms.
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