Fisher Funds is one of New Zealand's most successful and respected investment management companies, known for active fund management that has consistently outperformed market indices over long periods. Established in 1989 by Carole Fisher, Fisher Funds manages billions in assets across managed funds, KiwiSaver, and direct investment services. This review covers their investment philosophy, performance record, KiwiSaver offerings, and whether Fisher Funds is right for your investing in 2026.
Fisher Funds Investment Philosophy
Fisher Funds practices active fund management based on fundamental stock analysis and a long-term investment horizon. Unlike passive index funds that simply track market benchmarks, Fisher Funds managers research individual companies, assess their valuations, and build concentrated portfolios of their highest-conviction holdings. This approach costs more (higher fees) but has historically generated returns that justify the expense.
The company's philosophy emphasizes quality businesses, strong management teams, competitive advantages, and investing for the long term. Fisher Funds explicitly avises against market timing or short-term trading. The firm appeals to investors seeking professional stock-picking rather than index-tracking.
Fisher Funds Performance Record
Fisher Funds has delivered superior long-term returns compared to market indices and competing active managers. Over 10-year periods, Fisher Funds' growth funds have returned approximately 10–12% per annum gross, which exceeds both the NZX 50 index and most competitor active funds after fees. This performance has made Fisher Funds one of the most recommended investment managers in New Zealand.
Performance in equity markets is cyclical, and there are periods when active funds underperform indices. Fisher Funds is no exception — in some years, index funds beat active managers. However, the long-term track record is genuinely impressive for a NZ-based investment manager.
Fisher Funds KiwiSaver
Fisher Funds operates KiwiSaver schemes across Conservative, Balanced, Growth, and Aggressive fund types. Their KiwiSaver offering is popular, with strong historical returns and competitive fees for an active manager. Fisher Funds KiwiSaver members benefit from the same research and stock-picking as Fisher Funds' direct investment clients.
KiwiSaver fees for Fisher Funds average around 1.00–1.05% per annum depending on fund type — higher than low-cost passive providers like Simplicity but in line with or slightly below other quality active managers. For investors who prioritize active management and have researched the performance case, Fisher Funds KiwiSaver is worth considering.
Fisher Funds Direct Investing
Beyond KiwiSaver, Fisher Funds manages direct investment portfolios through their direct investment service. These accounts typically have higher minimum investments ($50,000+) and offer personalized management. Direct investment clients benefit from the same research team as KiwiSaver members but with potentially customized mandates.
Fisher Funds vs Passive Index Investing
The active vs passive debate is complex. Fisher Funds has outperformed on a long-term basis, making the case for active management compelling. However, academic research shows most active managers underperform after fees over 10+ year periods. Fisher Funds is in the top tier of NZ managers and has genuinely delivered outperformance.
For investors comfortable with Fisher Funds' fees and convinced by their track record, active management is justified. For those skeptical of active management or cost-focused, low-fee index funds through providers like Simplicity or Kernel deliver solid long-term returns with minimal fees.
Frequently Asked Questions
Is Fisher Funds worth the higher fees?
Fisher Funds' historical outperformance has been substantial enough to more than offset their higher fees compared to passive alternatives. Over 10 years, the outperformance has been worth approximately 2–3% per annum in additional returns. For KiwiSaver, this compounds dramatically. Whether past outperformance continues is unknowable, but the track record justifies the fees compared to underperforming active managers.
How do I invest with Fisher Funds?
For KiwiSaver, you can enrol directly with Fisher Funds KiwiSaver. For direct investing, you contact Fisher Funds to discuss your investment objectives and confirm you meet minimum investment requirements. Fisher Funds also works with financial advisers who can recommend their services.
What is the minimum investment with Fisher Funds?
For KiwiSaver, there is no minimum — you can start with small contributions. For direct investment management, the typical minimum is $50,000, though this varies by service type. Smaller investors are best served by Fisher Funds KiwiSaver.
Do Fisher Funds invest ethically?
Fisher Funds applies environmental, social, and governance (ESG) criteria to investment decisions but is not a certified ethical or responsible investment provider. Their ESG approach is integration-based (considering ESG factors in stock selection) rather than exclusion-based (avoiding entire sectors). Those seeking certified ESG or ethical investment should compare with explicit ESG-focused fund managers.
How does Fisher Funds compare to Milford Asset Management?
Both are NZ-based active managers with strong long-term track records. Milford has historically delivered slightly higher returns but with higher volatility. Fisher Funds tends to be somewhat more conservative in its positioning. Both charge similar fees. The choice comes down to personal preference and which manager's philosophy resonates more.
