Fisher funds "Company Of The Year Award”

22 February 2007

Mainfreight Winner Of Fisher funds "Company Of The Year Award”

Fisher Funds is delighted to announce logistics operator Mainfreight as the overall winner of the inaugural Fisher Funds Company of the Year Award in 2006.

The award is given to the most outstanding company in Fisher Funds portfolio, reflecting not just exceptional share price performance, but consistency of performance and delivery against expectations.

In announcing the award last night, Fisher Funds chief investment officer Warren Couillault says Mainfreight's share price had increased six-fold since Fisher Funds invested in the company in 2003.

From small beginnings in 1978 the company has been making significant inroads internationally, he says. "With a successful and rapidly growing business in Australia and a significant presence in Asia and the USA the company is now looking more like an international growth company, with plenty of medium term growth upside."

After cementing its position by acquiring its largest competitor a few years ago, Mainfreight now has the largest New Zealand market share in its sector. Fisher Funds is Mainfreight's second largest shareholder.

Mr Couillault says the three companies recording top share price gains in 2006 for Fisher Funds were: Rakon, up 230% from its $1.60 initial public offering price; Mainfreight, up 136%; and Ryman Healthcare, up 115%.

"Our positions in these companies contributed about half of our overall 75% gross return in 2006. We must thank the people involved for that."

Fisher Funds managing director Carmel Fisher says the decision to create a Fisher Funds Company of the Year Award began as that - a way to thank the top company performers for their contribution to Fisher Funds success.

"Plenty of coverage is given to those companies whose share prices lift dramatically or who announce good profit results, but once the news appears, it becomes out of date," she says. "Rarely do we see accolades being given to companies that deliver results consistently, and improve on their performance year after year."

"We think that many business leaders and companies go largely unnoticed, and we want to change that."

ENDS

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