The “Kiwi” might be a flightless bird, but our currency was soaring during November.  Below is a table highlighting in percentage terms the NZ Dollar’s appreciation vs key currencies in November 2018.

One of the key tenets of value investing is “price is what you pay, value is what you get”.  Accordingly, throughout 2018 the Fund has shifted its focus towards globally orientated European domiciled companies, which are trading at attractive discounts to our estimate/s of intrinsic value.

The charts below illustrate where the Fund is now focused on a geographical basis: