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Tuesday 19th August 2008 |
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Marlin Global, which invests in stocks outside of New Zealand and Australia, posted a net loss of $5.2 million for the period of Sept 6, 2007, to June 30, the fund said in a statement. Barramundi, which targets smaller Australia stocks, reported a loss of $29.5 million for the year to June 30, from a year-earlier profit of $21.3 million.
Marlin listed on the NZX last November, after raising $103 million in an initial public offering to buy growth stocks. Barramundi listed the previous year after raising $100 million.
"Our portfolio was not immune from the fall in international equity markets," said Rob Challinor, chairman of Barramundi. The U.S. credit crisis hurt Australian companies "irrespective of their underlying performance or prospects."
Shares of Barramundi fell 4.8% to 60 cents and have declined about 38% in the past 12 months, while the NZX 50 Index fell 15%. Marlin was unchanged at 67 cents and has fallen 26% since it began trading.
Marlin's result included net unrealized losses on investments of NZ$7.1 million and IPO costs of NZ$2.8 million.
Despite the drop in stock prices for its investments, Marlin and Barramundi won't overhaul its criteria for selecting companies.
"The share market may not reflect underlying intrinsic value at the moment," Challinor said. "But if the fundamentals of our portfolio companies continue to be sound, we are confident that investors' patience and perseverance will be rewarded."
Barramundi will pay a partially imputed dividend of 2 cents a unit. Marlin won't make a payment.
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