Fisher Funds' big loss against benchmark return of 30.5 percent.

Fisher Funds faced significant performance headwinds across two listed managed investment vehicles during the 2026 financial year, with both funds substantially underperforming their respective benchmarks despite broad market strength.

Marlin, which focuses on international equities, posted the most dramatic shortfall, delivering a -8.5% adjusted net asset value return and recording a $17.3 million loss for the year ended 30 June 2026. This performance contrasted sharply against Marlin's S&P Large Mid Cap/S&P Small Cap Index benchmark (50% hedged to New Zealand dollars), which returned 30.5%—creating a 39-percentage-point performance gap.

Barramundi, the second Fisher Funds vehicle, similarly disappointed investors. The Australian equity-focused fund generated an 18.2% adjusted NAV return while recording a $42.9 million loss against its ASX200 benchmark (70% hedged to New Zealand dollars), which delivered 9.2% during the same period. Though Barramundi outperformed its benchmark nominally, the absolute loss and market context underscore significant portfolio challenges.

Senior portfolio manager Ashley Gardyne identified tactical positioning as a primary drag on Marlin's returns, noting the fund was positioned adversely to "a surge in AI-linked and cyclical stocks" throughout 2026. Fiona Oliver, chair of both funds, acknowledged the year's difficulties in statements accompanying the annual reports, describing outcomes as "very disappointing for shareholders" and emphasizing that the board is collaborating with Fisher Funds management to reposition portfolios for improved future performance. The substantial absolute losses despite positive index returns suggest allocation and security-selection challenges extended beyond simple market timing issues.