Marlin Global Limited Analysis

Overview

Marlin Global is a listed investment company that invests in growing companies based outside of New Zealand and Australia. The Marlin portfolio is managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Marlin is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single tax-efficient investment vehicle. Marlin listed on the NZX Main Board on 1 November 2007 and may invest in companies that are listed on any approved stock exchange (excluding New Zealand or Australia) or unlisted companies not incorporated in New Zealand or Australia.

Performance

The following information was extracted from Marlin's full year results, released on 19 August 2024:

Marlin Global Limited (NZX: MLN) today announced a net profit of $37.2m for the 12-month period ended 30 June 2024, well ahead of last year’s net profit of $23.6m. Key elements of the FY24 result include net profits on investment of $41.6m, dividend, interest and other income of $1.3m, offset by expenses, fees and tax of $5.8m.

Chair Andy Coupe noted “It has been another volatile year for international equity markets, with market sentiment being influenced by a myriad of factors, including on-going recessionary concerns, high interest rates in response to inflation and geopolitical uncertainty. Marlin has performed well against this market backdrop and the board remains confident in the investment strategy and the medium to long-term resilience of the portfolio.”

The Adjusted net asset value (NAV) return was +19.5% and the gross performance return was +22.9%, well ahead of the company’s benchmark index, which was up 15.2%. The total shareholder return was +13.8%, which was impacted by the lower share price, which moved from being at a 1.1% discount to the NAV at the start of the year, to a 6.7% discount to NAV as at 30 June 2024.