Kingfish NAV ticks up, shares trade at wider discount

Kingfish Limited reported its unaudited net asset value (NAV) at $1.3505 as of November 5, 2025, a slight increase from $1.3485 on October 31, 2025. The company's share price closed at $1.3300 on November 5, resulting in a 2% discount compared to the NAV, up from a 1% discount on October 31, 2025. The NAV calculation excludes treasury stock and does not factor in the potential impact of 86,961,524 warrants (KFLWI) exercisable on May 1, 2026.

The exercise price for these warrants is $1.35, less dividends declared between May 1, 2025, and the exercise price announcement. To date, dividends totaling 5.48 cents per share have been declared, with two more expected before the May 2026 exercise price announcement. Kingfish, a listed investment company since March 31, 2004, focuses on quality New Zealand companies.

Its largest portfolio holdings as of November 5, 2025, include Fisher & Paykel Healthcare (19%), Infratil (14%), Summerset (10%), Mainfreight (8%), and Auckland International Airport (7%). Managed by Fisher Funds Management Ltd, Kingfish aims to provide competitive returns through capital growth and dividends via a diversified, tax-efficient investment vehicle.