Barramundi’s July Gross Return Tops ASX200 by 0.7 Percentage Points

July Portfolio Outperforms Benchmark

Barramundi Limited (NZX:BRM) posted a robust gross performance return of +2.2% for July 2026, edging past the S&P/ASX200 Index (70% hedged to NZD) which gained +1.5%. The adjusted net asset value (NAV) return was similarly strong at +2.1%, reflecting effective stock selection and currency hedging strategies by the portfolio managers at Fisher Funds Management.

Healthcare Stocks Drive Gains with CSL Leading

CSL’s shares surged 7% after announcing clinical trials to validate a next-generation immunoglobulin (Ig) manufacturing process. This innovation promises higher yields per litre of plasma, potentially boosting CSL’s market position. Peers Grifols and Takeda reported solid quarterly results, signalling stability in the plasma market and a likely return to growth in China’s Albumin segment after regulatory disruptions in 2025. CSL’s rally was also supported by a broader investor rotation into healthcare names.

Leadership Transition at Macquarie

Macquarie Group’s (+1%) AGM brought a surprise announcement: CEO Shemara Wikramanayake will retire in November after 40 years with the firm. Her successor, Greg Ward, a 30-year veteran and head of Macquarie’s domestic digital retail bank, is expected to maintain the company’s growth trajectory. The trading update confirmed that Macquarie is tracking in line with expectations, reinforcing investor confidence in the succession plan.

Wisetech’s Board Shake-up and AI Expansion

Wisetech (+10%) rebounded strongly following the replacement of founder Richard White as board chair by independent director Raelene Murphy, a move welcomed by the market amid ongoing succession planning. White remains on the board as Chief Innovation Officer. Wisetech also clarified that major logistics customer DSV continues to grow transaction volumes, easing concerns about contract retention beyond 2028. The company bolstered its AI capabilities through a small acquisition of a supply chain risk and compliance business, complementing its existing AI initiatives.

Mixed Results from Other Key Holdings

Rio Tinto (-1%) delivered a solid half-year financial report, maintaining production and cost guidance while progressing a cost-out programme targeting US$1.8 billion in annualised savings by fiscal year-end. The miner has identified non-core assets for potential sales worth US$5 billion, supporting strong shareholder returns. Xero (-3%) experienced a modest share price dip after its CEO sold shares for personal tax reasons, though the company’s growth drivers and recent AI product enhancements remain intact. National Australia Bank (+9%) reported robust business lending growth and stable asset quality despite market concerns triggered by competitor write-downs.

Data Centre Expansion and Contract Wins

Next DC (-8%) announced 73MW in new contract wins, tripling its total contract utilisation to 740MW over the past year. This order book is expected to convert into revenue and EBITDA over four years, underpinning strong earnings growth. The company also increased senior debt facilities to $8.7 billion, complementing a $1.5 billion equity raise earlier in the year to fund its data centre expansion.

Fineos Secures Significant Long-Term Contracts

Fineos (-11%) signed two major contracts: a 10-year license with OneAmerica Financial for its full AdminSuite, marking the third large US insurer to adopt the end-to-end solution, and a contract with the Canadian Saskatchewan Teachers’ Federation for disability claims administration. Additionally, Fineos successfully migrated New Zealand’s ACC from on-premise to cloud-based software, demonstrating its growing footprint in insurance technology.

Cautious Reduction in REA Weighting

Barramundi trimmed its position in REA Group following a share price rebound. While REA remains a high-quality business, recent Australian government budget policies introduce headwinds for the housing market, prompting a cautious stance on REA’s earnings outlook.