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Barramundi Share Price: A 10% Yield on a Fisher Funds Bet on Australian Growth Stocks

Barramundi Share Price Today

The Barramundi share price sits at about $0.555 NZD (NZX: BRM) in mid-June 2026, down roughly 17% over the past year. With a market cap near $194 million, Barramundi is a listed investment company managed by Fisher Funds that gives New Zealand investors a managed portfolio of Australian growth companies in a single NZX-listed security.

Two figures frame it: the shares trade very close to their net asset value (NAV) of about $0.555, and they carry a headline gross dividend yield around 10%. Both need the right context, because Barramundi is a fund, not an operating business.

What Barramundi Is

Barramundi is the Australian-focused sibling of [Kingfish](/stocks/kingfish) (which invests in NZ companies) and complements the blue-chip exposure of [Australian Foundation Investment Company](/stocks/australian-foundation-investment). Listed on the NZX since 2006, Barramundi invests in growing Australian businesses, with a deliberate focus on companies outside the ASX top 20 at the time of investment, in other words, mid-cap growth rather than the mega-cap banks and miners.

Its largest holdings have recently included names like WiseTech Global, Macquarie Group, CSL, ANZ, and PWR Holdings. So buying Barramundi is buying an actively managed slice of Australian growth equities, for a management fee.

NAV and the Dividend: Read Carefully

The right way to value any listed investment company is against its net asset value, not a P/E. Barramundi publishes its NAV regularly (recently around $0.55), and the share price tracks close to it, sometimes at a small premium or discount.

The 10% gross yield looks enormous, but Barramundi, like its Fisher Funds siblings, pays a distribution set as a percentage of NAV (historically around 8% annually, paid quarterly). Crucially, a large part of that distribution can be a return of capital rather than income earned by the portfolio. If the portfolio does not grow faster than the payout, the NAV slowly shrinks. The dividend is real cash, but it is not free income in the way the headline suggests.

Key Metrics

  • •Share price: ~$0.555 NZD
  • •Net asset value: ~$0.555 per share (trades near NAV)
  • •Market cap: ~$194 million NZD
  • •52-week move: about -17%
  • •Gross dividend yield: ~10%
  • •Structure: closed-end listed investment company (Australian growth stocks)

What to Watch

  • •Australian growth equities: Barramundi lives or dies by its portfolio. Mid-cap Australian growth stocks can be volatile, as the -17% year shows.
  • •NAV trend: Track NAV over time. A distribution funded partly from capital erodes NAV if performance lags.
  • •Premium or discount to NAV: Buying below NAV is a small tailwind; above NAV, a headwind.
  • •Fees and currency: Active management costs money, and the NZD/AUD exchange rate affects Kiwi-dollar returns.

The Bottom Line

Barramundi offers a convenient, managed, NZX-listed way to own a basket of Australian growth companies, with a high quarterly distribution and shares trading near asset value. The bull case is professional access to Australian mid-cap growth plus a 10% headline yield. The bear case is that the yield is partly your own capital returned, active fees drag on returns, and the portfolio carries real volatility. It suits income-focused investors who want trans-Tasman growth exposure and understand what a NAV-based distribution really is.

For how we evaluate listed investment companies and NAV-based yields, see our [methodology](/methodology).

*Disclaimer: This article is for educational and informational purposes only. It does not constitute financial advice. Stock data may not be real-time. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.*