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Kingfish Share Price at $1.22: A 9% Yield and a Discount to Asset Value

Kingfish Share Price Today

The Kingfish share price sits at about $1.22 NZD (NZX: KFL) in mid-June 2026, down a few percent over the past year. With a market cap near $439 million, Kingfish is one of the larger listed investment companies on the NZX, and it offers retail investors a single-ticket way to own a portfolio of growing New Zealand businesses.

Two numbers make Kingfish interesting right now: it trades at a small discount to its net tangible asset (NTA) value of about $1.242 per share, and it carries a headline gross dividend yield near 9%. Both deserve explanation, because a listed investment company does not work like an ordinary operating stock.

How Kingfish Actually Works

Kingfish is a closed-end listed investment company managed by Fisher Funds. Rather than running a business, it holds a concentrated portfolio of New Zealand growth companies and lists its own shares on the NZX. When you buy KFL, you are buying a slice of that underlying portfolio.

Historically Kingfish has held many of the same blue-chip NZX names covered on this site, including [Fisher & Paykel Healthcare](/stocks/fisher-paykel-healthcare), [Mainfreight](/stocks/mainfreight), and [Infratil](/stocks/infratil). That means KFL's performance is essentially a leveraged, actively-managed bet on the quality end of the New Zealand market, for a management fee.

NTA and the Discount

The single most important number for any listed investment company is its net tangible asset value, the per-share market value of everything it owns. Kingfish's NTA is about $1.242, and the shares trade near $1.22. That is a small discount of roughly 2% to asset value.

Closed-end funds often swing between trading at a premium and a discount to NTA depending on investor sentiment. A discount can be an opportunity, you buy a dollar of assets for slightly less than a dollar, but it can also persist or widen. Watching the share price against the regularly published NTA is the right way to value KFL, not a conventional P/E ratio.

The Dividend: Read the Fine Print

Kingfish's headline gross dividend yield is around 9%, which looks spectacular. But the distribution policy is the key to understanding it. Kingfish targets paying out a fixed percentage of its net asset value each year (historically around 8%), distributed quarterly.

That matters because part of each distribution can effectively be a return of your own capital rather than income generated by the portfolio. A 9% payout from an NTA that grows less than 9% a year slowly erodes the asset base. The dividend is real cash and many investors value the steady quarterly income, but it should not be read the same way as an operating company's dividend funded purely from profits.

Key Metrics

  • •Share price: ~$1.22 NZD
  • •NTA per share: ~$1.242 (shares trade at a slight discount)
  • •Market cap: ~$439 million NZD
  • •52-week move: about -7%
  • •Gross dividend yield: ~9.2%
  • •Structure: closed-end listed investment company, managed by Fisher Funds

What to Watch

  • •NTA performance: Ultimately KFL lives or dies by how its underlying portfolio performs. Track the NTA trend, not just the share price.
  • •Discount or premium to NTA: A widening discount hurts shareholders even if the portfolio holds up. A narrowing one is a tailwind.
  • •Management fees: Active management costs money, including any performance fees. Over time fees are a direct drag on returns versus owning the underlying stocks yourself.
  • •Distribution sustainability: If markets fall, an 8% to 9% payout of a shrinking NTA accelerates the erosion of the asset base.

The Bottom Line

Kingfish offers a convenient, diversified, professionally managed slice of New Zealand's best growth companies, with a steady quarterly distribution and shares currently available at a small discount to asset value. The bull case is exactly that: quality exposure, a near 9% yield, and a discount entry point. The bear case is that the high distribution is partly funded from capital, management fees erode returns, and you could replicate much of the portfolio yourself by owning the underlying NZX names directly. Kingfish suits income-focused investors who want NZ growth exposure without picking individual stocks, provided they understand what the yield really represents.

For how we assess listed investment companies and what NTA discounts mean, 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.*