Why ACC, NZ Super Fund and contrarian investor Allan Gray are jumping into these NZ stocks

Australian investor Allan Gray says KMD Brands future will be determined by the Kathmandu and Rip Curl brands. (Image: NZME)

Rebecca Stevenson

Wed, 03 Jul 2024

Since late 2022, contrarian Australian investor Allan Gray has built an almost 15% stake in struggling retailer KMD Brands. The NZ Super Fund is also boosting its holding in the retailer that owns the Kathmandu, Rip Curl, and Oboz brands. Overall, the NZ Super Fund now owns 12.7% of KMD, a substantial holder notice from July 1 showed, with most of that held in its internal equities' portfolios. This was an increase of 1.3% from May 31. The two investors aren’t jumping on a company on the rise.Declining salesKMD Bra...

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