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 RipCurl 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...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}