New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Argosy's FY25 results were in line with expectations, with pressures from higher interest, tax, and one-offs in the prior period.</li><li>The company is executing a strategy to increase exposure to the industrial subsector by selling non-core office assets to fund industrial-development projects.</li><li>Despite trading at a discount to net tangible assets (NTA) and offering an attractive gross yield of 9.3%, flat distributions are forecast until FY30.</li></ul>

Argosy's FY25 results were in line with expectations, with pressures from higher interest, tax, and one-offs in the prior period.The company is executing a strategy to increase exposure to the industrial subsector by selling non-core office assets to fund industrial-development projects.Despite trading at a discount to net tangible assets (NTA) and offering an attractive gross yield of 9.3%, flat distributions are forecast until FY30.

Argosy FY25—Slowly Tacking into Stronger Winds

Argosy Property

Argosy FY25—Slowly Tacking into Stronger Winds