Fonterra Shareholders Fund
FSF.AX
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- Fonterra Shareholders' Fund (FSF.AX) is a listed investment vehicle that provides New Zealand dairy farmers with an investment alternative to selling their Fonterra Co-operative Group Limited (FCG) shares on-farm, enabling them to access capital while retaining economic benefits from FCG's performance. The Fund invests primarily in Units in the Fonterra Shareholders' Fund Investment Entity (FSFIE), a wholly-owned subsidiary of FCG, which holds economic interests in FCG equivalent to the redeemable ordinary shares sold to the Fund; these interests entitle FSFIE to receive dividends and other distributions pro-rata with FCG farmer shareholders, as well as participate in any capital returns from FCG share redemptions or buybacks. FSF Units are listed on the NZX Main Board and ASX, traded under the ticker FSF, offering liquidity to investors including farmers who deposited approximately 143 million FCG shares at launch. Established in 2012 and headquartered in Auckland, New Zealand, the Fund operates within the global dairy industry, targeting dairy farmers, institutional investors, and retail participants seeking exposure to FCG's diversified operations spanning milk collection, processing into products such as milk powders, butters, cheeses, caseins, and functional dairy ingredients; nutritional products including Anmum infant formula and Anlene adult nutritionals; foodservice items like Anchor butter and cheese; and consumer brands such as Mainland cheese and Meadow Fresh milk, distributed across more than 140 countries primarily in Asia, Greater China, Australia, and emerging markets. Recent developments include FCG's ongoing divestment of non-core assets, such as the completed sale of its South American consumer business Donoso in 2023 and the announcement in 2024 of plans to sell its remaining Australian consumer business to focus on B2B ingredients and nutritionals; strategic capital structure initiatives, including a NZ$2.5 billion equity raise in 2024 via a rights offer to farmer shareholders and the issuance of mandatory convertible bonds to bolster balance sheet strength amid volatile dairy commodity prices; and a 2025 partnership with a2 Milk Company to expand A2 protein dairy products globally, alongside FSF's distribution of a record NZ$0.60 per unit in FY25 interim dividends reflecting improved farmgate milk prices.