The listed share fund Marlin Global has shown a sharp turn-around to an annual net profit of $9.5 million compared with last year's $12 million loss.
Before costs and tax, the fund earned dividend and interest income of $1.6 million in the 12 months to the end of June, on top of $10.5 million in capital gains.
Carmel Fisher, who is the managing director of the fund's manager, Fisher Funds Management, says there was no particular stand-out stock in Marlin's 38 share portfolio, although several turned in double digit gains.
She says that's due to a combination of factors including more buoyant global markets over the last 12 months and the fact some stock selection has paid off.
Ms Fisher says the outlook is murky with the US growing faster than most expected, some growth in Europe, although it is still very patchy and uncertainty about China's economy.
"It's just difficult to pick a stock and think, yes their earnings are going to grow over the next 12 months, because there are so many macro factors, so many political factors that feed into a company's profitability."
Ms Fisher says the company specific analysis has been far more intense over the last 12 months because there is not the tailwind of strong, global economic growth.