Wellington, Sept 3 NZPA - Privately owned investment manager Mondrian Investment Partners Ltd has become a substantial shareholder in Fisher & Paykel Healthcare Ltd.

The fund manager today disclosed a 5.01 percent stake after purchasing 483,566 shares on September 1.

Mondrian is a value-orientated money manager with clients around the world. It has offices in London and Philadelphia.

"We invest in stocks where rigorous discounted cash flow analysis isolates value in terms of the long-term flow of dividends," the fund manager says on its website.

"Dividend yield and future real growth play a central role in our decision making process and over time the dividend component will be a meaningful portion of expected total return," it said.