27/04/2022 10:06

Emerging Companies Portfolio – Amendments

We are selling IVE Group (IGL) in the Emerging Companies Portfolio at around breakeven to partially fund additional positions.

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27/04/2022 09:24

Emerging Companies Portfolio

A soft week for the portfolio falling -7.88% while cash sits at just over 9%. It came against a backdrop of weaker markets however a downgrade from EML Payments (EML) yesterday was the main drag for the week – we talked about the downgrade here. Bapcor (BAP) was the only position to contribute positively to performance.

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30/03/2022 09:37

Emerging Companies Portfolio

The portfolio was up +2.28% in the week with cash falling to a little over 9% having recently added Pinnacle Investment Management Group (PNI) to the portfolio. Strandline (STA) continued to rally, adding another ~19% while EML Payments (EML) has found some form and rallied 10% in the week. Our weakest links were Audinate (AD8) which fell -5.92% & Dubber (DUB) which lost -5.56% &.  For context,  the Small Ords index added around 1.4%.

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24/03/2022 12:27

Emerging Companies Portfolio – Amendment

We are stepping up and buying Pinnacle Investment Management (PNI) in the Emerging Companies Portfolio. 

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15/03/2022 09:19

Pinnacle Investment Group Ltd (PNI) $9.48

PNI is a slightly different story as it invests in a bunch of boutique investment managers and adds value through offering distribution, marketing, and back office services which allows the respective fund managers to focus on their core business. The company has invested in firm such as Hyperion, Plato and Coolabah with aggregate FUM up 33% year on year to $93.6bn for the last calendar year, the main question...

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02/03/2022 09:33

Pinnacle (PNI) $10.34

One of the standout trades in the portfolio last year was in the investment manager distribution & support business Pinnacle. Since November last year, shares have nearly halved from all-time highs with a re(de)-rate across all listed managers. Pinnacle is somewhat different to the rest though, taking stakes in a diversified range of money managers across debt, equity, international and everything in between and providing them with the backend services with a focus on marketing and distribution. They have further capacity to scale up and with...

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03/02/2022 17:07

Pinnacle (PNI) $11.47

PNI –2.3%: Reported 1H22 results this morning and had a volatile session with the stock trading in a ~10% range. While the result was a solid one it’s not enough to push the shares higher - our initial interpretation is that PNI has found it more difficult to grow and growth is why you own this business. They did NPAT for the half of $40.1m up 30% on...

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18/01/2022 09:41

Pinnacle Investment Group (PNI) $12.92

Affiliated funds management business PNI has struggled relatively badly since late 2021 as the sectors been re-rerated from a valuation perspective and we could still see further downside leaving us comfortably on the sidelines.

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10/12/2021 09:36

Pinnacle Investments (PNI) $16.17

PNI has been by far the standout financial business of 2021 although the shares are running out of steam on the upside. The business offers investment management services such as compliance, insurance, operational support and accounting services to fund managers, while they also take equity stakes in a diversified range of operators from bond strategies, corporate...

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24/11/2021 16:52

Pinnacle Investments (PNI) $16.52

PNI -5.6%: back trading today after raising $105m to take a stake in a Private Equity fund manager. The raise was done at $16.70/sh, what was a 4.6% discount to the previous close however the market made light work of that price this morning, selling the stock down to sub-$15 before staging a recovery. The raise will go towards a $75m stake in Five V which...

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