The investment management services company has been the best performer in the portfolio in 2023, currently up more than 20% in the first 3 weeks of the year and we are sitting on a ~15% profit in the Emerging Companies portfolio. While tech does play a role, it certainly isn’t the main driver of performance, though shares do seem to track the sector reasonably closely. We continue to like Pinnacle given our current view on tech, however, there are concerns around flow numbers on their underlying funds particularly given the issues the investment platforms had in the period. Performance has been positive though with Pinnacle seeing ~$1m in performance fees after tax in the first half and their investments up near $4m as well. Given the recent run in the share price and concerns around flows, we are shifting to a more neutral stance.
MM is neutral PNI, looking to take a profit around the $11 area
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