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 loan funds to active equity managers. Metrics who manage MXT which we hold in the income portfolio are part of the Pinnacle stable.
We like the stock and have held it in the Emerging Companies portfolio in the past – ongoing consolidation below $14 will be tempting i.e. over 10% lower.
MM likes PNI around $14
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