StockTalk

Did the shoot down show a little problem in the middle east? no cant be...there are a lot of people on all sides that arnt always on your side...

Mover says it is almost intentional or is mover just suffer from "all pilots are rational"..

well that is the end of the Eagle record and 3 in one day!!!!

https://www.youtube.com/watch?v=RUbckcEa7sA

As far as Pie funds go, I have been talking with another investor who made the comment that Pie Funds are now running all their investment decisions through AI as another check. Since they have done that their share pics have improved, they say.

I note to-date the one year returns are as follows.

Emerging 42 %
Growth.  25 %
Growth 2 7%
Dividend 6 %

Quote from: Basil on Today at 10:26 AMFMA is concerned about what transpires behind the cloak of "wholesale investor" category.
https://www.fma.govt.nz/library/articles/tackling-misleading-disclosure/
$250,000 is not that much these days.  I think many sins by various fund managers are hidden under the cloak of being a wholesale fund.I think that's somewhat disingenuous.
If you look at their long term performance since they were fund managers at PIE funds, (I posted my analysis a while back in this thread) for about 8 years where they averaged about 11-12% during a long bull market.  That was only average performance over that timeframe, at best.  Average that 8 years with just over 3 years with ~ 30% and you get a good 11 year average performance, certainly not outstanding, not by my reckoning anyway. 

Fact is they did well in the first two years when fresh inflows meant they could pump up their own stocks with $300m of fresh capital and collected vast amounts of extremely lucrative 20% performance fees, (the highest level of performance fees in the investment industry by a long way), none of which they are repaying now investors are left being monkey hammered with a staggering 58.6% underperformance over the last year.  Underperformance since they closed the fund and have been unable to pump up their own stocks has been extraordinary.  There's your clue as to why their first two years were so good.  Fresh inflows...which they no longer have, probably quite the opposite.

We are part way through a tech rout where performance is reverting to the mean is how I see it and I am very pleased indeed with my decision to get out of this fund at the end of November 2025, saving my capital from a very serious level of destruction since then.  I certainly wouldn't reinvest if they opened it again. These guys have no technical analysis skills in my opinion.  Who knows how reckless they are with the size of positions they hold as they grow from a claimed maximum of 10% at cost....nobody ever gets an audit report or a set of financial statements....yeah its a wholesale fund so they hide everything under that cloak of concealment. 

As I noted previously, the issue now for remaining Discovery investors is the level of redemption requests they will be getting.  58.6% underperformance for the last year is right off the charts.  Frankly I have never seen anything like that before and I doubt anyone else has either.  In my opinion is quite likely they will now be many investors getting out to lock in previous gains and that rush of selling could easily exacerbate the trend downward, just like the original rush of buying created upward momentum.  Just as well most investors I spoke with at the annual get-together in December 2024 seemed pretty well diversified and only had a moderate part of their capital in Discovery.  Good luck to Discovery investors. I hope for your sake I am wrong.

Good post Basil, You make some interesting points. Would be good to know how many are bailing. During the Covid period I was told that Pie funds did not have huge redemptions and I doubt Discovery have either for the diversification reasons you mention. Also I suspect that a lot of the Discovery redemptions are from investors that really shouldn't have been in this wholesale fund in the first place.

I suspect they will open up the fund to existing investors first or perhaps a new fund.

Only time will tell how this ends. Hopefully we will have a turn around soon 🙏.

OIL where is it going.. UP how high... https://www.reuters.com/world/middle-east/qatar-energy-minister-warns-war-will-force-gulf-stop-energy-exports-within-weeks-2026-03-06/

what is your petrol pain point...

FMA is concerned about what transpires behind the cloak of "wholesale investor" category.
https://www.fma.govt.nz/library/articles/tackling-misleading-disclosure/
$250,000 is not that much these days.  I think many sins by various fund managers are hidden under the cloak of being a wholesale fund.

QuoteOutlook
Our mission is outstanding performance. We have a long track record of delivering just that.

I think that's somewhat disingenuous.
If you look at their long term performance since they were fund managers at PIE funds, (I posted my analysis a while back in this thread) for about 8 years where they averaged about 11-12% during a long bull market.  That was only average performance over that timeframe, at best.  Average that 8 years with just over 3 years with ~ 30% and you get a good 11 year average performance, certainly not outstanding, not by my reckoning anyway. 

Fact is they did well in the first two years when fresh inflows meant they could pump up their own stocks with $300m of fresh capital and collected vast amounts of extremely lucrative 20% performance fees, (the highest level of performance fees in the investment industry by a long way), none of which they are repaying now investors are left being monkey hammered with a staggering 58.6% underperformance over the last year.  Underperformance since they closed the fund and have been unable to pump up their own stocks has been extraordinary.  There's your clue as to why their first two years were so good.  Fresh inflows...which they no longer have, probably quite the opposite.

We are part way through a tech rout where performance is reverting to the mean is how I see it and I am very pleased indeed with my decision to get out of this fund at the end of November 2025, saving my capital from a very serious level of destruction since then.  I certainly wouldn't reinvest if they opened it again. These guys have no technical analysis skills in my opinion.  Who knows how reckless they are with the size of positions they hold as they grow from a claimed maximum of 10% at cost....nobody ever gets an audit report or a set of financial statements....yeah its a wholesale fund so they hide everything under that cloak of concealment. 

As I noted previously, the issue now for remaining Discovery investors is the level of redemption requests they will be getting.  58.6% underperformance for the last year is right off the charts.  Frankly I have never seen anything like that before and I doubt anyone else has either.  In my opinion is quite likely they will now be many investors getting out to lock in previous gains and that rush of selling could easily exacerbate the trend downward, just like the original rush of buying created upward momentum.  Just as well most investors I spoke with at the annual get-together in December 2024 seemed pretty well diversified and only had a moderate part of their capital in Discovery.  Good luck to Discovery investors. I hope for your sake I am wrong.

Quote from: LaserEyeKiwi on Today at 08:33 AM"What's remarkable is how the patterns of spending have changed as lower interest rates and strong commodity returns have hit the economy's bloodstream"

Is it remarkable or exactly as expected would happen?

Apparently although monthly interest payments for mortgages has fallen the total interest being paid is still a lot higher than in 2020

Maybe households not out of the woods yet but nots let ruin a good story and upset likes of Westpac Kelly

Quote from: winner (n) on Mar 06, 2026, 12:07 PMWestpac Kelly getting excited

Our February card spending data shows a further 0.7% lift in spending in February implying 6.6% growth versus a year ago.

What's remarkable is how the patterns of spending have changed as lower interest rates and strong commodity returns have hit the economy's bloodstream.

Discretionary includes clothes - go HLG
You cannot view this attachment.

"What's remarkable is how the patterns of spending have changed as lower interest rates and strong commodity returns have hit the economy's bloodstream"

Is it remarkable or exactly as expected would happen?

82 air borne readying for deployment.

https://www.youtube.com/watch?v=tjVQjtL62WM

Thanks for posting above Entrep. Very interesting reading. Discovery is a high risk wholesale fund. It is not for retail investors. While you can compare Salt and Discovery you are not comparing the same funds.

Discovery has a stock limit at 10 percent on cost. Salt is 15 percent and does not state if it's on cost or value. Discovery is high risk against salts (4) on a 1-7 scale. Salt is an Australasian fund as far as diversification goes and Discovery so far are mainly all Australian stocks.

Discovery from April 2025 had 6 months of positive gains with May up over 12 percent alone. From October 2025 we have had 5 months of negative returns and March is currently down nearly 5 percent. On a purely statistical basis April onwards should be fantastic.

Discovery in three years and five months since it's inception, the founders fund annualised performance is 31.4% versus the index of 15.9%. Salts performance over three years is 16.7% per annum return.

Managed funds is a long term game and anyone that has a short term horizon in my opinion should not be investing in them. I will be reviewing Discovery at the end of the year, like I do with all my investments and make a call then. In the meantime I can only hope that Chris and Mark make more right decisions than wrong.

Strange that S&P only shows the ASX 200 changes on their announcement page.

So far I can only see the full ASX release in ASX news for some of the affected companies.

Something positive buried in amongst all the dual-listed exits... SMI being added to the ASX 300.