Managed funds

[Shareguy]

Yes Pie Growth fund up 39 percent in 12 months.   

[Basil]

Yeah I was looking at that the other day for a client who is investing in his trust for his family.  Naturally I have to be super conservative with this sort of thing as I'm a Trustee as well.  I was very pointed in my comments to highlight the risk of "chasing hot returns" and highlighted the average return since inception was 14.5% before tax.  I also highlighted that not only is 14.5% before tax a more appropriate yardstick to consider over the long run but I highlighted the risk that's its not uncommon at all when a fund has been on a tear one year, they underperform the next.

 

[Shareguy]

Well up 7 percent for the month and the founders say they underperformed. Yes the index was up 10. I say a very good result.

https://discoveryfunds.co.nz/assets/Newsletters/Discovery-Aug-25.pdf

[Dolcile]

Pie Funds Australasian Dividend Growth Fund has reported 9.7% for August. Very happy with that.

https://www.piefunds.co.nz/Portals/0/Documents/Investment%20Funds/Fact%20Sheets/2025/DIV.PDF?ver=qe-XbrltDht8R0b4Kr5v2g%3d%3d

[777]

Interesting that both PIE and Discovery hold Life360.  360.AU

It has performed well over the medium term.

[Stoploss]

Interesting that both PIE and Discovery hold Life360.  360.AU

It has performed well over the medium term.

Over the short term it's going gangbusters ... 360 up 10% overnight that's after 5 % in the US Friday.

[Dolcile]

For anyone interested, this was posted on the PIE Funds page:

"Please note the Australasian Dividend Growth Fund has reached capacity and will close to new investment from 22 October 2025. The final day you'll be able to invest in the fund will be 21 October 2025."

I've been very pleased with the performance and have taken put an application in for some more.

[Shareguy]

For anyone interested, this was posted on the PIE Funds page:

"Please note the Australasian Dividend Growth Fund has reached capacity and will close to new investment from 22 October 2025. The final day you'll be able to invest in the fund will be 21 October 2025."

I've been very pleased with the performance and have taken put an application in for some more.

I'm not in that fund YET, but am in all the other Pie Aust funds and they are doing well all right.  I agree a good option.

[Shareguy]

The Founders' Fund reached the three year mark on 28th
September. An investor who invested $1m three years ago
would have +$3.6m today.

Discovery has been a game changer. Slight underperformance in September.


https://discoveryfunds.co.nz/assets/Newsletters/Discovery-Sept-25.pdf

[Stoploss]

The Founders' Fund reached the three year mark on 28th
September. An investor who invested $1m three years ago
would have +$3.6m today.

Discovery has been a game changer. Slight underperformance in September.


https://discoveryfunds.co.nz/assets/Newsletters/Discovery-Sept-25.pdf

Absolutely outstanding work . I love their commitment to always learn and do better , is that even possible ?

[Shareguy]

Absolutely outstanding work . I love their commitment to always learn and do better , is that even possible ?

Yes they are both very upfront with mistakes  and improvements. It's a PIE fund itself so the performance is truly outstanding. Apart from property, one of my best investments ever. I'm confident that it will get better.

[Basil]

The Founders' Fund reached the three year mark on 28th
September. An investor who invested $1m three years ago
would have +$3.6m today.

Discovery has been a game changer. Slight underperformance in September.


https://discoveryfunds.co.nz/assets/Newsletters/Discovery-Sept-25.pdf

Well done mate.

[Shareguy]

Now in all four of Pies Australasian funds including the dividend fund.

I believe the current returns are going to continue and especially like the Australian small cap space.

The 1 year returns to date are

Growth.     47 percent
Dividend.   29 percent
Emerging.   24 percent
Growth 2.   21 percent

[Basil]

I hope you do really well out of it Shareguy.  I do believe however a note of caution is warranted with most world markets including Australia trading at near record level's and stretched multiples.  My caution is that its very easy to get seduced or lured into a fund on the back of one stellar years performance.  I have felt the allure of the 47% performance in the Growth fund but decided to resist the temptation to chase it.  Maybe I'll come to regret that decision, only time will tell.

Without fear or favour I always concentrate on the 5 year performance for shares and funds.  This discipline helps me avoid "recency bias"
5 year performance is shown in the table here https://www.piefunds.co.nz/performance
I'm seeing 5 year performance for the growth 2 fund of 4.5% per annum, so before the current year of 21% the earlier 4 years must have been really bad, and 10.2% for the growth fund 5 year average so before the current year of 47% the previous 4 years must have been dismal.
For me, none of the PIE funds 5 year average performances beat what I have been doing under my own investment program.

In my long experience its often the case that after a really strong year, investment returns in the following year are poor.  Maybe this time it will be different.  Only time will tell.  My thinking. By setting expectations around long term averages you are far less likely to be disappointed in the future.
Best wishes to investors in these funds.

[Dolcile]

Personally I'm very pleased with the Australasian Dividend Growth Fund, with a 16.8% pa return over the last 5 years.

Basil if you've outperformed that as a benchmark you have done outstandingly well. Love it!