Managed funds

[Dolcile]

1.9% for September from PIE Funds Australian Dividend Fund.  Underperformed the benchmark for the month, but well ahead on all other time periods.

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

The october update isn't out yet - unusually late.  I think october was okay but it is taking a hammering so far this month.  A lot of the heat coming out of the australian small cap space at the moment.

[Shareguy]

Substantial correction with Discovery from the peak in early October its down ~ 15% which coincides with a substantial correction in Life 360's share price.  I'd love to know what percentage of their fund is in 360. 

Frankly, I feel a bit nervous their position in that company has been allowed to grow too big and maintaining an outsized position may not be prudent from a risk management perspective going forward.   I know its a wholesale fund and they are within their rights to do what they like without disclosure, but nevertheless I would like to know the level of risk our money is being managed with.

I don't have a huge amount in there so am pretty sure they would fob me off with a "we don't disclose that" sort of statement.

Does anyone feel brave enough to ask ?

Yep brutal and it continues today with a lot of the small caps getting hammered. Discovery have a limit of 10 percent at cost so no more than that.

[Shareguy]

The october update isn't out yet - unusually late.  I think october was okay but it is taking a hammering so far this month.  A lot of the heat coming out of the australian small cap space at the moment.

The October update is here.  Up 2.5 percent

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

[Basil]

Yep brutal and it continues today with a lot of the small caps getting hammered. Discovery have a limit of 10 percent at cost so no more than that.

10% "at cost" for 360 which was less than $5 when the fund started means it's anyone's guess how much of the fund it is now with the shares up 600% since Sep 2022. I hope they are managing the risk prudently.

[Basil]

Wow, down 19% now for Discovery in 5 weeks. That really is brutal.

[Shareguy]

Wow, down 19% now for Discovery in 5 weeks. That really is brutal.

Yep. At this rate will be getting out the Mince for Dinner😂.

[Red Baron]

Yep. At this rate will be getting out the Mince for Dinner😂.

You haven't been to ze Zupermarket lately have you?    Beef mince now more expensive zhan Chicken Breast and Pork Chops, or even ze right Vish from my Vishmonger.    Mince ze new 'luxury item'.

Ah vell, at least I expect a good vintage vrom my Alsace Vineyard zhis year.    Could be a 'liquid Christmas' vor me coming up......

RB

[Shareguy]

You haven't been to ze Zupermarket lately have you?    Beef mince now more expensive zhan Chicken Breast and Pork Chops, or even ze right Vish from my Vishmonger.    Mince ze new 'luxury item'.

Ah vell, at least I expect a good vintage vrom my Alsace Vineyard zhis year.    Could be a 'liquid Christmas' vor me coming up......

RB

OMG you are right Red Baron. Mince has shot up. My wife says I need to do more shopping😉

[Basil]

Got a bit excited it was going to be fresh kingfish for dinner tonight caught from the clear blue waters off Gt Barrier island but alas it was just a baby. Those little rat kingies fight hard though. Will try again later. Plan B is Sealord crumbled hoki fried in olive oil. A surprisingly good alternative.

Had an epiphany over here. 360 is not worth a PE of about the same number when it's only growing at 20%. There's nothing underpinning it, it's just as risky as bitcoin. Hope the guys at Discovery have woken up and smelled the coffee like I have and sold.

[Shareguy]

Got a bit excited it was going to be fresh kingfish for dinner tonight caught from the clear blue waters off Gt Barrier island but alas it was just a baby. Those little rat kingies fight hard though. Will try again later. Plan B is Sealord crumbled hoki fried in olive oil. A surprisingly good alternative.

Had an epiphany over here. 360 is not worth a PE of about the same number when it's only growing at 20%. There's nothing underpinning it, it's just as risky as bitcoin.

Nice Basil, you have got great weather for the Barrier. Re 360 some say it was over valued at $2.50 and then it went to over $55. Comparing to Bitcoin a bit harsh. Certainly this correction is over due. Good company's with growing eps like 360 will find a bottom and then .....

Anyway more importantly how big was the Kingfish🤫 Any Snaps?

[Basil]

Mate it was way undersize and not by a small margin. Maybe a foot and a half. Sorry no pics, I was keen to return it to the water ASAP to make sure it had the best chance of growing bigger.

Saw a pod of dolphins half way over and then a bit later we saw some small whales. Maybe 40-50 feet long, only 4 of them I counted. Was a great trip over and the weather is perfect !

[Basil]

WOW, now down a staggering 15.02% in the month to date in November. Not happy.  Almost exactly 20% from the peak in early October.  Breathtaking.

I calculated today a return for the 2025 calendar year of only 9.55% and only 7% since their last annual celebration in early December 2024.

I'm not going to this year's pre-Christmas "celebration", as frankly there is nothing to celebrate.

[Shareguy]

Yes it's been a shocker month. If today's prices hold should be a good update tom.

[777]

 Life360 hasn't helped. Down 33% since it's high in October.

[Shareguy]

Life360 hasn't helped. Down 33% since it's high in October.

Indeed. A great company with huge growth priced for perfection.