Managed funds

[Dolcile]

Thank you

[Stoploss]

Discovery Dec update/review .
https://discoveryfunds.co.nz/assets/Newsletters/Discovery-December-25.pdf

[Basil]

PIE Australian funds performance in December also under pressure.
https://www.piefunds.co.nz/Performance

[Dolcile]

And other positive month for the Salt Long Short Fund

https://www.saltfunds.co.nz/_files/ugd/9b51d8_768a6f3eaacb40fb9c304b6151ec12fd.pdf

I've got a small allocation to it.   It is just the high fees that put me off a larger stake.    I do enjoy the monthly reports. 

[Shareguy]

PIE Australian funds performance in December also under pressure.
https://www.piefunds.co.nz/Performance

Yes another tough month for the Ausi small caps.

Pie at least had a good performance for the year with

Growth up 37 percent
Emerging up 45 percent

I'm very happy with that. I see Zip was up over 7 percent yesterday, hopefully Jan is positive.

[Stoploss]

Yes another tough month for the Ausi small caps.

Pie at least had a good performance for the year with

Growth up 37 percent
Emerging up 45 percent

I'm very happy with that. I see Zip was up over 7 percent yesterday, hopefully Jan is positive.

Yes the emerging company fund ( closed ) has been awesome . From early April 2013 @ $ 1.00 to $ 10.70 today
a 10 bagger to be proud of.

[entrep]

Discovery Dec update/review .
https://discoveryfunds.co.nz/assets/Newsletters/Discovery-December-25.pdf

Much more subdued and less bluster than the last couple

[Shareguy]

Looking forward to Discovery update Tom. Life 360 up 26 percent so far today.

[Dolcile]

Looking forward to Discovery update Tom. Life 360 up 26 percent so far today.

And now smacked back down to $28.9ps

[Basil]

Gosh, Discovery, following on from November's 8% and December's shocking 9.5% underperformance and a string of monthly underperformances before that put in another shocker in January underperforming by 9.1% taking their 6 months underperformance to 38.9% !

I'm pleased to be out as I still believe many of their tech companies are trading on unrealistic multiples.
360 in particular, their growth rate in revenue is not all that impressive.

Its well worth noting that since closing the fund to new investment in Sept 2024 and without fresh capital to provide price support to existing positions they have underperformed the index by 19%.

[entrep]

Jan update from Discovery - https://discoveryfunds.co.nz/assets/Newsletters/Discovery-January-2026.pdf

[Dolcile]

Seems like these guys rode a hot hand to start and now reverting to the mean.

[Stoploss]

Seems like these guys rode a hot hand to start and now reverting to the mean.

Only plus is the "management fees " have a high water mark. So a long time till we need to pay any extra .....

[Basil]

I've read a couple of times over the years that its the third year of a funds life cycle that you find out if they're any good or not and if they're capable of taking profits on their original best idea's and coming up with new idea's.

If you average out these guys performance over all the years they were at PIE funds and then Discovery they're probably slightly better than average and that's it but I think value and GARP stocks will outperform their tech selections going forward.

If they keep underperforming like they have been the clear risk is widespread fund withdrawals which could exacerbate the underperformance trend.  I'd be surprised if to some extent that's not happening already as nearly 39% underperformance in the last 6 months is really shocking.

Even some original fund investors who have done well overall must be wondering if they should withdraw the original capital they invested and simply play with "the houses" money going forward. That would make profound common sense to me if I was one of those investors.

[Shareguy]

Yes another tough month. Feb hasn't started well either. I'm told good things happen to people who wait and I'm very patient and have no plans to cash in.