Managed funds

[Shareguy]

Some of you might find this interesting. They also do comprehensive travel/House insurance.

https://www.mas.co.nz/investments/fund-performance/

[entrep]

https://discoveryfunds.co.nz/assets/Newsletters/Discovery-June-2026.pdf

finding their way again

[BlackPeter]

https://discoveryfunds.co.nz/assets/Newsletters/Discovery-June-2026.pdf

finding their way again

Always dangerous to assess a randomtrend based on data of the last month ... but hey, this is what analysts are doing if they forecast a shareprice, so why shouldn't we do the same thing?

How are they set up when AI bust, Elon bust and / or Trump bust and WW III bust are dooming?

[Shareguy]

Always dangerous to assess a randomtrend based on data of the last month ... but hey, this is what analysts are doing if they forecast a shareprice, so why shouldn't we do the same thing?

How are they set up when AI bust, Elon bust and / or Trump bust and WW III bust are dooming?

Agree, Discovery has been up for three months in a row.

[Shareguy]

There is a possible windfall coming if Corp travel relists.

Discovery say "CTD's relisting has been delayed until August, we took the decision to write the investment down to close to zero."

Last sp before delisting was $16 a share.

https://www.businessnewsaustralia.com/articles/corporate-travel-management-yet-to-finalise-financial-statements-as-uk-accounting-scandal-drags-on.html

[Basil]

Today I asked myself a question. On the evidence of past performance over 5 years are PIE funds with their active management approach earning their keep in terms of their quite expensive 1.8% per annum management fee relative to a similar low cost ETF which is also a PIE ?

Many will know without fear or favour I always use the 5 year average return as this consistent approach gives an idea of a share or funds performance relative to others over a decent amount of time.

Here's PIE's funds returns https://www.piefunds.co.nz/Performance  (Blue is my suggested alternate as the most relevant alternative from Smart Shares low cost ETF)
A few of their funds really stand out as being appalling over a 5 year period.
Australasian Growth2 0%  Smart Australian mid cap 8.95%  (Comment, a really shocking 8.95% underperformance to a simple mid cap ETF)
Dividend growth  4% Smart Australia dividend 10.03% 6 % underperformance for PIE funds only a third of which is explained by PIE funds fees.
Global Growth 5.2%  Smart Shares US500 ETF 16.86%  A shocking 11.66% underperformance and evidence that PIE are destroying serious value for their investors and have no expertise of any kind worth paying for with Global growth
Growth UK and Europe 1.7%  Smart Shares Europe ETF  11.27%  Another shocking 9,57% per annum underperformance.  No expertise and destroying value at a high rate of knots
The best of them is emerging markets at 12.2% after fees.  Smart Emerging Markets 10.11%
  The only fund where PIE seem to have earned their fees and demonstrated it is possible they can add value.

Smart shares performance table
https://www.smartinvest.co.nz/funds-and-performance/etf-performance

Conclusion.  Its really hard to beat a low cost ETF and the evidence suggests PIE funds are busy eating FAR too much of the PIE themselves at investors expense and PIE funds performance is generally far below ETF's.

This is not an attack on PIE funds.  The relative performance speaks for itself and in my opinion is quite shocking in many instances.  PIE management do not appear to be earning their fees, in fact the exact opposite is the case, high fees while they generally destroy serious amounts of value over time relative to what could have been earned in a simple low cost ETF.   Their lower cost Kiwisaver funds returns, all of them, are also appallingly low over the last 5 years.
Disc: No investment in either PIE funds or Smart shares funds.  I could not with good conscience ever recommend PIE funds to anyone.
Fisher Funds are probably even worse but they set an extremely low bar,