Perpetual Equity Investment Company

The Perpetual Equity Investment Company Limited (ASX: PIC) recently announced a capital raising via a three-stage offer to new and existing investors. In our latest investor update, Company Chairman Nancy Fox and Portfolio Manager Vince Pezzullo provide current and prospective shareholders with an overview of the FY18 results, their views... Show More

Perpetual Equity Investment Company

The Perpetual Equity Investment Company Limited (ASX: PIC) is a listed investment company that provides a simple and transparent way to invest in a diversified portfolio of high quality Australian and global listed securities. PIC first listed on the ASX in December 2014 and has an established track record of... Show More

Perpetual Equity Investment Company

Perpetual’s Global Equities team are “true to label” value stock pickers. They use a tried-and-tested methodology, developed at Perpetual over 50 years, to uncover companies with the greatest long-term potential. Garry Laurence, Portfolio Manager, says “As an active, value manager, with a bottom-up investment process, we do not attempt to... Show More

Perpetual Equity Investment Company

In the Perpetual Pure Microcap Fund monthly investor update, we profile Enero Group, which is a global media services and advertising company. They operate 10 businesses and their key brands include Hotwire, Frank PR, Naked and BMF. Management are conservatively building scale across 3 key areas; Strategy and Research, Creative... Show More

Perpetual Equity Investment Company

Perpetual’s Diversified Real Return Fund offers investors a compelling combination of intelligent diversification, downside protection and access to a broad set of global investment opportunities. All with an unwavering focus that targets a return of 5% p.a. above inflation, over rolling 5-year periods, before tax and fees. Michael O’Dea, Head... Show More

Perpetual Equity Investment Company

...no one rings a bell at the top of a euphoric market telling everyone to get out. It is only after the correction that you see and understand the importance of owning sound, quality companies. Those companies shares will fall too, but it will be the investors that got carried... Show More

Perpetual Equity Investment Company

Pacific Current Group is a multi-boutique asset management firm with investments in 17 managers globally with a combined FUM of $52.3 billion* at September 2016. It was formed via the merger of Australian-based and ASX listed Treasury Group and US based Northern Lights Capital Group. Whilst both Treasury Group and... Show More

Perpetual Equity Investment Company

When a company begins to falter, Vince Pezzullo, Portfolio Manager at Perpetual Equity Investment Company (ASX:PIC), says there are two important questions to ask. Firstly, you need to work out where we are in the business cycle. Secondly, you need to identify if a company is being disrupted, and how... Show More

Perpetual Equity Investment Company

As investors have searched for yield and growth in a market where they’re increasingly difficult to find, large-cap stocks have responded by increasing payout ratios at the expense of reinvestment, says Vince Pezzullo, Portfolio Manager at Perpetual Equity Investment Company (ASX:PIC). “The problem with that strategy is that at some... Show More

Perpetual Equity Investment Company

Whether or not active managers add value after fees, over the full economic cycle, has been a widely contested topic in investment circles for many decades. However, as we illustrate in the report below, the fact is that active management works in Australia. The average active manager surveyed outperformed the... Show More

Perpetual Equity Investment Company

The most important macro driver to watch is the stage of the business cycle, explains Vince Pezzullo, Portfolio Manager at Perpetual Equity Investment Company (ASX:PIC). There are two elements to the business cycle. Firstly, inventory cycle – overbuilding at the top of the cycle results in inventory having to clear.... Show More

Perpetual Equity Investment Company

Veem is a family-run engineering business that has been in operation for 48 years. Veem’s core business centres around specialist marine propulsion where they have created significant IP and have more recently expanded into Gyroscopic stabiliser systems. This technology reduces vessels’ rolling motion by up to 95% when at anchor... Show More

Perpetual Equity Investment Company

Woolworths is "long on assets and short on market cap," says Vince Pezzullo, Portfolio Manager, Perpetual Equity Investment Company (ASX:PIC). PIC started accumulating shares late last year and picked up the buying following first half results. Pezzullo believes management have shifted their focus from sales growth to efficiency, with sales-per-square-meter... Show More

Perpetual Equity Investment Company

Imdex is a global provider of downhole instrumentation, drilling fluids and equipment. What sets Imdex apart from other mining services companies is the IP which it has developed within its products allowing it to become a leader in its field and providing high barriers to entry. In our longform below,... Show More

Hi Patrick. The beauty about a typical disruptor company is the fact that being profitable is not a short term goal. They are typically driven by taking market share and then worrying about profitability later. Part of Perpetual’s rigorous process involves only investing in profitable companies. This results in us investing in more established and less speculative companies. Therefore, investing in the disruptor can be difficult. I believe it is important to analyse the potential materiality on earnings of disrupted companies before the rest of the market truly understands it. That way you can sell existing positions in your portfolio or generate alpha shorting stocks which could potentially be disrupted before this trend becomes obvious to the broader market.

On The Uber effect -