Pie Funds

EROAD is a transport technology and services company which provides electronic on-board units and software-as-a-service to the heavy and light vehicle transport sectors in New Zealand, Australia and the US. We hold EROAD in the Growth and Emerging funds and it has delivered strong returns for both funds. Since we... Show More

Pie Funds

We look for companies with the potential for strong earnings growth, operating in an industry which is itself growing, a clean balance sheet, and management who are founders or have considerable skin in the game. We then like to buy those companies at attractive prices. The Growth and Dividend funds... Show More

Pie Funds

If you’ve ever walked away from a property auction shaking your head in disbelief, you will know that emotions can get the better of investors. As rational as we may be, greed and fear are a powerful force that can hijack even the best-laid plans - “I won’t pay more... Show More

Pie Funds

Gentrack Limited (GTK:NZX / GTK:ASX) had forecasted guidance of 20% revenue growth for the full financial year and EBITDA relatively flat at NZ$15m. However, on 4 November 2016, GTK again beat expectations, upgrading its previous guidance for the full year. The company stated that revenue would be up 25% to... Show More

Pie Funds

Easton Investments Limited (ASX.EAS) is a fast-growing distribution business in the accounting and financial services business channel with a bright future. EAS grew normalised EBITDA by 28% to $3.3 million for FY16, and we believe that this growth rate is poised to accelerate in FY17 through a combination of organic... Show More

Pie Funds

Kip McGrath Education Centres (ASX:KME) sells franchises and provides services to more than 550 franchises globally in the afterschool tuition sector. On the face of it, Kip McGrath’s 2016 financial year result was underwhelming. Revenue was down 2.2 per cent, to $14.6 million, and earnings before interest, tax, depreciation and... Show More

Pie Funds

We were delighted that one of our relatively recent additions to the portfolio, RXP Services (RXP.ASX), delivered a very strong result this week, beating guidance on all measures. Yet it was the outlook and business momentum heading into FY17 that really impressed. Show More

Pie Funds

As the third largest chicken egg producer in Australia by market share, Farm Pride is exposed to the increasing demand for protein thematic. While we are egg-static about FRM’s recent share price performance, this story could be far from hard boiled. Show More

Pie Funds

The Pie Australian Dividend Fund and The Pie Growth 2 Fund recently took a position in Gentrack Group (GTK). GTK develops, implements and supports enterprise billing software solutions for utilities and airports in New Zealand, Australia, and the UK. It had a troubled start to life as a listed company,... Show More

Pie Funds

Vista is to cinema what Windows is to desktop: dominant. It provides software for 40% of large circuit cinema screens and is four times the size of its largest competitor. China added over 8000 screens in 2014, a rate of 22 screens per day and grew box office revenues at... Show More

Pie Funds

The debate amongst investment professionals as to whether investors should use an “active” fund manager or a “passive” index-tracking fund manager has been raging since the early 1970s. While the controversy might not invigorate the public, uttering the phrase “passive versus active” will get any fund manager’s blood boiling. In... Show More

Pie Funds

We believe that February's market reaction can be attributed to negative investor sentiment rather than fundamental problems. We view these situations as opportunities and have been buying companies like SurfStitch, iSentia and Vita Group aggressively. We initially participated in the private equity sell-down of iSentia at AU$3.25 back in August... Show More

Pie Funds

A big performer for Pie Funds in 2015 has been Surfstitch (ASX:SRF). With the one year anniversary of the company’s IPO coming up this month, it’s as good a time as any to consider whether the company can continue to be a stand-out performer on the ASX. Show More

Pie Funds

These days it can be tough to find an undiscovered gem with recurring revenue. The market is seeking out and applying a premium to companies with recurring revenue given the benefits of earnings visibility and compounding. Show More

Pie Funds

Over the past five years, Australia has been one the worst performing markets in USD terms, with 13% total returns in AUD and -18% total returns in USD. However, the outlook appears far less dismal when considering the theory of mean reversion: What goes up must come down, and vice... Show More

Pie Funds

At Pie Funds, we have found that investment returns are greatly improved by maintaining a portfolio that exhibits both value and growth. On the growth side, we have recently taken a position in Pushpay Holdings, one of the fastest-growing SaaS businesses in the world. Show More

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