This month, we want to continue the education theme by discussing the new position we are building for the Growth, Dividend and Global (indirectly) Funds in...

Pie Funds

Pie Funds

This month, we want to continue the education theme by discussing the new position we are building for the Growth, Dividend and Global (indirectly) Funds in Intueri Education Group Limited (IQE.NZX/ASX). Intueri is New Zealand's largest private vocation education provider with six colleges in New Zealand and an online college in Australia. The colleges provide a range of practical based training courses including Hospitality, Design & Arts and Commercial Diving. Intueri operates in an industry with high barriers to entry, robust margins and strong tailwinds from the growth in international students. Furthermore, the Private Training Establishment sector is highly fragmented and Intueri has funding available for bolt-on acquisitions. With Intueri projecting earnings growth of close to 20% for the next two years, a solid dividend and trading at a discounted to listed peers, we believe that Intueri will provide long term shareholders with a strong return.


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Pie Funds is a boutique Investment Manager. We are committed to our investment style and ignore the crowd. All our clients are treated with respect and we understand that choosing an investment manager is a big decision with important consequences...

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