We asked Mike Taylor, CIO & CEO of small cap manager Pie Funds, to share a recent addition to his equity portfolio

We asked Mike Taylor, CIO & CEO of small cap manager Pie Funds, to share a recent addition to his equity portfolio. We have recently been adding to our position in Vita Life Sciences (VSC). In an environment where it's quite hard to find to relatively predictable growth and even harder to find value, most managers have crowded into a small section of the market of quality companies, with highly visible earnings such as Navitas (NVT), Flight Centre (FLT) or Technology One (TNE) and bid the multiples up to levels where the risk/reward equation is not worth investing. So it's refreshing to have discovered an investment such at VSC that we expect to grow EPS by over 25% in FY14 and trades on 14x FY4.