#Investor Update
#Investor Update
3/24/2024 11:00:00 PM
#investor update

March Global Market Update

Our funds are up strongly of late because we’re in a bull market and we’ve made some good stock picks to capture this. So what is the outlook for the rest of the year? Watch the latest on what's been happening across the globe from our teams in NZ, Australia and UK. 

Green lights. Our funds are up strongly of late because we’re in a bull market, and we’ve made some good stock picks to capture this. Check out the recent returns here, but special mention to our Pie KiwiSaver Growth Fund, which is up +16.3% for the year to 29 February 2024 (before fees and tax) and our Australasian funds, which all saw double-digit growth over the same period.

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Our Pie KiwiSaver Scheme 1 year returns ranked 2nd out of 26 (to 31 December 2023) for funds similar to our Growth Fund, as noted in the latest report by independent KiwiSaver research provider Morningstar.

So what is the outlook for the rest of the year? 

  • As a fund manager specialising in small caps, we know there are still plenty of opportunities in undervalued businesses. 
  • Our new Property & Infrastructure fund has multi-decade tailwinds from renewables, energy and data centers. 
  • AI should be disinflationary as it drives efficiencies across industries. 


Mike Taylor - Summary

In this video, Mike Taylor, the Founder and Chief Investment Officer, offers a brief yet comprehensive overview of the current market and economic landscape. He revisits the challenges and transformations over the past few years, highlighting the pivotal moments for bonds and equities, the influence of inflation dynamics, and the resurgence of tech stocks, especially in 2023.

Focusing on the role of AI and technological advancements, Mike delves into how these factors drive market trends, emphasising NVIDIA's significant impact in the AI space. 



Michelle Lopez - Summary

Michelle Lopez, Portfolio Manager for the Australasian Growth 2 Fund and Head of Australasian Equities based in Sydney, provides a comprehensive update on the Australian equity market. She highlights Australia's remarkable ability to maintain strong surpluses amidst global fiscal challenges. Michelle discusses the impact of income tax cuts and public infrastructure spending on fostering growth despite challenges like high inflation and interest rates. Additionally, Michelle delves into the recent earnings season, pointing out the sectors that have outperformed or underperformed and emphasising the shift from earnings downgrades to upgrades. 



Michael Goltsman - Summary

Michael Goltsman, portfolio manager of the Australasian Growth Fund and co-manager of the Australasian Dividend Growth Fund, shares insights from two case studies reflecting the highs and lows of investing. First is Life360, a San Francisco-based family location safety app listed in Australia; second is MA Financial, a financial services company catering to high-net-worth individuals in Australia.



Guy Thornewill - Summary

Guy Thornewill, Head of Global Research based in London, gives an update on Europe, noting a downtrend in inflation that could lead to interest rate cuts, boosting European equities. Despite upcoming UK elections, Guy sees minimal market impact and highlights a significant drop in power prices, which is beneficial for consumers and businesses but challenging for renewable energy companies in the short term. 
Guy also outlines Pie Funds' investment strategies, emphasising a strong focus on AI, healthcare, and certain geographic areas like France and the U.S., intending to capitalise on AI infrastructure. 



Information is current as at 25 March 2024. Pie Funds Management Limited is the manager of the funds in the Pie Funds Management Scheme and Pie KiwiSaver Scheme (the Schemes). Any advice is given by Pie Funds Management Limited and is general only. Our advice relates only to the specific financial products mentioned and does not account for personal circumstances or financial goals. Please see a financial adviser for tailored advice. You may have to pay product or other fees, like brokerage, if you act on any advice. As manager of the Pie Funds Management Scheme investment funds, we receive fees determined by your balance and we benefit financially if you invest in our products. We manage this conflict of interest via an internal compliance framework designed to help us meet our duties to you. For information about how we can help you, our duties and complaint process and how disputes can be resolved, or to see our product disclosure statement, please visit www.piefunds.co.nz. Please let us know if you would like a hard copy of this disclosure information. Past performance is not a reliable indicator of future returns. Returns can be negative as well as positive and returns over different periods may vary.

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