Investment Process

How We Invest

Pie's investment process encompasses four crucial steps, each with qualitative and quantitative components.

Identify

We look for companies with:
• High quality management
• Competitive advantage
• Profit and revenue growth
• Industry tailwinds
• Low gearing ratios
• Strong cash conversions
• Large reinvestment opportunities

Research

We value companies through:
• Conducting scenario analysis
• Forecasting financials
• Assessing business quality, checklist score and liquidity
• Comparing discount/reasonable valuations with peers and history
• Establishing price targets and ranking
• Channel checks with competitors, suppliers, customers and other stakeholders

Construct

We build a portfolio that:
• Is weighted by determining conviction levels and expected return
• Has no limit on cash position
• Includes active hedging of currency and market risk

Review

We continuously evaluate by:
• Reviewing quality of business and implications of recent announcements
• Calculating returns and portfolio weightings
• Maintaining comprehensive portfolio dashboards
• Fortnightly Investment Committee meetings and weekly Investment Team meetings
• Actively monitoring industry developments