Lizard
30-03-2011, 09:08 AM
After a brief exchange on the MAQ thread, I thought it was time the boutique fund/fund manager "Pie Funds" (http://www.piefunds.co.nz/index.html) got a thread of their own.
This little fund was ranked top performing fund in New Zealand for both 2009 and 2010 by Morningstar (http://www.morningstar.co.nz/) and Fundsource - and with a 55% gain in 2010, it quite likely would have been a stand-out in the Aussie funds as well. Having started the fund at, what would seem in hindsight to be, almost the worst possible time - Dec 2007 - Mike Taylor has performed something close to a miracle in almost doubling the value for his first investors in that period.
http://img.villagephotos.com/p/2006-8/1204598/performancegraphFeb2011.jpg
History shows how hard it is for a successful small cap fund manager to continue at the top - eventually success forces them to invest in larger and more liquid companies, where finding that valuation edge can be more difficult. To help prevent this, Mike has recently announced that the Australasian Growth Fund is to be capped at $25m of investor funds. A brave move, given the limit that must place on the amount of fees he can command. Instead, there are hints of a new fund.
Anyway, well done Mike and look forward to following progress from here. :)
This little fund was ranked top performing fund in New Zealand for both 2009 and 2010 by Morningstar (http://www.morningstar.co.nz/) and Fundsource - and with a 55% gain in 2010, it quite likely would have been a stand-out in the Aussie funds as well. Having started the fund at, what would seem in hindsight to be, almost the worst possible time - Dec 2007 - Mike Taylor has performed something close to a miracle in almost doubling the value for his first investors in that period.
http://img.villagephotos.com/p/2006-8/1204598/performancegraphFeb2011.jpg
History shows how hard it is for a successful small cap fund manager to continue at the top - eventually success forces them to invest in larger and more liquid companies, where finding that valuation edge can be more difficult. To help prevent this, Mike has recently announced that the Australasian Growth Fund is to be capped at $25m of investor funds. A brave move, given the limit that must place on the amount of fees he can command. Instead, there are hints of a new fund.
Anyway, well done Mike and look forward to following progress from here. :)