I think the "still taking in money " Is investors in the fund who choose to reinvest the dividend in more units as opposed to taking the cash .....?
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yeh I said with the exception of one fund ...which is obviously the fund that existed during 2008
very recent effectively means 'one market cycle'
I do accept the results look good but my point is they haven't really been tested through downturns or even long stagnant phases.
I just checked the 2014 reports and accounts. You can find these on the Companies Office website, look under 'Search Other Registers' the look for Unit Trusts, and search on Pie Australasian Dividend Fund.
Hedge fund pricing is 2 and 20, though 1.5 and 15 is getting close. I assume the performance fee only cuts in above the index return so not as bad as a hedge fund.
Not sure where your 20% of capital comment comes from?
Edit: the global is 1 and 10 but I assume there are also additional fees by the funds they invest in.
Hi KW,
The fee structures are:
Australasian Growth, Dividend and Emerging Companies Funds: 1.5% p.a plus 15% performance fee on all gains (subject to high water mark).
Global Small Companies Fund: 1% p.a. (plus underlying managers fees as this is a fund of funds, including full fees on investments into Pie's own funds) plus 10% performance fee on all gains (subject to high water mark).
Pie Chairmans Fund: $50K per annum (this is on the whole fund, not per investor), plus Pie's normal fund fees. So if the Chairman's Fund raises $5m, the fee is 1% p.a., plus 1%-1.5% p.a. and 10% -15% performance fees on the underlying funds (plus underlying manager fees on the Global Fund, including fees on investments into Pie's own funds).
Hope that's clear!
KW , I have been to a couple of investor meetings with PIE. In particular Mike the CEO . I personally think you might be being a little unfair on him / PIE . I understand he has no direct shareholdings ....all money in the market is in his funds. All staff are invested in the funds . Closing the funds at 50 Mio , does not look like someone who is just after fees. I appreciate other posters have pointed out that he has taken on some more money , plus reinvestments. However the flood gates are not open .Seems like the great knocking machine is having a bit of a go here. One f up ( and we all have them ) and the wolves are at the door.
He set this company up , and I think it is on their website as he was not happy with the way other fund managers operated .....
DISC : I hold a number of the funds , as part of my portfolio .( very happy with the performance)