Pie funds

[Joshuatree]

Growth fund 251% return since inception; 2007; 7.7% ytd.

Aust Div fund 102% since inception ,2011 10.3% ytd

Pie emerging Australasian 82.4% since inception 2013 ytd 13%

Pie Global 10.4% since inception 2013 7.6% ytd still sitting on some cash

[Joshuatree]

Not in their list of substantial holdings so heres hoping.Sold INA as well.

[stoploss]

Maybe. But then I have high expectations of people who hold themselves out as "experts" and take on the responsibility for other people's money. But a question, if he does not own any shares personally, and the funds are all closed, what has he been doing with all his $millions he's earned from fees? How is he investing his own money these days?

Maybe that accounts for the fund inflow over and above the dividend reinvestment ???

[D. Fender]

growth fund 251% return since inception; 2007; 7.7% ytd.
Aust div fund 102% since inception 10.3% ytd 2011
pie emerging australasian 82.4% since inception ytd 13%
pie global 10.4% since inception 2013 7.6% ytd still sitting on some cash

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[stoploss]

I'm not into bagging anyone for the sake of it. But the above numbers kind of prove a point. Did anyone else notice that back in March, Pie changed the way it reported performance numbers? They used to show 12 months, 3 yrs p.a, 5 yrs p.a and since inception. From March they changed to showing individual calendar years since inception plus year to date. Why? I suspect it is to try and mask short term performance. The YTD numbers above are OK, but the 12 month numbers will be a lot lower as the last 3 months of 2013 were flat/down.

Also note the Global Fund chart in the newsletter is from 1st Jan this year, although the fund launched on 1 September last year. The numbers show the fund underperformed the index from launch. All the other funds show performance since launch. Why is this one different? Because if they showed since launch the chart wouldn't look anything like as good. Naughty.

Pie has been a phenomenally good performer in the past when the funds were smaller. But taking in more money when the funds are supposed to be closed is not the way to treat exisiting investors, imho.

Now with the new fund, if you're rich enough you get access to the closed funds, even though many investors have stayed loyal to Pie for a long time but don't have the $250K needed to buy access.

In regard to the global fund .I would imagine only a small % was invested Sept/Dec 31 so it was probably really a Global "cash fund" as opposed to global small co's . They were still trying to appoint managers for it . Anyway i am not going to sit here all day and wonder/ try and defend I don't have any concerns at this stage with them as a manager of my money . . When I have had a problem I have called, emailed and he has responded immediately. So if you are an investor I would advise you do the same if you have an issue with it .

[Toulouse - Luzern]

I expect one PieFunds fund, the Australasian Dividend Fund, will not be affected as I see AZV doesn't pay a dividend so I assume AZV will not be in the ADF portfolio.

[D. Fender]

In regard to the global fund .I would imagine only a small % was invested Sept/Dec 31 so it was probably really a Global "cash fund" as opposed to global small co's . They were still trying to appoint managers for it . Anyway i am not going to sit here all day and wonder/ try and defend I don't have any concerns at this stage with them as a manager of my money . . When I have had a problem I have called, emailed and he has responded immediately. So if you are an investor I would advise you do the same if you have an issue with it .

All other funds are shown from inception.

[Joshuatree]

Growth fund 251% return since inception; 2007; 7.7% ytd. Averaged out say 7 complete years =re 36 %per annum ;FANTASTIC

Aust Div fund 102% since inception ,2011 10.3% ytd Averaged out say 3 complete years= 34% per annum AWESOME

Pie emerging Australasian 82.4% since inception 2013 ytd 13% Averaged out say 2 years = re 41 % SHOW ME BETTER!

Certainly better than my own returns .
Longer term I'm thinking the returns will drop as i guess they prob have already from the first year or so.But this simplistic averaging is fine by me ; kudos to Mike and management.As part of my diversified portfolio ; mainly NZ and Aus stocks with some bonds etc I'm so happy that i took a friends advice and bought in.

Pie Global 10.4% since inception 2013 7.6% ytd still sitting on some cash Don't hold this one atp.

Not sure what the motive is from a few posters; proof is in the PIE

[777]

Remember at one stage an offer was made that if you invested in the global fund you were able to invest some in the earlier funds. That would account for some inflow to those funds.

Missed out on the 1st fund but hold the next three. Offered the Chairman's fund but decided against it as decided I had enough invested there. Also a little concerned at possible doubling of fees with a fund of funds arrangement. Or are non Chairman Fund investors paying the total fees from the individual funds being covered.

Happy as an investor.

[stoploss]

I think PIE are good for people who know nothing about investing, its probably the only way that those people will have exposure to the share market, that and maybe some Telecom/Utility shares they got in a public float. So all good. But as an experienced investor, I am merely expressing my surprise at some of their investment decisions (selling early, selling late) as I would have thought they would know better being "eggspurts" and all. Especially concerned by the big write ups they do in their newsletters to promote a stock they have bought, saying what a wonderful investment opportunity it is, while simultaneously selling it on market. Its unfortunate if those great returns are coming at the expense of naive investors sucked in by a pump and dump operation - if the funds are closed, how many of the people who get those newsletters rush out to buy whatever stock PIE is promoting that month, only to find out the next month that PIE have conveniently exited leaving them holding the dud investment.

KW I don't agree.I see this as a good balance to my own investing .You say you are surprised by their investment decisions . However even the Buff makes mistakes ...it's impossible to sell them all at the top ......Everyone makes mistakes, but surely their performance speaks volumes . Honestly how many people would put their hand up and say they can beat them ? Looking at the sharetrader ASX comp not many ..........
I have invested money in the market for my family as an education fund . The admin etc was a bit of a nightmare, investing it with PIE funds has simplified it and been very profitable.