Quote Originally Posted by the homzen View Post
I think you need to compare apples with apples - the table you refer to shows all types of funds, from global equity to emerging markets to fixed interest. Also 6 months is too short a period to make any meaningful conclusions, in my view. Look at the 12 month numbers to get a better picture.

Bear in mind that in the last 2.5 years Pie's total FUM has gone from $30m to $190m. It's almost inevitable that performance numbers will be harder to generate going forward than when the funds were small, if for no other reason than Pie isn't 'under the radar' any more. Just look at how many substantial shareholder filings Pie does these days. And it will only get harder because despite saying the funds are closed, they keep taking in more money. Check out the last annual accounts on the Companies Office website. The Dividend Fund took in $4m more than was withdrawn in the year to 31 March 2014, and the Emerging Fund also took in more than was withdrawn.

Finally, the performance data on Morningstar is to the 30th September, so it doesn't include the impact of Titan on Pie's numbers.
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 .....?