Fund Manager News

This month CEO and Founder Mike Taylor discusses his outlook for the remainder of the year. Markets turn to growth and long-term rates fall Pie’s funds had a strong month, boosted by the swing from value to growth in markets. The US 10-year Treasury curve has flattened by 36 bps since March, which is favourable…

A virtual tour through Australian banking issues More tailwinds for the banking sector Medium term, the banking sector faces pressure to continue to invest heavily in their digital consumer platforms Differentiated strategies are appearing as banks rebuild their client focus Bank shares have just had their best annual performance in more than two decades. Share…

The focus and behaviour of commentators and investors often reflect their assumed knowledge and individual experience. These factors, if not guarded against, create natural biases that are not easy to overcome. Perhaps, this is no more apparent than in investor sentiment towards China today. Below, we explore a number of observable social and economic trends…

The milk, yoghurt, cheese and dairy industry might be viewed as well-established, perhaps even dull, but it actually has rather a lot going on. On a per capita basis, Australians consume about 97 litres (L) of milk per year, along with 14 kilograms (kgs) of cheese and 9 kgs of yoghurt.[1] We drink more milk than…

Introduction Harbour’s Environmental, Social and Governance (ESG) policy encompasses our approach to responsible investing including integration into our investment decision making process, stewardship practices and industry engagement. This policy has now been updated to reflect our constantly evolving approach with key developments such as a new section on sustainability outcomes, our guiding principles on proxy…

So, you’ve got some extra cash each month – maybe from a pay rise or an expense that has reduced (the kids have finally moved out!). First off – that’s great news! You’re now ready to start directing that extra income surplus somewhere. But should you pay down the mortgage or invest? This is a…

The European Central Bank (ECB) now predicts a decent boost in economic activity for Quarter 2. What’s driving growth in Europe? Guy Thornewill, Pie's Head of Research UK & Europe and Senior Investment Analyst, based between London and France, explains. What’s driving the growth in Europe? The mass vaccination programme in Europe has finally started…

The crypto craze is prompting many to try their hand to make money. Pie Funds CEO and Founder Mike Taylor explains why Pie doesn’t invest in cryptocurrency. The hype around cryptocurrency has risen significantly in the past 12 months, capturing the attention of many Kiwis. I get asked regularly what my views are on Bitcoin…

Income is a problem in New Zealand, and not just in the sense of investment income. Its adequacy to meeting an investor’s needs is nowadays constantly in doubt. Capital gain or growth, by contrast, has been the primary wealth accumulator for most of the last decade. In the broader New Zealand framework, this is arguably…

Chief Investment Officer Mark Devcich discusses the latest market conditions. May was a difficult month for many of the Australasian funds with the global funds faring better. EML Payments, the largest and a longstanding position across our funds, had an unexpected regulatory investigation announcement regarding the activities of an acquisition they made last year in…

In a previous post, my colleague Carol Lye highlighted two key tailwinds supportive of emerging markets (EM) in 2021: an easy U.S. Federal Reserve (Fed) and robust Chinese growth. Add to that buoyant commodity prices, rapid vaccination rates in the developed world, and a global—almost frenzied—search for yield. All these factors are obvious to anyone who reads…

Despite substantial increases in wholesale interest rates over the past 6 months, retail rates have mostly declined as the Reserve Bank of New Zealand has kept the Official Cash Rate unchanged and offered cheap bank funding through its Funding for Lending Programme. The Reserve Bank of New Zealand is now more confident in the economic…