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Alternative Market Briefing

Boutique absolute return fund of funds searches for compatible partners globally

Thursday, April 11, 2013

by Beverly Chandler, Opalesque London:

Mike Taylor, managing director and executive chairman of New Zealand boutique absolute return fund management house Pie Funds is on a quest to find his fellow small cap absolute return funds across the globe as he puts together his first focused fund of funds.

Pie was founded in December 2007, which with the benefit of hindsight was a pretty tough date to launch. "The global financial crisis hit as soon as we started" Taylor says in an interview with Asia Pacific Intelligence, "but it provided a great opportunity. We just had to survive 2008 and if you were there at the end you could capitalise when markets rebounded."

Pie has NZ$100m ($85m) under management in three funds, having started with just NZ$3m ($2.5m) in 2007 and has, as the only small cap specialist manager in New Zealand, carved out a niche in the space. The current three funds are the Pie Australasian Growth Fund, the Pie Australasian Dividend Fund and the Emerging Companies Fund. The planned new fund will be a Global Small Companies fund of fund.

The Growth Fund is in the top 50 funds globally out of over 180,000 ranked by Morningstar for five year returns, with a five return to 31st March of 27.6% per annum, 29.8% for the last year while the Dividend Fund has achieved 50.7% in the last 12 months.

The outstanding performance is partly down to Pie’s policy of capping the amount of capital they will allow i......................

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