Pinnacle Investment Management Group Limited · ASX:PNI
Pinnacle Investment Management — Investor Presentation (August 2021)
85 slides from Pinnacle Investment Management's investor presentation, Aug 4, 2021
Slide 1: FY2021 financial results announcement
4th August 2021 By Electronic Lodgement Market Announcements Office ASX Ltd 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam Pinnacle Investment Management Group Limited (ASX: PNI) FY2021 financial results Pinnacle Investment Management Group Limited (PNI) is pleased to advise shareholders that the h
Slide 2: Successful year, strong growth and dry powder
> Significant growth in both aggregate funds under management and net inflows from outside of Australia during FY21 > Closing FUM of $89.4 million is in excess of 20% higher than average FUM through FY211 > Continued Affiliate medium-term outperformance – 80% of 5-Year Affiliate strategies have outp
Slide 3: Composition of Group Results
Composition of Group Results The profit after tax attributable to shareholders for FY21 was $67.0 million, representing basic earnings per share of 38.2 cents compared with 18.8 cents per share in FY20. Pinnacle’s share of net profit after tax from its equity interests in Affiliates was $66.4 millio
Slide 4: FUM Update
FUM Update The FUM of the sixteen PNI Affiliates as at 30 June 2021 was $89.4 billion1, at 100%, reflecting: > an increase in FUM of $18.9 billion2 or 27% during 2H FY21, comprising net inflows of $11.2 billion and increases due to market movements/investment performance of $7.7 billion > an increas
Slide 5: Retail FUM Update
Retail FUM Update Retail FUM stood at $20.3 billion at 30 June 2021: > an increase in FUM of $3.6 billion or 22% during 2H FY21, comprising net inflows of $2.6 billion ($0.2 billion of which was in LICs/LITs) and increases due to market movements/investment performance of $1.0 billion > an increase
Slide 6: Dividend
Dividend The Board has resolved to pay a fully franked final dividend per share of 17.0 cents (up 100% from the fully franked FY20 final dividend of 8.5 cents), to shareholders recorded on the register on 31st August 2021 and payable on 17th September 2021, taking total fully franked dividends for t
Slide 7: Annual Results Discussion For the year ended 30 June 2021
PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (PNI) Annual Results Discussion For the year ended 30 June 2021 4 August 2021
Slide 8: Important notice
PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (PNI) 2 • This presentation has been prepared by Pinnacle Investment Management Group Limited ABN 22 100 325 184 (PNI). The information in this presentation is current as at 4 August 2021. • PNI has prepared this presentation based on information availabl
Slide 9: Agenda
Agenda 3 • FY21 Financial Highlights – Ian Macoun, Managing Director • FY21 Business Highlights – Ian Macoun, Managing Director • FUM and Flows • Other Business Highlights • FY21 Results Discussion – Dan Longan, Chief Financial Officer • Funds Under Management • Growth (both organic and inorganic, d
Slide 10: FY21 Themes
FY21 Themes 4 • Strong financial outcome, resumption of strong growth in profitability, FUM and net inflows • Continuing benefits of growing diversity of: • Asset class and investment strategies of Affiliates • Client type and domicile • Performance Fee exposure • Entering FY22: • Anticipate growth
Slide 11: FY21 Financial Highlights
FY21 Financial Highlights 5 • Net profit after tax (NPAT) attributable to shareholders of $67.0 million for the financial year ended 30 June 2021 (FY21), up 108%1,2 from $32.2 million in the financial year ended 30 June 2020 (FY20) • Basic earnings per share (EPS) attributable to shareholders of 38.
Slide 12: FY21 Financial Results
FY21 Financial Results 6 FY21 ($M) FY20 ($M) % Change PINNACLE 1 Revenue 32.5 22.4 45% 1 2, 3 2,3 Expenses (31.9) (28.0) 14% 4 4 Share of Pinnacle Affiliates net profit after tax 66.4 38.0 75% Net profit before tax (NPBT) from continuing operations 67.0 32.4 107% Taxation - - NPAT from continuing op
Slide 13: Strong growth in NPAT and EPS since pure play listing
Strong growth in NPAT and EPS since ‘pure play’ listed Pinnacle 7 CAGR (five years): 63.1% CAGR (five years): 47.7% • Fully franked dividends have grown at a CAGR of 54.1% over the same period (excluding the special dividend paid ahead of Pinnacle listing as a ‘pure play’ investment management busin
Slide 14: Pinnacle continues to grow strongly
Pinnacle continues to grow strongly (notwithstanding the COVID-19 crisis) 8 • Whilst growth in FUM and profitability were suppressed in FY20 due to the impacts of the COVID-19 crisis on markets and our business, Pinnacle has grown strongly, on average, over the two-year period to 30 June 2021, which
Slide 15: FY21 Business Highlights – FUM
FY21 Business Highlights – FUM 9 • Aggregate Affiliates’ FUM of $89.4 billion at 30 June 2021 (at 100%)1,2 • Up $18.9 billion or 27% from $70.5 billion at 31 December 2020 • Up $30.7 billion or 52% from $58.7 billion at 30 June 2020 • Aggregate Retail FUM (at 100%) now $20.3 billion; up 22% from $16
Slide 16: FY21 Business Highlights – Record Flows
FY21 Business Highlights – Record Flows 10 • Net inflows for FY21 of $16.7 billion1 • $5.5 billion in the six months ended 31 December 2020 (1H FY21) • $11.2 billion in 2H FY212 • Retail net inflows for FY21 of $4.5 billion ($0.2 billion from LICs/LITs) • $1.9 billion 1H FY21 • $2.6 billion 2H FY21,
Slide 17: FY21 Business Highlights – Affiliates
FY21 Business Highlights – Affiliates 11 • Seven Affiliates earned performance fees totalling $86.2 million (at 100%; Pinnacle post-tax share $19.5 million) in FY21 (in FY20, five Affiliates earned performance fees totaling $26.7 million (at 100%; Pinnacle share $6.6 million)), demonstrating the inc
Slide 18: Understanding FY21 financial outcome
Understanding FY21 financial outcome 12 • Total Affiliate revenues1 were $415.5 million during FY21, including $86.2 million (21%) in performance fees; in FY20, total Affiliate revenues were $291.1 million, which included $26.7 million (9%) in performance fees • This represents 43% growth in total A
Slide 19: Performance Fees – FUM and Strategy Growth
Performance Fees – FUM and Strategy Growth 13 • The volume of FUM with performance fee potential has increased significantly • FUM subject to performance fees entering FY22 is 28% higher than the average during FY21 • The number and diversity of strategies with significant performance fee potential
Slide 20: Performance fees delivered by a number of Affiliates each year
Performance fees have been delivered by a number of Affiliates each year 14
Slide 21: Significant components of FY21 results – Pinnacle Parent
Significant components of FY21 results – Pinnacle Parent 15 • Significant revenue growth in Pinnacle Parent, costs controlled: • Revenues have grown 45% compared with FY20, driven by strong inflows and revenue-sharing fees • ‘P&L investment’ in support of Horizon 2 initiatives somewhat restrained du
Slide 22: Significant components of FY21 results - Affiliates
Significant components of 1H FY21 results - Affiliates 16 • Significant growth ($28.4 million, or 75%) in Pinnacle’s share of Affiliate profits compared with FY201: • Performance fees (at 100%) of $86.2 million in FY21, across seven Affiliates (Pinnacle share post-tax of $19.5 million); $26.7 millio
Slide 23: PNI Balance Sheet
PNI Balance Sheet 17 Cash and PI of $155.0 million 30 Jun 2021 ($M) 30 Jun 2020 ($M) Change • • Includes $56.4m invested in strategies managed by CURRENT ASSETS Pinnacle Affiliates Cash and cash equivalents 96.1 16.1 497% • Excludes $9.6m of cash applied for Affiliate equity Financial assets 58.9 34
Slide 24: Funds Under Management
FUNDS UNDER MANAGEMENT
Slide 25: FY21 Funds Under Management
FY21 Funds Under Management 19 Gross FUM ($bn)1 • FUM of $89.4bn as at 30 June 20212 • FUM has grown at a CAGR of 24.1% p.a. over the last ten years (22.6% excluding $6.8bn ‘acquired’ in July 2018 and 3.0 billion ‘acquired’ in December 2019) • Increase in FUM of $18.9bn in 2H FY21 • Net inflows of $
Slide 26: FY21 Funds Under Management by Affiliate
FY21 Funds Under Management 20 Pinnacle Hyperion Plato Solaris RCL Palisade Antipodes Spheria Two Trees Firetrail Metrics 4 Omega Longwave Riparian Coolabah Reminiscent Aikya (total) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) 1 ($m) 1 ($m) ($m) ($m)2 ($m) ($m) FUM History (at 100%) 30 Ju
Slide 27: Continuing strong investment performance of Affiliates
21 Continuing strong investment performance of Affiliates to 30 June 2021 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception date Pinnacle Investment Management Hyperion Asset Management - Gross Performance 80% of Pinnacle Affiliates’ Hyperion Australian Growth Companies Fund 17.04% 15.60% 14.09% 1/10/
Slide 28: Affiliates’ investment performance – June 2021
22 Affiliates’ investment performance – 30 June 2021 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception date Pinnacle Investment Management Hyperion Asset Management - Gross Performance Hyperion Australian Growth Companies Fund 40.04% 21.13% 17.04% 15.60% 14.09% 1/10/2002 Outperformance 11
Slide 29: Affiliates’ investment performance – June 2021
23 Affiliates’ investment performance – 30 June 2021 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception date Pinnacle Investment Management Two Trees Investment Management - Gross Performance Two Trees Global Macro Fund - USD Composite -0.73% -2.47% -2.14% 7/03/2018 Outperformance -0.80% -
Slide 30: Pinnacle Affiliates continue to win major industry awards
24 Pinnacle Affiliates continue to win major industry awards 2021 Money Management Fund Manager of the Year: 2019 Lonsec/Money Management Fund Manager of the Year: • Hyperion – Fund Manager Of The Year Winner • Solaris – Equities (Long/Short) Category Winner • Hyperion – Australian Large Cap Equitie
Slide 31: Growth & Resilience
GROWTH & RESILIENCE
Slide 32: Growth & Resilience
Growth & Resilience 26 • Clear evidence of strategy execution success • Growth and Resilience simultaneously delivered • Our status as a high growth company remains intact • Fully recovered from challenges of FY20 • We plan to maintain our strategy, aimed at delivering high growth • Carefully, from
Slide 33: Growth, Resilience, and an exceptional Platform for further Growth
Growth, Resilience, and an exceptional Platform for further Growth 27 • For several years, we have been consistently implementing our strategy: • A 'pure play' investment management firm comprising only the best investment professionals, focused on investment excellence • Highly-regarded distributio
Slide 34: Three Horizons of Growth
Three Horizons of Growth 28 • Continue to build Pinnacle by taking a measured approach to growth • Support the growth of our current Affiliates with increased investment in distribution channels (e.g., international and listed markets) • Invest in / seed new Affiliates where management teams have a
Slide 35: Recap on Horizon Criteria – What could we acquire?
Recap on Horizon 3 Criteria – What could we acquire? 29 • Criteria • Must not place the Company at risk • Only consider if low risk and high return on capital over the medium term • Exercise great care and careful due diligence • Must be synergistic/consistent with existing core • Status • Res Cap a
Slide 36: Future Growth Drivers
Future Growth Drivers 30 • Investment in (and continuing to evolve and grow in size and sophistication) our distribution platform • Grow ahead of our Affiliates • Listen to clients and move quickly to meet their evolving needs • Do not become the market – be ahead of it • Investment in new Affiliate
Slide 37: Growth of our Platform
Growth of our Platform 31 CON TI N U I N G TO I N V E ST I N A DI V E RSI FI E D PLATFO R M TO STRE N G TH E N FU TU RE GROWT H • Executives of both Pinnacle and Pinnacle Affiliates have significant equity interests • Equity ownership enhances alignment with shareholders Seed FUM and working capital
Slide 38: Early-stage Affiliates
Early-stage Affiliates 32 • Founded in March 2020 • Secured multiple global investment consultant ratings • Maiden allocation secured with Australian institution in October 2020 • International allocations received from November 2020 • Portfolio Managers previously responsible for stewardship of US$
Slide 39: Early-stage Affiliates
Early-stage Affiliates 33 • Founded in 2019 • Exceptional performance during the COVID-19 drawdown • Strategy available in Cayman and Australian vehicles • First Australian institutional investor due to fund in August 2021 • Founded in early 2019 • Achieved strong rating from one of the world’s larg
Slide 40: Growing a resilient, diversified business
Growing a resilient, diversified business 34 Resilience enhanced by progressive diversification of: 1. Asset classes (including a greater range on offer overseas) 2. Client type 3. Client domicile (overseas as well as domestic) 4. Percentage of funds exposed to performance fees
Slide 41: Growth by Affiliate
Growth by Affiliate 35 30 June 2016 30 June 2021 1 Total FUM $19.8bn Total FUM $89.4bn Hyperion 28.5% (largest affiliate) RCL 18.3% (largest affiliate) Hyperion Solaris Palisade 7.5 13.3 Plato 7.8 Resolution Capital Hyperion 2.3 Antipodes Solaris 5.2 12.4 23.2 28.5 Spheria Palisade Firetrail 7.4 2.8
Slide 42: Growth in Asset Classes
Growth in Asset Classes 36 FUM by Asset Class FUM by Asset Class 30 Jun 2016 (%) 30 June 2021 (%) 8 Australian Equities* Australian Equities 9 Global Equities* 7 3 24 Global Equities Real Assets (Public 46 Markets) Real Assets (Private 2 Real Assets (Public Markets) 67 19 Markets) Credit (Public Rea
Slide 43: Growth and Development of Client Base
Growth and Development of Client Base 37 Institutional – Domestic International Retail – Intermediated Retail – Direct
Slide 44: Growth and Development of Client Base
Growth and Development of Client Base 38 Total FUM at 30 June 2016 (%) Total FUM at 30 June 2021(%) Industry Super Fund Industry Super Fund Public Pension Fund 13 16 Public Pension Fund 23 20 1 Corporate Pension Fund 3 Corporate Pension Fund 4 Financial Institution 1 Financial Institution 1 9 Sovere
Slide 45: Growth in Retail FUM
Growth in Retail FUM 39 Retail FUM evolution 8.2x 1 Total FUM 30 June 13: $10.9bn Total FUM 30 June 2021: $89.4bn Retail: $0.9bn Retail: $20.3bn 22.6x 8% Retail 23% Retail 92% institutional 77% Institutional • Pinnacle has invested significantly in retail distribution and has generated substantial r
Slide 46: Growth in Performance Fee FUM
Growth in Performance Fee FUM 40 Affiliates' FUM (at 100%) subject to performance fees 1 Total FUM 30 June 16: $19.8bn Total FUM 30 June 2021: $89.4bn Subject to performance fees: $3.3bn Subject to performance fees: $28.7bn 17% Perf fees 32% Perf fees 83% No perf fees 68% No perf fees • Significant
Slide 47: Institutional & International Markets
INSTITUTIONAL & INTERNATIONAL MARKETS
Slide 48: FY21 Review
42 FY21 Review Record $12.2bn institutional net inflows1 • $9.2bn Australian sourced FUM • $3bn International sourced FUM Diverse blend of flows by asset class • $10bn Public markets • $2.2bn Private markets • $4.3bn Global real estate securities • $3.9bn Australian equities • $3.7bn Credit (private
Slide 49: FY22 Outlook
43 FY22 Outlook • Fundamentals in place for sustained sales growth • Highly regarded Affiliates with strong local and international investment consultant ratings • Diverse stable of Affiliates (asset class, style, strategy, maturity) ensures ‘all-weather’ relevance to asset owners • Private and publ
Slide 50: Retail Market
RETAIL MARKET
Slide 51: Retail
Retail 45 Record retail flows achieved on the back of strong investment performance, adaptation to the environment leading to a significant lift in sales activity levels and continued focus on high performance operating model 1. Secular trends impacting intermediated advice channel have accelerated
Slide 52: Transition from analogue to digital distribution practices
Retail 46 3. Transition from ‘analogue’ to ‘digital’ distribution practices • Highly competitive environment for share of voice with increasingly time-poor advisers/investors • Optimised engagement through best practice thought-leadership and consultative practices • Shift from long-term campaign pl
Slide 53: Retail - Listed solutions update
Retail - Listed solutions update 47 • $3.5 billion1 of listed FUM as at 30 June 2021 across 8 active ETFs, LICs and LITs • ETFs reached a tipping point in March 2020 as ETF adoption had a step change (as seen in monthly ETF value traded) Active ETFs • Active global equities and fixed income dominate
Slide 54: Retail – Expanded footprint across intermediated market
Retail – Expanded footprint across intermediated market 48 Advisers 21,300+ Researchers 1,050+ Consultants 150+ Brokers 1,000+ Source: Pinnacle, Salesforce (estimates as at 30 June 2021)
Slide 55: Sales stages – delivering next best action signals
Sales stages – delivering “next best action” signals 49
Slide 56: Activities and initiatives driving opportunities across the sales process
Activities and initiatives driving opportunities/retention across the sales process 50
Slide 57: Optimised Sales Process – Plan, Nurture, Protect, Retain and Grow
Optimised Sales Process – “Plan, Nurture, Protect, Retain and Grow” 51 Optimised Sales Process The Perfect Persona - What does a qualified lead look like to the sales team? Qualified Leads Type of practice & portfolio construct | FUA | Sales Stage | Affiliate | Engagement levels Lead Scoring & Gradi
Slide 58: Optimised Sales Process – Driving efficiency and productivity
Optimised Sales Process – Driving efficiency and productivity 52 • Investors bucketed by the ‘stage’ in their investment cycle • ‘Gap to Goal’ used to prioritise activities and sales approach Source: Pinnacle, Salesforce
Slide 59: MarTech Stack | Accelerating the Distribution Process
MarTech Stack | Accelerating the Distribution Process 53
Slide 60: Retail – Audience reach during FY21
Retail – Audience reach of close to 1 million during FY21 54 Source: Pinnacle, Salesforce & Pardot
Slide 61: Total size and net flows in retail asset management industry
Total size and net flows in retail asset management industry – narrower range of winners! 55 $1,600Bn Total Funds Under Management - Retail Funds $1,400Bn $1,200Bn $1,000Bn $800Bn $600Bn $400Bn $200Bn $0Bn $44Bn Annual Estimated Net Flows – Retail Funds $50Bn $31Bn $15Bn $25Bn $10Bn $12Bn $9Bn $9Bn
Slide 62: What Factors Drive Investment Flows? – A.I. and Machine Learning
‘What Factors Drive Investment Flows?’ – A.I. and Machine Learning 56 Australia Equity Factor Premia Morningstar runs a monthly cross-sectional regression of the fund’s growth rate against their fund characteristics. • Positive factors: • Inflow momentum • 5 Star rated • Passive • Negative factors:
Slide 63: Factor Statistics - Persistence
‘What Factors Drive Investment Flows?’ – A.I. and Machine Learning 57 Factor Statistics - Persistence The facto premia correlations are persisted through time. The fees and outflows are negative while five-star, positive growth rates and index funds are consistently positive. 3.00 2.00 1.00 0.00 200
Slide 64: What Factors Drive Investment Flows? – A.I. and Machine Learning
‘What Factors Drive Investment Flows?’ – A.I. and Machine Learning 58 Source: Morningstar Direct, data as at August 2021
Slide 65: Performance Fees
PERFORMANCE FEES
Slide 66: Performance Fees – Repeatability and Size
Performance Fees – Repeatability and Size 60 • Potential aggregate performance fees are both sizeable and repeatable each year • Deliberate strategy to seek performance fee structures as an alternative to higher base fees – they are direct substitutes and a means of maximising average annual revenue
Slide 67: Large and increasing performance fee FUM and strategy diversity
FUM subject to material performance fees, by strategy 61 Date 30 June 2016 30 June 2018 30 June 2021 FUM ($bn) $3.3bn $10.3bn $28.7bn Significant strategies 5 8 18 30 Jun 16 30 Jun 18 30 Jun 21 Large and increasing performance fee FUM and strategy diversity
Slide 68: Factors to consider in estimating future performance fees
Factors to consider in estimating future performance fees 62 • 2H v 1H - the potential and reliability of performance fees are, logically, greater in 2H than 1H • 7 out of 18 strategies that currently have potential to deliver significant performance fees crystallise only in in 2H • Thus, 11 of 18 s
Slide 69: Corporate Sustainability
CORPORATE SUSTAINABILITY
Slide 70: Pinnacle as a Responsible Firm
64 Pinnacle as a Responsible Firm We are focused on continuous improvement, striving to do better by building a long-term, sustainable firm that focuses on our people, customers and shareholders as well as the communities in which we engage • Sustainability Strategy • Established a Sustainability Co
Slide 71: Alignment with Sustainable Development Goals
Alignment with Sustainable Development Goals 65 Pinnacle recognises the need for strategies that foster economic development, reduce inequities and transition towards a more sustainable future. By aligning our sustainable initiatives with the UN SDGs and through the support of the Pinnacle Charitabl
Slide 72: Diversity, People and Community
Diversity, People and Community 66 Diversity • Pinnacle is committed to strengthening business innovation and decision-making through workplace diversity. Pinnacle recognises the benefits of a diverse group of employees reflecting different backgrounds, attributes, perspectives, styles, knowledge, e
Slide 73: Diversity, People and Community
Diversity, People and Community 67 People • Fully supportive of initiatives to optimise the mental health of employees through access to the Employee Assistance Program for employees and family members • Committed to instilling a culture that values rest and family time. We have embraced flexible wo
Slide 74: Affiliate commitment to ESG
Affiliate commitment to ESG 68 Thirteen Affiliates are signatories to the United Nations supported Principles of Responsible Investment (“PRI”): Incorporate ESG into Affiliate Signatory to PRI Have an ESG policy Investment process Aikya Yes Yes Yes Antipodes Yes Yes Yes Coolabah Yes Yes Yes Firetrai
Slide 75: Pinnacle Charitable Foundation
69 Pinnacle Charitable Foundation • Pinnacle is passionate about enabling better lives through investment excellence. This belief is strongly reflected in Pinnacle’s commitment – together with Affiliates – to the Pinnacle Charitable Foundation • The Foundation’s focus is on growing the sustainabilit
Slide 76: Pinnacle Charitable Foundation
70 Pinnacle Charitable Foundation • Key focus areas and partners for FY21 were as follows: • Promotion of strong mental wellbeing, together with support for prevention and early intervention strategies aimed at reducing mental illness and driving down suicide rates. Long-term partnerships are in pla
Slide 77: Continuing response to the COVID-19 crisis
Continuing response to the COVID–19 crisis 71 “The reputations and future success or otherwise of investment management companies are often determined by their behaviour and performance during periods of crisis and their capacity to resume growth depends on the strength of the capabilities with whic
Slide 78: Affiliate Summaries
AFFILIATE SUMMARIES
Slide 79: Pinnacle Affiliates
Pinnacle Affiliates 73 Global Emerging Market Equities • High quality • Absolute return • Concentrated portfolio • Long term sustainable growth • Stewardship and Sustainability • Headquartered in London, United Kingdom Global, Asian and Emerging Markets equities • ‘Pragmatic value’ investment approa
Slide 80: Pinnacle Affiliates
Pinnacle Affiliates 74 Australian, Global, Small-Cap & Long/Short Equities • Deep fundamental research approach consistently applied for 15+ years • Experts in high conviction investing • Focused on generating alpha from stock selection, whilst reducing exposure to unintended macroeconomic or themat
Slide 81: Pinnacle Affiliates
Pinnacle Affiliates 75 Australasian Private Credit • One of Australasia’s largest non-bank lenders • Participation across all loan market segments – leverage finance, project finance, commercial real estate, corporate • Investment across the capital structure – investment grade debt through to equit
Slide 82: Pinnacle Affiliates
Pinnacle Affiliates 76 Australian Accumulation, Low Volatility and Tax-Exempt Equities, Global Income Equities and Global Long/Short Equities • Customised alpha models and portfolio construction for accumulation, retirement and absolute return solutions • Launching Enhanced Low Carbon and Net-Zero s
Slide 83: Pinnacle Affiliates
Pinnacle Affiliates 77 Australasian Private Agriculture, Food & Water • Real asset backed investments across the food and agriculture sector • Participation throughout the value chain investing in assets that are critical to the production of essential goods; water, farmland, agricultural infrastruc
Slide 84: Pinnacle Affiliates
Pinnacle Affiliates 78 Systematic Global Macro • Former GMO SGM team • Competitive edge is the novel way in which the firm fuses together a deep philosophical understanding of financial economics with rigorous scientific techniques for forecasting returns, volatility and correlations and the way in
Slide 85: Q&A
Q&A
Pinnacle Investment Management Group — Investor Presentation (August 2021) on 6ix