Pinnacle Investment Management Group Limited · ASX:PNI

Pinnacle Investment Management — Pinnacle Investment Summit 2025

11 slides from Pinnacle Investment Management's conference presentation, July 2025

  1. Slide 1: Pinnacle Investment Summit 2025

    Pinnacle Investment Summit 2025 Presented by Charles Story, Portfolio Manager

  2. Slide 2: Short Term – Noisy Markets

    Short Term – Noisy Markets S&P500 1 year performance 15% Trump Election Surge S&P500 Hits Record Israel-Hamas Escalation 10% Liberation Day Selloff NVIDIA ‘AI Mania’ Trump Tariff Threats Begin 5% DeepSeek AI Model Launch 0% US Govt Shutdown Russian Oil Sanctions Trump Tariff Announcement -5% Q125 Ea

  3. Slide 3: Long Term – Fundamentals win

    Long Term – Fundamentals win S&P500 vs Earnings forecasts 600% 520% 500% 20% Noise 400% 300% 400% 200% 80% Earnings & Fundamentals 100% 0% -100% 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 S&P500 Earnings 1yr fwd Fundamental analysis wins in the long term 3 | Solaris Inve

  4. Slide 4: Solaris Investment Process

    Solaris Investment Process Qualitative Quantitative/Process - Management - Deep Research - Industry Structure - Corporate Access - Balance Sheet - Financial modelling - ESG - Market Inefficiencies - Cashflow Profile - Portfolio Construction - Trend ROE No hocus pocus. Just diligence and focus Refine

  5. Slide 5: Case Study - Wesfarmers

    Case Study - Wesfarmers Wesfarmers Share Price vs Earnings 500c $90 Under 450c the2026Hood: eps 6Share monthprice EBITDA changes $80 Industrial and safety 400c 2% Share price disconnected from fundamentals $70 350c $60 − Share price +75% vs Earnings -5% over 2 years 300c Chemicals Officeworks 10% $5

  6. Slide 6: Case Study – A2 Milk

    Case Study – A2 Milk A2 Milk Share Price vs Earnings 45c $9 2026 eps Share price $8 40c $7 Earnings inflection, ignored by the market 35c $6 $5 − Fundamentals improving 30c $4 − Earnings being upgraded 25c $3 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 − China birth rates stabilising − A2 gaini

  7. Slide 7: Case Study – Cettire

    Case Study – Cettire 20c Cettire Share Price vs Earnings $5.0 $4.5 15c 2026 eps $4.0 $3.5 Share price 10c $3.0 Built on hype, unwound on fundamentals $2.5 5c $2.0 − Online luxury retailer with no brand relationships $1.5 0c $1.0 $0.5 − Poor industry structure -5c $0.0 Jun-23 Oct-23 Feb-24 Jun-24 Oct

  8. Slide 8: Summary

    Summary Short term divergences Earnings drive share prices Opportunities exist in the long term

  9. Slide 9: Funds available / years outperformance

    Funds available 18 / 25 years outperformance Genium Morningstar Lonsec Research Zenith Solaris Core Australian Equity Fund Solaris Core Australian Equity Fund (Performance Alignment) Solaris Australian Equity Long Short Fund Solaris Australian Equity Income Fund Past performance is not a reliable in

  10. Slide 10: Disclaimer

    Disclaimer This presentation is prepared by Solaris Investment Management Limited ('Solaris') (ABN 72 128 512 621, AFSL 330 Morningstar Analyst Ratings 505) as the investment manager of the Solaris Australian Equity Income Fund (ARSN 618 961 667), Solaris Australian The Morningstar Analyst Rating fo

  11. Slide 11: Thank You

    Thank You www.solariswealth.com.au © Solaris Investment Management ACN 128 512 621 | AFSL 330505

Pinnacle Investment Management Group — Pinnacle Investment Summit 2025 on 6ix