Pinnacle Investment Management Group Limited · ASX:PNI
Pinnacle Investment Management — Shareholder Meeting (October 2024)
91 slides from Pinnacle Investment Management's shareholder meeting presentation, Oct 24, 2024
Slide 1: Welcome to the 2024 Annual General Meeting
For personal use only PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (PNI) Welcome to the 2024 Annual General Meeting The meeting will commence at 9:00am (Sydney time)
Slide 2: Disclaimer
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 24 October 2024. For personal use only PNI has prepared this presentation based on
Slide 3: Agenda
Agenda 3 For personal use only 01 Formal Business 4 02 Managing Director’s Address 21 FY24 Themes FY24 Financial Results Latest Update – Q1 FY25 Growth Agenda Affiliate Updates Corporate Sustainability 53 03 Q&A 61 04 Additional Information 62
Slide 4: Formal Business
For personal use only 01 Formal Business
Slide 5: Formal Business
Formal Business 5 For personal use only • Item 1 – Tabling of FY24 financial statements • Item 2 – Adoption of Remuneration Report • Item 3 – Election and Re-election of Directors • Item 4 – Renewal of the Omnibus Incentive Plan • Item 5 – Issue of shares to Andrew Chambers as part of the Omnibus In
Slide 6: How to ask a question
How to ask a question (for shareholders joining online) 6 For personal use only • To ask a written question, select the Q & A icon • Select the topic your question relates to from the drop-down list • Type your question in the text box and press the send button • To ask a verbal question, follow the
Slide 7: How to vote
How to vote (for shareholders joining online) 7 For personal use only • When the poll is open, select the vote icon at the top of the screen • To vote, select either For, Against or Abstain • You will see a vote confirmation • To change or cancel your vote, click on "click here to change your vote"
Slide 8: Item 1 – Tabling of FY24 financial statements
Item 1 – Tabling of FY24 financial statements 8 For personal use only
Slide 9: Item 2 – Adoption of Remuneration Report
Item 2 – Adoption of Remuneration Report 9 For personal use only • To consider and, if thought fit, pass the following as an ordinary resolution: “To adopt the Remuneration Report for the financial year ended 30 June 2024”
Slide 10: Item 2 – Adoption of Remuneration Report
Item 2 – Adoption of Remuneration Report 10 RESOLUTION 2 For personal use only Resolution by proxy Adoption of Remuneration Report % of eligible proxies in favour 99.11 Total number votes cast For 112,134,355 Against 825,746 Open usable 187,032 Excluded votes 22,584,774 Abstain 8827
Slide 11: Item 3(a) – Election of Christa Lenard
Item 3(a) – Election of Christa Lenard 11 For personal use only • To consider and, if thought fit, pass the following as an ordinary resolution: “That Christa Lenard, a Director appointed in accordance with clause 15.1(f) of the Company’s Constitution and, being eligible, offers herself for election
Slide 12: Item 3(a) – Election of Christa Lenard
Item 3(a) – Election of Christa Lenard 12 RESOLUTION 3(a) For personal use only Resolution by proxy Election of Christa Lenard % of eligible proxies in favour 99.79 Total number votes cast For 135,448,684 Against 87,975 Open usable 188,144 Excluded votes 0 Abstain 15,931
Slide 13: Item 3(b) – Re-election of Deborah Beale
Item 3(b) – Re-election of Deborah Beale 13 For personal use only • To consider and, if thought fit, pass the following as an ordinary resolution: “That Deborah Beale who retires from the office of Director by rotation and, being eligible, offers herself for re-election, be re-elected as a Director”
Slide 14: Item 3(b) – Re-election of Deborah Beale
Item 3(b) – Re-election of Deborah Beale 14 RESOLUTION 3(b) For personal use only Resolution by proxy Re-election of Deborah Beale % of eligible proxies in favour 99.18 Total number votes cast For 134,625,867 Against 921,573 Open usable 188,144 Excluded votes 0 Abstain 5150
Slide 15: Item 3(c) – Re-election of Andrew Chambers
Item 3(c) – Re-election of Andrew Chambers 15 For personal use only • To consider and, if thought fit, pass the following as an ordinary resolution: “That Andrew Chambers who retires from the office of Director by rotation and, being eligible, offers himself for re-election, be re-elected as a Direc
Slide 16: Item 3(c) – Re-election of Andrew Chambers
Item 3(c) – Re-election of Andrew Chambers 16 RESOLUTION 3(c) For personal use only Resolution by proxy Re-election of Andrew Chambers % of eligible proxies in favour 99.65 Total number votes cast For 135,264,836 Against 278,604 Open usable 188,144 Excluded votes 0 Abstain 9150
Slide 17: Item 4 – Renewal of the Omnibus Incentive Plan
Item 4 – Renewal of the Omnibus Incentive Plan 17 For personal use only • To consider and, if thought fit, pass the following as an ordinary resolution: “That, for the purposes of ASX Listing Rule 7.2 exception 13(b), Chapter 2D.2 of the Corporations Act and for all other purposes, approval is given
Slide 18: Item 4 – Renewal of the Omnibus Incentive Plan
Item 4 – Renewal of the Omnibus Incentive Plan 18 RESOLUTION 4 For personal use only Resolution by proxy Renewal of the Omnibus Incentive Plan % of eligible proxies in favour 97.65 Total number votes cast For 109,812,456 Against 2,457,365 Open usable 188,144 Excluded votes 18,969,160 Abstain 4,313,6
Slide 19: Item 5 – Issue of shares to Andrew Chambers
Item 5 – Issue of shares to Andrew Chambers as part of the Omnibus Incentive Plan 19 For personal use only • To consider and, if thought fit, pass the following as an ordinary resolution: “That, subject to the passing of resolutions 3(c) and 4, for the purposes of Listing Rule 10.14 and for all othe
Slide 20: Item 5 – Issue of shares to Andrew Chambers
Item 5 – Issue of shares to Andrew Chambers as part of the Omnibus Incentive Plan 20 RESOLUTION 5 For personal use only Issue of shares to Andrew Chambers as part of the Omnibus Resolution by proxy Incentive Plan % of eligible proxies in favour 97.63 Total number votes cast For 110,413,650 Against 2
Slide 21: Managing Director's Address
For personal use only 02 Managing Director’s Address
Slide 22: Managing Director's Address
Managing Director’s Address 22 For personal use only • FY24 Themes • FY24 Results • Financial Results • Performance Fees • Funds Under Management • Latest Update – Q1 FY25 • FUM & Flows • Performance • Growth Agenda • Three Horizons of Growth • Horizon 2 • Horizon 3 • Affiliate Updates • Corporate R
Slide 23: FY24 Themes
FY24 Themes 23 Private markets and international momentum underpin robust FUM, revenue and earnings growth and deliver record opening FUM for FY25 For personal use only • Continuing growth in private markets and other alternatives strategies • International distribution momentum building • Robust ov
Slide 24: FY24 Themes
FY24 Themes 24 Private markets and international momentum underpin robust FUM, revenue and earnings growth and deliver record opening FUM for FY25 For personal use only 1. Continuing growth in private markets and other alternatives strategies • Fundraising conditions remained challenging for public
Slide 25: FY24 Themes
FY24 Themes 25 Private markets and international momentum underpin robust FUM, revenue and earnings growth and deliver record opening FUM for FY25 For personal use only 4. Net Horizon 2 spend reduced as expected, as revenues grew, demonstrating operating leverage across the platform in 2H FY24 • Pin
Slide 26: FY24 financial highlights
FY24 financial highlights 26 Diversified platform demonstrating resilience in volatile market conditions. Investments made to support earnings growth in the future For personal use only A f f i l i a te F U M / R e v e n u e ( 1 0 0 % ) C a s h / I n v e s tm e n ts Affiliate FUM (100%) 30 Jun 24 30
Slide 27: Track record of earnings growth throughout market cycles
Track record of earnings growth throughout market cycles 27 The strength and diversity of our platform generates material earnings growth for our shareholders through cycles and over the long-term For personal use only NPAT growth: 2016 – 2024 Diluted EPS growth: 2016 - 2024 CAGR (five years to 30 J
Slide 28: Track record of earnings growth throughout market cycles
Track record of earnings growth throughout market cycles 28 • Pinnacle has pursued a deliberate strategy of diversification, incubating new Affiliates and strategies, For personal use only enhanced by careful acquisitive growth into new asset classes and markets. This moderates short-term profitabil
Slide 29: Performance fees
Performance fees 29 Pinnacle Affiliates continue to outperform benchmarks, resulting in continued FUM growth and performance fee generation For personal use only Closing FUM & number of strategies subject to performance fee • It remains a fundamental strategy of Pinnacle and Affiliates to grow FUM s
Slide 30: Funds under management
Funds under management 30 FUM ($bn)1 • FUM1 has grown at a CAGR of 24.5% p.a. over the last ten years (23.2% For personal use only excluding $6.8bn ‘acquired’ in July 2018, $3.0bn ‘acquired’ in December 2019 and $1.1bn ‘acquired’ in December 2021) • Markets were broadly up across FY24: • S&P/ASX 300
Slide 31: Evolution in funds under management – private markets and international
Evolution in funds under management – private markets and international 31 Private Markets Asset Growth1 • FUM in private markets asset classes was $22.8bn at 30 June 2024 For personal use only • 21% of total FUM • Up from $1.5bn / 6% of total FUM as at 30 June 2016 • Pinnacle has been a participant
Slide 32: Latest Update – Q1 FY25 – FUM and flows
Latest Update – Q1 FY25 – FUM and flows 32 For personal use only • Total Affiliate FUM (at 100%) at 30 September 2024 of $128.1 billion – up $18.0 billion or 16% from $110.1 billion at 30 June 2024 ($118.3 billion – up $8.2 billion or 7% excluding FUM acquired by a Pinnacle Affiliate during FY25) •
Slide 33: Latest Update – Q1 FY25 – FUM and flows
Latest Update – Q1 FY25 – FUM and flows 33 For personal use only • Headline net flows positive for the quarter, led by a strong retail result • Strong retail net inflows driven by resilient demand for private credit, fixed income and other private markets, and improving sentiment towards equities •
Slide 34: Continuing strong investment performance of Affiliates
34 Inception 5Y (p.a.) 10Y (p.a.) Inception (p.a.) date Pinnacle Investment Management Hyperion Asset Management - Gross Performance Continuing strong investment Hyperion Australian Growth Companies Fund Outperformance 13.72% 5.42% 12.66% 3.74% 12.83% 3.59% 1/10/2002 performance of Affiliates to 30
Slide 35: Continuing strong investment performance of Affiliates
35 Inception 5Y (p.a.) 10Y (p.a.) Inception (p.a.) date Pinnacle Investment Management Spheria Asset Management - Gross Performance Continuing strong investment Spheria Australian Microcap Fund 19.76% - 16.51% 16/05/2016 Outperformance 15.38% - 9.74% performance of Affiliates to 30 For personal use
Slide 36: Performance of Affiliates to 30 September 2024
36 Inception 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception date (p.a.) Pinnacle Investment Management Performance of Affiliates to 30 Hyperion Asset Management - Gross Performance Hyperion Australian Growth Companies Fund 42.78% 3.38% 13.72% 12.66% 12.83% 1/10/2002 For personal use only September 2024
Slide 37: Performance of Affiliates to 30 September 2024
37 Inception 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception date (p.a.) Performance of Affiliates to 30 Pinnacle Investment Management Palisade Investment Partners - Gross Performance For personal use only September 2024 Palisade Diversified Infrastructure Fund Palisade Australian Social Infrastucture
Slide 38: Performance of Affiliates to 30 September 2024
38 Inception 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception date (p.a.) Pinnacle Investment Management Performance of Affiliates to 30 Metrics Credit Partners - Gross Performance MCP Diversified Australian Senior Loan Fund 9.21% 7.72% 6.33% 5.68% 5.77% 4/06/2013 For personal use only September 2024 Out
Slide 39: Pinnacle Affiliates continue to win major industry awards
Pinnacle Affiliates continue to win major industry awards 39 2024 Zenith Fund Awards: 2024 Momentum Media Australian Wealth Management Awards: • Pinnacle – Distributor of the Year Winner • Metrics – Best Alternative Asset Manager Winner For personal use only • Metrics – Private Markets Winner • Metr
Slide 40: Growth Agenda
For personal use only Growth Agenda
Slide 41: Three Horizons of growth
Three Horizons of growth 41 Prepared for, and seeking, further expansion opportunities – committed to taking advantage of the significant opportunity to evolve into a global multi-affiliate by ‘exporting our model’ – but maintaining discipline on quality and valuation For personal use only • Continu
Slide 42: Future growth drivers
Future growth drivers 42 An excellent platform in place to move ahead with sustained growth For personal use only Distribution Robust, Flexible Start-Up Affiliate Existing Affiliate Acquisitive Platform Expansion Operating Platform Enablement Expansion Growth • Investment in (and • Robust, flexible
Slide 43: Horizon 2 – broad range of diversified initiatives
Horizon 2 – broad range of diversified initiatives 43 Examples of previous Horizon 2 initiatives, within Affiliates, include: For personal use only • Hyperion Global Equity, Palisade Renewable Infrastructure, Plato Australian Income, Resolution Capital Global REITS, Solaris Equity Long/Short Current
Slide 44: Horizon 2 – current status
Horizon 2 – current status 44 Revenues building from current Horizon 2 initiatives, reducing net cost impact to Pinnacle and providing early evidence of anticipated future growth For personal use only Current Horizon 2 initiatives, within Pinnacle, include: • Supporting new Affiliates – Pinnacle pro
Slide 45: Horizon 2 – highly valuable accelerator for new Affiliates and strategies
Horizon 2 – highly valuable accelerator for new Affiliates and strategies 45 For personal use only • The aggregate net cost to Pinnacle of these initiatives, within Pinnacle and Affiliates, reduced significantly in 2H FY24 to approximately $4.5m (Pinnacle share, after tax), down from approximately $
Slide 46: Horizon 3 – update
Horizon 3 - update 46 • Our most recent Horizon 3 transaction was the acquisition of a 25% interest in private equity and venture For personal use only capital firm Five V Capital in December 2021. Since acquisition: • Expanded team to 46 professionals; enlarged mid-market PE and VC team; establishe
Slide 47: Five V: Accelerating Growth through Growth Capital and New Market Access
Five V: Accelerating Growth through Growth Capital and New Market Access 47 For personal use only Fund V fundraise of Five V Capital (Private Equity) $770m oversubscribed and 2,500 closed in 3 months. Pinnacle helps raise $72m raised for VC first to market Fund II Five V expand team ‘evergreen' priv
Slide 48: Metrics – building Australia's leading private credit fund manager
Metrics – building Australia’s leading private credit fund manager 48 • Metrics is Australia and New Zealand’s largest non-bank corporate lender with A$19bn AUM • In June 2013, Pinnacle became Metrics distribution partner and helped them unlock institutional allocations to private debt From October
Slide 49: Affiliate Updates
For personal use only Affiliate Updates
Slide 50: Latest Update – Life Cycle Investment Partners
Latest Update – Life Cycle Investment Partners 50 For personal use only • Team of 7, headquartered in London, UK, and led by Peter Rutter • Investment and operational infrastructure has been built and tested with the team now actively managing money • Launched two Australian Unit Trusts on 30th Sept
Slide 51: Latest Update – Metrics
Latest Update – Metrics 51 For personal use only • Record AUM of $20bn • $7bn+ of wholesale/retail FUM, including • $3bn+ of exchange-listed closed-end FUM • Metrics’ strong flow momentum continues in Q1 FY25 • Launching new ‘retail’ platform-friendly real estate debt fund: Metrics Real Estate Incom
Slide 52: Latest Update – Five V Capital
Latest Update – Five V Capital 52 For personal use only • FUM growth ahead of expectations • Expanded team resourcing ahead of growth o Established New Zealand team o Established Frontier team o Expanded Venture Capital team • Fund III realisations to date have been strong, despite a tough market fo
Slide 53: Corporate Responsibility
For personal use only Corporate Responsibility
Slide 54: Our Sustainability Strategy
Our Sustainability Strategy 54 We are committed to building a sustainable, inclusive and resilient firm For personal use only This means fostering a work environment that recruits, retains and supports exceptional people with diverse experience, aligning firm growth with our climate ambitions, expan
Slide 55: PNI Foundation
PNI Foundation 55 • Pinnacle is passionate about enabling better lives through investment excellence. This belief is strongly reflected in For personal use only Pinnacle’s commitment – together with Affiliates – to the PNI Foundation • The Foundation’s focus is on growing the reach, sustainability a
Slide 56: PNI Foundation
PNI Foundation 56 • Total donations by the PNI Foundation in FY24 were over $677,000, primarily directed towards 17 long-term not-for-profit (NFP) partners. Support was also provided for initiatives aligned with employee volunteering and fundraising. For personal use only • Affiliates provided a fur
Slide 57: PNI Foundation
PNI Foundation Multiple partnerships with 17 NFPs are driving long-term sustainable impact across six core categories: For personal use only MENTAL HEALTH AND WELLBEING Offering support through community connection, together with mental illness prevention and early intervention strategies SEXUAL, DO
Slide 58: Conclusion
For personal use only Conclusion
Slide 59: Pinnacle differentiation
Pinnacle differentiation 59 Australia’s leading ‘multi-affiliate’ investment firm For personal use only 1. Distinguished from 2. High quality, experienced, 3. All the advantages, benefits competitors by comprising the dedicated, passionate and superior conditions of a highest quality investment inve
Slide 60: Summary
Summary 60 Pinnacle’s diverse Affiliate stable and extensive distribution channels fosters resilience and growth For personal use only Fundamentals in • Highly regarded Affiliates with strong local and international investment consultant and research house ratings place for organic • Diverse stable
Slide 61: Q&A
For personal use only 03 Q&A
Slide 62: Additional Information
For personal use only 04 Additional Information
Slide 63: FY24 in review
For personal use only FY24 in review
Slide 64: FY24 financial results
FY24 financial results 64 FY24 ($M) FY23 ($M) % Change • NPAT attributable to shareholders of $90.4m For personal use only PINNACLE Revenue1 49.0 45.5 8% • 18% increase on FY23 (17% increase in diluted EPS) Expenses 2,3,4 (49.4) (36.4) 36% • Performance fees earned by Pinnacle Affiliates, post-tax,
Slide 65: FY24 financial results – balance sheet
FY24 financial results 65 30 Jun 2024 ($M) 30 Jun 2023 ($M) Change • Cash and PI of $186.3m For personal use only CURRENT ASSETS Cash and cash equivalents 32.6 27.6 18% • Includes $141.4m invested in strategies managed by Pinnacle Affiliates Financial assets 153.7 159.6 (4%) • CBA facility of $100m
Slide 66: Investment Performance
Investment Performance 66 Our industry leading portfolio of high performing Affiliates continues to outperform benchmarks and provides an engine for continued FUM growth and performance fee generation For personal use only Affiliate strategies outperformance over benchmarks (alpha) – over 5-year per
Slide 67: Pinnacle has a diversified Affiliate platform
Pinnacle has a diversified Affiliate platform 67 Track record of investing to deliver medium-term growth For personal use only Executives of both Pinnacle and Pinnacle Affiliates have significant equity interests Equity ownership enhances alignment with shareholders Seed FUM and Middle office and Te
Slide 68: Revenue and margin performance and key drivers
Revenue and margin performance and key drivers 68 Continuing improvement in average base rate fees and client diversity; deliberate Horizon 2 investment in growth initiatives moderates profits in the short-term, but drives strategic growth over the medium- to long-term For personal use only Revenue
Slide 69: Diversification and resilience of core earnings
Diversification resilience of core earnings 69 A broadly diversified platform in place to move ahead with sustained growth For personal use only F Y24 F UM 2 by Affiliate (% ) 1 Change in F U M 2 by Asse t Class (% ) 30 Jun 24 2.1% 0.8% 1.5% 0.2% 0.2% Metrics 30 Jun 16 15% 3.6% Resolution Capital
Slide 70: Continued industry awards
Continued industry awards 70 For personal use only 2024 Morningstar Awards 2024 Momentum Media 2024 Money Management 2024 Zenith Fund Awards: for Investing Excellence in Australian Wealth Annual Fund Manager of Australia: Management Awards the Year Awards, partnering with Lonsec: • Pinnacle – Distri
Slide 71: FY24 Market Update – Institutional & International
For personal use only FY24 Market Update – Institutional & International
Slide 72: Institutional & International: Market Update
Institutional & International: Market Update 72 Expansion of International platform driving growth For personal use only Institutional (Australia) International • $900m net outflows in FY24 • $7bn net inflows in FY24 ($575m from wholesale/retail) • Institutional investor consolidation continues to w
Slide 73: FY24 Market Update – Wholesale & Retail
For personal use only FY24 Market Update – Wholesale & Retail
Slide 74: Wholesale & Retail: Market Update
Wholesale & Retail: Market Update 74 A s of 30 June 2 0 2 4 • $3.9bn net inflows into Wholesale and Retail in FY24 For personal use only • $1.8bn in net inflows in 1H Wholesale and Ret ail flows (Net ) • $2.1bn in net inflows in 2H • Improving flow trends in Wholesale and Retail market $3.9bn $3.6bn
Slide 75: Affiliate spotlight
For personal use only Affiliate spotlight
Slide 76: Metrics – building Australia's leading private credit fund manager
Metrics – building Australia’s leading private credit fund manager 76 For personal use only
Slide 77: Metrics – building Australia's leading private credit fund manager
Metrics – building Australia’s leading private credit fund manager 77 For personal use only
Slide 78: Metrics – building Australia's leading private credit fund manager
Metrics – building Australia’s leading private credit fund manager 78 For personal use only
Slide 79: Metrics – building Australia's leading private credit fund manager
Metrics – building Australia’s leading private credit fund manager 79 For personal use only
Slide 80: Coolabah: globally unique fixed income manager
Coolabah: globally unique fixed income manager 80 Coolabah Capital Investments For personal use only Active Sovereign Bond Fund 12,000 launched and Pacific Coolabah cornerstoned by Global Active major institutional Credit Fund investor launched in Floating-Rate Coolabah opens Europe 10,000 High Yiel
Slide 81: Coolabah – market-leading performance
Coolabah – market-leading performance 81 • Pinnacle partnered with Coolabah in December 2019, acquiring an initial 25% state and a further 10% in September 2021 For personal use only • At the time of acquisition, Coolabah was managing $3 billion and had a team of 21 • At 30 June 2024, Coolabah was m
Slide 82: Affiliate summaries
For personal use only Affiliate summaries
Slide 83: FY24 funds under management
FY24 funds under management 83 Pinnacle (total) Hyperion Plato Solaris RCL Palisade Antipodes Spheria Two Trees 5 Firetrail Metrics 4 Omega 3,5 Longwave Riparian Coolabah Aikya Five V 6 Langdon ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m)1 ($m)1 ($m) ($m) ($m)2 ($m) ($m) ($m) For personal
Slide 84: Affiliate commitment to ESG
Affiliate commitment to ESG 84 All Pinnacle Affiliates embed ESG principles into their investment decision making process: For personal use only Incorporate ESG into Investment Affiliate Signatory to PRI Have an ESG policy process Yes Aikya Yes Yes (Certified B Corporation) Antipodes Yes Yes Yes Coo
Slide 85: Pinnacle Affiliates
Pinnacle Affiliates 85 Global Emerging Market Equities For personal use only • High quality • Absolute return with downside protection • Concentrated portfolio • Long-term sustainable growth • Stewardship and Sustainability • Founded in 2020 • Headquartered in London, United Kingdom Global and Emerg
Slide 86: Pinnacle Affiliates
Pinnacle Affiliates 86 High conviction Australian and Global Equities For personal use only • Deep fundamental research approach consistently applied for 15+ years • Australian, Global, Small Companies and Long-Short equities • No enduring style bias. Building concentrated portfolios of best growth
Slide 87: Pinnacle Affiliates
Pinnacle Affiliates 87 Global and Canadian Small Cap Equities For personal use only • Active and engaged owners of world class smaller companies • Quality-orientation, focusing on cash flow growth • Seek to identify and evaluate businesses that can compound intrinsic value at high rates over the lon
Slide 88: Pinnacle Affiliates
Pinnacle Affiliates 88 Private Debt and Commercial Real Estate For personal use only • Australasia’s largest private credit fund manager • Participation across all loan market segments – leverage finance, project finance, commercial real estate, corporate, consumer • Investment across the capital st
Slide 89: Pinnacle Affiliates
Pinnacle Affiliates 89 Systematic Australian and Global Equities, Credit and Absolute Return For personal use only • Australian Accumulation, Low Volatility and Tax-Exempt Equities; Global Income Equities and Global Alpha Equities; Enhanced Low Carbon and Credit • Customised alpha models and portfol
Slide 90: Pinnacle Affiliates
Pinnacle Affiliates 90 For personal use only Australian Equities Style Neutral • Analysts empowered as portfolio managers • 100% of short-term incentives linked to client alpha (no alpha, no bonus) • Selecting stocks to outperform based on fundamental research with portfolio risk directly aligned wi
Slide 91: Disclaimer
Disclaimer 91 For personal use only Lonsec Research The Lonsec Ratings presented in this document are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Ratings are limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of
Pinnacle Investment Management Group — Shareholder Meeting (October 2024) on 6ix