Pinnacle Investment Management Group Limited · ASX:PNI
Pinnacle Investment Management — Macquarie US Briefing (October 2021)
91 slides from Pinnacle Investment Management's conference presentation, Sep 30, 2021
Slide 1: Macquarie US Presentation ASX lodgement letter
30 September 2021 For personal use only By Electronic Lodgement Market Announcements Office ASX Ltd 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam Macquarie US Presentation Pinnacle Investment Management Group Limited is pleased to attach a copy of a presentation that will be given to investors and
Slide 2: Macquarie US Briefing
For personal use only PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (PNI) Macquarie US Briefing Alan Watson – Chair Ian Macoun – CEO/Managing Director Andrew Chambers – Executive Director, International and Institutional Distribution Adrian Whittingham – Executive Director, Pinnacle International Ram
Slide 3: Disclaimer
For personal use only PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (PNI) 1 • 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 29 September 2021. • PNI has prepared this presentation bas
Slide 4: Agenda
For personal use only Agenda 2 • Today’s discussion: • Overview of Pinnacle • Affiliate FUM and growth • Track record of value creation • Business model resilience and growth through COVID-19 • Current platform set for growth • Additional Information
Slide 5: Introduction to Pinnacle
For personal use only INTRODUCTION TO PINNACLE
Slide 6: Introduction to PNI
Introduction to PNI 4 • What PNI offers shareholders For personal use only • Highly diverse earnings stream, generated from multiple asset classes • High growth – 5-year compound NPAT growth in excess of 60% per annum • High growth in dividends – 5-year compound dividend growth of 54.1%1 per annum •
Slide 7: Introduction to PNI
Introduction to PNI 5 • How we receive our profits • Our share of Affiliates’ profits – equity accounted (FY21 NPAT – our share $66.4m of $179.5m total) For personal use only • ‘Parent’ revenues for our services, offset by costs of provision and ‘Horizon 2’ investment for future growth • Three Horiz
Slide 8: Introduction to PNI
For personal use only Introduction to PNI 6 • How we can we continue to grow • Our business model is deliberately modular, with autonomous units, and highly-scalable • Continuing investment in distribution and infrastructure • Is it sustainable over the long term? • 'Stand alone' Boutique investment
Slide 9: Affiliate FUM growth ($bn)
Affiliate FUM growth ($bn)1,2 7 3 For personal use only 1Includes $6.8 billion ‘acquired’ in July 2018 and $3.0 billion ‘acquired’ in December 2019. FUM shown is 100% of the FUM managed by Pinnacle Affiliates. Pinnacle holds significant minority stakes in each of its Affiliates and does not ‘own’ 10
Slide 10: Long-term track record of value generation for clients and shareholders
Long-term track record of value generation for clients and shareholders 8 Investment performance – For personal use only creating long-term value for clients, benefits of compounding for Centralized, multi- shareholders channel distribution turbo-charges growth Adding new Affiliates – adds diversifi
Slide 11: Strong growth in NPAT and EPS since 'pure play' listed Pinnacle
For personal use only Strong growth in NPAT and EPS since ‘pure play’ listed Pinnacle 9 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’ inves
Slide 12: Resilience and Growth through COVID-19 crisis
Resilience and Growth through COVID-19 crisis 10 • 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 encompasses the entire ‘cr
Slide 13: Current Platform – continuing investment to embed future growth
Current Platform – continuing investment to embed future growth 11 C O N T IN U IN G T O IN V E S T IN A D IV E R S IF IE D P L A T F O R M T O S T R E N GT H EN F U T UR E GR O W T H Executives of both Pinnacle and Pinnacle Affiliates For personal use only • have significant equity interests • Equi
Slide 14: Additional Information
For personal use only ADDITIONAL INFORMATION
Slide 15: Business Model
For personal use only BUSINESS MODEL
Slide 16: Pinnacle business philosophy and approach
For personal use only Pinnacle business philosophy and approach 14 The formula for investment success involves experienced, dedicated, passionate money- makers, free from distractions, spending most of their time on investing Equity ownership for key investment professionals attracts a higher calibr
Slide 17: Pinnacle differentiation
For personal use only Pinnacle differentiation 15 Australia’s leading “multi-affiliate” investment firm Distinguished from competitors by comprising the highest quality investment management firms High quality, experienced, dedicated, passionate investment professionals – strongly focused on perform
Slide 18: Growth and Resilience
For personal use only GROWTH AND RESILIENCE
Slide 19: Growth & Resilience
For personal use only Growth & Resilience 17 • 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 gro
Slide 20: Growth, Resilience, and an exceptional Platform for further Growth
Growth, Resilience, and an exceptional Platform for further Growth 18 • For several years, we have been consistently implementing our strategy: For personal use only • A 'pure play' investment management firm comprising only the best investment professionals, focused on investment excellence • Highl
Slide 21: Growth, Resilience, and an exceptional Platform for further Growth
Growth, Resilience, and an exceptional Platform for further Growth 19 Resilience enhanced by progressive diversification of: For personal use only 1. Asset classes (including a greater range on offer overseas) 2. Client type 3. Client domicile (overseas as well as domestic) 4. Growth in Retail FUM 5
Slide 22: Growth in Asset Classes
Growth in Asset Classes 20 FUM by Asset Class FUM by Asset Class For personal use only 30 Jun 2016 (%) 30 June 2021 (%) 8 Australian Equities* Australian Equities 9 Global Equities* 7 3 24 Global Equities Real Assets (Public Markets) 46 2 Real Assets (Public Real Assets (Private Markets) 67 Markets)
Slide 23: Growth and Development of Client Base
Growth and Development of Client Base 21 Total FUM at 30 June 2016 (%) Total FUM at 30 June 2021(%) Industry Super Fund Industry Super Fund 13 16 Public Pension Fund Public Pension Fund For personal use only 23 20 1 3 Corporate Pension Fund Corporate Pension Fund 4 1 Financial Institution Financial
Slide 24: Growth in Retail FUM
Growth in Retail FUM 22 Retail FUM evolution 8.2x For personal use only 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 g
Slide 25: Growth by Affiliate
Growth by Affiliate 23 30 June 2016 30 June 2021 For personal use only 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 Spheria 23.2 28.5 Pali
Slide 26: Growth in Performance Fee FUM
Growth in Performance Fee FUM 24 Affiliates' FUM (at 100%) subject to performance fees 1 For personal use only 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 pe
Slide 27: Three Horizons of Growth
Three Horizons of Growth 25 • Continue to build Pinnacle by taking a measured approach to growth For personal use only • 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 ma
Slide 28: Recap on Horizon Criteria – What could we acquire?
Recap on Horizon 3 Criteria – What could we acquire? 26 Criteria For personal use only • • Must not place the Company at risk • Only consider if low risk and high return on capital • Exercise great care and careful due diligence • Must be synergistic with existing core • Status • Res Cap acquisition
Slide 29: Future Growth Drivers
Future Growth Drivers 27 • 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 For personal use only • • Inves
Slide 30: Institutional & International Distribution
For personal use only INSTITUTIONAL & INTERNATIONAL DISTRIBUTION
Slide 31: FY21 Review
29 FY21 Review Record $12.2bn institutional net inflows1 • $9.2bn Australian sourced FUM $3bn International sourced FUM For personal use only • Diverse blend of flows by asset class • $10bn Public markets • $2.2bn Private markets • $4.3bn Global real estate securities • $3.9bn Australian equities •
Slide 32: FY22 Outlook
30 FY22 Outlook • Fundamentals in place for sustained sales growth For personal use only • 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 own
Slide 33: Retail Distribution
For personal use only RETAIL DISTRIBUTION
Slide 34: Retail
Retail 32 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 For personal use only 1. Secular trends impacting intermediated advice cha
Slide 35: Retail
Retail 33 3. Transition from ‘analogue’ to ‘digital’ distribution practices For personal use only • 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
Slide 36: Retail - Listed solutions update
Retail - Listed solutions update 34 • $3.5 billion1 of listed FUM as at 30 June 2021 across 8 active ETFs, LICs and LITs For personal use only • 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
Slide 37: Retail – Expanded footprint across intermediated market
For personal use only Retail – Expanded footprint across intermediated market 35 Advisers 21,300+ Researchers 1,050+ Consultants 150+ Brokers 1,000+ Source: Pinnacle, Salesforce (estimates as at 30 June 2021)
Slide 38: Sales stages – delivering next best action signals
For personal use only Sales stages – delivering “next best action” signals 36
Slide 39: Activities and initiatives driving opportunities across the sales process
For personal use only Activities and initiatives driving opportunities/retention across the sales process 37
Slide 40: Optimised Sales Process – Plan, Nurture, Protect, Retain and Grow
Optimised Sales Process – “Plan, Nurture, Protect, Retain and Grow” 38 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 For personal use onl
Slide 41: Optimised Sales Process – Driving efficiency and productivity
For personal use only Optimised Sales Process – Driving efficiency and productivity 39 • Investors bucketed by the ‘stage’ in their investment cycle • ‘Gap to Goal’ used to prioritise activities and sales approach Source: Pinnacle, Salesforce
Slide 42: MarTech Stack | Accelerating the Distribution Process
For personal use only MarTech Stack | Accelerating the Distribution Process 40
Slide 43: Retail – Audience reach during FY21
For personal use only Retail – Audience reach of close to 1 million during FY21 41 Source: Pinnacle, Salesforce & Pardot
Slide 44: Total size and net flows in retail asset management industry
Total size and net flows in retail asset management industry – narrower range of winners! 42 $1,600Bn Total Funds Under Management - Retail Funds $1,400Bn $1,200Bn For personal use only $1,000Bn $800Bn $600Bn $400Bn $200Bn $0Bn $44Bn Annual Estimated Net Flows – Retail Funds $50Bn $31Bn $15Bn $25Bn
Slide 45: What Factors Drive Investment Flows?
‘What Factors Drive Investment Flows?’ – A.I. and Machine Learning 43 Australia Equity Factor Premia For personal use only Morningstar runs a monthly cross-sectional regression of the fund’s growth rate against their fund characteristics. • Positive factors: • Inflow momentum • 5 Star rated • Passiv
Slide 46: What Factors Drive Investment Flows?
‘What Factors Drive Investment Flows?’ – A.I. and Machine Learning 44 Factor Statistics - Persistence For personal use only 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
Slide 47: What Factors Drive Investment Flows?
For personal use only ‘What Factors Drive Investment Flows?’ – A.I. and Machine Learning 45 Source: Morningstar Direct, data as at August 2021
Slide 48: International Expansion
For personal use only INTERNATIONAL EXPANSION
Slide 49: Evolution to a global multi affiliate
Evolution to a global multi affiliate 47 Seeking quality partnerships that meet the criteria of Horizon 2 (incubation) or Horizon 3 (transactions) For personal use only • • Our expansion will not compromise the Pinnacle model and success will require us to act locally • Minority ownership, supported
Slide 50: Opportunity
Opportunity 48 • Global Asset Management FUM is USD$100 Trillion* For personal use only • North America comprises USD$48.6 Trillion* • The 20 largest managers in the Unites States manage more than USD$40 Trillion. None of these are a multi-affiliate • USD$1.8 Trillion of inflows in 2020 in North Ame
Slide 51: Pipeline
Pipeline 49 • Opportunities being generated from: • Trusted industry experts For personal use only • Proactive screening of strategies/capabilities • Asset class focus combined with performance filtering • Nimbleness allowing us to pivot and engage quickly as opportunities arise • As we globalise, a
Slide 52: Latest Update
For personal use only LATEST UPDATE
Slide 53: Latest Update
For personal use only Latest Update 51 • Total Affiliate FUM (at 100%) at 31 August 2021 of $91.2 billion; up $1.8 billion or 2.0% from $89.4 billion at 30 June 2021 – includes the expected $3.9 billion outflow of the Omega Morningstar mandate on very modest fees during August, which was discussed w
Slide 54: Enhancement of Pinnacle's investment in Coolabah
For personal use only Enhancement of Pinnacle’s investment in Coolabah 52 • Acquired additional 10% equity, taking equity interest to 35% • Secured commitments from Founders for further 10% equity recycling over coming years • Acquired Winston Capital – enhancing Pinnacle’s retail distribution stren
Slide 55: Continuing strong investment performance of Affiliates
53 Continuing strong investment performance of Affiliates to 31 August 2021 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception date Pinnacle Investment Management Hyperion Asset Management - Gross Performance 77% of Pinnacle Affiliates’ Hyperion Australian Growth Companies Fund 17.91% 17.56% 14.61% 1/1
Slide 56: Affiliates' investment performance – August 2021
54 Affiliates’ investment performance – 31 August 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 40.30% 22.59% 17.91% 17.56% 14.61% 1/10/2002 Outperformance
Slide 57: Affiliates' investment performance – August 2021
55 Affiliates’ investment performance – 31 August 2021 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception date Pinnacle Investment Management Firetrail Investments - Gross Performance Firetrail Australian High Conviction Fund 37.66% 9.22% 9.17% 14/03/2018 Outperformance 9.51% -0.46% -1.56%
Slide 58: Pinnacle Affiliates continue to win major industry awards
56 Pinnacle Affiliates continue to win major industry awards 2021 Zenith Fund Awards (winners to be announced on 15 October 2021): 2019 Zenith Fund Awards: • Metrics – Australian Fixed Interest Category (Nominated Finalist) • Pinnacle – Distributor of the Year Winner (fourth consecutive year) • Metr
Slide 59: FY21 Results
For personal use only HFY21 RESULTS
Slide 60: FY21 Themes
For personal use only FY21 Themes 58 • 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 FY2
Slide 61: FY21 Financial Highlights
FY21 Financial Highlights 59 • 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 $32.2 million in the financial year ended 30 June 2020 (FY20) For personal use only • Basic earnings per share (EPS) attributable
Slide 62: FY21 Financial Results
FY21 Financial Results 60 FY21 ($M) FY20 ($M) % Change PINNACLE 1 Revenue 32.5 22.4 45% 1 For personal use only 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 - -
Slide 63: FY21 Business Highlights – FUM
FY21 Business Highlights – FUM 61 • Aggregate Affiliates’ FUM of $89.4 billion at 30 June 2021 (at 100%)1,2 For personal use only • 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 b
Slide 64: FY21 Business Highlights – Record Flows
For personal use only FY21 Business Highlights – Record Flows 62 • 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 •
Slide 65: FY21 Business Highlights – Affiliates
FY21 Business Highlights – Affiliates 63 • 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 66: Understanding FY21 financial outcome
Understanding FY21 financial outcome 64 • 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 For personal use only • This represents
Slide 67: Performance Fees – FUM and Strategy Growth
Performance Fees – FUM and Strategy Growth 65 • The volume of FUM with performance fee potential has increased significantly For personal use only • FUM subject to performance fees entering FY22 is 28% higher than the average during FY21 • The number and diversity of strategies with significant perf
Slide 68: Performance fees have been delivered by a number of Affiliates each year
For personal use only Performance fees have been delivered by a number of Affiliates each year 66
Slide 69: Significant components of FY21 results – Pinnacle Parent
Significant components of FY21 results – Pinnacle Parent 67 • Significant revenue growth in Pinnacle Parent, costs controlled: For personal use only • Revenues have grown 45% compared with FY20, driven by strong inflows and revenue-sharing fees • ‘P&L investment’ in support of Horizon 2 initiatives
Slide 70: Significant components of FY21 results - Affiliates
For personal use only Significant components of FY21 results - Affiliates 68 • 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 $19.5 mil
Slide 71: PNI Balance Sheet
PNI Balance Sheet 69 30 Jun 2021 ($M) 30 Jun 2020 ($M) Change • Cash and PI of $155.0 million • Includes $56.4m invested in strategies managed by Pinnacle Affiliates CURRENT ASSETS For personal use only • Excludes $9.6m of cash applied for Affiliate equity recycling loans, working Cash and cash equi
Slide 72: Funds Under Management
For personal use only FUNDS UNDER MANAGEMENT
Slide 73: FY21 Funds Under Management
FY21 Funds Under Management 71 Gross FUM ($bn)1 • FUM of $89.4bn as at 30 June 20212 FUM has grown at a CAGR of 24.1% p.a. over the For personal use only • last ten years (22.6% excluding $6.8bn ‘acquired’ in July 2018 and 3.0 billion ‘acquired’ in December 2019) • Increase in FUM of $18.9bn in 2H F
Slide 74: FY21 Funds Under Management
FY21 Funds Under Management 72 Pinnacle Hyperion Plato Solaris RCL Palisade Antipodes Spheria Two Trees Firetrail Metrics 4 Omega Longwave Riparian Coolabah Reminiscent Aikya (total) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m)1 ($m)1 ($m) ($m) ($m)2 ($m) ($m) For personal use only FUM His
Slide 75: Corporate Sustainability
For personal use only CORPORATE SUSTAINABILITY
Slide 76: Pinnacle as a Responsible Firm
74 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 For personal use only • Sustainability Strategy • Establish
Slide 77: Alignment with Sustainable Development Goals
Alignment with Sustainable Development Goals 75 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 78: Diversity, People and Community
Diversity, People and Community 76 Diversity • Pinnacle is committed to strengthening business innovation and decision-making through workplace diversity. Pinnacle recognises the benefits of a For personal use only diverse group of employees reflecting different backgrounds, attributes, perspectives
Slide 79: Diversity, People and Community
Diversity, People and Community 77 People For personal use only • 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 hav
Slide 80: Affiliate commitment to ESG
Affiliate commitment to ESG 78 Thirteen Affiliates are signatories to the United Nations supported Principles of Responsible Investment (“PRI”): For personal use only Incorporate ESG into Affiliate Signatory to PRI Have an ESG policy Investment process Aikya Yes Yes Yes Antipodes Yes Yes Yes Coolaba
Slide 81: Pinnacle Charitable Foundation
79 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 For personal use only • The Foundation’s focus is on gro
Slide 82: Pinnacle Charitable Foundation
80 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 For personal use only • suicide rates. Long-term p
Slide 83: Continuing response to the COVID-19 crisis
Continuing response to the COVID–19 crisis 81 “The reputations and future success or otherwise of investment management companies are often determined by their behaviour and For personal use only performance during periods of crisis and their capacity to resume growth depends on the strength of the
Slide 84: Affiliate Summaries
For personal use only AFFILIATE SUMMARIES
Slide 85: Pinnacle Affiliates
Pinnacle Affiliates 83 Global Emerging Market Equities • High quality • Absolute return For personal use only • Concentrated portfolio • Long term sustainable growth • Stewardship and Sustainability • Headquartered in London, United Kingdom Global, Asian and Emerging Markets equities • ‘Pragmatic va
Slide 86: Pinnacle Affiliates
Pinnacle Affiliates 84 Australian, Global, Small-Cap & Long/Short Equities • Deep fundamental research approach consistently applied for 15+ years For personal use only • Experts in high conviction investing • Focused on generating alpha from stock selection, whilst reducing exposure to unintended m
Slide 87: Pinnacle Affiliates
Pinnacle Affiliates 85 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 For personal use only • Investment across the capital structure – investment grade
Slide 88: Pinnacle Affiliates
Pinnacle Affiliates 86 Australian Accumulation, Low Volatility and Tax-Exempt Equities, Global Income Equities and Global Long/Short Equities For personal use only • Customised alpha models and portfolio construction for accumulation, retirement and absolute return solutions • Launching Enhanced Low
Slide 89: Pinnacle Affiliates
Pinnacle Affiliates 87 Australasian Private Agriculture, Food & Water • Real asset backed investments across the food and agriculture sector For personal use only • Participation throughout the value chain investing in assets that are critical to the production of essential goods; water, farmland, a
Slide 90: Pinnacle Affiliates
Pinnacle Affiliates 88 Systematic Global Macro • Former GMO SGM team For personal use only • 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 correl
Slide 91: Q&A
For personal use only Q&A
Pinnacle Investment Management Group — Macquarie US Briefing (October 2021) on 6ix