Pinnacle Investment Management Group Limited · ASX:PNI
Pinnacle Investment Management — Pinnacle Summit July 2025
25 slides from Pinnacle Investment Management's conference presentation, July 2025
Slide 1: Pinnacle Summit: Quality Structural Growth
Pinna cle S ummi t Quali ty St r uc tura l Gr owt h July 20 25
Slide 2: General Disclaimer
GENERAL DISCLAIMER This presentation has been prepared by Hyperion Asset Management Limited (‘Hyperion’) ABN 80 080 135 897 AFSL 238380. The information is not intended for general distribution or publication and must be retained in a confidential manner. Information contained herein consists of con
Slide 3: Hyperion's Mission, Values & Beliefs
Hyperion’s Mission, Values & Beliefs Hyperion’s mission is to sustainably* grow clients’ wealth over the long term. We aim to achieve this by investing in businesses with superior and sustainable economics. Our values are: 1. We are hardworking and research driven, not marketing driven 2. Our decisi
Slide 4: Hyperion Filtered Universe
Hyperion Filtered Universe H yper ion Inves ts In H yper ion Avo ids N e w W o r l d , s t r u c t u r a l O l d W o r l d l o w e r - q u a l i t y g r o w t h l e a d e r s b u s i n e s s e s • Disruptive technologies/strategies • No or low growth over the long term • Sustainable competitive adva
Slide 5: False Narratives Continued: American Exceptionalism is not fading
False Narratives Continued: American Exceptionalism is not fading Quality Structural Growth 5
Slide 6: American Exceptionalism is not fading
American Exceptionalism is not fading Venture Capital Investment R&D Investment Egypt Netherlands Switzerland Australia Australia Sweden Israel Switzerland Canada Israel Russia Japan Brazil South Korea Türkiye Singapore India Canada United Kingdom France Republic of Korea Germany Japan India Europea
Slide 7: American Exceptionalism is not fading
American Exceptionalism is not fading 350 1400 LTM EPS, USD (index: 100 = 2006) LTM EPS, USD (index: 100 = 2006) 300 1200 250 1000 2.3x 200 800 5.4x 150 600 100 400 50 200 0 0 Q1 '07 Q1 '09 Q1 '11 Q1 '13 Q1 '15 Q1 '17 Q1 '19 Q1 '21 Q1 '23 Q1 '25 Q3 '07 Q2 '09 Q1 '11 Q4 '12 Q3 '14 Q2 '16 Q1 '18 Q4 '1
Slide 8: American Exceptionalism is not fading
American Exceptionalism is not fading Top 20 EU Companies MktCap Sum to $4.4T Source: Factset as at July 2025 Quality Structural Growth 8
Slide 9: U.S. Led Tariff Uncertainty - Tangible vs Intangible Products
U.S. Led Tariff Uncertainty - Tangible vs Intangible Products Quality Structural Growth 9
Slide 10: Portfolio Update & Insights
Portfolio Update & Insights Quality Structural Growth 10
Slide 11: Portfolio Changes – Global Changes
Portfolio Changes – Global Changes Company Investment Thesis • Dominate technologies with structural tailwinds • TASER (~40% Group rev, 24% 5yr CAGR) • Body Worn Cameras (BWCs) 75-80% of police officers wear BWCs • Software (~40% Group rev, 46% 5yr CAGR) – integrating AI/ML • 20% of US customers are
Slide 12: Long-term Thematics that are delivering Alpha, Diversifying and Reducing Portfolio Risk
Long-term Thematics that are delivering Alpha, Diversifying and Reducing Portfolio Risk Serving the value Modernisation of Shift from traditional Increasing advancements and conscious healthcare [3%] retail to E-commence innovation in robotics and IoT consumer [3%] [8%] [11%] Transition to Structura
Slide 13: Global Diversified Businesses that Reduce Portfolio Risk
Global Diversified Businesses that Reduce Portfolio Risk Portfolio Breakdown by Business Segment EBITDA Portfolio Breakdown by Business Segment EBITDA Average: 1.6% Count: 61 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Business segment EBITDA calculated as the average forecast EBITDA for
Slide 14: Artificial Intelligence & Machine Learning Key Revenue Phases
Artificial Intelligence & Machine Learning Key Revenue Phases R e a l-Wo r ld Ca s e s a t t h e E dg e I nc re me nt al I nc lud ing S o f tw ar e I nf e re nc e T ie rs Co m pu t in g Po w e r Pr o vi di ng Cl o ud S e rv ic e s S e lli ng A I Co m pu t ing Po w e r Companies shown are illustrativ
Slide 15: Tesla Robotaxi - Fully autonomous vehicles are here!
Tesla Robotaxi - Fully autonomous vehicles are here! Source: Tesla Quality Structural Growth 15
Slide 16: Inflection Point – Machine and Human Parity
Inflection Point – Machine and Human Parity So urce: Left – Sty leGAN2 via ‘The New York Times,’ ‘Test You rself: Wh ich Faces Were Made by A.I.?’ (1/ 24); Right – Creative Co mmons So urce: Cameron Jon es and Benjamin Bergen, ‘Lar ge Language Models Pass th e Turin g Test’ (3/25) via UC San Diego T
Slide 17: Dollar Value Growth Since Inception
Dollar Value Growth Since Inception HYPER ION G LOBAL GRO WT H CO MPAN IES F U ND - ACTI VE E TF ^ VS. MSC I WO RL D IN DE X The Portfolio’s IRR is 27.0% 800.0 currently 21%, above it’s historical average of 19%. 25.0% 400.0 23.0% 21.0% 200.0 19.0% 17.0% 100.0 15.0% 50.0 13.0% Jun 14 Dec 14 Jun 15 D
Slide 18: Earnings Trendline
Earnings Trendline HYPER ION G LOBAL STRATEGY Earnings Trendline (AUD) The Portfolio’s Terminal Value has Hyperion Global VSG Strategy vs. MSCI World Index increased 32% in the past 12 months, driven by 28% terminal EPS growth Index Value (Indexed to 100 in May 2014) - Log Scale 6,400.0 3,200.0 Hist
Slide 19: Total Shareholder Return Breakdown
Total Shareholder Return Breakdown Total Shareholder Return Breakdown Hyperion Global VSG Strategy vs. MSCI World Index 25.0% 21.9% 20.0% 13.9% Total Return Annualised (%) 15.0% 10.0% 5.0% 0.0% -5.0% Hyperion Global VSG Composite MSCI World Index EPS Growth Multiple Expansion Dividends Total Shareho
Slide 20: Hyperion Performance
Hyperion Performance 3 0 th J u n e 2 0 2 5 Our Track Record of Excess Performance Indicates Quality Stocks Outperform Over Long Periods $AUD Net Performance (%) Inception# Inception# p.a. 10 Year p.a. 7 Year p.a. 5 Year p.a. 3 Year p.a. 1 Year Total Return Hyperion Global Growth Companies Fund – Ac
Slide 21: "To be an investor you must be a believer in a better tomorrow."
“To be an investor you must be a believer in a better tomorrow.” Benjamin Graham The Intelligent Investor 1. Leveraged to Innovation 2. Leveraged to Stronger EPS Growth* 3. Leveraged Towards Optimism *Relative to Benchmark: MSCI World Index Quality Structural Growth 21
Slide 22: Hyperion Global VSG Composite GIPS Report (AUD)
Hyperion Global VSG Composite GIPS Report (AUD) Composite Gross Composite 3yr Standard Benchmark 3yr Standard Number of Year Benchmark Return1 Internal Dispersion3 Composite Assets Firm Asset Return Deviation 2 Deviation 2 Portfolios (%) (%) (%) (%) (%) ($M AUD) ($M AUD) 2014* 12.9 14.4 <6 1.6 5,098
Slide 23: Important Disclaimers
Important Disclaimers The investment holdings discussed herein may not represent the entire portfolio of the Hyperion The MSCI World Index is a free-float adjusted market capitalization weighted index that is designed to Global VSG Strategy (the “Strategy”), and were selected as representative examp
Slide 24: Important Disclaimers
Important Disclaimers This material is being furnished to you to provide summary information regarding Hyperion Asset solely for illustrative purposes only. All product and company names are trademarks or registered® Management and an investment fund or investment strategy managed by Hyperion Asset
Slide 25: Jolon Knight, Investment Specialist
Jolon Knight Investment Specialist P 0414 805 862 E jolon.knight@hyperion.com.au Investor Services P 1300 497 374 E investorservices@hyperion.com.au www.hyperion.com.au
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