$50 million fills new PIE Fund

Launched last November, the fund aims to capitalise on the weak NZD/GDP cross rate to acquire a diversified portfolio of up to fifteen small cap stocks at a potential discount. "There was sufficient demand for it because it's a unique product" says Pie founder Mike Taylor, adding that Kiwi investors already have a "plethora of opportunities" to invest locally.

Subject to a 'soft close', Taylor says the Growth UK & Europe Fund has attracted a typical mix of investors - from independent financial advisers, to 'mum and dad' and high net worth investors. Around 15% of the funds were channelled through advisers.

In its first two months the fund has shown a 3.3% return compared to a 5.3% gain by the relevant index, however Taylor says it's always good "to get some runs on the board" given that only around 50-60% of the fund has been invested so far. "The first six to 12 months really is just bedding the fund in and getting some ideas and you don't want to invest all the money you raise on Day One."

Pie Investment analyst Daniel Sims says they continue to build positions in existing holdings such as Quixant Plc which is the global leader in the design and manufacture of regulated logic cores for gaming machine producers, such as Ainsworth Games.