Summary
The fund managers believe that Pinnacle Investment Management Group Ltd is positioned for strong growth due to its diversified investment strategies and robust performance metrics. In their opinion, the company's focus on alternative asset management and strategic partnerships enhances its competitive edge in the market. They also highlight the importance of risk management practices that safeguard investor capital, contributing to overall stability. Furthermore, the fund managers are optimistic about the potential for increased market share as Pinnacle expands its offerings and taps into emerging markets. They note that the firm’s commitment to sustainable investing aligns with current market trends, appealing to a broader investor base. Overall, the consensus suggests that Pinnacle Investment Management Group Ltd represents a compelling investment opportunity.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Source: Trading View
Commentary From The Managers
Tyndall Asset Management
31 Aug 2025
$20.51
Summary
- Tyndall Asset Management continues to hold a position in Pinnacle Investment Management Group Ltd.
- Pinnacle delivered a solid result but still underperformed.
- Net flows into Pinnacle's boutiques exceeded expectations, leading to upgrades in broker earnings forecasts.
- Post-results, Pinnacle initially performed well but reversed gains throughout the month.
- Despite a strong market rally, high beta names like Pinnacle, Hub, and Netwealth underperformed, indicating potential investor caution.
- The reasons behind Pinnacle's subsequent underperformance remain unclear.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Commentary From The Managers
Tyndall Asset Management
31 Aug 2025
$20.51
- Tyndall Asset Management continues to hold a position in Pinnacle Investment Management Group Ltd.
- Pinnacle delivered a solid result but still underperformed.
- Net flows into Pinnacle's boutiques exceeded expectations, leading to upgrades in broker earnings forecasts.
- Post-results, Pinnacle initially performed well but reversed gains throughout the month.
- Despite a strong market rally, high beta names like Pinnacle, Hub, and Netwealth underperformed, indicating potential investor caution.
- The reasons behind Pinnacle's subsequent underperformance remain unclear.
Summary
SG Hiscock & Company
31 Aug 2025
$20.51
- Pinnacle Investment Management (ASX: PNI) reported a strong FY25 result, with record inflows and solid profit growth.
- Shares initially rose by 9.4% on the announcement day.
- Subsequent month saw the stock retract gains as investors focused on near-term uncertainties.
- Performance fees and affiliate growth supported earnings.
- Concerns exist regarding the sustainability of contributions from Hyperion.
- Questions remain about the profitability pace of newer initiatives like Metrics’ asset-based finance platform.
- Despite the pullback, SG Hiscock & Company remains constructive on the business’ long-term trajectory.
- Pinnacle’s capital-light model, diversified affiliates, and growing international presence position it well to capture market share.
Summary
Hayborough Investment Partners
29 Aug 2025
$21.47
- Hayborough Investment Partners views Pinnacle Investment Management Group Ltd as a potential buy due to recent share price pullbacks.
- The fund manager highlights the strength of Pinnacle's distribution network as a significant driver of talent acquisition.
- Hayborough believes the lifecycle partnership established in 2024 has already resulted in substantial funds under management (FUM).
- This partnership is expected to create a self-reinforcing cycle that will contribute to Pinnacle's ongoing success.
Summary
Lakehouse Capital
30 June 2025
$20.54
- Lakehouse Capital reports strong results from Pinnacle Investment Management for FY25, driven by growth across multiple sectors.
- The company achieved 27% organic growth in net inflows at the half-year mark.
- Pinnacle's existing affiliates generated a 151% increase in net profit during the same period.
- The launch of Life Cycle Investment Partners in the UK has demonstrated rapid success, surpassing $2 billion in funds under management in under six months.
- Past management experience suggests significant potential for further growth in Life Cycle.
- Pinnacle has historically been conservative with acquisitions but raised $450 million in late 2024 to acquire stakes in VSS Capital Partners and Pacific Asset Management.
- These acquisitions enhance Pinnacle's presence in the UK and provide entry into the US market.
- The company has expanded its distribution team in both regions, supporting its global reach.
- With a strong balance sheet and diversified product offerings, Pinnacle is well-positioned for global distribution.
- Lakehouse Capital remains optimistic about Pinnacle's future, citing its strong capital allocation and execution track record.
Summary
Yarra Capital Management
11 June 2025
$20.77
- Pinnacle Investment Management is viewed as a real growth stock.
- It operates as a diversified fund manager, mitigating key person risk.
- There is diversification across asset classes, styles, and unlisted managers.
- Pinnacle's existing fund managers exhibit significant growth potential.
- It is believed that assets under management can more than double.
- Growth is supported by capacity in products and strong performance track records.
- Pinnacle has enhanced value by adding fund managers organically and through acquisitions.
- They provide back office services and product distribution, further enhancing value.
- A unique ownership model where fund managers own the majority of equity fosters strong alignment of interests.
- There is significant international growth potential, aiming to attract global capital and fund managers.
Summary
Ausbil
31 Mar 2025
$17.56
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Yarra Capital Management
31 Mar 2025
$17.56
- Pinnacle Investment Management (PNI) is currently rated overweight by Yarra Capital Management.
- Recently, PNI has underperformed despite limited company-specific news.
- Yarra Capital Management is observing an acceleration in revenue growth.
- The investment thesis highlights material long-term growth potential as market conditions normalize from depressed levels.
- There is an expectation for reacceleration of inflows across a diverse range of products.
- Pinnacle's international distribution is strengthening.
- Performance fees are anticipated to increase from depressed levels.
- New products and businesses are expected to mature over time.
Summary
Lakehouse Capital
31 Mar 2025
$17.56
- Lakehouse Capital highlights an external proof point to Metrics’ worth through a $50 million investment from a consortium including the National Pension Service of Korea.
- This investment implies a 9x return on Pinnacle’s 2018 investment price, excluding follow-on investments.
- The capital raised will support Metrics’ growth and potential acquisitions of smaller providers or portfolios.
- From a Pinnacle perspective, over 85% of aggregate funds under management are outside Metrics, diversified across 17 affiliates and various asset classes.
- Despite the share price being hyper-reactive to market sentiment, Lakehouse Capital remains a happy long-term holder.
Summary
Smallco Investment Manager
31 Mar 2025
$17.56
- PNI fell 22% over the quarter but is still up 51% over 1 year.
- PNI had a strong result with NPAT up 151%.
- The stock has eased back after a strong run due to market concerns over equity market linked earnings.
- While a reality of investing in PNI, this is reducing, with ~50% of earnings now from equity fund managers.
- Recent additions to PNI’s stable of fund managers leave it well placed to maintain solid growth over time.
Summary
Tyndall Asset Management
31 Mar 2025
$17.56
- Pinnacle is a minority owner of a diversified group of investment management businesses.
- It provides operational and sales support to boutiques while sharing in the P&L.
- Pinnacle has underperformed the market due to equity beta exposure in a weak market.
- Concerns exist around credit risk and investment performance in its two largest boutiques, Credit Metrics and Hyperion.
- The combined earnings of Credit Metrics and Hyperion represent less than 30% of Pinnacle's earnings.
- Actual downside earnings risk for the total Pinnacle group is assessed to be less than 5%.
- Tyndall Asset Management believes the market reaction to Pinnacle's performance has been overly severe.
- The fund manager initiated a position in Pinnacle due to its high quality and high growth potential.
Summary
Ausbil
28 Feb 2025
$22.81
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Yarra Capital Management
31 Jan 2025
$25.59
- Pinnacle Investment Management (PNI) is currently rated overweight by Yarra Capital Management.
- The company has outperformed during the period despite limited company-specific news.
- There is an acceleration in revenue growth, indicating positive momentum.
- Longer term growth potential is expected as market conditions normalize from decreased levels.
- Inflows are reaccelerating across Pinnacle's diverse range of products.
- International distribution is contributing to growth.
- Performance fees are expected to rise from previously depressed levels.
- New products and businesses are maturing, contributing to overall growth.
Summary
Lakehouse Capital
31 Jan 2025
$25.59
- Pinnacle Investment Management Group Ltd continues to demonstrate strong performance with significant net fund inflows.
- Net profit grew 151% to $76 million for the half, exceeding consensus estimates by 20%.
- Organic fund inflows increased by 27%, 42% ahead of consensus, starting the second half 12% above market expectations.
- The initial investment thesis was based on Pinnacle's effective execution and revenue diversification into higher margin retail and international funds.
- Currently, 71% of Pinnacle’s $155 billion in funds under management (FUM) is sourced domestically, highlighting a significant growth opportunity in offshore markets.
- The recent half was marked by offshore expansion with the launch of Life Cycle Investment Partners (UK) and acquisitions of Pacific Asset Management (UK) and VSS (US).
- Pinnacle is prioritizing resource build-out in the UK and Europe to attract new affiliates and enhance market penetration.
- In North America, Pinnacle is focusing on building scale through existing footholds and pursuing high-quality affiliates.
- The firm has $440 million in available capital to invest, aiming to create critical mass and accelerate resource investment in the coming years.
Summary
Oracle Advisory Group
31 Dec 2024
$22.85
- Pinnacle acquires stakes in other investment management firms as affiliates.
- Offers administrative support and distribution services to its affiliates.
- Reached $100bn in assets under management (AUM) at the start of the year.
- With two further acquisitions, AUM should reach $150bn at the 1H25 result release.
- This is a key milestone indicating significant scale.
- Witnessing the flywheel effect of the company in operation.
- Growing AUM leads to increasing revenues, which can be reinvested.
- This strategy enhances Pinnacle's presence in the industry and supports continued AUM growth.
Summary
Yarra Capital Management
31 Dec 2024
$22.85
- Pinnacle Investment Management (PNI, overweight) has outperformed following a $400 million equity raising and strategic acquisitions.
- Proceeds from the raising are designated for acquiring strategic stakes in two high-quality international asset management firms.
- This move further enhances Pinnacle's global growth ambitions and diversifies its portfolio.
- Yarra Capital Management is observing an acceleration in revenue growth with significant long-term potential as market conditions improve.
- Inflow reacceleration is evident across a diverse range of products and from international distribution.
- Performance fees are expected to rise from previously depressed levels.
- New products and businesses are in the process of maturing.
Summary
Smallco Investment Manager
31 Dec 2024
$22.85
- Pinnacle Investment Management (PNI) was the largest positive contributor to the Fund’s performance this quarter, up 26.6%.
- Pinnacle continues its strong run this year, with good investment performance from many key affiliates.
- Substantial performance fees are expected in the February result, placing Pinnacle in a good position to attract future fund flows.
- In November, Pinnacle announced the acquisition of equity stakes in VSS, a US private investment firm, and PAM, a UK multi-asset technology platform.
- The acquisitions were funded by a $400m equity raising, which Smallco Investment Manager participated in.
- Post raising, Pinnacle retains significant balance sheet capacity for further acquisitions or to fund growth initiatives in existing affiliates.
Summary
Yarra Capital Management
30 Nov 2024
$23.57
- Pinnacle Investment Management (PNI) is currently rated as overweight by Yarra Capital Management.
- The fund manager has outperformed following the announcement of a $400 million equity raising and acquisitions.
- Proceeds from the equity raising are designated for acquiring strategic stakes in two high-quality international asset management firms.
- This strategy aims to enhance global growth ambitions and diversify Pinnacle's portfolio.
- Current indicators show an acceleration in revenue growth with significant long-term growth potential.
- Market conditions are normalising from previously depressed levels.
- Inflows have begun to reaccelerate across a diverse range of products, including international distribution.
- Performance fees are expected to increase from previously depressed levels.
- New products and businesses are anticipated to mature, contributing to future growth.
Summary
Blackwattle Investment Partners
30 Nov 2024
$23.57
- Pinnacle Investment Management rose 16.4% in November, continuing its strong performance for the year.
- The stock has only had one negative month in the last 12 months (-2.6% in April).
- Pinnacle has benefitted from strong global equity and credit markets.
- The company is expanding its multiaffiliate strategy into Europe and the US.
- In November, Pinnacle undertook a $400m cap raise (+$25m SPP) to acquire new affiliate stakes.
- These funds will also seed affiliate strategies and provide ‘dry powder’ for future acquisitions.
- While the stock appears expensive on forward looking P/E measures, the growth opportunity has never been better.
- The potential prize for replicating domestic success offshore is substantial.
- Blackwattle Investment Partners continues to hold because of these compelling growth prospects.
Summary
Lakehouse Capital
30 Nov 2024
$23.57
- Pinnacle Investment Management Group Ltd. is the fund's largest holding.
- The company announced the purchase of stakes in two new affiliates.
- A $400 million capital raising was initiated to fund these acquisitions and provide $200 million of additional capacity for future deals.
- The new affiliates align with Lakehouse Capital's investment thesis for more offshore and increased exposure to unlisted asset classes.
- VSS, a US-based private market investment firm, received a 22.5% equity stake.
- Pacific Asset Management, a UK-based asset management platform, received a 25% equity stake.
- Expansion in two of the largest asset management markets presents a significant opportunity.
- The Pinnacle team has a proven track record of capital allocation and adding value to owned businesses.
- Lakehouse Capital did not participate in the capital raise due to already large portfolio sizing.
- Management's discipline and patience have led to an acceleration of the investment thesis.
Summary
Ausbil
30 Nov 2024
$23.57
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Yarra Capital Management
30 Sept 2024
$18.05
- Pinnacle Investment Management (PNI) is currently overweight according to Yarra Capital Management.
- The fund manager outperformed following the release of FY24 results.
- Pinnacle reported an 18.1% increase in profit.
- Affiliate revenues, including performance fees, grew by 30%.
- There is an acceleration in revenue growth with significant long-term growth potential.
- Inflows are reaccelerating across a diverse range of products, including international distribution.
- Performance fees are increasing from depressed levels.
- New products are maturing, contributing to revenue growth.
- Margin expansion will be supported by the high fixed cost nature of funds management businesses.
- New manager formation, through organic growth and acquisitions, is expected to create additional shareholder value.
Summary
Oracle Advisory Group
30 Sept 2024
$18.05
- Oracle Advisory Group trimmed their position in Pinnacle by 2.5% after the recent result release.
- Pinnacle had become the largest holding in the portfolio, appreciating over 70% in the calendar year.
- The decision to take profits was made as the shares were trading above fair value estimates.
- Despite the trim, Pinnacle remains one of Oracle Advisory Group's largest holdings due to long-term bullish sentiment.
- Pinnacle Investment Management reported over 100% increase in share price over the past 12 months, driven by a strong fund manager distribution model.
- In FY24 results, revenue increased by 30% and net profit by 35%.
- Pinnacle's business model includes seeding fund managers and providing distribution and back-office operations.
- A significant factor in this year's performance was higher performance fees from recovering equity markets.
- The company reduced its exposure to equity markets to 61% of FUM from over 70% in FY16, which is expected to lower earnings volatility during market downturns.
- Pinnacle announced the seeding of a new fund manager, Life Cycle Investment Partners, specializing in global equities.
- This new team, led by star stock picker Peter Rutter, has a strong reputation for outperformance in Australia.
Summary
Yarra Capital Management
31 July 2024
$16.40
- Pinnacle Investment Management (PNI, overweight) – the fund manager has outperformed during the month despite limited company-specific news.
- Acceleration in revenue growth identified, indicating material longer-term growth potential.
- Reacceleration of inflows observed across a diverse range of products, including international distribution.
- Increasing performance fees from previously depressed levels contribute positively.
- Maturation of new products is expected to bolster revenue further.
- Margin expansion anticipated, supported by the high fixed-cost nature of funds management businesses.
- New manager formations both organically and through acquisitions will enhance shareholder value.
Summary
Ausbil
30 June 2024
$14.03
- Pinnacle Investment Management (PNI) returned +21.9% for the quarter
- Ausbil believes PNI is approaching an earnings inflection point
- This is due to new products and managers maturing
- PNI has demonstrated strong group Funds Under Management to the end of April
- They have met full-year consensus expectations
- A more stable market environment for net flows supports this outlook
- Ausbil continues to hold because of the positive trajectory in PNI's earnings
Summary
Paradice Investment Management
30 June 2024
$14.03
- Pinnacle Investment Management (PNI) is currently underweight according to Paradice Investment Management.
- At the Macquarie Conference in early May, PNI reported continued good momentum in FUM growth to April 30, though at a slower pace than the strong March-24 quarter.
- On May 1, PNI announced plans to establish a new affiliate with former Royal London Asset Management Portfolio Managers focused on global equities in the UK.
- The new team has a strong track record of 5% pa alpha over seven years in their higher-concentration strategy.
- This team has worked together for over 20 years and managed over £12b in global equities.
- Paradice Investment Management views this stock as having high beta, indicating significant leverage to market upswings.
- In stronger markets, PNI is likely to outperform, as observed in the current quarter.
Summary
Smallco Investment Manager
30 June 2024
$14.03
- Pinnacle Investment Management (PNI) was the largest positive contributor in the quarter, with an increase of 21.9%.
- Pinnacle holds equity stakes in both domestic and offshore investment managers.
- The company offers third-party distribution and fund infrastructure services.
- In May, Pinnacle announced the establishment of a new global equities affiliate.
- This affiliate is led by a well-credentialed team that previously worked at Royal London Asset Management.
- The new team has a positive long-term track record and strong client relationships.
- With Pinnacle’s global distribution and marketing capabilities, the new affiliate has the potential to attract significant funds under management quickly.
- This growth could become a meaningful contributor to Pinnacle’s profit growth.
Summary
Yarra Capital Management
30 June 2024
$14.03
- Pinnacle Investment Management reported strong flows of +$4.5b from January to April 2024 despite challenging market conditions.
- There is an acceleration in revenue growth with significant long-term potential as market conditions normalize.
- Inflows are reaccelerating across a diverse range of products and from international distribution.
- Performance fees are expected to increase from previously depressed levels.
- New products are maturing, contributing to growth.
- Margin expansion is supported by the fixed cost nature of funds management.
- The formation of new managers, both organically and through acquisitions, will enhance shareholder value.
Summary
Ausbil
31 May 2024
$13.18
- Pinnacle Investment Management (PNI) returned +16.3% for the month.
- Positive trading update in May with a strong net flow result.
- Funds under management to the end of April already at full-year consensus expectations.
- Announcement of a new London-based affiliate, attracting team members from Royal London Asset Management.
- PNI brand and model gaining traction internationally after successfully investing in several Australian managers.
- Ausbil believes group earnings are approaching an inflection point after several years of investment.
Summary
Oracle Advisory Group
31 Dec 2023
$10.16
- Pinnacle increased its FUM by 9.8% in FY23 to $91.9bn.
- Pinnacle has investments in a Diverse range of asset managers, not just equity managers.
- This diversification has resulted in strong performance in recent times.
- Pinnacle recorded $15m in performance fees for the full financial year.
- The second half of the fiscal year saw a significant rebound after a weak first half.
- The stock price has recently dropped, making the valuation attractive.
- Pinnacle holds huge operational leverage.
- Oracle Advisory Group increases its position in Pinnacle.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who has invested in Pinnacle Investment Management Group Ltd (ASX:PNI)?
Fund managers including Blackwattle Investment Partners, Ausbil, Oracle Advisory Group, Yarra Capital Management, Paradice Investment Management, Smallco Investment Manager, Lakehouse Capital, Tyndall Asset Management, Hayborough Investment Partners and SG Hiscock & Company have invested in Pinnacle Investment Management Group Ltd (ASX:PNI).
Why have investment managers invested in Pinnacle Investment Management Group Ltd (ASX:PNI)?
Fund managers invest in Pinnacle Investment Management Group Ltd due to its robust growth potential and strategic expansion into international markets. The company has demonstrated strong performance, with significant increases in assets under management (AUM) and consistent profit growth. Fund managers highlight Pinnacle's diversified portfolio, which includes stakes in various asset managers, allowing for reduced volatility and enhanced revenue streams through performance fees. The recent acquisitions of international affiliates, supported by a substantial capital raise, position Pinnacle to capitalize on global opportunities, particularly in higher-margin private markets. With a strong management team and a unique ownership model that aligns interests between fund managers and shareholders, Pinnacle is seen as a compelling investment with substantial long-term growth prospects.
What happened to Pinnacle Investment Management Group Ltd (ASX:PNI)?
In August 2025, several fund managers provided insights on Pinnacle Investment Management Group Ltd, whose share price fluctuated around $20.51 to $21.47. Tyndall Asset Management noted that despite solid net flows and broker earnings upgrades, Pinnacle underperformed post-results, indicating investor caution amidst a strong market rally. Conversely, Hayborough Investment Partners viewed Pinnacle as a buy, highlighting the strength of its distribution network and successful lifecycle partnerships driving assets under management. SG Hiscock & Company acknowledged Pinnacle's record inflows and profit growth following a strong FY25 result, yet expressed concern over the stock's pullback due to near-term uncertainties, while remaining optimistic about the company's long-term growth potential driven by its capital-light model and diversified affiliates.