Pinnacle Investment Management Group Ltd

PNI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$35.20	Rbynjx	Lwrwtfvtc

Pinnacle: Resilience Amid Adverse Markets

Shaun Ler

Oct 27, 2023

We retain our fair value estimate for narrow-moat Pinnacle at AUD 11 per share. Net inflows for fiscal 2024's first three months were AUD 200 million. While modest at less than 1% of funds under management, it is a standout compared with other listed asset managers. The industry experienced redemptions over this period due to persistent client aversion toward risk assets, caused by uncertainty on the trajectory of interest rates.

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