Welcome to the mid-month KiwiSaver Market Update for February, our first for 2024.

2023 was a great year for growth assets, and Pie KiwiSaver was no exception.

Last year, the Pie KiwiSaver Growth Fund returned 16.4%. Those returns ranked 2^nd out of 26 for funds similar to our Growth Fund, as noted in the latest report by independent KiwiSaver research provider Morningstar.

Not long ago, the Scheme turned 5 years old; the Pie KiwiSaver Growth Fund, again, was in the top quartile with a return of 8.8% (annualised) over the last 5 years, despite challenging conditions throughout this time.

We’re particularly pleased with last year's returns and are also working hard on our 2024 performance.

In our latest video, Sam and I are joined by Guy Thornewill, our Head of Global Research based in London.

We cover:

• Strong performance across our funds in the recent quarter, with markets experiencing notable strength. What has been driving this?
• The feeling on the ground in the UK and Europe and Guy's outlook.
• How in recent months, we have seen some strong momentum with smaller companies and whether this will continue. We also touch on the upsides of mega-cap tech stocks vs smaller companies going forward.

Kind regards,

Mike Taylor
Founder + Chief Investment Officer

Information is current as at 19 February 2024. Pie Funds Management Limited is the manager of the funds in the Pie Funds Management Scheme and Pie KiwiSaver Scheme (the Schemes). Any advice is given by Pie Funds Management Limited and is general only. Our advice relates only to the specific financial products mentioned and does not account for personal circumstances or financial goals. Please see a financial adviser for tailored advice. You may have to pay product or other fees, like brokerage, if you act on any advice. As manager of the Pie Funds Management Scheme investment funds, we receive fees determined by your balance and we benefit financially if you invest in our products. We manage this conflict of interest via an internal compliance framework designed to help us meet our duties to you. For information about how we can help you, our duties and complaint process and how disputes can be resolved, or to see our product disclosure statement, please visit www.piefunds.co.nz. Please let us know if you would like a hard copy of this disclosure information. Past performance is not a reliable indicator of future returns. Returns can be negative as well as positive and returns over different periods may vary.