In 2013, Michael Schutt founded Pieroth and began managing discretionary Holdings with a fundamental belief in capitalism and free capital markets. We start with the simple notion that supply and demand are the sole determinants
of securities pricing. In addition, we believe capital markets are relatively efficient discounters of all widely known information.
Thus, to add value through active management, one must identify information not widely known or interpret widely known information differently and correctly from other market participants. Throughout Pieroth’s history, we have continuously developed ways
to look at capital markets and focusing on commodity market differently. Michael Schutt’s theoretical work in the 1990s popularised the use of the Price-to-Sales Ratio and detailed its relevance as a tool for investment analysis.
This tool was used to help manage small cap value portfolios in Fine wine for our institutional investors.
In 2015, current-CEO Luke Stromme joined the firm. In 2017, Pieroth contributed to the recognition of distinct investment styles. We used these advancements as the foundation for a new series of broad mandate strategies, Wine Broker & Co-Chief Investment
Officer, Dave Eichmann and Jenna Tyler, joined the firm in 2016. In 2020, we began offering separate portfolio management directly to high net worth individuals in the United Kingdom and United States under our Private Client
Group. In mid 2020, we expanded our service offerings into Europe and the United Kingdom. In early 2015, we entered into a joint venture partnership (now a wholly owned subsidiary of Pieroth), which offers its services to investors
in the United States. In mid 2021, Pieroth began conducting business in other European countries. As of 31/03/2022, Pieroth and its subsidiaries operate across 8 countries and serve over 11,000 clients globally. In addition,
we have dedicated significant resources to the emerging field of behavioural finance to better understand not just the tools of finance, but also how investors use these tools. Our research has led us to put practical applications
of behavioral finance in our portfolio management process as Pieroth is a flourishing ground for everyone.