I’ve often mentioned that retail investors can find hidden gems in the share market by tracking what the top performing fund managers are investing in – particularly in the small cap space.

One fund manager I have a lot of respect for is New Zealand’s Pie Funds. Performance of Pie’s several funds has been phenomenal – as an example the Pie Emerging Fund is up 177.6% since April 2013 – or 37% annualised – after fees.

Here are four companies that Pie holds – some in a number of its funds.

Gentrack Group Ltd (ASX:GTK) develops billing software for utilities and airports in New Zealand, Australia and the UK. The company has had a chequered history since listing in 2014, but appears to be on the comeback trail. At its most recent half-year result, Gentrack saw revenues up 26% over the previous year. And despite earning 22% of revenues from the UK, the critical nature of the company’s software means the company is unlikely to be affected by Brexit dramas. Gentrack has a market cap of $187 million.

Vista Group International Ltd (ASX: VGL) develops and sells software for the film industry, including cinema management customer analytics, business intelligence and film distribution. Cinema software is installed in more than 60 countries worldwide, and management estimates that more than 1 billion tickets are processed every year through Vista Cinema.

Vista global operations

Source: Vista Group

Vista has a market cap of $442 million and expects to begin paying dividends (likely unfranked) from early next year.

Eureka Group Holdings Ltd (ASX: EGH) is quietly going about its business of acquiring retirement and seniors villages (mostly with relocatable homes)– providing a cheaper alternative to the big retirement villages. Growth comes from acquisitions in a fragmented industry, the ability to develop its own villages or expand existing ones, increasing rental rates and occupancy as well as offering increased government-funded services to residents.

Source: Eureka Group presentation

Source: Eureka Group presentation

As a result, revenues and earnings are growing strongly, but with a market cap of $174 million is still under the radar of most brokers and analysts. Just 2 analysts cover the company.

MotorCycle Holdings Ltd (ASX: MTO) listed on the ASX in April at an offer price of $2.00. The share price is currently $2.75, but could still be cheap. As you might have guessed, MotorCycle Holdings sells motorcycles and is Australia’s largest dealership operator with 34 franchises operating from 24 locations. Revenues and net profit appear to be growing nicely – and investors are being offered a decent price for a company with plenty of potential growth ahead. The company has a market cap of just over $100 million and is not covered by analysts as yet.

How 1 Man Turned $10,000 Into Over $8 Million

Discover how one man turned a modest $10,600 investment into an $8,016,867 fortune. Learn more about this man and how you can start down the path toward financial independence. Simply click here to learn more.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.