Pinnacle Investment Management Group Ltd (ASX: PNI) shares could be a top option for Aussie investors right now.
That's the view of analysts at Macquarie Group Ltd (ASX: MQG), which believe the ASX 200 stock could generate big returns over the next 12 months.
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What is the broker saying about the ASX 200 stock?
Macquarie was pleased with Pinnacle's performance during the first quarter of FY 2026. It said:
$197.4bn FUM at Sep-25, was +10% vs Jun-25, with Retail $44.4bn, +12%, International $55.7bn, +8%, and Domestic Insto. $97.3bn, +10%. • +$13.3bn Net inflows, comprised +$4.0bn Retail, +$2.9bn International and +$6.4bn Domestic Insto. There was no 'Acquired' FUM in 1Q26.
But the big news was its investment in a new affiliate, Advantage Partners.
It is the largest independent, diversified private markets platform in Japan. The ASX 200 stock has agreed to acquire up to 13% of Advantage Partners over a three-year period. It will start with an initial 5% stake for $92 million and has an option over a further 8% at a similar valuation.
Macquarie appears supportive of the move, highlighting its organic growth potential. It said:
Advantage Partners provides a regional private markets footprint and expands Pinnacle's position in Japan. Advantage Partners has near-term organic growth potential, driven primarily by larger fund raises of JBO and Private Solutions funds, expected to take FUM from ~US$3bn to US $6.5bn+ over the next 12 mths. Advantage Partners also has substantial exposure to performance/carry fees. Deal Terms: PNI will acquire up to 13% over a 3-yr period, via an initial 5% stake for A$92m and an option of a further 8% at similar valuation.
Time to buy
In response to the news, Macquarie has reaffirmed its outperform rating with an improved price target of $26.55 (from $25.33).
Based on its current share price of $20.68, this implies potential upside of 28% for investors over the next 12 months.
But the returns wouldn't stop there. Macquarie is expecting dividend yields of approximately 2.9% in FY 2026, boosting the total potential return beyond 30%.
Commenting on its recommendation, the broker said:
Outperform. PNI has an attractive organic growth outlook and potential to add accretive M&A. Outlook for organic performance is backed by net flows, performance fees, and operating leverage.
Valuation: Our target price of $26.55 (from $25.33 prior) reflects revised earnings forecasts. Catalysts: Markets, performance, and flows. 1H26 result Feb-26.
