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Bernie Pichy

Managing Director in Private Wealth Management at Palisade Capital Management, LP

Bernard Picchi is a Managing Director in Private Wealth Management at Palisade Capital Management, specializing in equity research and portfolio management for high-net-worth individuals and institutions. Before joining Palisade in 2009, he solely managed the $1.5 billion Capital Appreciation Fund at Federated Investors, earning a 5-star Morningstar rating for the fund, and was repeatedly recognized by Institutional Investor magazine as a top research analyst for 15 consecutive years. Picchi previously held senior roles including Director of U.S. Equity Research at Lehman Brothers and was a leading Energy Analyst at firms such as Salomon Brothers, gaining national recognition for his research. He is a CFA Charterholder and holds a B.S. in Foreign Service from Georgetown University.

Bernie Pichy's questions to FRANCO NEVADA (FNV) leadership

Question · Q2 2025

Bernie Pichy from Palisade Capital asked if the recent pattern of aggressive M&A, a focus on North America, and less interest in non-precious metals represented a strategic shift for the company.

Answer

President & CEO Paul Brink clarified that there has been no strategic shift. He reiterated the company's core strategy is to be the 'go-to gold stock' by adding quality gold assets throughout the cycle, while the diversification strategy remains opportunistic. He stated the recent deal mix is simply a function of market availability.

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Question · Q2 2025

Bernie Pichy from Palisade Capital asked if the recent pattern of aggressive M&A, a focus on North American precious metals, and less interest in other commodities represented a strategic shift.

Answer

President and CEO Paul Brink clarified that there has been no strategic shift. He stated the core strategy remains to be the 'go-to gold stock' by acquiring quality, long-life gold assets. The diversification strategy is unchanged and remains opportunistic. The recent deal mix, he explained, is a function of market availability rather than a change in the company's fundamental approach.

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