PM Capital - Think Differently

The September 2023 Enhanced Yield Fund video update provides the latest information on the performance of the Fund, investment activity and market outlook.In this video Jarod Dawson, Portfolio Manager discusses:What PM Capital saw in markets and how the Fund performedWhere to find value in the Australian bond market and what to be thinking about when considering longer dated bondsOpportunities and outlook going forward

The September 2023 Quarterly video update provides the latest information on the performance of PM Capital's portfolios, investment activity and market outlook.In this video Paul Moore, Chief Investment Officer, discusses:Interest rates being the driving force behind market movementsThe risk of not earning an acceptable rate of return from passive allocations and the need for good investors to be doing something that others are notThe importance of valuation, where valuations still look rewarding and recent additions to the portfolio

Investment Analyst, Alex Warnaar and Luke Cheetham, Director Distribution, discuss a recent portfolio addition in our latest podcast. In this episode, Luke talks to Alex about a recent addition to the Australian Companies Fund, Fletcher Building and the opportunities that lie ahead for the business. Some of Luke's questions include:Can you tell us about Fletcher Building and its operations in Australia and New Zealand?Fletcher's market share is currently greater in New Zealand than in Australia, does the company have plans to build market share in Australia?Through your discussions with management, what are Fletcher's plans to overcome its challenges and take advantage of future opportunities?What attracted PM Capital to Fletcher Building given significant headwinds of potential construction slowdown?

In this video update, Business Development Manager, Nicholas Healey, interviews Co-Portfolio Manager, Kevin Bertoli, to discuss the commodities sector.Questions discussed during the interview include:What are your observations of the commodities landscape?Markets are expecting global growth to slow over the coming quarters, what impacts will this have on the commodity names within the portfolio?Why, with a global slowdown on the horizon, have we sold our position in Northern Star Resources, and why are we not buying more gold?This podcast is issued by PM Capital Limited ABN 69 083 644 731 AFSL 230222 as responsible entity for the PM Capital Global Companies Fund (ARSN 092 434 618) and the PM Capital Australian Companies Fund (ARSN 092 434 467), the "Funds". It contains summary information only to provide an insight into how we make our investment decisions. This information does not constitute advice or a recommendation, and is subject to change without notice. It does not take into account the objectives, financial situation or needs of any investor which should be considered before investing. Investors should consider the Target Market Determinations and the current Product Disclosure Statement (which are available from us), and obtain their own financial advice, prior to making an investment. The PDS explains how the Funds' Net Asset Value are calculated. Past performance is not a reliable guide to future performance and the capital and income of any investment may go down as well as up

The June 2023 Enhanced Yield Fund video update below provides the latest information on the performance of the Fund, investment activity and market outlook.In this video Jarod Dawson, Portfolio Manager discusses:How the Fund has benefited from effectively zero exposure to interest rates at the start of the rate rise cycle;The Fund’s current positioning in the context of the RBA likely being close to the end of its tightening cycle;Additional investments made in industry leaders, setting a foundation for future returns.“The extensive due diligence that our team performs at both a company level, and a broader macroeconomic level […] is how we were able to successfully navigate what has been one of the most volatile years in fixed income markets that I have experienced in my over two decades of fixed income investing.” 

The June 2023 Quarterly Report and video update below provides the latest information on the performance of PM Capital's portfolios, investment activity and market outlook.In this video Paul Moore, Chief Investment Officer, discusses:PM Capital’s view on markets and where investors should focus;Key stock positions and themes in the portfolio;News on PM Capital’s 25th anniversary and looking to the next 25 years.“We repeat our view that in an inflationary environment, the so-called value stocks – where valuations are most attractive – is where investors should focus.”