The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 30, 2026
PM Capital Australian Companies Fund posted a net return of 7.3% for the September 2026 quarter, outperforming the benchmark S&P/ASX 200 Accumulation Index return of 1.3%. Long-term performance stands at 11.0% annualized net of fees since inception in January 2000 versus 8.3% for the index. The portfolio held a 72% gross long equity position, 3% short equity exposure, and 31% in cash, corporate debt, and bonds at the close of the period, maintaining a concentrated book of 20 long holdings. The macroeconomic environment was dictated by shifting monetary policy and persistent inflation. The Federal Reserve enacted its first rate hike since 2023, and global central banks tightened policy as surging energy prices and fiscal spending drove yields higher. Domestically, the manager observes a sluggish Australian economic backdrop characterized by weak productivity, tax headwinds, softening real estate, and ongoing cost-of-living constraints, leading to a prudent cash weighting and short positioning across select vulnerable domestic franchises. Performance was led by robust contributions from gold producers Newmont and Northern Star, the latter benefiting from corporate takeover interest and governance changes, as well as steelmaking coal producer Stanmore Resources and newly initiated agribusiness GrainCorp. These gains were partially offset by interest rate pressures on Centuria Industrial REIT and consumer spending headwinds impacting Endeavour Group. The fund tactically exited CSL into valuation strength and took profits across copper holdings including BHP and Capstone Copper.
PM Capital Australian Companies Fund applies a patient, research-intensive, bottom-up approach seeking mispriced businesses with strong fundamentals and asymmetric risk-reward profiles beyond prevailing consensus index narratives.
The investment managers anticipate that rising bond yields and tighter financial conditions will eventually normalize correlations across risk assets, maintaining substantial cash capacity to capitalize on emergent corporate volatility.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with PM Capital Australian Companies Fund or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.