| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.7% | -1.6% | -1.6% |
PM Capital Australian Companies Fund declined 1.6% in March 2026, matching the ASX 200, as rising interest rates and Middle East conflict created market volatility. The RBA delivered back-to-back rate hikes with 10-year bonds hitting 15-year highs of 5.18%. The fund's commodities-heavy portfolio showed mixed performance with BHP rising 11% on strong copper earnings and Stanmore Resources gaining 23% despite weak coal prices. However, Northern Star Resources fell 24% on production downgrades and Centuria Industrial REIT declined 13% as higher rates pressured valuations. The managers used market weakness to add to positions in Northern Star, Centuria, and Capstone Copper, viewing operational issues as temporary and current valuations as attractive. Royalty Pharma provided a bright spot, rising 25% on strong royalty growth. Looking ahead, the team remains focused on identifying selective opportunities amid ongoing market dislocations, particularly in commodities where supply constraints support long-term fundamentals despite near-term volatility.
PM Capital maintains a concentrated portfolio focused on Australian commodities companies, particularly copper and coal miners, alongside select REITs and financials, believing current market dislocations present attractive valuation-driven opportunities despite near-term operational and macro headwinds.
Manager remains focused on identifying opportunities as they progress through 2026, emphasizing ongoing supply constraints in coal markets and highlighting how periods of dislocation continue to present selective, valuation-driven opportunities.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 21 2026 | 2026 Q1 | BHP.AX, CGF.AX, CIP.AX, CXC.AX, NST.AX, ROYY, SMR.AX | Australia, Coal, commodities, Copper, energy, gold, Mining, REITs | - | PM Capital's Australian fund fell 1.6% in volatile March as rate hikes hit REITs and gold miners faced operational issues. Strong copper performance from BHP and coal gains from Stanmore offset weakness. Managers used market dislocation to add to beaten-down positions, viewing current valuations as attractive despite near-term headwinds. |
| Feb 10 2026 | 2025 Q4 | APO, BHP.AX, CGF.AX, CMCL.TO, FDV.AX, HEIA.AS, INGA.AS, NEM, NST.AX, RYAAY, SHL.DE, SMR.AX, WDS.AX | Australia, banks, commodities, Copper, financials, gold, Mining |
NEM US CSC AU SMR AU CGF AU FDV AU WDS AU |
PM Capital Australian Companies Fund delivered exceptional 28.9% annual returns driven by conviction positions in gold and copper amid supply constraints and monetary policy support. Challenger Limited's 57% annual gain reflected regulatory reform benefits. The fund actively managed risk, exiting Woodside while adding to Apollo and Siemens Healthineers. Managers expect continued outperformance from disciplined focus on mispriced commodities and financials opportunities. |
| Oct 20 2025 | 2025 Q3 | 1928.HK, 2282.HK, AIR.PA, ALD.AX, AZJ.AX, CNI.AX, COL.AX, CS.AX, CXBK.MC, EDV.AX, FCX, FDV.AX, GMEXICOB.MX, HSBA.L, LLOY.L, MRL.AX, MSCI, NEE, NEM, NST.AX, QUB.AX, TECK, WYNN | AI, commodities, Copper, European Banks, gold, Macau, Onshoring, value | - | PM Capital delivered exceptional quarterly performance through disciplined value investing and contrarian positioning in undervalued cyclical sectors. Strong results from copper and gold producers, European banks, and Macau gaming operators drove outperformance despite macro headwinds. The firm maintains differentiated positioning focused on valuation support while reducing exposure after realizing investment theses in several holdings. |
| Jul 23 2025 | 2025 Q2 | 2282.HK, AIB.I, BIRG.I, CABK.MC, CGF.AX, CRN.AX, CSTCF, DGE.L, EDV.AX, FCX, FDV.AX, GQG.AX, HEIA.AS, INGA.AS, LLOY.L, NEM, RI.PA, SAN.PA, SHEL.L, SIE.DE, SPEC.L, TECK, WYNN | commodities, Copper, European Banks, gaming, gold, Onshoring, Trade Policy |
LLOY.L CABK.MC INGA.AS BIRG.I SIE.DE FCX NEM |
PM Capital delivered 8.1% quarterly returns led by European banks and commodities. European banks trade at significant discounts despite improving fundamentals from rising infrastructure spending. Commodity holdings benefit from supply constraints and geopolitical tensions. The team increased exposure during April weakness and maintains conviction in long-term themes requiring patient capital. |
| Mar 31 2025 | 2025 Q1 | - | Bubble Fears, Fed policy, Market Concentration, risk management, technology, valuation | - | Peak Asset Management navigates elevated market valuations and sector concentration through disciplined risk management. Despite S&P 500's strong 14.83% YTD return and 22.5x forward earnings multiple, manager finds comfort in widespread bubble fears from contrarian perspective. Fed rate cuts and continued earnings growth support markets while firm searches underperforming stocks for future opportunities. |
| Dec 31 2024 | 2024 Q4 | BRK-A, EMR, PG | AI, dividends, large cap, uncertainty, Valuations, value | - | Peak Asset Management maintains disciplined value investing approach despite challenging conditions. S&P 500 up 6% year-to-date but quality companies trade at premium valuations. Dividend-paying stocks remain core focus given historical outperformance. AI infrastructure investment and policy clarity support markets, but political uncertainty and elevated valuations create risks. Firm emphasizes patience and discipline while maintaining bond ladders for stability. |
| Sep 30 2024 | 2024 Q3 | - | diversification, tariffs, Trade Policy, uncertainty, volatility | - | Peak Asset Management navigated Q1 2025 trade policy volatility by maintaining disciplined asset allocation principles. Despite tariff-driven market swings and historically stretched valuations, the firm focuses on matching investments to client cash flow needs and maintaining conviction during uncertainty to capitalize on opportunities created by market dislocations. |
| Jun 30 2024 | 2024 Q2 | AJG, AMD, BA, CR, NVDA, ORCL, TTAN, TYL | aerospace, AI, fixed income, healthcare, insurance, software, Valuations |
CR AJG TYL TTAN |
Sandhill navigates AI-driven market concentration by emphasizing diversification and finding value in overlooked sectors. Recent additions include aerospace supplier Crane, insurance broker Gallagher, and software companies Tyler Technologies and ServiceTitan. Despite S&P 500 at 23x forward earnings, manager sees opportunities where sentiment has turned overly pessimistic while maintaining quality focus. |
| Mar 31 2024 | 2024 Q1 | - | active management, Cash Management, fixed income, Quality, Valuations, volatility | - | Sandhill successfully navigated extreme market volatility by deploying cash during a 20% correction followed by a swift 25% recovery. Their quality-focused active management approach emphasizes businesses with strong fundamentals and secular growth exposure. With valuations now elevated at 22.2x forward earnings, they've trimmed positions and raised cash while remaining cautious on inflation and tariff uncertainties ahead. |
| Dec 31 2023 | 2023 Q4 | ANET, JPM, TT | banks, Bonds, HVAC, Quality, tariffs, technology, value |
JPM ANET 1102 TT |
Sandhill deploys cash during tariff-driven market volatility, rotating into quality names like JPM, ANET, and TT. Focus on low-leverage companies with strong balance sheets positioned to gain market share during uncertainty. S&P 500 valuations compressed from 22x to 18x P/E, creating opportunities. Historical precedent suggests significant upside following rare two-day market declines. |
| Sep 30 2023 | 2023 Q3 | - | diversification, Recession, Stagflation, tariffs, Trade Policy, volatility | - | Trade policy uncertainty drove significant Q1 volatility with the S&P 500 down 4.8%, but diversified portfolios held up better. Tariff implementation exceeded expectations, raising recession risks to 50%. Lexington maintains their balanced approach is built for uncertainty and recommends staying the course rather than market timing, while conducting tactical rebalancing and tax-loss harvesting. |
| Jun 30 2023 | 2023 Q2 | AAPL, AMZN, AVGO, GOOGL, INTC, META, MSFT, NVDA, ORCL, TSLA | AI, China, gold, Mining, rates, tariffs, technology | - | AI infrastructure boom drives technology leadership with Nvidia delivering extraordinary results and announcing major partnerships. Fed cuts rates despite political pressure while elevated valuations above Dot-Com levels warrant caution. Positioning favors ex-US opportunities and precious metals as portfolio insurance against fiscal risks. Chinese internet trades at steep discounts while corporate earnings inflect upward. |
| Mar 31 2023 | 2023 Q1 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, VOW3.DE | AI, Buybacks, gold, infrastructure, Japan, technology, Trump, US | - | TEAM capitalized on Trump-driven US market euphoria through concentrated Magnificent 7 technology exposure, delivering strong Q4 returns. Manager maintains barbell strategy with US mega-cap growth as core, benefiting from American exceptionalism theme and dollar strength. Enters 2025 overweight equities despite Fed hawkishness and European political instability, relying on systematic process for continued outperformance. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
CopperFund benefited from strategic overweight position in copper with Freeport-McMoRan and Grupo México rising 16% and 13% respectively. Copper reached all-time high of $6.50/lb driven by structural supply deficits and accelerating demand for energy transition infrastructure. BHP's copper now generates over half of group earnings. |
Copper Energy Transition Supply Deficits Mining Infrastructure |
GoldNorthern Star Resources fell 24% following second production guidance downgrade for FY26 due to operational headwinds at KCGM Super Pit and Jundee operation. Gold prices retreated from January peak of $5,420/oz to low of $4,356/oz. Manager used weakness to add to position viewing production issues as temporary. |
Gold Mining Production Operational Issues Volatility | |
CoalStanmore Resources up 23% during quarter despite low steelmaking coal prices. Company navigated well with good management of production volumes and costs, maintaining positive free cash flow. Declared dividend of 5% well ahead of market expectations. Steelmaking coal prices rebounded from lows with Middle East events providing indirect support. |
Coal Steelmaking Free Cash Flow Dividends Production | |
Real EstateCenturia Industrial REIT declined 13% as higher interest rates and broader economic concerns weighed on share price. Higher yields seen as negative for REIT valuations as spread becomes less attractive. Manager believes urban infill industrial portfolio is high quality and difficult to replicate, used weakness to increase position. |
REITs Industrial Interest Rates Valuations Infrastructure | |
| 2025 Q4 |
GoldGold rose 12% over the quarter, reaching a record high in December. Monetary policy and geopolitical uncertainty continued to provide a positive backdrop for gold. Portfolio holdings Newmont gained 18% and Northern Star Resources gained 13%. |
Gold Monetary Policy Geopolitical |
CopperCopper surged 17% as supply risks came back into focus following production disruptions and material downgrades to production guidance due to geotechnical issues at several large-scale mines. The fund maintains significant overweight positioning in copper given the impending supply shortfall. |
Copper Supply Mining | |
BankingChallenger Limited remained a standout on the back of regulatory reforms and interest rate normalization, achieving a 57% return for the year. The fund's conviction is predicated on normalisation of interest rates, structural growth of retirement income and emergence of regulatory tailwinds. |
Banking Interest Rates Regulation | |
CoalIn steelmaking coal, Stanmore Resources remains resilient despite low commodity prices. Stanmore has maintained consistent mine plans and capital expenditure programs and is well positioned to benefit from any improvement in commodity prices. |
Coal Steelmaking Mining | |
| 2025 Q3 |
CopperPortfolio heavily weighted towards copper producers including Teck Resources, Freeport-McMoRan, and Grupo Mexico. Copper prices rose 5% in September following major accident at Freeport's Grasberg mine, shifting market expectations from surplus to deficit heading into 2026. Several high-profile supply issues this year have supported copper outlook. |
Copper Miners Supply Disruption Grasberg Deficit Industrial Metals |
GoldGold positions benefited from 17% rise in gold price to all-time high of US$3,873. Newmont gained 45% over the period while Northern Star rallied 26% since purchase. Despite gold trading at record levels, investor ownership of gold equities remains low with valuations still attractive and capital returns competitive. |
Gold Miners Record Highs Undervalued Capital Returns Low Ownership | |
European BanksEuropean bank positions delivered strong results with steeper yield curve and growing confidence in increased infrastructure and defence spending driving economic activity. Caixabank rose 22% yet still trades below 11 times earnings, with plans for €12bn of shareholder returns over 2025-27 equivalent to roughly 20% of market capitalisation. |
Yield Curve Infrastructure Spending Defense Spending Shareholder Returns Undervalued | |
MacauImproved visitation in Macau supported portfolio returns with Wynn Resorts, Sands China and MGM China all up more than 30% including dividends. Industry-wide entertainment and leisure revenue growth has accelerated through the year, driving renewed investor optimism following period of weak sentiment earlier in 2025. |
Gaming Recovery Revenue Growth Visitation China | |
AIMarkets increasingly driven by megatrends including the AI investment cycle, highlighted by partnerships among OpenAI, Nvidia and Oracle. However, discussions of these themes rarely address valuation or return on invested capital, which the manager views as cautionary. |
Investment Cycle Partnerships Valuation Concerns Return On Capital Megatrends | |
OnshoringUS reshoring and infrastructure investment identified as key themes supporting market strength. The surge in US reshoring and infrastructure investment represents one of the megatrends driving market narratives, though valuation considerations are often overlooked in these discussions. |
Infrastructure Investment Megatrends Market Narratives US Investment Themes | |
| 2025 Q2 |
European UnionEuropean banks are significantly undervalued relative to US and Australian peers. Rising infrastructure and defence spending in Europe will stimulate industrial activity and credit demand. European banks trade on significantly lower valuation multiples than their US and Australian peers. |
Banking Valuation Infrastructure Defence Credit |
CommoditiesUnderinvestment in resource projects will constrain commodity supply, supporting higher metal prices. President Trump is using commodities as bargaining chips for trade concessions. These artificial barriers to commodity supply coincide with decades of global underinvestment in resource projects. |
Supply Metals Trade Copper Gold | |
OnshoringThe COVID-19 pandemic encouraged multinationals to increase manufacturing at home to reduce global supply chain risks. President Trump wants more manufacturing to return to the US and his use of tariffs could accelerate global reshoring. |
Manufacturing Supply Chain Tariffs Automation | |
Trade PolicyPresident Trump believes the world over-relies on Chinese manufacturing and wants more manufacturing to return to the US. His stop-start tariff war and trade policies are prompting global investors to reassess their exposure. |
Tariffs China Manufacturing Decoupling | |
| 2025 Q1 |
Risk AppetiteManager discusses the psychology of market bubbles and contrarian investing, noting that widespread bubble fears may actually indicate the market is not in a bubble. Emphasizes that successful investing is about managing risks over time rather than timing market tops and bottoms. |
Contrarian Bubble Psychology Risk Management |
| 2024 Q4 |
DividendsManager emphasizes the importance of dividend-paying stocks, noting that over the last 50 years dividend payers in the S&P 500 returned 9.2% annually versus 4.3% for non-payers. Companies that pay dividends demonstrate consistent profitability and judicious cash management. |
Dividend Yield Cash Management Profitability Income Distribution |
ValueThe manager follows a value investing approach, seeking great businesses at reasonable prices. However, they note difficulty finding opportunities as solid companies like Procter & Gamble trade at premium P/E ratios of 24x despite 5-7% growth rates. The last reasonable valuations were during the Great Recession. |
P/E Ratio Intrinsic Value Discount Valuation Growth Rate | |
AIArtificial intelligence is identified as one of the key drivers supporting current market valuations. The manager notes huge amounts of corporate investment in building data centers and research and development in AI as a countervailing force keeping markets fully valued. |
Data Centers R&D Corporate Investment Technology Infrastructure | |
| 2024 Q3 |
Trade PolicyThe Trump administration implemented tariffs on Canada, Mexico and China on February 1st as pressure to stop Fentanyl flow. Liberation Day on April 2nd brought increased tariff size and breadth, spoking investors and causing market volatility. A ninety day pause on reciprocal tariffs for seventy plus countries was announced April 9th. |
Tariffs Trade War China Policy Uncertainty |
| 2024 Q2 |
AIAI capital expenditure boom continues driving market concentration with eight companies representing 38% of S&P 500. Manager questions sustainability of $3-4 trillion annual data center spending projections by 2030, citing economic viability and energy infrastructure as key risks. |
Data Centers Semiconductors Cloud Energy Valuations |
SoftwareManager sees opportunity in software sector where sentiment has turned overly pessimistic amid AI displacement fears. Added to Tyler Technologies and initiated ServiceTitan position, viewing AI as enhancement rather than threat for specialized software companies. |
SaaS Vertical Software Municipal Software Trades Software AI Integration | |
AerospaceBoeing increasing near-term production schedule with massive backlog for both Boeing and Airbus aircraft. Added to Crane position to benefit from long-term secular aerospace growth trend through its aerospace division. |
Commercial Aviation Defense Industrial Backlog Production | |
Insurance BrokersInitiated position in Arthur J. Gallagher, a best-in-class insurance broker consolidating the mid-market space. Company's largest acquisition to date expected to drive earnings growth exceeding 20% next year. |
Consolidation Mid Market M&A Earnings Growth Brokers | |
| 2024 Q1 |
QualityManager emphasizes owning quality assets with strong management teams, low debt levels, healthy cash flows, and exposure to long-term secular growth trends. These companies tend to outperform over time and press their advantage during economic downturns. |
Quality Cash Flows Management Growth |
VolatilityThe letter highlights significant market volatility with a 20% correction followed by a 25% rebound, marking the second-fastest recovery from bear market low to new high in 75 years. Manager views volatility as opportunity for active management. |
Volatility Bear Market Correction Rebound | |
| 2023 Q4 |
Trade PolicyNewly announced U.S. tariffs on the rest of the world are creating market instability and uncertainty. These tariffs will increase costs to corporations and consumers, dampen demand, and push the global economy toward recession if they remain in place. |
Tariffs Trade Policy Uncertainty Recession |
Data CentersArista Networks is benefiting from continued growth due to acceleration in AI-related data center spend. The company has been taking share in its core markets for years as a leading provider of data center networking and switching equipment. |
AI Networking Infrastructure Growth | |
HVACTrane Technologies operates in the HVAC industry which continues to benefit from long-term structural demand driven by rising global temperatures, improved indoor air quality standards, and a growing push for energy efficiency. |
Climate Efficiency Infrastructure Structural | |
| 2023 Q3 |
Trade PolicyThe administration's trade policies and tariff implementation created significant market uncertainty. The scope of Liberation Day tariffs was a negative surprise, moving beyond targeted reciprocal tariffs to across-the-board levies on all countries running trade deficits with the US. This carpet bombing approach suggests goals beyond rebalancing asymmetric tariffs. |
Tariffs Trade War Stagflation Recession Policy |
VolatilityMarkets experienced substantial volatility with the S&P 500 dropping 4.8% in Q1 and retreating 13.5% year-to-date by April 7th. The Mag 7 stocks declined 9.5% while international stocks and bonds provided diversification benefits. Gold surged 19% on political and trade policy concerns. |
Market Decline Diversification Gold Uncertainty Risk | |
| 2023 Q2 |
AIAI fever has gripped markets with the Magnificent 7 recapturing leadership. Nvidia delivered extraordinary results with $47 billion revenue and announced major investments in Intel and OpenAI partnerships. The AI capex mania has added $15 trillion to S&P 500 market cap since April, with AI-related companies driving 75% of index returns and 90% of capex growth. |
Nvidia Capex Infrastructure Chips Data Centers |
GoldPhysical gold touched new all-time highs with central banks acting as marginal buyers, accumulating over 1,000 tonnes annually since 2022. ETF inflows surged to 420 tonnes in first nine months of 2025. Gold serves as essential portfolio insurance against dollar debasement, with the metal maintaining purchasing power for nearly 100 years. |
Central Banks ETF Inflows Dollar Debasement Portfolio Insurance Purchasing Power | |
SilverSilver returned over 30% in the quarter with chronic supply deficits expected for the next 5 years. Increasing industrial demand from data centers for AI applications, EVs, and solar sectors drives structural demand. Physical silver was introduced to complement gold exposure for long-term portfolio benefits. |
Supply Deficit Industrial Demand Data Centers EVs Solar | |
ChinaChinese equities broke out to decade-plus highs with the Shanghai Index returning 15.7%. Chinese internet companies trade at substantial discounts to American counterparts while corporate earnings continue inflecting upwards. China's growing competitiveness in high-tech sectors including robots and automation is underappreciated by markets. |
Internet Valuation Discount Earnings Growth High-tech Automation | |
RatesFederal Reserve delivered a 25 basis point rate cut described as risk management to forestall labor market weakness. Money markets price two additional cuts this year despite upside inflation risks from tariffs. The decision was nearly unanimous with only Trump ally Stephen Miran dissenting for larger cuts. |
Fed Cut Labor Market Inflation Risk Tariffs Monetary Policy | |
| 2023 Q1 |
AIManager emphasizes AI as a key driver of American productivity surge and mega-cap technology outperformance. Notes that companies are making good on impressive revenue and margin growth from AI investments, though acknowledges a meaningful consumer application is still needed to justify extraordinary semiconductor chip investments. |
Artificial Intelligence Productivity Technology Semiconductors Revenue Growth |
Infrastructure SpendingUS infrastructure receives C- grade from American Society of Civil Engineers, highlighting chronic need for major investment. Manager notes effective infrastructure investment is one of the most productive uses of government spending, with markets anticipating Trump administration will provide large earnings visibility window for exposed companies. |
Infrastructure Government Spending Investment Gap Earnings Visibility Trump Administration | |
GoldPhysical gold serves as essential portfolio insurance against long-term dollar debasement. Record central bank buying since Q3 2022, with 2024 being only year on record where gold rallied over 25% while US dollar also rose over 5%. Manager views this behavior as extremely healthy for the asset class. |
Portfolio Insurance Central Bank Buying Dollar Debasement Haven Assets Currency | |
BuybacksJapan's corporate governance revolution driving record share buybacks, rising to ¥15 trillion this fiscal year compared to ¥8 trillion last year. Tokyo Stock Exchange reform agenda holding management teams accountable, with investors looking forward to enhanced returns from rising dividends and improved return on equity. |
Corporate Governance Japan Tokyo Stock Exchange Return on Equity Management Accountability |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Feb 10, 2026 | Fund Letters | Paul Moore | NEM US | Newmont Corporation | Materials | Gold | Bull | New York Stock Exchange | Commodities, Geopolitics, Gold, inflation, Interestrates | Login |
| Feb 10, 2026 | Fund Letters | Paul Moore | CSC AU | Capstone Copper Corp. | Materials | Copper | Bull | New York Stock Exchange | Commodities, Copper, Inventories, Mining, Supply Shortage | Login |
| Feb 10, 2026 | Fund Letters | Paul Moore | SMR AU | Stanmore Resources Limited | Materials | Coal & Consumable Fuels | Bull | New York Stock Exchange | capital discipline, coal, Commodities, Cyclicality, resilience | Login |
| Feb 10, 2026 | Fund Letters | Paul Moore | CGF AU | Challenger Limited | Financials | Life & Health Insurance | Bull | New York Stock Exchange | Annuities, Demographics, Interestrates, Regulation, rerating | Login |
| Feb 10, 2026 | Fund Letters | Paul Moore | FDV AU | Frontier Digital Ventures Limited | Communication Services | Interactive Media & Services | Bear | New York Stock Exchange | cashflow, Classifieds, emergingmarkets, restructuring | Login |
| Feb 10, 2026 | Fund Letters | Paul Moore | WDS AU | Woodside Energy Group Ltd | Energy | Oil & Gas Exploration & Production | Bear | New York Stock Exchange | arbitrage, commodity risk, energy, Gas, LNG | Login |
| Oct 1, 2025 | Fund Letters | PM Capital Australian Companies Fund | CR | Crane Company | Industrials | Industrial Machinery | Bull | NYSE | Aerospace, Airbus, Aircraft Manufacturing, Boeing, Industrial technology, Production Ramp, secular growth | Login |
| Oct 1, 2025 | Fund Letters | PM Capital Australian Companies Fund | AJG | Arthur J. Gallagher & Co. | Financials | Insurance Brokers | Bull | NYSE | acquisition, consolidation, earnings growth, Insurance Broker, Mid-market, Roll-up Strategy | Login |
| Oct 1, 2025 | Fund Letters | PM Capital Australian Companies Fund | TYL | Tyler Technologies Inc. | Information Technology | Application Software | Bull | NYSE | Defensive Software, Fragmented Market, government software, high switching costs, Local Government, Mission-Critical, Municipal Technology | Login |
| Oct 1, 2025 | Fund Letters | PM Capital Australian Companies Fund | TTAN | ServiceTitan Inc. | Information Technology | Application Software | Bull | NASDAQ | AI integration, Electricians, first-mover advantage, HVAC, Modernization, Plumbers, Productivity Gains, Professionalization, Trades Industry | Login |
| Jun 30, 2025 | Fund Letters | PM Capital Australian Companies Fund | LLOY.L | Lloyds Banking Group | Financials | Banks | Bull | London Stock Exchange | banking, Equity, Europe, European banks, financials, low valuation, United Kingdom, Value | Login |
| Jun 30, 2025 | Fund Letters | PM Capital Australian Companies Fund | CABK.MC | CaixaBank | Financials | Banks | Bull | Madrid Stock Exchange | banking, Equity, Europe, European banks, financials, low valuation, Spain, Value | Login |
| Jun 30, 2025 | Fund Letters | PM Capital Australian Companies Fund | INGA.AS | ING Groep | Financials | Banks | Bull | Euronext Amsterdam | banking, Equity, Europe, European banks, financials, low valuation, Netherlands, Value | Login |
| Jun 30, 2025 | Fund Letters | PM Capital Australian Companies Fund | BIRG.I | Bank of Ireland | Financials | Banks | Bull | Irish Stock Exchange | banking, Equity, Europe, European banks, financials, Ireland, low valuation, Value | Login |
| Jun 30, 2025 | Fund Letters | PM Capital Australian Companies Fund | SIE.DE | Siemens AG | Industrials | Industrial Conglomerates | Bull | Frankfurt Stock Exchange | Automation, Equity, Europe, Germany, Industrials, manufacturing, Reshoring, technology | Login |
| Jun 30, 2025 | Fund Letters | PM Capital Australian Companies Fund | FCX | Freeport-McMoRan Inc. | Materials | Copper | Bull | New York Stock Exchange | Commodities, Copper, Electric Vehicles, Equity, materials, Mining, renewables, US | Login |
| Jun 30, 2025 | Fund Letters | PM Capital Australian Companies Fund | NEM | Newmont Corporation | Materials | Gold | Bull | New York Stock Exchange | central banks, Commodities, Equity, geopolitical, Gold, materials, Mining, Safe Haven | Login |
| Apr 1, 2025 | Fund Letters | PM Capital Australian Companies Fund | JPM | J.P. Morgan | Financials | Banks | Bull | NYSE | Bank, defensive, financial services, large-cap, Quality, Value, yield | Login |
| Apr 1, 2025 | Fund Letters | PM Capital Australian Companies Fund | ANET | Arista Networks | Information Technology | Communications Equipment | Bull | NYSE | AI, Cloud computing, data center, growth, infrastructure, Networking, technology | Login |
| Apr 1, 2025 | Fund Letters | PM Capital Australian Companies Fund | 1102 TT | Trane Technologies | Industrials | Building Products | Bull | NYSE | Building Products, Climate, Commercial, energy efficiency, HVAC, Industrial, Sustainability | Login |
| TICKER | COMMENTARY |
|---|---|
| BHP.AX | BHP was a strong contributor to the Fund's performance, rallying 11% and reaching a record high following its half-year results, which demonstrated strong operational leverage and reflected management's strategic pivot toward future-facing commodities. Copper now generates over half of group earnings, benefiting from structural supply deficits that pushed spot copper prices to record levels during the quarter, alongside with better-than-expected volumes. Record production at Western Australia Iron Ore (WAIO) further bolstered the result, reinforcing BHP's status as a low-cost leader in a volatile environment. |
| NST.AX | The Fund's gains were tempered by a decline in Northern Star Resources, which fell 24% during the quarter following its second production guidance downgrade for FY26. The downgrade was triggered by ongoing operational headwinds, specifically weak milling performance at the KCGM Super Pit and reduced mining productivity at the Jundee operation. This stock-specific weakness was compounded by a broader correction in the gold sector, with gold prices retreating from a January peak of $5,420/oz to a low of $4,356/oz during the quarter. We used this weakness to add to our position, viewing the production issues as temporary, with the market overlooking the near-term production and cash flow inflection as the new KCGM mill becomes operational in the coming months. |
| SMR.AX | Stanmore Resources was up 23 percent during the March quarter with most of the gains coming in January. Despite low steelmaking coal prices, the company navigated the past 12 to 18 months well, with good management of production volumes and costs, maintaining positive free cash flow. Shareholders benefited in February, with Stanmore declaring a dividend of approximately 5% ($0.125 Australian dollars per share), well ahead of market expectations. Steelmaking coal prices have rebounded from their lows, with events in the Middle East providing indirect support. At current spot prices, Stanmore is generating healthy free cash flow and remains attractively valued. |
| CXC.AX | In addition to adding to our positions in Northern Star and Centuria Industrial REIT during the quarter, we increased our holding in Capstone Copper in March following a significant intra quarter share price decline (peak to trough -45%). Despite this short-term move, the position has been a meaningful contributor to performance since initiating in April 2025. Beyond the broader macro pressures impacting commodity companies in March, Capstone was also impacted by operational issues at its flagship Mantoverde mine in Chile, where production was disrupted by labour strikes in January and February. While we acknowledge that Capstone's portfolio of assets is not as strong as some of our other holdings in the sector, we do not believe the current valuation discount relative to its copper peers is justified. |
| CIP.AX | Our position in Centuria Industrial REIT had a challenging quarter with the share price declining 13%. While the underlying industrial portfolio remains fundamentally strong, higher interest rates and broader economic concerns weighed on the share price. Higher yields are typically seen as a negative for REIT valuations, as the spread offered by REIT's becomes less attractive. At the same time, rising energy costs and slower economic growth are impacting tenant profitability, adding to broader market concerns. While not fully mitigating these macro factors, we believe Centuria's urban infill industrial portfolio is high quality and difficult to replicate, providing greater resilience than the broader REIT market. We used the price weakness as an opportunity to increase the position, having previously reduced it in late 2025 as it approached our valuation target. |
| CGF.AX | Challenger also declined over the quarter, although it was a tale of two halves as sentiment shifted in late March following APRA announcing the finalised new capital standards for annuity products effective 1 July 2026. The announced changes will reduce the amount of capital Challenger is required to hold against its lifetime annuity products. This should improve capital efficiency, lower the cost of capital and support higher return on equity. We look forward to attending Challenger's investor day in May 2026, where the company is expected to provide further details on the impact of these regulatory reforms. |
| ROYY | Royalty Pharma rose 25% during the March quarter and reported strong full year results with mid-teens growth in royalties received. We believe the current year should be another strong year with Royalty owning royalty streams on some of the most exciting cardiology and oncology medicines undergoing late-stage clinical trials and in launch phase. We are starting to see signs that the market is beginning to recognise the strength of Royalty's business, and the pharmaceutical industry is vast and requires a large & ongoing supply of new capital to fund clinical trials. We believe Royalty can continue to deploy capital over the long term to maintain a high single digit growth rate. |
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