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 Enhanced Yield Fund generated a net return of 0.8% for the September 2026 quarter and 3.1% net of fees calendar year-to-date, preserving capital amidst significant volatility across global fixed income markets. Long-dated sovereign bond markets experienced steep drawdowns of 4% to 10% as 10-year yields surged between 50 and 125 basis points across major developed economies, reaching multi-decade highs. The fund maintained a defensive posture, deploying cash into select high-quality corporate debt while keeping senior investment-grade paper with maturities under twelve months at 38% and core corporate bonds at 47% of actual portfolio exposure. Macroeconomic conditions were defined by synchronized monetary tightening and persistent inflationary pressures driven by high energy prices and sustained fiscal expenditure. The US Federal Reserve, European Central Bank, Bank of Japan, Reserve Bank of Australia, and Reserve Bank of New Zealand all raised benchmark rates. Locally, the Australian economy exhibited distinct vulnerability, highlighted by a continued steep contraction in residential construction, housing market strain, and rising corporate yield premiums, presenting a sharp divergence from buoyant equity markets. Portfolio activity centered on deploying capital into attractively priced fixed-rate corporate bonds yielding between 6.00% and 6.50% within defensive, non-discretionary sectors. The manager increased allocations to essential infrastructure assets, including airport debt for Melbourne, Brisbane, and Auckland, alongside Aurizon Networks. New and expanded debt holdings were also established in resilient corporate issuers including NextEra Energy, Coles Group, and Westpac Banking Corporation, positioning the fund to benefit from capital appreciation once macroeconomic headwinds force benchmark yields lower.
Active, absolute-return management in fixed income captures attractive yields in essential infrastructure and defensive corporations while preserving capital against rising benchmark yields.
Valuation dispersion between equities and multi-decade bond yields is expected to resolve toward historical correlations, creating attractive corporate bond entry points as volatility materializes.
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