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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new opportunities like Union Pacific and Siemens Healthineers."
PM Capital's December 2025 Quarterly Report highlights strong performance across its investment strategies. The flagship Global Companies Fund achieved a 7.8% return for the quarter (38.3% for the year), heavily supported by commodity positions (copper/gold) and European banking majors. Notable adjustments during the quarter included selling out of Fox Corporation after its share price doubled, initiating new positions in Union Pacific and Siemens Healthineers, and adding to existing high-conviction holdings Apollo Global Management and Cairn Homes. The Australian Companies Fund capitalized on mispriced opportunities in commodities and select financials, closing its Woodside position while rotating international exposure from Siemens AG to Siemens Healthineers. PM Capital reiterates its valuation-focused, patient approach amid highly bifurcated markets and structural macro changes.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new ...
Growth Outlook
Market outlook remains above average conviction: PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new ...
Risk Appetite
Risk appetite posture is above average conviction: PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new ...
Forward Guidance
Forward guidance signal: PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new ...
Language Signal
Tone analysis indicates above average conviction language: PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new ...
Time Horizon
Investment time horizon reflects a high conviction orientation. PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new ...
