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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, PM Capital Global Companies Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"PM Capital delivered 10% quarterly returns through disciplined value investing in undervalued cyclicals. Strong performance from gold miners Newmont and Northern Star, plus European banks like Caixabank, offset Freeport-McMoRan's Grasberg mine issues."
PM Capital's Global Companies Fund delivered strong performance in Q3 2025, rising 10% versus the MSCI World's 6% gain. The fund's outperformance was driven by disciplined stock selection and exposure to undervalued cyclical sectors, particularly commodities and European banking. Gold positions benefited from a 17% price rise to record highs, with Newmont gaining 45% and Northern Star up 26%. Copper holdings including Teck Resources and Grupo Mexico performed well despite Freeport-McMoRan's setback from the Grasberg mine accident. European banks continued their re-rating with Caixabank rising 22% on strong fundamentals and shareholder return plans. The fund exited Airbus and Spectris after achieving investment theses, reducing exposure where fair value was reached. Portfolio manager Paul Moore, marking 40 years in markets, emphasizes the importance of investing differently from consensus, understanding cycles, and maintaining valuation discipline. The portfolio remains positioned contrarian to broader markets in areas offering valuation support.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
The fund demonstrates high conviction through concentrated positions in specific themes (commodities, European banking) with detailed thesis explanations for individual holdings. Named positions include Teck Resources, Newmont, Caixabank with specific performance attribution and sizing decisions. The 40-year track record discussion and contrarian positioning reinforce conviction, though some hedging language prevents a higher score.
Growth Outlook
The manager acknowledges markets have staged a remarkable recovery from April lows and reached all-time highs, but expresses caution about valuations and notes that discussions of AI and reshoring themes rarely address return on invested capital, which they view as cautionary.
Risk Appetite
The fund has reduced invested exposure after exiting several holdings where investment theses were realized, and maintains a contrarian positioning very different from broader markets. This suggests a more cautious risk appetite despite strong recent performance.
Capital Deployment
The fund has reduced invested exposure by exiting several holdings including Airbus and Spectris where investment theses were fully realized. While some new positions were added like Northern Star, the net effect appears to be capital harvesting rather than deployment.
Forward Guidance
The manager sees significant change creating new opportunities for disciplined investors but emphasizes maintaining the same long-term perspective. The tone suggests selective deployment rather than aggressive positioning, with focus on valuation discipline.
Language Signal
Language is balanced with both opportunity-focused terms (attractive, undervalued, scope to move higher) and cautionary signals (heightened uncertainty, cautionary sign, little room for disappointment). The net balance leans slightly positive but measured.
Perceived Risk
The manager acknowledges heightened operational uncertainty in a post-tariff world, softer US economic data, and expresses caution about AI/reshoring valuations. However, these risks are discussed in measured terms rather than as systemic threats, suggesting moderate risk perception.
Opportunity Density
The manager sees significant change creating new opportunities for disciplined investors and maintains exposure to undervalued cyclical sectors. The ability to find attractive opportunities in commodities and European banking suggests a reasonably rich opportunity set, though selectivity is emphasized.
Time Horizon
The manager emphasizes a long-term perspective that has guided them since inception and notes their investment process often takes years or sometimes a decade to unfold. The 40-year career reflection and commitment to the same long-term approach indicates a multi-year investment horizon.
