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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Driven by strong gains in European banks and key commodity positions, while capitalizing on market volatility to add high-conviction holdings."
PM Capital's June 2025 Quarterly Report highlights solid performance for the Global Companies Fund, driven by positive contributions from European banks (primarily AIB Group), commodity holdings (Newmont, Freeport), and gaming positions. Portfolio activity included establishing new positions in Spectris plc and Diageo plc, while fully exiting Shell plc to manage energy risk. PM Capital remains heavily focused on three primary themes: Reshoring, European Banking recovery, and Commodity Scarcity, which they believe will deliver substantial long-term value despite global trade tensions and US Dollar volatility.
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