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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"PM Capital navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels during market volatility."
The PM Capital June 2025 Quarterly Report outlines the investment managers' strategic positioning and performance across its key offerings, particularly the PM Capital Global Companies Fund, Australian Companies Fund, and Enhanced Yield Fund. Under the leadership of Chief Investment Officer Paul Moore and Co-Portfolio Managers Kevin Bertoli and John Whelan, the firm continues to prioritize high-quality, undervalued global equities and debt. A central pillar of their current market thesis is the 'Great Decoupling' of the US and Chinese economies, which is manifesting through global reshoring, the revival of the European economy, and emerging commodity scarcities. During the quarter, the Global Companies Fund delivered a solid return of 8.1%, benefiting from a major rally in European banks (such as AIB Group) and key gold and copper holdings (such as Newmont and Freeport-McMoRan). This positive performance was supported by active currency hedging back to the Australian Dollar, shielding the portfolio from a depreciating US Dollar. In contrast, beverage positions and Sanofi lagged. Portfolio adjustments included launching new stakes in Spectris plc and Diageo, while completely exiting Shell plc to manage energy exposures. In the Australian strategy, net invested positions were raised to 85% via new entries in Capstone Copper, Endeavour Group, and GQG Partners.
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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 navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels ...
Growth Outlook
Market outlook remains high conviction: PM Capital navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels ...
Risk Appetite
Risk appetite posture is high conviction: PM Capital navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. PM Capital navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels ...
Forward Guidance
Forward guidance signal: PM Capital navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels ...
Language Signal
Tone analysis indicates high conviction language: PM Capital navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. PM Capital navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels ...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. PM Capital navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels ...
Time Horizon
Investment time horizon reflects a high conviction orientation. PM Capital navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels ...
