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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"PM Capital's Global Companies Fund outperformed with 10% quarterly returns, driven by copper and gold positions benefiting from supply disruptions and record prices. European banks gained on yield curve steepening while Macau gaming recovered strongly."
PM Capital's Global Companies Fund delivered strong performance in Q3 2025, rising 10% versus the MSCI World's 6% gain, driven by disciplined stock selection in undervalued cyclical sectors. The portfolio's commodity exposure, particularly copper and gold producers, was a key contributor as supply disruptions shifted copper markets from surplus to deficit expectations while gold reached record highs. European banking positions benefited from steeper yield curves and infrastructure spending confidence, with Caixabank rising 22% despite trading below 11x earnings. Macau gaming recovered strongly with major operators gaining over 30% as visitation improved. The fund exited Airbus after doubling returns and reduced exposure in several holdings where theses were realized. Portfolio manager Paul Moore, marking 40 years in markets, emphasized the importance of investing differently from consensus, understanding cycles, and maintaining valuation discipline. The portfolio remains positioned distinctly from broader markets in areas offering valuation support, with reduced overall exposure after successful exits.
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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 (copper, gold, European banks) with detailed thesis explanations and willingness to double positions like Northern Star. Named holdings with specific sizing and clear catalysts indicate strong conviction, though the diversified nature across multiple themes prevents a higher score.
Growth Outlook
The manager acknowledges persistent macro headwinds and uncertainty but notes that markets have moved beyond tariff concerns and are supported by themes like AI and infrastructure investment. The tone is cautiously constructive rather than bullish.
Risk Appetite
The portfolio has reduced invested exposure after exiting several holdings and maintains a defensive stance with significant differentiation from broader markets. This suggests moderate risk appetite with selective positioning.
Capital Deployment
The fund explicitly reduced invested exposure after exiting several holdings including Airbus, Spectris, and trimming Centuria Industrial REIT. This represents net capital harvesting rather than deployment, indicating a defensive stance.
Forward Guidance
The manager sees opportunities for disciplined investors but emphasizes patience and valuation discipline. The guidance is selective rather than aggressive, focusing on areas with valuation support.
Language Signal
Language includes both opportunity-focused terms (attractive, undervalued, opportunities) and risk-aware language (uncertainty, headwinds, cautionary). The balance tilts slightly positive but remains measured.
Perceived Risk
The manager acknowledges persistent macro headwinds, tariff uncertainty, and supply chain risks but doesn't express alarm. Risk discussion is moderate and balanced with opportunity identification, suggesting standard risk awareness rather than elevated concern.
Opportunity Density
The manager sees significant change creating new opportunities for disciplined investors and maintains exposure to specific undervalued areas. However, the emphasis on selectivity and reduced overall exposure suggests a moderately selective environment.
Time Horizon
PM Capital's approach explicitly involves multi-year investment cycles, sometimes taking a decade to unfold. The 40-year perspective and emphasis on long-term wealth creation, combined with willingness to hold through volatility, indicates a long-term horizon typical of value investing approaches.
