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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 in Q1 FY2026 through disciplined exposure to undervalued cyclical sectors. Gold and copper positions drove returns as commodity fundamentals strengthened, while European banks and Macau gaming recovered strongly."
PM Capital delivered strong performance in Q1 FY2026 as equity markets extended their rally from late April, with the Global Companies Fund rising 10% versus MSCI's 6% advance. The fund's outperformance was driven by disciplined stock selection and exposure to undervalued cyclical sectors, particularly commodities. 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 Grasberg mine accident. European banking positions delivered strong results as steeper yield curves and infrastructure spending confidence supported the sector. Macau gaming stocks recovered strongly with Wynn, Sands China and MGM China all up over 30%. The portfolio remains positioned differently from broader markets in areas with valuation support, having reduced exposure after exiting holdings where investment theses were fully realised. Despite persistent macro headwinds and tariff uncertainty, resilient earnings and rate cuts continue supporting risk appetite.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High conviction evident in concentrated commodity positions, decisive exits from fully-valued holdings, and clear articulation of contrarian positioning. 40 years of experience and specific investment rationale demonstrate strong belief in approach.
Growth Outlook
Manager acknowledges market strength and recovery from April lows but expresses caution about megatrend valuations and notes persistent macro headwinds. Tone is measured optimism with clear risk awareness.
Risk Appetite
Fund maintains selective risk-on positioning in undervalued cyclical sectors while reducing overall invested exposure. Strategic moves away from overvalued areas toward value opportunities suggest moderate bullish positioning.
Capital Deployment
Fund reduced invested exposure after exiting several holdings where theses were realized, including Airbus and Spectris sales. New positions like Northern Star were offset by profit-taking, suggesting net modest de-risking.
Forward Guidance
Manager sees significant change creating new opportunities for disciplined investors and maintains long-term perspective. Forward guidance is constructive but emphasizes discipline and selectivity rather than aggressive deployment.
Language Signal
Language balances opportunity recognition with caution. Positive terms around opportunities and recovery are offset by warnings about valuation concerns and macro headwinds. Net slightly positive but measured.
Perceived Risk
Manager acknowledges persistent macro headwinds, tariff uncertainty, operational challenges, and cautions about megatrend valuations. Risk awareness is prominent throughout the commentary while not being alarmist.
Opportunity Density
Manager sees significant change creating new opportunities for disciplined investors and maintains exposure to undervalued cyclical sectors. Selective opportunities identified in commodities and European banks despite broader market concerns.
Time Horizon
Strong emphasis on long-term perspective with 40-year experience, investment process that often takes years or decades to unfold, and focus on sustained performance across multiple cycles. Patient capital approach clearly articulated.
