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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 rose 10% in Q3 2025, outperforming markets through disciplined value investing in undervalued cyclicals. Strong contributions from gold miners benefiting from record prices and copper producers amid supply disruptions."
PM Capital delivered strong performance in Q3 2025, with the Global Companies Fund 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. 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 also contributed strongly, supported by supply disruptions that shifted market expectations from surplus to deficit. European banking positions delivered robust returns, with Caixabank rising 22% despite trading below 11 times earnings. The fund completed several successful exits, including Spectris after KKR's takeover and Airbus at roughly double the entry price. Portfolio positioning remains differentiated from broader markets, focused on areas with valuation support. The 40-year veteran manager emphasizes the importance of investing differently, understanding cycles, and maintaining discipline around valuation as key drivers of long-term wealth creation.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High conviction evidenced by concentrated portfolio of 39 positions with clear thesis per holding. Manager provides specific position sizing commentary, names individual holdings, and explains detailed rationale for entries and exits. Strong conviction in value approach with 40-year track record, though some hedging language prevents maximum score.
Growth Outlook
The manager acknowledges persistent macro headwinds and tariff uncertainty but notes that markets have moved beyond peak fear levels from April. Commentary suggests cautious optimism with recognition of both opportunities and risks in current environment.
Risk Appetite
The fund has reduced invested exposure after exiting several positions where theses were realized, suggesting a more cautious stance. Portfolio remains differentiated but with lower overall risk appetite than previous periods.
Capital Deployment
Fund explicitly reduced invested exposure after exiting several holdings including Spectris, Airbus, and Mineral Resources. While some new positions were added like Northern Star, the net effect appears to be capital harvesting rather than deployment.
Forward Guidance
Manager sees significant change creating new opportunities for disciplined investors and maintains focus on areas with valuation support. Tone is constructive but measured, emphasizing selectivity over aggressive deployment.
Language Signal
Language balances opportunity recognition with risk awareness. Terms like 'disciplined', 'valuation support', and 'significant change' suggest measured optimism, while references to 'headwinds' and 'uncertainty' provide balance.
Perceived Risk
Manager identifies multiple specific risks including macro headwinds, tariff uncertainty, supply chain disruptions, and elevated valuations. Risks are discussed with meaningful detail but not characterized as systemic or extreme threats.
Opportunity Density
Manager sees significant change creating new opportunities for disciplined investors and maintains exposure to areas with valuation support. Selective approach suggests moderate opportunity density rather than abundant opportunities across markets.
Time Horizon
PM Capital's approach explicitly involves multi-year investment cycles, often taking years or sometimes a decade for valuations to move from bottom-quartile to top-quartile. Manager emphasizes long-term perspective that has guided the firm since inception, with 40-year investment experience reinforcing patient capital approach.
