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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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TEAM Asset Management 2024 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (TEAM Asset Management)

Primary Source Intelligence • Q3 2024 Letter Analysis

TEAM Asset Management Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, TEAM Asset Management. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Digest Analysis

Quick Take

"Outperforming through disciplined exposure to undervalued cyclical sectors. Strong performance from commodity holdings, particularly copper and gold miners, European banks, and Macau gaming stocks drove returns."

Executive Summary

PM Capital delivered strong performance in the September quarter, with the Global Companies Fund rising 10% as equity markets extended their rally from late April. The fund's outperformance was driven by strong results from gold and copper holdings, European banking positions, and Macau exposures. Commodity holdings were notable contributors, with the portfolio heavily weighted towards copper and gold producers including Teck Resources, Freeport-McMoRan, Newmont Corporation and Northern Star Resources. Gold positions benefited from a 17% rise in gold price to an all-time high, while copper prices rose 5% following supply disruptions. European bank positions delivered strong results as steeper yield curves and growing confidence in infrastructure spending supported sector re-rating. The fund also benefited from improved Macau visitation trends. Portfolio adjustments included selling Spectris after KKR's takeover offer and exiting Airbus at roughly double entry price. The portfolio remains positioned differently from broader markets in areas with valuation support, having reduced exposure after realising gains in several holdings.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

72%

CautiousHigh

High Conviction (72%)

The fund demonstrates high conviction through concentrated positioning in specific themes (copper, gold, European banks, Macau), with detailed thesis explanations for individual holdings and clear position sizing decisions. The manager provides specific rationale for entries and exits, though the diversified nature across multiple themes and geographies prevents an extreme conviction score.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The manager acknowledges that equity markets have staged a remarkable recovery and are at all-time highs, but expresses caution about valuations and notes that discussions of megatrends rarely address valuation or return on invested capital, which they view as cautionary. Mixed positive momentum with underlying concerns.

Risk Appetite

10%

DefensiveAggressive

Defensive (10%)

The fund has reduced invested exposure after exiting several holdings and maintains a contrarian positioning different from broader markets. This suggests a more cautious risk appetite despite being in cyclical sectors, with selective exposure rather than broad risk-on positioning.

Capital Deployment

38%

De-riskingDeploying

Net Neutral (38%)

The fund has reduced invested exposure after exiting several holdings including Spectris, Airbus, and Mineral Resources where investment theses were realized. While some new positions were added like Northern Star, the net activity suggests capital harvesting rather than aggressive deployment.

Forward Guidance

15%

CautiousExpansionary

Cautious (15%)

The manager sees significant change creating new opportunities for disciplined investors but emphasizes maintaining the same long-term perspective. The language suggests selective deployment rather than aggressive capital deployment, with focus on discipline over urgency.

Language Signal

20%

BearishBullish

Bearish (20%)

The letter contains balanced language with both opportunity-focused terms (attractive, undervalued, strong performance) and risk-aware language (cautionary, uncertainty, heightened operational uncertainty). The net balance is mildly positive but tempered by risk awareness.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

The manager acknowledges heightened operational uncertainty in a post-tariff world, softer US economic data, and expresses caution about valuations and megatrend discussions lacking focus on return on invested capital. However, these risks are mentioned as context rather than central concerns requiring defensive positioning.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

The manager sees significant change creating new opportunities for disciplined investors and maintains exposure to areas with valuation support. The selective nature of opportunities is emphasized, suggesting a moderately rich but selective opportunity set requiring discipline rather than broad abundance.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

The manager emphasizes maintaining the same long-term perspective that has guided them since inception and notes their process often takes years or sometimes a decade to unfold. The 40-year reflection piece reinforces the long-term orientation, though some positions have shorter-term catalysts.