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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, PM Capital Global Companies Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble."
PM Capital Global Companies Fund returned 10.7% in Q2 2026, driven by broad market recovery and favourable stock-specific outcomes. Three themes dominated markets: persistent sticky inflation and higher-for-longer interest rates, the AI infrastructure investment boom, and expansionary government policy. European banking stocks delivered strong performance, staging a robust recovery while trading at less than 10x earnings despite double-digit earnings growth and pristine balance sheets. Copper holdings reached all-time highs, prompting the manager to actively reduce exposure driven by valuation despite favourable long-term fundamentals. Irish homebuilders continued to perform strongly supported by structural housing under-supply and supportive government policy. The manager initiated new positions in Charles Schwab and Visa, taking advantage of share price dislocations, and continued adding to Walt Disney. Macau gaming positions detracted as the FIFA World Cup diverted discretionary spending, though the manager views this as cyclical. The portfolio remains meaningfully differentiated from the broader market, concentrated in areas where valuations remain compelling. The manager reinforces the view that valuation extremes will gradually normalise and remains confident in the portfolio's positioning.
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