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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 Enhanced Yield Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"PM Capital Enhanced Yield Fund delivered 1.5% in Q2 2026, driven by strategic fixed interest rate positioning that capitalized on declining bond yields as inflation fears eased. The fund added high-quality banking and infrastructure exposures at attractive 5.5-6.1% yields during volatility."
The PM Capital Enhanced Yield Fund returned 1.5% for the June 2026 quarter, bringing year-to-date performance to 2.1%. The quarter was dominated by three themes: persistent inflation, the AI investment boom, and government policy changes. The fund's strategic positioning in fixed interest rates, built when markets were pricing in significant further RBA rate increases, proved to be the most significant performance contributor as geopolitical risks eased and bond yields declined. Corporate bond holdings in non-discretionary consumer businesses like Woolworths and Tesco, along with service providers like MSCI, delivered strong resilience. The manager capitalized on market volatility to add new positions in European and UK banks (Caixa Bank, Lloyds) at yields of 5.5-6.0%, Westpac subordinated bonds at 5.8%, and essential infrastructure including Melbourne Airport at 6.1%. While the manager views the AI investment boom with caution, drawing parallels to the late 1990s TMT bubble, the fund remains well-positioned with significant capital available to deploy as markets enter an expected period of consolidation.
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