Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, PM Capital Australian Companies Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"PM Capital Australian Companies Fund delivered 4.9% in Q2 2026, driven by European banks, Irish homebuilders, and a Capstone Copper recovery. The manager actively trimmed copper holdings on valuation concerns despite strong fundamentals, while initiating CSL at attractive multiples."
PM Capital Australian Companies Fund returned 4.9% in Q2 2026, contributing to a strong full-year return of 26.8%. The quarter was dominated by three themes: persistent sticky inflation and higher-for-longer interest rates, the AI infrastructure investment boom, and expansionary government policy complicating the RBA's path to lower rates. Key contributors included Challenger Limited, benefiting from APRA's revised capital framework, and Capstone Copper, which recovered 30% after operational issues resolved. European banking holdings delivered strong performance despite trading at less than 10x earnings with double-digit earnings growth. Irish homebuilders continued to benefit from structural housing under-supply. Detractors included Newmont Mining, down 11% as gold fell on inflation concerns, and Stanmore Resources, pressured by energy sector sentiment. The manager actively reduced copper exposure citing valuation concerns despite favorable fundamentals, and initiated a position in CSL at 10-11x earnings. The portfolio remains differentiated from the broader market, concentrated in undervalued businesses while avoiding areas most exposed to inflationary pressures. The manager expects valuation to determine long-term outcomes as today's extremes gradually normalize.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
