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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Elevated inflation and policy rate hikes have driven extreme valuation dispersion across global equities, creating compelling value entry points in mispriced global franchises, European infrastructure providers, and cash-generative gold producers."
PM Capital Global Companies Fund returned 5.7% net of fees for the September 2026 quarter, outperforming the MSCI World Net Total Return Index benchmark return of 1.5%. Over the long term, the strategy has generated an annualized net return of 11.4% since inception in October 1998. Net invested equity exposure stood at 86%, comprising a 94% long equity position partially offset by 4% direct short positions and 4% index short positions across 38 long equity holdings. North America and continental Europe represent the largest regional listings at 42% and 44% of the portfolio respectively, while domestic banking in Europe remains the strategy's primary thematic exposure at 27%. Macroeconomic conditions during the quarter were shaped by rising global interest rates and resilient inflationary pressures driven by high energy prices, massive artificial intelligence capital expenditures, and expansionary fiscal policies. In response to persistent inflation, the Federal Reserve raised policy rates for the first time since 2023, while the European Central Bank lifted its main refinancing rate to 2.5%, directly bolstering European banking revenues. Meanwhile, long-dated sovereign bond yields reached multi-decade highs, exacerbating sector valuation dispersion across equity markets. Positive fund performance was driven by gold holdings, European financials, and private equity takeover bids, notably for Bodycote. Portfolio adjustments included inaugurating a new long position in Sun Belt hospital operator HCA Healthcare, initiating a position in Walt Disney to exploit historically low valuation multiples, topping up European technical services leader SPIE on political weakness, and harvesting profits across copper producers by exiting Grupo Mexico and trimming Freeport-McMoRan and Teck Resources.
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