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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 10, 2026 | PM Capital Enhanced Yield Fund | 0.8% | 4.6% | 2282.HK, 8570.PA, APO, BAER.L, BHP.AX, CABK.MC, CGF.AX, COL.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, HEIA.AS, IMI.L, INGA.AS, LLOY.L, NEM, NSC, NST.AX, QUB.AX, RPRX, SHL.DE, SMR.AX, TECK, TSCO.L, UNP, WDS.AX, WOW.AX | Bonds, credit, fixed income, inflation, rates, Yield | Despite signs of re-emergence of higher inflation across major global developed economies including Australia in the December quarter, the fund delivered positive returns. Australian bond yields increased significantly with three year bonds rising over 60 basis points and 10 year bonds almost 50 basis points, representing a shift from rate cut expectations to multiple rate increase expectations in 2026. The fund increased exposure to fixed interest rates during the quarter as markets became overly optimistic about cash rate increases in 2026. Management believes multiple rate increases would put notable downward pressure on the economy given cost-of-living pressures and higher house prices remain issues. | View | |
| Q4 2025 | Feb 10, 2026 | PM Capital Global Companies Fund | 7.8% | 38.3% | 2282.HK, APO, BARC.L, BHP.AX, CABK.MC, CGF.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, IMI.L, LLOY.L, NEM, NSC, NST.AX, SHL.DE, SMR.AX, TECK, UNP | Banking, commodities, Copper, Europe, gold, infrastructure, Railroads, value | Copper surged 17% over the quarter, driven by supply risks and production disruptions at major mines. Portfolio holdings Freeport McMoRan, Teck Resources, and BHP delivered strong performance. The fund maintains conviction in copper due to tightening supply, record prices, and geopolitical uncertainty. Gold gained 12% in the quarter, reaching record highs and delivering extraordinary 64% gains for 2025. Monetary policy uncertainty and geopolitical tensions provided positive backdrop. Portfolio holdings Newmont and Northern Star Resources contributed meaningfully to performance. Union Pacific's proposed merger with Norfolk Southern would create the first coast-to-coast rail network in the US, potentially unlocking rail's potential to capture long-distance freight. The unified network could benefit broader US supply chains and provide the next leg of growth for an industry that has relied on efficiency gains. European banking sector produced strong outperformance led by Bank of Ireland, Lloyds Banking Group, and CaixaBank. Sector returns supported by interest rate stabilization and yield curve steepening. The market is transitioning toward improving organic loan growth after fifteen years of stagnant credit activity. | CRN LN APO SHL GR UNP LLOY LN BIRG LN IMI LN TECK FCX |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||