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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 Australian Companies Fund | 3.7% | 28.9% | APO, BHP.AX, CGF.AX, CMCL.TO, FDV.AX, HEIA.AS, INGA.AS, NEM, NST.AX, RYAAY, SHL.DE, SMR.AX, WDS.AX | Australia, banks, commodities, Copper, financials, gold, Mining | Gold rose 12% over the period, reaching a record high in December. Monetary policy and geopolitical uncertainty continued to provide a positive backdrop for gold. Portfolio holdings Newmont gained 18% and Northern Star Resources gained 13%. Copper surged 17% as supply risks came back into focus following production disruptions and material downgrades to production guidance due to geotechnical issues at several large-scale mines. Recent supply disruptions acutely highlight how tight copper markets have become given the lack of new greenfield capacity coming online and record low inventories. Challenger Limited remained a standout on the back of regulatory reforms and interest rate normalization. The position rose 8% over the quarter and achieved a 57% return for the year ending 31 December 2025. Investors are increasingly pricing in the anticipated benefits of APRA's proposed capital requirement reforms. In steelmaking coal, Stanmore Resources remains resilient despite low commodity prices that have seen peers take measures to preserve cash. Stanmore has maintained consistent mine plans and capital expenditure programs and is therefore well positioned to benefit from any improvement in commodity prices. | WDS AU FDV AU CGF AU SMR AU CSC AU NEM US |
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| 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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| 2025 Q4 | Dec 31, 2025 | Guinness Global Innovators | 0.0% | 12.8% | 2020.HK, ABB, AMAT, APH, AVGO, CRM, DHR, GOOGL, ICE, LRCX, MDT, META, NFLX, NVDA, ORCL, SHL.DE, TMO | AI, global, inflation, innovation, monetary policy, Quality, semiconductors, technology | AI capex cycle continues to gather momentum with Hyperscaler spending expectations rising 78% for 2026 and 95% for 2027. However, concerns around an AI bubble are emerging as investments make up approximately 40% of US GDP growth in 2025, with circular deal flows among key players raising sustainability questions. Nvidia remains dominant in AI chips despite competition from Google's TPUs, which could capture up to 10% of Nvidia's data center revenue. The industry shows growing interest in workload-optimized hardware, with GPUs maintaining advantages in flexibility while ASICs offer cost efficiencies for specific tasks. Quality as a factor has underperformed year-to-date during risk-on periods but historically provides downside protection in bear markets. Quality stocks are trading below their 10-year average premium, presenting an opportunity to buy quality at relatively lower valuations. Policy rates across US, Europe and UK have moved decisively off 2023 peaks with cuts rarely seen outside recessions. Markets anticipate additional Fed rate reductions despite mixed signals, with sustained monetary easing expected to provide constructive backdrop for equities in 2026. Inflation outlook becoming increasingly divergent across regions, with US core inflation expected to remain at 2.6% in 2026 above Fed target, while Eurozone inflation expected to fall to 1.8%. US tariff expansion and fiscal policy continue to push inflation risks higher. | View | |
| 2025 Q4 | Jan 27, 2026 | Polen Capital – International Growth | -2.5% | -0.5% | 0700.HK, 7974.T, 8035.T, ASML, BABA, LONN.SW, MELI, MNDY, SAP, SHL.DE, SHOP, TEP.PA | AI, E-Commerce, gaming, growth, international, Quality, semiconductors, underperformance | AI adoption is transforming the global economy and creating investment opportunities. Advanced chips sit at the epicenter of everything AI related, with ASML's equipment essential to printing advanced logic and volatile memory chips. Markets are attempting to price in these technological shifts, though the transition remains volatile. Semiconductor capital equipment companies continue to benefit from investor optimism around AI. Tokyo Electron benefits from rising demand for more chip volume and more complex chips, driving investment into chip fabrication plants. The company is expected to grow revenues at high single-digit rate while increasing operating margins from 25% to 35% in the medium term. E-commerce platforms face mixed dynamics with growth opportunities offset by competitive pressures. MercadoLibre continues to benefit from low e-commerce penetration in Latin America and maintains 35%+ topline growth in its 26th year. However, Alibaba's profitability in core e-commerce has been pressured by heavy investments to compete in food and grocery delivery. Nintendo's Switch 2 launch marks the beginning of a significant upgrade cycle with potential for elevated growth in both hardware and software over the coming five years. The overall Switch installed base could reach 250 million customers, nearly doubling the customer base capable of downloading gaming titles. The company is expected to grow earnings at 30% annualized for the next few years. The investment approach focuses on businesses with durable competitive advantages, strong returns on capital, and resilient earnings. Quality companies are expected to ultimately outperform the broader market despite current market preference for cyclically sensitive businesses. This quality-focused strategy is especially important when investors embrace risk and cyclicality. | View | |
| 2025 Q4 | Jan 21, 2026 | Polen Capital – Global SMID Company Growth | -2.7% | 1.8% | 0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW | AI, global, growth, Quality, software, technology | The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years. | SPOT 0700 HK ORCL LLY |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| 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. | ||||||||