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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 |
| 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. | ||||||||