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PM Capital

Mar 2025 → Aug 2026 · Publishes quarterly · 3 funds

Our archive holds 6 letters from PM Capital, behind 12 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.

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PM Capital’s own letters page
6
Letters
12
Companies
3
Moves
12
Theses

2 strategies

PM Capital publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

Also filed under PM Capital.

What they bought and sold · 3 moves

  • ExitedGoogle
    August 2026
    “Apart from briefly owning Alphabet (owner of Google) during FY26, which we sold after its valuation quickly reached our target, PGF does not own the ‘Magnificent Seven’ tech companies, SpaceX or other highly valued AI-related businesses.”
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  • AddedWestpac Banking Corp
    June 2026
    “We also added to our domestic banking exposure through subordinated bonds of Westpac Bank at a current yield of approximately 5.8%”
    Read the letter
  • AddedMelbourne Airport
    June 2026
    “Additionally, the Fund increased its exposure to essential infrastructure assets, including Melbourne Airport at a current yield of approximately 6.1%”
    Read the letter

Companies held · 12

Every company PM Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 12

  • Royalty Pharma
    August 2026

    Royalty Pharma invests in drug royalties and is seen as benefiting from long-term growth in royalty funding demand.

    Read the full thesis
  • Walt Disney
    June 2026

    Walt Disney is valued below the quality of its IP-driven assets and has attractive earnings and free cash flow growth potential.

    Read the full thesis
  • Visa
    June 2026

    Visa is seen as an attractively valued high-quality compounder with durable earnings growth and asset-light cash generation.

    Read the full thesis
  • Challenger Limited
    June 2026

    Challenger Limited is the Australian annuity leader positioned to benefit from capital reform and retirement demand tailwinds.

    Read the full thesis
  • Cairn Homes
    June 2026

    Cairn Homes benefits from structural housing undersupply, supportive policy and strong execution, driving shareholder returns.

    Read the full thesis
  • Glenveagh Properties
    June 2026

    Glenveagh Properties is supported by housing undersupply, government policy and excellent management execution.

    Read the full thesis
  • Union Pacific Corporation
    December 2025

    Union Pacific is a dominant rail operator with an irreplicable network and potential upside from a proposed transcontinental merger with Norfolk Southern.

    Read the full thesis
  • Siemens Healthineers AG
    December 2025

    Siemens Healthineers is a global imaging leader with structural tailwinds, rising recurring revenues, governance simplification, and valuation upside.

    Read the full thesis
  • Challenger Limited
    December 2025

    Challenger benefits from rate normalization, retirement income growth, and APRA reforms that support earnings and valuation re-rating.

    Read the full thesis
  • Capstone Copper Corp
    June 2025

    Capstone Copper Corp is a significantly restructured and optimized copper producer listed on the ASX, currently trading at a discount despite operational progress and resilient copper prices.

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  • Endeavour Group
    June 2025

    Endeavour Group is a promising investment opportunity despite a 50% share price decline since its 2022 peak, as it offers strong market positions, significant barriers to entry, and an attractive gross dividend yield over 7% amidst improving economic conditions.

    Read the full thesis
  • Challenger
    March 2025

    Challenger is a company with promising long-term growth potential, driven by an improved annuity mix, technological upgrades, and possible favorable regulatory changes, despite current market disappointment and a low stock valuation.

    Read the full thesis

Letter archive · 6

2026

2025

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