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PM Capital

Mar 2025 → Jun 2026 · Publishes quarterly · 2 funds

Our archive holds 5 letters from PM Capital, behind 11 investment theses and positions in 10 companies. Every quote below is copied verbatim from the letter it came from.

PM Capital’s own letters page
5
Letters
10
Companies
2
Moves
11
Theses

What they bought and sold · 2 moves

  • 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 · 10

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

Theses · 11

  • 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.

    Read the full thesis
  • 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 · 5

2026

2025

Funds · 2

  • PM Capital4
  • PM Capital Global Companies Fund1

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