HF Best Ideas
AnalysesQuarterly LettersInsightsChartsWarren AI
All funds

PM Capital

Mar 2025 → Sep 2026 · Publishes quarterly · 4 funds

Our archive holds 8 letters from PM Capital, behind 20 investment theses and positions in 31 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

Get an email when this fund publishes its next letter

8
Letters
31
Companies
19
Moves
20
Theses

3 strategies

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

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

Also filed under PM Capital.

What they bought and sold · 19 moves

  • ExitedGrupo Mexico
    September 2026
    “We reduced the Fund's positioning across the copper sector during the quarter, exiting Grupo Mexico and materially reducing our positions in Freeport McMoRan and Teck Resources.”
    Read the letter
  • TrimmedCapstone Copper
    September 2026
    “We reduced the Fund's positioning across the copper sector during the quarter, selling down both BHP and Capstone Copper near their quarter highs.”
    Read the letter
  • New positionGrainCorp
    September 2026
    “During the quarter, GrainCorp was added to the portfolio.”
    Read the letter
  • ExitedCSL
    September 2026
    “The fund exited its position in CSL via written call option positions.”
    Read the letter
  • ExitedBodycote
    September 2026
    “The board subsequently recommended an improved, firm offer from Veritas in September, and we sold our position on market.”
    Read the letter
  • TrimmedBHP
    September 2026
    “We reduced the Fund's positioning across the copper sector during the quarter, selling down both BHP and Capstone Copper near their quarter highs.”
    Read the letter
  • AddedCenturia Industrial REIT
    September 2026
    “We took advantage of the weakness over the last couple of months to rebuild our position in the company after previously reducing our exposure in late 2025 close to the highs in the stock price.”
    Read the letter
  • TrimmedFreeport-McMoRan
    September 2026
    “We reduced the Fund's positioning across the copper sector during the quarter, exiting Grupo Mexico and materially reducing our positions in Freeport McMoRan and Teck Resources.”
    Read the letter
  • TrimmedTeck Resources
    September 2026
    “We reduced the Fund's positioning across the copper sector during the quarter, exiting Grupo Mexico and materially reducing our positions in Freeport McMoRan and Teck Resources.”
    Read the letter
  • New positionHCA Healthcare
    September 2026
    “The fund initiated a position in American private hospital operator HCA Healthcare.”
    Read the letter
  • AddedWalt Disney
    September 2026
    “PM Capital has built a position in Walt Disney (NYSE: DIS), the owner of the deepest intellectual property library in entertainment.”
    Read the letter
  • AddedSPIE
    September 2026
    “We used the weakness in the stock price to top up our position, having previously reducing it at its highs in mid-2025.”
    Read the letter
  • TrimmedTeck Resources Limited
    August 2026
    “Following the sector’s strength, and with valuations now reflecting the higher copper prices, we used the sharp re-rating to opportunistically take profits and reduce position sizing.”
    Read the letter
  • TrimmedNewmont Corporation
    August 2026
    “We took advantage of the relative market movements to manage position sizing, reducing Newmont and increasing Northern Star.”
    Read the letter
  • TrimmedFreeport-McMoRan Inc.
    August 2026
    “Following the sector’s strength, and with valuations now reflecting the higher copper prices, we used the sharp re-rating to opportunistically take profits and reduce position sizing.”
    Read the letter
  • AddedNorthern Star Resources Ltd
    August 2026
    “We took advantage of the relative market movements to manage position sizing, reducing Newmont and increasing Northern Star.”
    Read the letter
  • 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.”
    Read the letter
  • 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 · 31

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

Theses · 20

  • Walt Disney Company
    September 2026

    Walt Disney owns an irreplaceable IP library monetised across parks, consumer products and streaming, and trades at the bottom of its valuation range despite strong business quality.

    Read the full thesis
  • Northern Star Resources
    September 2026

    Northern Star is on the cusp of a significant free cash flow inflection as the Kalgoorlie mill ramps up and legacy hedges roll off, with the board rightly rejecting an undervaluing takeover offer.

    Read the full thesis
  • Newmont Corporation
    September 2026

    Newmont delivered record free cash flow and settled its Nevada dispute favourably, adding the low-cost, long-life Fourmile discovery to its joint venture.

    Read the full thesis
  • Wynn Resorts
    September 2026

    Wynn Resorts trades with little value ascribed to its upcoming UAE Al Marjan resort, which offers near-term gaming monopoly and economics above its 40% equity stake.

    Read the full thesis
  • SPIE
    September 2026

    SPIE is positioned at the centre of European energy, digital and building infrastructure renewal, with Germany as its main growth driver despite French weakness.

    Read the full thesis
  • HCA Healthcare
    September 2026

    HCA Healthcare has strong Sun Belt market share, supportive demographics and shareholder-friendly capital allocation, with digitalisation and AI benefits not reflected in its share price.

    Read the full thesis
  • Stanmore Resources
    September 2026

    Stanmore Resources is well positioned as coal prices recover, with improving production, strong cost management and a strategically sound Moranbah South acquisition at a single-digit earnings multiple.

    Read the full thesis
  • GrainCorp
    September 2026

    GrainCorp trades below asset replacement value and on a double-digit through-cycle free cash flow yield, with improving East Coast growing conditions and rising grain prices.

    Read the full thesis
  • 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

Letter archive · 8

2026

2025

Get PM Capital’s next letter the day it lands

We track PM Capital alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund