PM Capital
PM Capital Global Companies Fund, Australian Companies Fund & Enhanced Yield Fund
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 8 investment theses and positions in 31 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of PM Capital for every strategy.
Performance
as of Sep 30, 2026 · net of fees · AUD · Enhanced Yield Fund (Performance Fee Option)
- YTD+3.1%
- 1Y+3.9%index +4.1%
- 3Y · /yr+5.1%index +4.2%
- 5Y · /yr+4.0%index +3.4%
- 10Y · /yr+3.5%index +2.2%
- Inception · /yr+5.0%index +3.5%
Index: RBA cash rate
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| PM Capital Global Companies Fund, Australian Companies Fund & Enhanced Yield Fund | +3.1% | +3.9% | +5.1% | +4.0% | +3.5% | +5.0% |
| RBA cash rate | — | +4.1% | +4.2% | +3.4% | +2.2% | +3.5% |
Calendar years
- 2025+4.6%
- 2024+6.0%
- 2023+6.5%
- 2022+0.2%
- 2021+1.6%
- 2020+2.1%
- 2019+3.3%
- 2018+1.6%
- 2017+5.3%
- 2016+4.6%
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
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.
We reduced the Fund's positioning across the copper sector during the quarter, selling down both BHP and Capstone Copper near their quarter highs.
During the quarter, GrainCorp was added to the portfolio.
The fund exited its position in CSL via written call option positions.
The board subsequently recommended an improved, firm offer from Veritas in September, and we sold our position on market.
We reduced the Fund's positioning across the copper sector during the quarter, selling down both BHP and Capstone Copper near their quarter highs.
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.
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.
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.
The fund initiated a position in American private hospital operator HCA Healthcare.
PM Capital has built a position in Walt Disney (NYSE: DIS), the owner of the deepest intellectual property library in entertainment.
We used the weakness in the stock price to top up our position, having previously reducing it at its highs in mid-2025.
Also held
Its investment theses
- Walt Disney CompanySep 2026Walt 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.
- Northern Star ResourcesSep 2026Northern 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.
- Newmont CorporationSep 2026Newmont delivered record free cash flow and settled its Nevada dispute favourably, adding the low-cost, long-life Fourmile discovery to its joint venture.
- Wynn ResortsSep 2026Wynn 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.
- SPIESep 2026SPIE is positioned at the centre of European energy, digital and building infrastructure renewal, with Germany as its main growth driver despite French weakness.
- HCA HealthcareSep 2026HCA 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.
- Stanmore ResourcesSep 2026Stanmore 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.
- GrainCorpSep 2026GrainCorp 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.