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PM Capital Global Opportunities Fund Limited

Fund Manager: PM Capital
Inception Date: Dec 01, 2013

PM hopes to lick the problem with LIC dilution

The West Australian - Jul 30, 2018

International share manager Paul Moore is shaking the tin for a new $105 million-plus listed investment company that he reckons will tackle a problem facing the sector. The problem the PM Capital boss refers to is listed investment company shares often trading on sharemarkets at big premiums to net asset backing at some stages of the investment cycle and then trading at big discounts at other stages. Mr Moore’s internationally focused PM Capital Global Opportunities Fund has been no stranger to a phenomenon that has seen listed investment company shares trade at 20 per cent premiums to net asset backing and 40 per cent discounts this decade. [More]

Australian investors are too preoccupied with pouring funds into the local bourse given more attractive valuations offshore, with many also placing too much emphasis on "roulette like" macroeconomic factors. That's the view of PM Capital founder and chief investment officer Paul Moore, who believes in many cases valuations have outrun fundamentals in Australia and that political and economic shocks often prompt an overreaction in markets. "There is always a bull and a bear argument," he said in an interview. "We don't worry too much about macroeconomic or political forces. It is roulette like ... it is either black or red." [More]

Most of the recent innovation in LICs has involved issuers of new LICs covering the costs of the listings, rather than passing these costs on to investors as they did in the past. That’s changed today, with PM Capital’s launch of “PTrackERS” (Portfolio Tracking Echangeable Redeemable Security). Today we take a look at the offer and see what investing in this innovative new LIC means for investors. Why the need for innovation in LICs? The PTrackERS product will ... [More]

Funds get inventive on foreign exposure

The Australian - Jul 11, 2018

Step aside from the current market tussle between the bulls and the bears and we see that weaknesses have emerged in the main pooled equity savings structures for smaller investors — listed investment companies and exchange-traded funds. Such pooled equity structures are a vital part of many self-managed fund portfolios and self-managed funds dominate the retirement sector of superannuation. Listed investment companies are not working as well as we might have hoped and secondly if, as seems likely, the best returns are going to be achieved via stock selection in the looming environment, then exchange-traded funds (ETFs) might not be as effective as they have been in the past. In recent times, the pooled equity structures market has been dominated by ETFs that are usually related to an index and have the great advantage of having lower fees than most mutual funds and listed investment companies and they have provided good returns. [More]

PM Capital offers new LIC

Financial Standard - Jul 03, 2018

PM Capital Global Opportunities Fund (ASX: PGF) and its subsidiary PM Capital GO 2025 yesterday announced a new listed investment company. PTrackERS, is a specially-developed converting security. In seven years' time, PTrackERS security holders will have the choice to convert the security into either shares of the PM Capital Global Opportunities Fund (PGF) or to redeem it based on NTA. The issue price is $1.40 per PTrackERS, to raise a minimum of $105 million and a maximum of $491 million. [More]

This is a guest post from Steve Green. Steve is a full-time investor with a focus on LICs, event-driven and activist investing. You can follow some of his ideas at his investment blog at www.valueinvestingforaliving.com Author’s note: In compiling this article I have used data as at 25th April, 2018. Recently I was checking out Morphic Ethical Equities Fund (MEC) and observed how fickle the premium / discount to NTA can behave. It is almost one year since listing and this type of pat ... [More]

Time for global active managers to outperfor ...

Steve Green from stevegreeny.com - Aug 24, 2017

This is a guest post from Steve Green. Steve is a full-time investor with a focus on LICs, event-driven and activist investing. You can follow some of his ideas at his investment blog at www.stevegreeny.com Most investors probably have an inkling that active fund managers are not doing a stellar job when it comes to outperforming the S&P 500 of late. Sometimes a chart is worth a thousand words, and here is one that ought to grab the attention of those with a penchant towards a mean revers ... [More]

Antipodes Partners have today launched their new Listed Investment Company (LIC) IPO, Antipodes Global Investment Company Limited (APL), which is aiming to raise up to $220m. Antipodes Partners are likely relatively unknown to most investors, they haven't been around too long, launching their first 3 managed funds in July 2015, however they have offer an impressive pedigree, with ex Platinum Asset Management Deputy Chief Investment Officer, Jacob Mitchell at the helm. They also boa ... [More]

2016 has certainly started with a bang. As we write this the ASX is down around 8% for the year, some advisers are telling their clients to sell everything and the most fear and panic we’ve seen for a number of years are gripping global markets. This two part series is going to look at some of the strategies and funds that can be used to protect your portfolio in these volatile times. Part 1 below focuses on Listed Investment Companies (LICs), with part 2 focusing on Exchange Traded Funds ... [More]

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