• Compliance

Compliance

Terms of Use

All users of services accessible through this site agree to PM CAPITAL's terms and conditions set out below.

General

Products are issued by PM Capital Limited ABN 69 083 644 731. Applications to invest in these Funds can only be made on the basis of the Application Form attached to the Product Disclosure Statement (PDS) which is current at the time of application. PDS's describing each product are available from this site or by contacting PM Capital on +612 8243 0888. The relevant PDS should be considered before making an investment decision about any product.

Any person who gives another person access to the Application Form must at the same time and by the same means give the other person access to the relevant PDS and any supplementary PDS.

This site is for general information purposes only and is not intended to be relied upon for the purpose of making an investment decision. The site does not constitute an offer of any investment or an invitation or solicitation to buy or sell securities to any person. In particular, the information provided does not take into account the particular information an individual investor may require to make an investment decision. PM Capital Limited recommends that potential investors seek independent financial and taxation advice before making any investment decisions so as to determine whether an investment is appropriate having given an investors’ investment objectives, financial position and needs.

The information on this website is only intended for Australian and New Zealand residents.  All currency references are references to Australian dollars (unless otherwise specified).

 PM Capital holds an Australian Financial Services Licence No. 230222.

Accuracy of information and limitation of liability

PM Capital makes no warranty as to the accuracy, completeness or currency of information that is made available through this site will not be liable for or in connection with any loss or damage arising from any inaccuracies, errors or omissions in information made available through this site. PM Capital is under no obligation to update this website or notify you of any changes to any information on this website. However, PM Capital will endeavor to ensure that information is updated as soon as practicable.

PM Capital makes no warranty that the use or operation of this site will be uninterrupted or error free or that the site is suitable for any particular purpose or has any performance, functionality or security features except as we are required to provide by law. To the extent permitted by law PM Capital's liability is limited to resupplying the services accessible through this site.

Past performance is no indication of future performance. Neither PM Capital Limited nor any other person makes any representation as to the future performance or success of, the rate of income or capital return from, recovery of money invested in, or income tax or other taxation consequences of, any investment in the Funds shown on this site.

The investment risk

Investments in the Funds are not deposits with or other liabilities of PM Capital Limited, and are subject to investment risk including possible delays in repayment or loss of income or capital invested. Neither the repayment of capital nor the investment performance of the Funds are guaranteed by PM Capital Limited, its directors, employees, agents, or consultants.

Copyright

Copyright in the information contained in this site is owned by PM Capital Limited. Use of this information or reproduction of it in hard copy form is allowed for personal use only. The material may be viewed on-line by means of an HTML web browser and may be reproduced in hard copy only for a users personal reference. No part of this information may be otherwise reproduced, adapted, distributed or transmitted in any form by any process or incorporated in any way in any other document or material. Except to the extent otherwise permitted by the Copyright Act 1968 (Cth), the material may not otherwise be reproduced or displayed in public and may not be distributed or transmitted electronically to any other person or incorporated by any means into another document or material, including other websites without the express written permission of PM Capital. Without limiting the generality of the foregoing, PM Capital does not permit reproductions of its material in other websites in conjunction with advertising, trade marks, logos on material of other financial planners or competitors without the express written permission of PM Capital.

Links to and from other websites

This website may contain links to other websites. Neither PM Capital, nor any associated party make any representation or warranty as to the accuracy, quality, currency or any other aspect of the information contained on those linked websites. A link to another website is not and should not be construed as an endorsement or recommendation by PM Capital or any associated party of the goods or services offered on that other website or the information contained on that other website.

Privacy

At PM Capital the privacy of your personal information is important to us. Any personal information collected from this site will be handled in accordance with our Privacy Policy. Our Privacy Policy details how we comply with the requirements of the Privacy Act in the handling of your personal information.

Access is subject to other notices, disclaimers and statements

In addition to these terms and conditions, you agree that your access to this website will also be subject to any other notices, disclaimers or statements contained on this website.

Changes to these terms and conditions

PM Capital may, without notice, amend the terms and conditions for accessing this web-site at any time by posting the amended version on this website. If you access this website, you agree to be bound by the terms and conditions that apply at that time and that PM Capital has no obligation to notify you of any such amendments.

Governing law

These terms and conditions are governed by the laws applicable in the State of New South Wales, Australia and each party submits to the non-exclusive jurisdiction of the courts of that State.

Online Extranet Services

PM Capital Online Services allows you to access your personal account information such as your account balance, transaction history, distribution details and tax statement. In addition, you can obtain recent information on daily unit pricing, Fund sizes and performance, and other periodic reports.

By accessing PM Capital Online Services, you are taken to agree that:

  • None of PM Capital, FundBPO or any of their directors and officers, staff and agents (collectively ‘PM Capital’, ‘we’, ‘us’) are liable in any way (including for negligence) for any loss suffered by you (however caused) in connection with this service, or any information supplied through the service. PM Capital is not liable for, and you indemnify us for any claims, losses or costs arising from the use of PM Capital Online Services by you or by any person using your login number or password, otherwise than in accordance with these terms and conditions;
  • you will use PM Capital Online Services only in accordance with the terms and conditions applicable from time to time, and your other legal obligations. We may amend these terms and conditions at any time by posting the amended terms and conditions on our website. We may require you to read and accept any amended terms and conditions in order to continue to use PM Capital Online Services but, unless the law requires otherwise, those amended terms and conditions are binding on you from the time they are posted on our website whether or not you have read them or accepted them. You should check for changes to the terms and conditions from time to time;
  • you will use PM Capital Online Services only to access information you are properly authorised to access and to use information that you obtain only for lawful purposes;
  • we will take all reasonable steps to ensure that the information which you access by using PM Capital Online Services is accurate and up-to-date. Nevertheless, all information may change without notice. The web portal contains general information only. It does not constitute advice, a recommendation, or an offer, of any kind. It does not take into account the objectives, financial situation or needs of any investor which should be considered before investing. Past performance is not a reliable guide to future performance. Investing in securities involves various risks – which includes the possibility of losing some or all of your capital. You should undertake your own due diligence, seek financial and tax advice, and consider either the Product Disclosure Statement (and New Zealand Investor’s Information Sheet, if relevant)before investing;
  • all representations and warranties relating to this service are excluded but if the law implies a term into these terms and conditions and prohibits provisions excluding or modifying liability under that term, then that term will be included in these terms and conditions. However, our liability for breach of that term is limited to the supply of the service again or paying the cost of having the service supplied again;
  • you will regularly (at least quarterly) change your password, and keep your login and password confidential and not disclose them to anyone or record them in a manner in which their confidentiality could be compromised;
  • if you delegate access to PM Capital Online Services to another person, you will be fully responsible, and will indemnify us, for all the consequences of that delegation;
  • you will notify us immediately if you believe that the security of your login or password has been compromised or if PM Capital Online Services has been accessed by an unauthorised person using your login or password;
  • where there are joint signatories on an account and one of you registers for PM Capital Online Services with transaction access (if available in the future), you will both be taken to consent to an action each time one of you acts on your account(s) through PM Capital Online Services;
  • we will only act on completed communications which we receive in full and without apparent error. The display of a transaction reference number on-screen is evidence that your communication has been completed. We will not be liable for any loss or delay resulting from the non-receipt of any transmission;
  • anyone may use PM Capital Online Services (including accessing account information and making transactions) provided they use a valid login or password, whether such use was authorised by you or not;
  • PM Capital is not responsible to you for acting on any instructions received through PM Capital Online Services which use your login or password whether or not those instructions are authorised by you and that we will not compensate you for any losses you may suffer as a result;
  • we may withdraw or restrict your PM Capital Online Services access at any time for any reason;
  • we make no warranty that the use or operation of PM Capital Online Services will be uninterrupted or error-free or that PM Capital Online Services is suitable for any particular purpose or has any performance, functionality or security features except as we are required to provide by law; and
  • you must advise us in writing if you wish to discontinue using PM Capital Online Services. The facilities will remain in place until the second business day after the day on which we receive your notice in writing. Unless and until the facilities are terminated in accordance with this clause, these terms and conditions will apply to you and to your account.

Privacy Policy

Privacy of your personal information

About this policy

PM Capital Limited (“PM Capital”, “we”) acts as the Responsible Entity for several managed investment schemes (collectively the ‘Schemes’) and various external mandates.

PM Capital recognises the importance of, and is committed to, protecting the privacy of individuals when handling their personal information. We consider that our behaviour in relation to privacy to be a reflection of our commitment to meeting high compliance and ethical standards.

The PM Capital Privacy Policy (‘Policy’) explains in an open and transparent manner how PM Capital will collect, hold, use, disclose, protect and otherwise handle our clients’ personal information in accordance with the Australian Privacy Principles contained in the Privacy Act 1988 (Cth).

When you provide PM Capital with personal information you consent to its use, disclosure and handling of your personal information in accordance with this Policy as amended from time to time.

A copy of this Policy it is available for download from our website, or a copy of the Policy can be obtained from us (free of charge) on request. Should you require a copy of this Policy it is available for download or we can post you a copy at your request. 

We may update this Policy from time to time to take into account changes in our practices for the handling of personal information, or to relevant legislation, by publishing an amended Policy on our Website. You should regularly review the most recent version of this Policy available on our Website. 

1.         THE AUSTRALIAN PRIVACY PRINCIPLES

The Australian Privacy Principles (APPs), which are contained in schedule 1 of the Privacy Act 1988 (Privacy Act), outline how PM Capital must handle, use and manage personal information.

While the APPs are not prescriptive, PM CAPITAL takes such steps as are reasonable in the circumstances to implement practices, procedures and systems relating to its business functions or activities that:

(a) will ensure that PM Capital complies with the Australian Privacy Principles and a registered APP code (if any) that binds us; and

(b) will enable PM Capital to deal with inquiries or complaints from individuals about our compliance with the Australian Privacy Principles or such a code.

The APPs cover:

  • the open and transparent management of personal information including having a privacy policy;
  • an individual having the option of transacting anonymously or using a pseudonym where practicable;
  • the collection of solicited personal information and receipt of unsolicited personal information including giving notice about collection;
  • how personal information can be used and disclosed (including overseas);
  • maintaining the quality of personal information;
  • keeping personal information secure;
  • right for individuals to access and correct their personal information.

There are also separate APPs that deal with the use and disclosure of personal information for the purpose of direct marketing (APP 7), cross-border disclosure of personal information (APP 8) and the adoption, use and disclosure of government related identifiers (APP 9).

1.1         What is personal information?

Personal information means information or an opinion about an identified individual, or an individual who is reasonably identifiable:

             (a)           whether the information or opinion is true or not; and

             (b)           whether the information or opinion is recorded in a material form or not.

Note: Section 187LA of the Telecommunications (Interception and Access) Act 1979 extends the meaning of personal information to cover information kept under Part 5-1A of that Act.

2.         PERSONAL INFORMATION COLLECTED AND HELD

PM Capital collects personal information directly from you (and/or through our intermediaries) for the purposes of providing to you our investment services and products. 

The kinds of personal information that we may collect and hold includes:

  • your name;
  • place and date of birth;
  • tax file number (and other international tax numbers);
  • email address;
  • home address;
  • telephone number(s);
  • the source of your funds/monies;
  • bank account details.

Where you do not provide us with some or all of your personal information that we request then we may not be able to provide you with our products or services. 

PM Capital may hold personal information collected in both physical and electronic storage facilities including paper-based files and computer databases. 

Electronic records are maintained by a cloud hosting service provider or other third party storage or server provider. All such personal information is maintained with in the effective control of PM Capital. We have arrangements which require third party service providers to maintain the security of the information and we take reasonable steps to protect the privacy and security of that information, however, we are not liable for any unauthorised access or use of that information. 

2.1          How is personal information collected?

Personal information may be collected by a variety of means, including by provision of completed Application Forms for our Schemes, in person, by telephone, letter, facsimile, or email. We may also collect personal information by subscribing to, or purchasing, marketing databases.

2.2          Internet and electronic data capture

PM Capital may use cookies, web beacons or similar technologies to collect de-identified information about your visits to our Website for the purpose of improving your experience browsing our Website.  As an example, should you visit our Website, PM Capital may collect information about your operating system, browser type, pages accessed, documents downloaded, any previous visits, any referring website, including dates and times.

If you disable cookies in your browsers our Website may not operate as it should.

Our online enquiry form on our Website also collects the personal information you enter. This information is used for the sole purpose of answering your enquiry.

3.         HOW PERSONAL INFORMATION IS USED AND DISCLOSED

PM Capital may use and disclose personal information collected and stored to enable us to provide the financial services and products to you and for other related legal purposes. Accordingly, we may need to disclose your personal information to others, as follows:

  • related entities: to related entities of PM Capital;
  • your financial adviser or your service providers: to your agent, nominated financial adviser or service providers, with your permission;
  • service providers under contract: who help with our financial services business operations included archival, auditing, legal, business consulting, banking, payment, delivery, data storage, data processing, data analysis, fund administration, registry, mailing, marketing, research, investigation, insurance, brokerage, maintenance, website and technology services – where we engage such services providers, our contracts provide that they may only use your personal information in connection with the services they perform for us;
  • law enforcement, government agencies or other third parties as required by law: when we need to comply with law or credit card rules, or when we believe that the disclosure of personal information is necessary to prevent harm or financial loss, to report suspected illegal activity or to investigate contraventions of our loan arrangements; and
  • credit bureaus, credit reporting agencies and collection agencies: to verify your identity by e-verification, or to obtain information about your source of funds.

3.1          Disclosure to overseas recipients

From time to time, PM Capital may disclose personal information to overseas recipients. These recipients may be in other countries where laws in relation to the processing of personal information are not consistent with the APPs or the Privacy Act. 

Nevertheless, under in APP 8.1 we are generally required to implement reasonable steps to ensure that an overseas recipient does not breach the APPs. In this regard we will enter into an enforceable contractual arrangement with the overseas recipient that requires the recipient to handle the personal information in accordance with the APPs (other than APP 1).

While PM Capital may take steps to try and ensure that these third parties do not breach the APPs in relation to your personal information, the overseas recipient may breach the Privacy Act and/or the Privacy Principles and this may be due to that countries own laws. 

By providing us with your personal information you accept that we may make disclosures to overseas recipients on this basis.

3.2          Disclosure by approval

We will only use or disclose your information for the particular purpose for which it was collected, unless an exception applies. Exceptions include:

  • you have consented to a secondary use or disclosure;
  • you would reasonably expect the use or disclosure, and that is related to the primary purpose of collection or, in the case of sensitive information, directly related to the primary purpose;
  • the use disclosure of the personal information is required or authorised by or under an Australian law or a court/tribunal order;
  • a permitted general situation exists in relation to the secondary use or disclosure of the personal information by the us;
  • we reasonably believe that the use or disclosure is reasonably necessary for one or more enforcement related activities conducted by, or on behalf of, an enforcement body.

Under APP 8.27, PM Capital may disclose personal information to an overseas recipient without complying with APP 8.1 where:

  • we expressly inform you that if they consent to the disclosure, this principle will not apply, and
  • you consent to the disclosure.

4.         PROTECTING YOUR PERSONAL INFORMATION

PM Capital takes all reasonable steps to protect your personal information it holds from misuse, interference and loss, and from unauthorised access, modification or disclosure using both physical and electronic security measures.

By providing us with your personal information by email, over the Internet, you accept that such information will be transmitted at your own risk as the security of such information cannot be guaranteed.

5.         RETENTION OF PERSONAL INFORMATION

As required by APP 11.2, we take reasonable steps to destroy or permanently de-identify personal information if it is no longer needed for any purpose for which the information may be used or disclosed under the Privacy Act.

Despite this we are further obligated under the Corporations Act (2001) (Cwth) to keep financial records for at least 7 years after the transactions covered by the records are completed. Accordingly, client records are retained for the period required (being at least 7 years) to allow us to satisfy our obligations under the Corporations Act.

6.         ACCESS, CORRECTION AND COMPLAINTS

You may contact PM Capital during normal business hours to request that we provide you with access to any of your personal information held by us. We will deal with your request to provide access to your personal information within 30 days as required by this Policy and law. You should promptly notify us if you become aware that any of your personal information held is inaccurate, out-of-date, incomplete, irrelevant or misleading.

If you have any concerns about whether we have complied with this Policy, or the Privacy Act, please contact us as follows:

Compliance Manager
PM Capital Limited

Address:  Level 27, 420 George Street
Sydney NSW 2001
Email: pmcapital@pmcapital.com.au
Telephone: +612 8243 0888
Fax: +612 8243 0880

Our Compliance Manager will investigate your complaint and advise you of the outcome. If you are not satisfied with our response you can complain to the Office of the Australian Information Commissioner as follows:

The Privacy Commissioner
Office of the Australian Information Commissioner

Address:  GPO Box 5218
Sydney NSW 2001
Email: enquiries@oaic.gov
Telephone: 1300 363 992 (within Australia only)
Fax: +61 2 9284 9666

Continuous Disclosure

As part of our continuous disclosure obligations under the Corporations Act, we follow ASIC's ‘good practice guidance for website disclosure’.

This means that all material information for unitholders will be posted on this page as soon as practicable after we become aware of it.

 

30 June 2016
FUND NOTICE
Re: RG 240 Hedge funds: Annual disclosure 

This document breaks down the above components for the PM CAPITAL Funds as at 30 June 2016.

If you require an explanation as to any of these calculations please do not hesitate to contact Lachlan Cameron on 02 8243 0888 or email lcameron@pmcapital.com.au .

 

30 June 2015
FUND NOTICE
Re: RG 240 Hedge funds: Annual disclosure 

This document breaks down the above components for the PM CAPITAL Funds as at 30 June 2015.

If you require an explanation as to any of these calculations please do not hesitate to contact Lachlan Cameron on 02 8243 0888 or email lcameron@pmcapital.com.au .

 

19 January 2015

FUND NOTICE

We wish to advise that PM CAPITAL Limited has today changed is registered address and principal place of business:

FROM  -  Level 24, 400 George Street,  SYDNEY NSW 2000 

TO       -  Level 27, 420 George Street,   SYDNEY NSW 2000

All other contact details remain unchanged. 

 

22 December 2014

FUND NOTICE

Re: RG 240 Hedge funds: Improving disclosure 

In October 2013 ASIC released Regulatory Guide 240 Hedge funds: Improving disclosure. This new regulatory standard aims to assist investors in making more informed decisions about investing in hedge fund products, and to make comparisons between the products and business models of different funds more straightforward.

We are supportive of the enhanced disclosure requirements, and are committed to ensure that investors have all the information they need to make an informed investment decision. 

Under RG 240 the PM CAPITAL Funds have been classified as hedge funds. This classification is based on the fact that the Funds exhibits two or more of the characteristics of a hedge fund, being they:

  • aim to generate returns that are not highly correlated to published indices;
  • charge a performance fee;
  • use leverage;
  • use derivatives; and/or
  • use short selling.

Although our Funds are technically classified as hedge funds, the use of exotic instruments does not form a large component of our investment process and we focus the majority of our attention on fundamental stock picking on the long side. We have been implementing the same philosophy and process of, ‘buying a good business at a good price’ since the inception of the firm in 1998, and this has not wavered.  

What does this mean? 

Annually we will provide investors with a breakdown of the following;

  • the liquidity profile of the portfolio assets as at the end of the period;
  • the maturity profile of the liabilities as at the end of the period;
  • the leverage ratio (including leverage embedded in the assets of the fund, other than listed equities and bonds);
  • the derivative counterparties engaged; and
  • the key service providers and any change in their related party status.

This document within the below link breaks down the above components for the PM CAPITAL Funds as at 30 June 2014.

If you require an explanation as to any of these calculations please do not hesitate to contact Lachlan Cameron on 02 8243 0888 or email lcameron@pmcapital.com.au.

 

10 September 2014

FUND NOTICE

We wish to advise of pending amendments and/or updates for

  • PM CAPITAL Absolute Performance Fund (ARSN 092 434 618, APIR Code PMC0100AU);
  • PM CAPITAL Emerging Asia Fund (ARSN 130 588 439, APIR Code PMC0002AU);
  • PM CAPITAL Australian Opportunities Fund (ARSN 092 434 467, APIR Code PMC0101AU);
  • PM CAPITAL Enhanced Yield Fund (ARSN 099 581 558, APIR Code: PMC0103AU) (collectively the “Funds”) as follows:

We intend to change the name of the fund, as follows:

PM CAPITAL Absolute Performance Fund

will become

PM CAPITAL Global Companies Fund

PM CAPITAL Emerging Asia Fund

will become

PM CAPITAL Asian Companies Fund

PM CAPITAL Australian Opportunities Fund

will become

PM CAPITAL Australian Companies Fund

The name of the PM CAPITAL Enhanced Yield Fund (ARSN 099 581 558) will remain unchanged.

There will also be further amendments to the Funds guidelines and allowable assets, you can view the full details of these changes within in the links below.

Global Companies Fund (Absolute Performance Fund)

Asian Companies Fund (Emerging Asia Fund)

Australian Companies Fund (Australian Opportunities Fund)

Enhanced Yield Fund

 

Summary

The amendments for the Funds, as summarised above, will become effective on the lodgement of updated Constitutions and the issue of a new Product Disclosure Statement expected by early October 2014. 

We remain vigilant in executing our investment process with the objective of delivering long-term absolute capital growth for our investors. Our investment philosophy and process remains the same as it was at inception in 1998, and we look forward to continuing this in the many years ahead.

The following table summarises the name of the PM CAPITAL investment options going forward, the APIR codes will remain the same:

Asset Class

Unlisted-Managed Fund

ASX-listed Invesment Company

Global Equities

Global Companies Fund

Global Opportunities Fund Limited

Asian Equities

Asian Companies Fund

Asian Opportunities Fund Limited

Australian Equities

Australian Companies Fund

 

Yield

Enhanced Yield Fund

 

If you have any questions or would like to discuss this further, please contact PM Capital.

26 June 2014

FUND NOTICE

PRODUCT DISCLOSURE STATEMENT - DATED 25 JUNE 2013

We advise that effective from the close of business on 31 July 2014, PM CAPITAL Limited (ABN 69 083 644 731, AFSL 230222) as responsible entity for the:

  • PM CAPITAL Absolute Performance Fund, ARSN 092 434 618
  • PM CAPITAL Emerging Asia Fund, ARSN 130 588 439
  • PM CAPITAL Australian Opportunities Fund, ARSN 092 434 467
  • PM CAPITAL Enhanced Yield Fund, ARSN 099 581 558

(collectively the “Funds”), will no longer provide for, or allow, the ‘repurchase of units’ as a means for any unit holder to exit their unit holding in the Fund(s).

For the avoidance of doubt, all unit holders will continue to be able to exit their unit holding through the normal daily redemption process which remains entirely unchanged.

After 31 July 2014, all withdrawal requests will only be processed as a redemption and not as a repurchase.

Unit holders who may have considered the repurchase option as their preferred means of exiting the Funds in the future should have regard to this impending change particularly with respect to any change in the tax consequences that may be applicable.

Corporate Responsibility

One of our founding principles is to be ethical, fair and honourable. This is part of who we are and guides how we do business.

Our approach to corporate responsibility follows a similar line and focuses on:

  • ensuring our responsibility to society is addressed through considering the long-term corporate sustainability of all our investment decisions.
  • supporting the needs and interests of our community, with a strong focus on the development and support of Australian youths.

Principles of Responsible Investing

As investors in businesses, it is a natural part of our research process to consider environmental, social and governance (ESG) factors.

We incorporate ESG principles early on, with manufacturers of tobacco and weapons being screened from our investable universe. We also believe that ESG is simply part of good business practice and, due to our active and concentrated investment approach, we look very closely at the regard a company’s management team has for it.

Where we see management not addressing ESG issues appropriately, we will apply a discount to the value of a company. Not having a strong focus on ESG is, in our view, simply bad business, which leads to poor outcomes for investors. PM CAPITAL is proud to be a member of ESG Research Australia, which aims to encourage better investment decision-making through active consideration of ESG issues.

We are also a signatory of the UN Principles of Responsible Investing (UNPRI), a voluntary, aspirational initiative that provides a framework for integrating ESG considerations into investment decision-making. You can read our Responsible Investment Policy here.