Banking turmoil? Why our banking stocks pass the quality control check

The March 2023 Quarterly Report and video update below provides the latest information on the performance of PM Capital's portfolios, investment activity and market outlook.
In this video Paul Moore, Chief Investment Officer and Portfolio Manager, and Kevin Bertoli, C0-Portfolio Manager, equities discuss:

•    The turmoil in the banking industry and how our banking positions are affected;
•    A recent takeover offer for our largest commodity investment, Teck Resources;
•    The importance of a long term focus and the having the patience to let investment theses play out.

“The two big issues over the quarter [Silicon Valley Bank, which we didn’t hold, and Teck Resources restructure proposal] obviously make our life interesting, but it doesn’t change the long-term investment thesis and so we continue to be shareholders and we continue to expect this to play out over a long period of time.”

March Managed Funds Quarterly Report


This insight is issued by PM Capital Limited (ABN 69 083 644 731 AFSL No. 230222) as the investment manager for the PM Capital Global Opportunities Fund Limited (ACN 166 064 875, ‘PGF’) and as the responsible entity for the PM Capital Global Companies Fund (ARSN 092 434 618), the ‘Fund’.
It contains information only and does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities of PGF or of the Fund. The information herein seeks to provide an insight into how and why we make our investment decisions, and is subject to change without notice. This information does not constitute advice or a recommendation, and is subject to change without notice. It does not take into account the objectives, financial situation or needs of any investor which should be considered before investing. Investors should consider ASX announcements, the Target Market Determinations and the current Product Disclosure Statement (which are available from us), and obtain their own financial advice, prior to making an investment. The PDS explains how the Funds' Net Asset Value are calculated. Past performance is not a reliable guide to future performance and the capital and income of any investment may go down as well as up.