PM Capital Equities Update | June 2026

In this market update, PM Capital Chief Investment Officer Paul Moore reflects on the key themes that shaped FY26 and discusses the opportunities and risks he believes will define the investment landscape ahead.

Paul shares his perspective on why markets have entered a new regime, the importance of valuation discipline in an increasingly concentrated market, and how the team is positioning portfolios across global equities. Topics include artificial intelligence, fiscal policy, commodities, healthcare, technology, currency and the role active management can play in uncovering opportunities beneath the surface of today's markets.

In this update:

  • Reflections on FY26 and the changing market environment
  • The three themes shaping markets: AI, fiscal policy and bond markets
  • Why valuation matters more than ever
  • Portfolio positioning across Apollo, healthcare, commodities and technology
  • PM Capital's outlook for the Australian dollar and currency hedging
  • Key considerations for investors as markets continue to evolve.

This communication is issued by PM Capital Pty Limited (ACN 689 382 796) (‘PM Capital’), a corporate authorised representative of Regal Partners (RE) Limited (ACN 083 644 731, AFSL 230222) (‘Regal Partners RE’) and as investment manager of PM Capital Global Opportunities Fund Limited (ACN 166 064 875, ASX:PGF). Regal Partners RE is the Responsible Entity and issuer of PM Capital Global Companies Fund (ARSN 092 434 618), the ‘Fund’) and has authorised the release of this communication. PM Capital and Regal Partners RE are wholly owned subsidiaries of Regal Partners Limited (ACN 129 188 450, ASX:RPL) (‘RPL’) (RPL and its subsidiaries are referred to together as ‘Regal Partners’). PM Capital’s Financial Services Guide can be found on RPL’s website or is available upon request. None of Regal Partners or its related parties, employees or directors provide any warranty of accuracy or reliability in relation to this communication and to the extent permitted by law, Regal Partners disclaims all liability (including liability for negligence) for direct or indirect loss or damage suffered by any recipient acting in reliance on this Report. Regal Partners, other members of Regal Partners or funds managed or advised by them may now, or in the future, have a position in any securities which are referred to in this communication. Such positions are subject to change at any time without notice.