Our usual quarterly video has been replaced with this letter due to the COVID-19 lock-down precluding filming. We inted to provide video updates in the coming weeks.
The June 2021 Quarterly Report and letter from the Chief Investment Officer below provides the latest information on the performance of PM Capital's portfolios, investment activity and market outlook.
In his letter, Paul Moore, Chief Investment Officer and Portfolio Manager, Global Strategies, discusses:
- The extraordinary year in markets
- Movements in value vs growth stocks as the market debates the direction of interest rates and inflation
- The importance of not following the herd, particularly at inflection points
- His belief that the rotation to value remains in its infancy