Recognising opportunities where valuations look rewarding

The September 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, discusses:

  • Interest rates being the driving force behind market movements
  • The risk of not earning an acceptable rate of return from passive allocations and the need for good investors to be doing something that others are not
  • The importance of valuation, where valuations still look rewarding and recent additions to the portfolio

“Higher interest rates and the end of excess liquidity being provided by central bankers means… can no longer hide in passive investments… need to make investments in specific stocks that will provide an acceptable rate of return…” 

September Managed Funds Quarterly


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.