The Times They Are A Changin'

Webinar recording - 26 August 2026

FOR LICENSED FINANCIAL ADVISER USE ONLY

Paul Moore shared his outlook on the opportunities and risks shaping the next phase of the market cycle.

A few of Paul’s key takeaways:

  • Inflation and rates are still the big issue. Persistent government spending, geopolitics, net zero and AI capex mean inflation will likely remain higher with upside risk – not the disinflation many are pricing in
  • Genuine valuation anomalies are still there for patient investors. European banks and commodities have proven the value of patience through the cycle, with new opportunities on the horizon for sectors such as healthcare and beverages. Themes may take years to play out, but reward conviction. 
  • Home bias is costing Australian investors. Despite offshore markets offering more attractive valuations, local investors remain heavily concentrated in domestic equities – true diversification means looking globally. 
  • Patience remains the edge. As we’ve always said with our investment approach, we believe it’s important to look past short-term noise, think long term, focus on valuation and be patient.

This is presentation is intended for licensed financial adviser use only. This insight is issued by PM Capital Limited (ABN 69 083 644 731 AFSL No. 230222) 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 the PM Capital website), 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.