PM Capital Australian Companies Fund
|US bet paying off for Flutter Entertainment|
|Flutter Entertainment - An Attractive Long-Term Bet|
About this Fund
|FUND MANAGER||PM Capital|
|ASSET CLASS||AUSTRALIAN EQUITIES|
|INVESTMENT STYLE||The Fund is a handpicked portfolio of 15-25 companies, most based in Australia.|
|INVESTMENT PROFILE||The Fund aims to provide long term capital growth and outperform the greater of the Benchmark or the RBA cash rate over rolling seven year periods.|
|CURRENCY MANAGEMENT||Active management|
|BENCHMARK||S&P/ASX 200 Accumulation Index|
|FUND SIZE||S&P/ASX 200 Accumulation Index|
|NO. OF HOLDINGS||15-25|
Benefits of investing in the PM Capital Australian Companies Fund
The Fund may be appropriate for investors seeking capital appreciation over a seven plus year investment horizon.
|RISK LEVEL||Very High|
Capital Growth, Satellite/small allocation (<25%)
About the Fund
The Australian Companies Fund aims to create long term wealth through a handpicked portfolio of 15-25 companies, most based in Australia, we believe are trading at prices different to their intrinsic values.
The Fund's objective is to provide long term capital growth and outperform the greater of the S&P/ASX 200 Accumulation Index or the RBA cash rate over rolling seven year periods. The Fund is not intended to replicate the index, investing in a concentrated portfolio of predominantly undervalued Australian equities, with the added attraction of some exposure to PM Capital's global best ideas.
The Fund uncovers and profits from market anomalies in Australia, but also applies global market anomalies to the Australian market.
We aim to build long term wealth together with our co-investors by finding and exploiting investment anomalies around the world. Using a focused, patient and considered approach to finding simple investment ideas produces the best environment for creating that long term wealth.
Our experience has shown us that while the market is largely efficient, it can, and regularly does, misprice a small proportion of companies. This mispricing can arise as a result of any number of reasons, but is most often associated with disruptive or cyclical change, new information which is misunderstood by the market as having a permanent impact when it is in fact transitory, or just because they are operating in a sector out of favour with investors.
Our unique process is based on scanning the world for those companies (hence the radar in our logo), discovering the associated valuation anomalies and extracting value from them. We buy good businesses at a good price; businesses that we believe are being valued differently to their long term intrinsic value, but will return to their correct value over time.
How we invest your money
The Fund is a focused portfolio, with its listed equity component typically comprising 15 to 25 predominately Australian equity market securities.
The allowable assets include (but are not limited to) listed and unlisted Australian and global securities, interest bearing debt securities, managed investment schemes, derivatives (both exchange traded and over the counter (OTC) - for example swaps, options, futures, forwards, credit derivatives/credit default swaps, etc), deposit products and cash.
Asset allocation ranges