PM Capital Global Opportunities Fund

US bet paying off for Flutter Entertainment

About this Fund

Fund Detail

INVESTMENT STYLE PGF invests in a concentrated portfolio of quality global companies.
INVESTMENT PROFILE PGF aims to provide long term capital growth and outperform the greater of the Benchmark or RBA cash rate over rolling seven year periods.
FEES 1.00% p.a.



Benefits of investing in PGF


The Fund's process has been shown to be effective, based on a philosophy developed by Paul Moore, over 30 years. This has produced attractive long term capital growth. 


We have an authentic investment process where our exposure to industry sectors, geographic regions or market capitalisation is determined solely by our conviction in the risk/ reward opportunities that we identify within portfolio guidelines. No conviction = no investment.


The Fund aims to create long term wealth for our co-investors by finding and exploiting investment anomalies around the world, wherever they are. We find opportunities where others may only see risks.


Our co-investors receive access to a unique subset of opportunities to which they would otherwise find difficult to access. The management team have significant investments in the Fund - they invest for and with you.

The Company may be suitable if you want:

  • Capital growth: Provided by a focused, patient and considered process
  • Access to global securities: Increase your exposure to global equities, either within your portfolio or SMSF
  • A long term approach: Comfortable with investing in the Company over the long term (7 years plus) with some short term volatility
  • Diversity: The potential for returns that may be significantly different to those provided by the index and more traditional Listed Investment Companies.




Key Features

About the Fund

The PM Capital Global Opportunities Fund Limited (ASX:PGF) provides investors with an opportunity to invest in global equities via an Australian Securities Exchange (ASX) listed investment company. The company began trading on the ASX on 12 December 2013.

Managed by PM Capital Limited, the aim is to create long term wealth through a concentrated portfolio of 25-45 global companies that we believe are trading at prices different to their intrinsic values.

The Company's investment objective is to provide long term capital growth and outperform the greater of the MSCI World Net Total Return Index (AUD) or RBA cash rate over rolling seven year periods. The Company is not intended to replicate the index, investing in a concentrated portfolio of predominantly undervalued equities and other global (including Australia) investment securities.


How we invest your money

The Company's Portfolio will be a concentrated portfolio, with its listed equity component typically diversified across global equity markets (including Australian). All portfolio positions are to be subject to intensive research and peer group review.

The Company is to have a wide investment universe and will seek to invest capital wherever the Manager considers that the greatest risk reward opportunities exist.

The investment process will be bottom-up and research intensive and is to be used to identify both risk and opportunity.

Derivatives may be used for risk management purposes as well as to create new positions. The Company may also short sell securities the Manager believes will fall in value or to reduce risk around securities that the Manager feels are overvalued.

Leverage may be also used to enhance returns, for example, where corporate bond yields exceed borrowing costs.

Investment Guidelines

The following investment guidelines apply to the Manager's implementation of the Company's investment strategy:

  • As a guide, the Company should hold around 40 globally listed stocks.
  • Individual security positions should not exceed 10% of the Portfolio's net market value.
  • Up to 30% of the Portfolio's net market value may be held in interest bearing debt securities and, if appropriate, it may hold up to 100% of the Portfolio's value in cash. Cash is defined as deposits, term deposits and senior debt with less than 12 months to maturity.
  • Industry sector exposures will not exceed the greater of 35% of the net market value of the Portfolio or three times the corresponding sector weight of the MSCI World Index (AUD).
  • Individual direct short positions will not exceed 3% of the Portfolio's net market value. The Portfolio may have a maximum of 30% of the Portfolio's net market value in direct shorts', which are defined as short positions that are not paired with a long position.
  • Derivatives may be used for hedging purposes or to replicate underlying positions.
  • Option strategies may be employed to reduce market risk or to create new exposures.
  • The maximum net equity exposure of the Portfolio is 110% of the Portfolio's net market value; defined as long equity minus short equity, and is calculated on a net effective, option adjusted basis.
  • The Portfolio's maximum total net invested position is 130% of the Portfolio's net market value. This maximum weighting may be a combination of a maximum net equity position of 110% and a maximum allocation to interest bearing debt securities of 30%. For example, if the net equity position were 110% then total debt securities would be limited to 20%.
  • Up to 10% of the Portfolio's net market value may be held in unlisted securities and Australian registered managed investment schemes (Mis). These MIS may be operated by the Manager or a third party responsible entity or fund manager. The investments made by these MIS will be consistent with the investment objective of the Company; however the investment guidelines outlined in this Section do not apply to the investments made by the MIS. If
  • the Company invests in a MIS that is operated by the Manager, the fees paid to the Manager will be rebated to the Company.
  • There are no constraints regarding geographical exposure.

Asset allocation

(Asset type and valuation: Allocation Range (as a percentage of the Portfolio's net asset value unless otherwise indicated) / Location)

  • International listed equities including Australian listed equities (On market): 0-100% / Global (including Australia)
  • International Government and corporate bonds including Australian Government and corporate bonds (Valued by the Custodian / Broker: 0-30% / Global (including Australia)
  • Other securities such as MIS and unlisted securities (Valued by the Prime Broker, Custodian or other independent third party sources): 0-10% / Global (including Australia)
  • Cash and cash equivalent investments (see term deposits below)(As held by the Custodian): 0-100% / Global (including Australia)
  • Term deposits (As held by the Company and the Custodian): As required / Australia
  • Exchange-traded derivatives (On market): Create underlying position when required / Global (including Australia)
  • Over-the-counter (OTC) derivatives Valued by Prime Broker and counterparties: Hedging purposes / Global (including Australia)