PM Capital

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.

Expertise

Resources to continue driving the market

PM Capital

With the Brent crude oil price tipping over US$80 a barrel, continuing its rebound since 2016, attention has inevitably again turned to the current valuations of resource stocks. Portfolio Manager Uday Cheruvu looks at what the rise in energy prices may mean for long term investors. Show More

resources commodities ASX: RIO ASX: BHP

KKR - the next phase for a legend

PM Capital

KKR & Co has been a US-based alternative asset manager since 1976. Now, it's changing. PM Capital Portfolio Manager, John Whelan, explains why KKR & Co. is going through major corporate change and why it may be positive for the company. Show More

global equities pm capital global opportunities fund kkr

iCar Asia (ASX:ICQ): Our latest online classifieds play

PM Capital

Online automotive advertising portals, Autohome – featured in a Livewire piece in February 2017 – are a part of a broader investment thematic at PM Capital which has focused on online classified advertising businesses across the Asia region. With Autohome more than doubling since then we wrote about it, Livewire... Show More

ASX:CAR ASX:ICQ this time last year

The outlook for tech stocks after reporting season

PM Capital

As we’ve reached the end of the first quarter calls in the US, we can take a snapshot of the tech sector and see what it may tell us about the future. Earnings reported by technology companies across a range of subsectors have been good. In the internet space, both... Show More

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The growing opportunity in South Korea

PM Capital

Over the years during Kevin Bertoli’s time travelling to South Korea, often at times when relations were considerably strained, people have always seemed to take the North Korean issue very much in stride. Show More

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What's ahead for the bank reporting season?

PM Capital

NAB, CBA and Westpac, among others, report in early May. In those results we expect credit growth to be stronger than what the market expects. However, we expect relatively poor topline growth for the banks as their net interest margins remain under pressure. Given that the banks have already said... Show More

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The spirit of finding anomalies

PM Capital

To illustrate how the PM Capital team searches for investment anomalies around the world, Jarod Dawson uses UK pub company Spirit, which generated the opportunity for a 25% return from a credit security. Show More

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The US tax system - what difference could reform really make to the market?

PM Capital

Some US market sectors that would be major beneficiaries from tax reform haven't seen marked investor interest. What about if tax reform actually occurred? Show More

When researching companies, expect the unexpected.

PM Capital

As investors, we can get caught up with the new and snazzy. The world is definitely moving on at speed, but it’s generally technology that gets most of the attention. However, it’s not just the hardware that’s moving on. It’s also the belief systems of human beings that have to... Show More

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When banks are better than beer

PM Capital

Brewers and banks have historically played a significant role in PM Capital’s Global Companies Fund and Asian Companies Fund, and more recently the listed Global Opportunities Fund and Asian Opportunities Fund. Show More

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A new GPS

PM Capital

In this 6 minute video CIO Paul Moore discusses how to navigate the changing global interest rate environment. Show More

3 areas to watch this earning season

PM Capital

This Australian earnings season gives us an insider’s view of the health of the different sectors in which our portfolio holdings operate. This is even more important this time around, given macroeconomic statistics are giving contradictory indications. Business confidence indicators are at their highest levels in three to five years.... Show More

One of the savviest deals in American history?

PM Capital

It’s US basketball’s (NBA) finals season; it’s timely therefore to take a look at one of the best investments in NBA history; one that could easily be among the savviest business deals of all time. Show More

Granny style - an alternative investment strategy?

PM Capital

The one thing I’ve gotten really into in the last few years has been the NBA — I watch the highlight reel most nights. It’s a great way to see the best 10 plays of the day — mainly guys dunking on each other but entertaining nonetheless. So I was happy this weekend when... Show More

On the ground: Insights from Europe

PM Capital

PM Capital's Chief Investment Officer Paul Moore and Portfolio Manager John Whelan recently completed a research tour of the United Kingdom, Ireland and Spain. In this video, Paul and John review their tour, sharing insights which show us that some current market beliefs are misconceptions, and that new opportunities are... Show More

Betting on the Trump trade?

PM Capital

The market optimism following the US election has waned but the economic recovery remains in place. Notwithstanding where we are in a political cycle, I think there has been an underestimation of the pent-up demand in the US and the effects of that being unleashed. An economic recovery was occurring... Show More

When does active investment need to be even more active?

PM Capital

Recent takeover activity, including that surrounding Australia’s Spotless Group and Dutch paints and coatings maker AkzoNobel, has investors asking the question: what’s in a company’s long term interests and who’s to decide? Show More

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Paul Moore: It’s time to think differently

PM Capital

Interest rates and inflation have been on a downward trajectory since the late 80s, a 30 year trend. Paul Moore says 2016 was an inflection point and expects inflation to return. For the majority of investors this represents unchartered territory, so how do you approach such a foreign outlook? Show More

Why Seek’s potential privatisation of Zhaopin isn’t sparking high fives all round

PM Capital

Late last month Australian online employment classifieds company Seek Limited announced it was in advanced discussions with majority owned Chinese compatriot Zhaopin regarding a potential privatisation at US$18 per American Deposit Shares (ADS). Typically, the receipt of a potential takeover offer is met with high fives amongst investors. However, in... Show More

Picking a takeover target - US Alternative Asset Manager Fortress

PM Capital

Alternative asset manager Fortress has just received a takeover offer at a significant premium to its prior trading price. PM Capital Portfolio Manager John Whelan discusses why PM Capital recently began building its stake in Fortress, how its investment process identified the stock, and what the takeover may reflect for... Show More

Ben, Thanks for your comments and you are correct that Las Vegas, particularly in the 1990’s overstepped the mark in the transition to a ‘family destination’. However, to clarify, in regards to ‘family friendly’, we are referring to the opening of the market to a new percentage of the population that visit these gaming centres for reasons other than gambling; mass market focused, non-gaming entertainment and retail experiences. On visiting both Macau and Las Vegas, it’s clear that these two gaming centres are at different points of the continuum in their evolution. In regards to the gaming element, there is also a palpable transition towards mass-market gaming from the dominance of “high-rollers” in Macau. In our view this is a natural and secular transition of the middle-class in Asia in addition to the improvement in access/infrastructure and may likely continue for decades to come. We hope this clarifies our position and thanks again for the discussion point, regards PM CAPITAL.

On 2 global thematics looking attractive now -