PM Capital


Fund Manager

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.


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

active investing medical cannabis

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

pm capital bank Brewers

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

John Whelan, Portfolio Manager at PM Capital, explores the potential of alternative fund manager Apollo Global Management.

PM Capital

Apollo is a leading global alternative asset manager investing in private equity, credit and real estate. It’s growing funds under management at the expense of traditional asset managers while selling on valuations at a discount to them. John Whelan explains why and where to from here. Show More

Government bonds equal safe, yes? …..not so fast.

PM Capital

PM Capital income securities portfolio manager Jarod Dawson believes the value of 10-year US government bonds could fall more than 20% because the US economy is doing a lot better than most people think. While a strong US economy is good news for most, the accompanying hikes in US interest... Show More

Autohome – a listed Chinese online car portal more than twice the size of

PM Capital

Kevin Bertoli, Portfolio Manager of the PM Capital Asian Companies Fund and the PM Capital Asian Opportunities Fund (ASX:PAF), talks about Autohome, a Chinese online car portal two and a half times bigger than He talks about why the market has marked it down over the past 18 months,... Show More

Paul Moore on catching the banking wave

PM Capital

De ja vu – all over again. As part of an introduction on how to analyse banking stocks, Paul Moore, Chief Investment Officer and Chairman of PM Capital, talks about why dividends matter, why global banks are on a similar wave that used to drive Australian bank stock prices and... Show More

Why sitting still can be the most positive thing you can do.

PM Capital

The usual stock market mantra is that you sell on the rumour and buy on the fact. With a significant rally ensuing after Donald Trump’s surprise election win, is it the same here? Should you sell now that the new President has been inaugurated and the risks of a Trump... Show More

Fundamentals will always ‘trump’ fear – Paul Moore

PM Capital

The reaction of the markets was instructive on the day of the election results. Once the outcome was known, Asian and European markets placed their bets and markets sold off. By the end of the following day’s US trading, they were proved to be 100% incorrect. So even with a... Show More

Trump and the US election: play the ball not the man

PM Capital

Donald Trump has sprung an upset and markets in the short term did not react well to the uncertainty this result will undoubtedly bring. When I say the short term, I mean the very short term – a few hours, to be more explicit. Show More

ASX:PGF ASX:PAF Trump Trump US election

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 -