QBE rose 22% in February after the company announced its 2014 earnings and outlook for 2015
QBE rose 22% in February after the company announced its 2014 earnings and outlook for 2015. Management re-based earnings expectations for 2015 downwards but also de-risked the business to reduce earnings volatility. The stock reacted very positively to this, as the de-risking will make the earnings profile of the business more predictable. We see the de-risking of the business as a long term positive, which limits the downside risk in the stock but are cognisant that this also puts a cap on the upside potential.
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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.
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