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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At PM Capital we are not afraid to be different, we search the world for undervalued stocks, we avoid the trap of “group think” and prioritise company valuation over all other aspects. Founded in 1998, PM Capital is part of the Regal Partners Limited stable of alternative asset managers and specialise in Global & Australian equities and Global Fixed Interest strategies. We believe the very best way to minimise investment risk is through understanding valuation, as such, we avoid companies who are hard to understand or difficult to value and are well known for our discipline in resisting short term market noise and ability to hold investments through full industry cycles.
PM Capital
At PM Capital we are not afraid to be different, we search the world for undervalued stocks, we avoid the trap of “group think” and prioritise company valuation over all other aspects. Founded in 1998, PM Capital is part of the Regal Partners...
Expertise
PM Capital
At PM Capital we are not afraid to be different, we search the world for undervalued stocks, we avoid the trap of “group think” and prioritise company valuation over all other aspects. Founded in 1998, PM Capital is part of the Regal Partners...
Expertise
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