| Report Date | 24 January 2013 |
| Manager | PM CAPITAL |
| Fund Name | PM CAPITAL Absolute Performance Fund AUD |
| Strategy | Equity Long/Short |
| Latest Return Date | December 2012 |
| Latest Return | 6.20% |
| Latest 6 Months | 24.69% |
| Latest 12 Months | 28.95% |
| Latest 24 Months | 3.67% |
| Annualised Since Inception | 4.72% |
| Inception Date | 01 October 1998 |
| FUM (millions) | AU$130 |
| Fund Overview | A long-biased global long/short equity fund, PM CAPITAL Absolute Performance focuses on generating absolute long-term returns. PM CAPITAL holds concentrated positions in companies viewed to be substantially mis-priced by the market, expecting the businesses to generate significant returns over a two- to three-year time horizon. Fundamental analysis is the core of the investment strategy. Shorts are taken on overvalued companies. Hedging is used to protect existing long positions at times of perceived market risk. Risk management is mainly achieved through diversification, focusing on ensuring diversification not just among sectors, but also among macro factors such as interest rates and commodities. The fund invests globally. No individual position is to be greater than 10% of fund NAV, at the cost of the investment; typically 35 to 45 core positions are held. The fund is not afraid to carry cash. |
| Manager Comments | The PM Capital Absolute Return Fund rose 6.2% in December, taking 12 month performance to 41.6% against its benchmark MSCI World Index which returned 14.4% for the year.
The Fund benefitted from its exposure to banking stocks as part of a broader US housing recovery theme which also included investments in property and casino stocks. The Fund also benefitted from a short exposure to the Yen.
The Manager believes that the market has been climbing a wall of worry regarding macro factors, and has concentrated on stock picking within broad themes, including their view that the US housing recovery (and US asset prices in general) is likely to persist for some years.
A such PM Capital's view is that the worst is over and businesses geared for the recovery will be rewarding investments over the longer term.
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| More Information | » View detailed profile of this fund |
