PM Capital's Absolute Performance Fund continues to benefit from equity market rally with a 10.9% return for July.
The manager reported that fund performance in July was assisted by better than expected results in the US, in particular in the banking and technology sectors. Credit securities purchased throughout the first half of the year contributed to performance as credit markets continued to ease. The fund remains fully invested as the manager believes their stock holdings represent good value on a two to three year horizon.
1 year return: -5.9%
PM Capital's Global Equity fund is a focused non indexed portfolio, typically consisting of between 35 to 45 stocks and under normal circumstances is between 80% and 120% invested, although if appropriate the fund may be 100% invested in cash.
