| Report Date | 17 January 2010 |
| Manager | PM CAPITAL |
| Fund Name | PM CAPITAL Absolute Performance Fund AUD |
| Strategy | Equity Long/Short |
| Latest Return Date | December 2009 |
| Latest Return | 7.10% |
| Latest 6 Months | 19.21% |
| Latest 12 Months | 31.99% |
| Latest 24 Months | -25.01% |
| Annualised Since Inception | 5.78% |
| Inception Date | 01 October 1998 |
| FUM (millions) | AU$350 |
| 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 | PM Capital's Absolute Performance Fund posted a +7.10% return for the month and is up 32% over the last year. The manager said that the global recovery is proceeding as anticipated and that portfolio activity was minimal with no significant purchases or sales. |
| More Information | » View detailed profile of this fund |
