| Report Date | 12 April 2010 |
| Manager | PM CAPITAL |
| Fund Name | PM CAPITAL Absolute Performance Fund AUD |
| Strategy | Equity Long/Short |
| Latest Return Date | March 2010 |
| Latest Return | 10.10% |
| Latest 6 Months | 7.19% |
| Latest 12 Months | 58.98% |
| Latest 24 Months | -7.18% |
| Annualised Since Inception | 6.40% |
| 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 | Better than expected earnings for US and European banks helped PM Capital's Absolute Performance Fund post a gain of 10.1% in March. The fund's holdings in Lloyds, Wells Fargo and ING Group all contributed to the result, as did technology companies Novellus and Comcast.
A little more than half of the fund continues to be invested in financial companies in the US, Europe and Asia, while 30% is invested in technology companies. |
| More Information | » View detailed profile of this fund |
