When banks are better than beer
Brewers and banks have historically played a significant role in PM Capital’s Global Companies Fund and Asian Companies Fund, and more recently the listed Global Opportunities Fund and Asian Opportunities Fund.
Banks still feature prominently in the portfolios, but after almost 20 years global brewers have virtually disappeared. In this 5-minute video, PM Capital’s Chief Investment Officer Paul Moore and Portfolio Manager Kevin Bertoli give an insight into how the PM Capital team decided brewers were no longer the anomaly they once were, but banks may still have room to grow earnings by 30%.
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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.
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