PM CAPITAL Ltd

PM CAPITAL Ltd is an independent Australian asset management firm based in Sydney. Founded in 1998 by Paul Moore, a veteran global equity investor, the firm is known for high-conviction, benchmark-unaware value investing across global and Australian listed markets. PM CAPITAL manages concentrated, long-only equity portfolios for a mix of institutional investors, advisers, and individual clients, as well as listed and unlisted collective investment vehicles. The firm’s product range has historically centered on global equities, Australian equities, and Asian or regional mandates, often expressed through concentrated portfolios of 25–45 stocks. In addition to unlisted funds, PM CAPITAL has been associated with Australian Securities Exchange (ASX)–listed investment vehicles that provide listed access to its global and regional equity strategies. PM CAPITAL Ltd reports to the U.S. Securities and Exchange Commission as an institutional investment manager under CIK #0001630363 and files Form 13F because it exercises discretionary authority over a reportable level of U.S.-listed securities. These holdings are the U.S. and ADR component of broader global equity mandates, not stand-alone U.S.-only strategies. The 13F reports capture long positions in U.S.-listed common stocks and certain equity-like instruments; they do not include cash, most fixed-income securities, derivatives, or non-U.S. listings on other exchanges. On this platform, PM CAPITAL’s 13F History is assembled into a quarter-by-quarter record of its disclosed U.S.-listed holdings. This creates an independent, position-level view of how the firm has implemented its global value philosophy within the U.S. universe over time, separate from marketing materials or fund documentation.

PM CAPITAL pursues a fundamental, bottom-up, high-conviction value strategy with a pronounced contrarian bias. The investment process focuses on identifying mispriced businesses globally, where the market’s prevailing narrative has created a material disconnect between price and a conservative assessment of intrinsic value. Key elements of the philosophy include: - A global opportunity set, with no structural home-country bias and a willingness to allocate meaningfully to U.S., European, and Asian issuers. - Deep fundamental analysis of business models, industry structure, management quality, and free-cash-flow generation. - A contrarian mindset, often investing in sectors or companies facing cyclical headwinds, temporary controversy, or complex restructuring, provided balance sheets are robust enough to bridge to a normalized earnings power. - A long investment horizon, allowing the portfolio to look through short-term volatility and focus on multi-year mean reversion and value realization. Portfolios are concentrated and benchmark-unaware. A limited number of best ideas—typically 25–45 global stocks—carry meaningful weights, leading to substantial active share relative to conventional indices. Sector exposures reflect where the firm finds value at any given time; historically, this has often included financials, consumer discretionary (such as travel, leisure, and retail), communication services (media and cable), industrials, and selected energy or materials names, balanced by positions in durable quality compounders in technology and healthcare. Within the U.S.-listed universe captured by Form 13F, this approach manifests as a focused list of names rather than broad index-like diversification. The U.S. exposures are those global franchises where PM CAPITAL sees attractive risk-reward dynamics versus global peers, not a mechanical slice of the U.S. market. Turnover is low to moderate: positions can remain in the portfolio for years while the investment thesis plays out, with trading driven primarily by changes in fundamentals, valuation, or position-level risk considerations. On this platform, the 13F Portfolio Composition view allows allocators to dissect PM CAPITAL’s disclosed U.S.-listed holdings by sector, market-capitalization band, and issuer concentration. When combined with the Portfolio Simulator and Backtesting Service, this enables construction of a rules-based historical replication of the 13F sleeve, helping users see how the firm’s global, contrarian value selections have translated into an observable U.S. equity capital path over time.

PM CAPITAL Ltd is a Sydney-based, independent global equity manager built around Paul Moore’s high-conviction, contrarian value philosophy. Its Form 13F filings under CIK #0001630363 provide a focused window into one important part of that activity: the subset of global equity positions that are U.S.-listed. Within that universe, the firm’s behavior is characterized by concentrated, benchmark-unaware allocations to businesses it believes are materially mispriced relative to their long-term cash-generating power. From the 13F vantage point, salient features of PM CAPITAL’s observable U.S. sleeve include: - A fundamental, global value approach expressed through a limited number of high-conviction U.S.-listed names. - Sector tilts toward financials, consumer discretionary, communication services, and other cyclical or out-of-favor segments, balanced by select quality compounders. - Low-to-moderate turnover and multi-year holding periods that anchor outcomes to underlying business and valuation dynamics rather than short-term trading. Within this platform, a reconstructed Historical Track Record of PM CAPITAL’s reportable holdings, together with 13F Portfolio Composition analytics and risk measures such as Max Drawdown Depth and Sharpe Ratio, allows allocators to form a data-driven view of how the firm’s contrarian value discipline has manifested in the U.S.-listed portion of its portfolios over multiple market regimes. The central analytical question for allocators is how this concentrated, value- and cycle-sensitive equity profile—seen solely through PM CAPITAL’s 13F history—responds to future shifts in style leadership, interest-rate and credit conditions, and macro volatility, and whether that regime sensitivity aligns with the role they intend this manager to play within a broader, multi-manager global equity allocation.

The risk profile of PM CAPITAL, as seen through its 13F filings, reflects that of a concentrated, high-conviction global value manager with meaningful exposure to cyclical sectors and out-of-favor themes. The reconstructed U.S.-listed sleeve is fully exposed to equity market risk and can diverge materially from broad indices due to active sector and stock selection. Key dimensions of risk include: - Style and factor exposure: A pronounced value and contrarian tilt means the portfolio can experience extended periods of relative headwind when growth and momentum dominate, particularly in markets led by expensive defensives or high-duration growth names. Conversely, it may benefit disproportionately when valuation and mean reversion factors are rewarded. - Sector concentration: Meaningful allocations to financials, consumer discretionary, communication services, industrial cyclicals, and energy can increase sensitivity to economic cycles, credit conditions, and sector-specific regulatory or technological shifts. - Concentration and idiosyncratic risk: A finite number of positions, with sizable weights in top holdings, increases the importance of company-specific outcomes—earnings trajectories, management decisions, capital allocation, and event risk—for the portfolio’s capital trajectory. - Volatility and drawdowns: A willingness to invest in unpopular or complex situations implies tolerance for higher mark-to-market volatility and potentially deeper interim drawdowns, even when the long-term thesis is intact. PM CAPITAL mitigates these risks primarily through fundamental underwriting—detailed balance-sheet and cash-flow analysis, conservative valuation work, and insistence on a margin of safety—rather than through broad diversification or systematic hedging. Nonetheless, from a 13F perspective, allocators should expect higher tracking error versus major indices and the possibility of pronounced drawdowns during adverse market or style regimes. Within this analytics environment, a 13F-based replication of the firm’s U.S.-listed sleeve can be evaluated using risk diagnostics. Metrics such as Max Drawdown Depth highlight the most severe peak-to-trough capital declines experienced by the reconstructed holdings over user-defined horizons, while a Sharpe Ratio lens relates the variability of that capital path to the excess compounding achieved over a cash proxy. Scenario analysis and stress testing—delivered via Performance Backtests Online—can be used to explore how the observable sleeve would likely have behaved during episodes such as global financial crises, sharp value-to-growth rotations, commodity shocks, or recoveries from deep dislocation. Because Form 13F omits non-U.S. securities, cash, and any derivatives or hedging overlays, this analysis should be interpreted strictly as a view on the long U.S. equity component of PM CAPITAL’s global strategies, not a full representation of total portfolio risk.