PM Capital Global Opportunities Fund Ltd. · ASX:PGF
PM Capital Global Opportunities Fund — Investor Presentation (February 2015)
15 slides from PM Capital Global Opportunities Fund's investor presentation, Feb 10, 2015
Slide 1: Broker Update Presentation February 2015
PM Capital Global Opportunities Fund Limited (ASX: PGF) PM Capital Asian Opportunities Fund Limited (ASX: PAF) For personal use only Broker Update Presentation February 2015
Slide 2: Disclaimer
Disclaimer For personal use only This presentation is provided for information purposes only. The information contained in this presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of securities in the Companies nor does it consti
Slide 3: PM CAPITAL LIC broker update
PM CAPITAL LIC broker update For personal use only Kevin Bertoli (Portfolio Manager - Asia) ♦ Portfolio update: Asian Opportunities Fund Limited Ashley Pittard (Portfolio Manager - Global, Director of PM CAPITAL Ltd) ♦ Global macro update (equity and currency markets) ♦ Portfolio update: Global Oppo
Slide 4: Australian dollar still fundamentally elevated
Australian dollar still fundamentally elevated For personal use only AUD/USD Exchange Rate* It was only March 2009 when the AUD/USD was 0.64 7 Australian vs US Bond Yields* RBA Index of Commodity Prices (SDR)* 130 6 120 5 110 4 100 3 90 2 80 1 70 0 2009 2010 2011 2012 2013 2014 60 2009 2010 2011 201
Slide 5: A greater breadth of opportunity
A greater breadth of opportunity For personal use only MSCI v S&P/ASX 200 since PGF Listing Date* PGF Regional Allocation (by listing) as at 31 January 2015 North America: 47.8% Europe: 30.5% United Kingdom: 14.5% Australia: 4.4% Asia (ex-Japan): 2.8% S&P 500* Euro STOXX50^ FTSE 100* Hang Seng* *Sou
Slide 6: PM CAPITAL Asian Opportunities Fund Limited (PAF)
For personal use only PM CAPITAL ASIAN OPPORTUNITIES FUND LIMITED (PAF) 6
Slide 7: PAF Portfolio as at January
PAF Portfolio as at 31 January For personal use only Source: PM CAPITAL Limited as at 31/01/2015 7
Slide 8: Portfolio evolution
Portfolio evolution For personal use only Portfolio composition 31 May 2014 30 June 2014 30 September 2014 31 December 2014 31 January 2015 Gaming 5.2% 7.9% 18.2% 20.3% 17.7% Internet service providers 10.4% 12.2% 9.4% 16.9% 16.7% Infrastructure providers 8.6% 10.3% Consumer 2.9% 8.3% 9.2% Healthcar
Slide 9: Our best Asian ideas
Our best Asian ideas… For personal use only 1. Gaming Market liberalisation, rising affluence, infrastructure investment & connectivity 2. Internet – search & classifieds Evolution in the way consumers view content and advertisers spending advertising dollars 3. Infrastructure Tier one assets Quasi
Slide 10: New positions
New positions For personal use only ♦ Tingyi Holdings ♦ LG Household & Healthcare preference shares ♦ AAC Technologies ♦ Sinopec Kantons ♦ Mindray Medical 10
Slide 11: PM CAPITAL Global Opportunities Fund Limited (PGF)
For personal use only PM CAPITAL GLOBAL OPPORTUNITIES FUND LIMITED (PGF) 11
Slide 12: PGF Portfolio as at January
PGF Portfolio as at 31 January For personal use only Source: PM CAPITAL Limited as at 31/01/2015 12
Slide 13: Portfolio evolution
Portfolio evolution For personal use only Portfolio composition 31 December 31 March 2014 30 June 2014 30 September 31 December 31 January 2015 2013 2014 2014 Domestic banking 8.7% 23.0% 34.5% 35.5% 33.9% Monopolistic type service providers 3.5% 9.7% 10.6% 20.3% 21.3% European property 4.7% 10.7% 11
Slide 14: Our best ideas globally
Our best ideas globally… For personal use only 1. Domestic banking Economic recovery and increased payout ratios. 2. Monopolistic type service providers Expectations of solid earnings growth in the longer term. 3. European property Recovery from severe price corrections in Europe. 4. US housing Reco
Slide 15: Why PM CAPITAL / PGF / PAF?
Why PM CAPITAL / PGF / PAF? Investment philosophy For personal use only Old fashioned ♦ A portfolio of businesses stock-pickers Investment process Research intensive, ♦ Bottom-up research process global perspective Business structure ♦ Staff are owners and investors Alignment of interests Investment
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