PM CAPITAL’s Global Opportunities Fund Limited (ASX: PGF) has been rated “Recommended” by leading research house Zenith Investment Partners following a detailed review of the listed investment company.
PM CAPITAL also operates the same strategy as PGF in an unlisted format, namely the PM CAPITAL Global Companies Fund.
The recommended rating puts PGF alongside the highest rated global equity LIC’s in Zenith’s LIC sector review for 2016.
Zenith’s product assessment team notes: “Zenith believes the strategy’s high conviction and contrarian investment approach is a differentiated offering and we rate the process and the existing team highly.”
The report goes on to say: “The core aspect of PM CAPITAL’s investment process is to purchase quality businesses at an attractive price.”
“PM CAPITAL believes that equity markets are not entirely efficient and that these inefficiencies can be exploited by employing thorough and insightful fundamental analysis.”
“The strategy will typically hold between 25 and 45 stocks; which Zenith considers to be concentrated. Short positions are only entered into opportunistically and where they are sufficiently compelling based on the output of the security selection process.”
PGF is currently trading at a discount to NAV meaning investors have the opportunity to buy shares in PGF at a price which is cheaper than if they were to construct the underlying portfolio of stocks themselves.
“PM Capital has an 18 year history of successfully outperforming the broader global market indices over the long term.
