PM CAPITAL Global Equity LIC Lists on ASX
Strong demand points toward great investor appetite for offshore investments
12 December 2013; Sydney-based specialist global equity fund manager, PM CAPITAL, has today successfully listed its first listed investment company (LIC) on the ASX – the PM Capital Global Opportunities Fund Limited (ASX:PGF). PGF raised almost $174 million from 3,700 investors – varying in size.
Chairman of PGF, Andrew McGill, said the demand was reflective of a growing investor appetite for offshore investments.
“Australian investors are increasingly appreciating the opportunities offshore markets can offer. With the dollar still relatively strong compared to historic levels, investors with a medium term investment horizon will benefit not only from the potential growth of the underlying investments, but also from returns that may be achieved if the dollar weakens further.”
Chris Donohoe, CEO of PM CAPITAL, thanked the brokers involved in the raising and said the shares were evenly distributed on a broad investment base. “We have a number of people to thank for the healthy capital raising and successful listing, first of all the lead arranger Ord Minnett as well as Taylor Collison, Bell Potter and Morgans. The other brokers who deserve a mention include Macquarie, Hartley Poynton, Forsyth Barr and Evans & Partners.”
Chris went on to say “This is an investment opportunity that has been well and truly understood and embraced by 3700 investors allocating over $173M.
The company will benefit these investors by expanding their portfolios offshore where there is a greater breadth of opportunity, a superior risk reward and all at a time when the currency remains at artificially elevated levels.”
PM CAPITAL is a Sydney based specialist equity and income fund manager that was founded in 1998 and managers $1.6 billion in funds under management (as at 12 December 2013). The firm is owner-operated and has a long-term track record of managing global equities for private clients, institutional investors and clients of financial advisers. The investment process is a research-intensive, bottom-up approach that results in the portfolio holding high conviction positions in companies that are assessed to be trading below their long term intrinsic value.
The Company’s proposed investment mandate has been based on the guidelines of the PM CAPITAL Absolute Performance Fund (APF), which has achieved a total return of 212.9% since its inception in October 1998, which compares favourably against the MSCI World Index (Net Dividends Reinvested, AUD) total return of 39.9% (as at 30 November 2013).