ASX listed investment company, PM Capital Global Opportunities Fund Limited (ASX: PGF), posted strong growth in its first half financial year results, with earnings per share (EPS) of 15.26 cents for the six months to 31 December 2014, up from 0.87 cents per share a year ago, while Total Comprehensive Income was $26.5m for the period, up from $1.5m last year.
The after tax Net Tangible Asset (NTA) value per share of the PGF was up more than 16% over the six month period to $1.0962 (compared to $0.9435 at 30 June 2014).
PGF is managed by Sydney based specialist global equity manager PM CAPITAL. PM CAPITAL’s
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and Chief Investment Officer, Paul Moore, has said the PGF is well positioned, currently having a 96% net equity exposure; “The basic framework we employ at PM CAPITAL has not changed. We firmly believe that the risk reward from owning a business is far superior to that of owning government bonds, property or cash. We continue to find compelling valuation opportunities offshore, relative to the Australian market, which looks expensive”.
“The value proposition when we listed the PGF remains relevant as Australian investors generally, and SMSF trustees in particular, are significantly underweighted in offshore investments”. He said.
PGF’s top five holdings comprising of Lloyds Bank (UK), ING Group (Netherlands), Pfizer (US), Barclays Plc (UK) and Google Inc (US).
The manager, PM CAPITAL, is a benchmark agnostic, fundamental focused investment firm, which seeks to invest in quality companies trading below their long-term intrinsic value. It uses a stock specific, bottom up process.
The primary focus of the PGF is the capital growth of its invested funds over a long term investment period.
PM CAPITAL, the manager, is a Sydney based specialist equity and income fund manager that was founded in 1998 and manages $1.9 billion in funds under management (as at 31 December 2014). 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.