PM Capital Global Opportunities Fund Limited
Overview
| LIC Name | PM Capital Global Opportunities Fund Limited |
| ASX Ticker | PGF |
| Listing Year | 2013 (10 years operating) |
| Size (Market Cap) | $826M |
| Investment Focus | Global Equities |
| Portfolio Bias | No Bias |
| Benchmark | MSCI World Net Total Return Index in AUD |
| Management Structure | Externally Managed |
| Investment Manager | PM Capital Limited |
| Management Fee Structure | 1.00% plus GST |
| Performance Fee Structure | 15% plus GST |
| Cost Indicator (FY23) | 1.19% (excluding Performance Fees) |
| Objective | PGF aims to provide long-term capital growth over a seven-year plus investment horizon through investment in a concentrated portfolio of undervalued global (including Australian) equities and other investment securities. The goal of the Company is not to replicate standard industry benchmarks, but rather it is expected that the Company will have varied outcomes to that of a traditional index-benchmarked investment vehicle. The company will be managed from an Australian investor's perspective, with tax and currency exposures being important considerations in its daily management. |
| Objective | |
| PGF aims to provide long-term capital growth over a seven-year plus investment horizon through investment in a concentrated portfolio of undervalued global (including Australian) equities and other investment securities. The goal of the Company is not to replicate standard industry benchmarks, but rather it is expected that the Company will have varied outcomes to that of a traditional index-benchmarked investment vehicle. The company will be managed from an Australian investor's perspective, with tax and currency exposures being important considerations in its daily management. |
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| Recent Annual Reports | 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014 |
Key Personnel
Board Members
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Chris Knoblanche AM
Chairman and Independent Non-executive Director
Joined PGF: 2019
Shares Owned: 49K
Share Value: $87K
*Share data from 2023 Annual Report
Chairman and Non-executive Director. Member of the PGF Audit Committee. Member of the PGF Nomination and Corporate Governance Committee.<br><br>Mr Knoblanche has over 38 years experience in the financial markets in corporate strategy, financing, ...
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Brett Spork
Independent Non-executive Director
Joined PGF: 2015
Shares Owned: 67K
Share Value: $120K
*Share data from 2023 Annual Report
Indepedent Non-executive Director. Chairman of the Nomination and Corporate Governance Committee. Chairman of the PGF Audit Committee.<br><br>Mr Spork has over 30 years' experience in the financial markets industry as a trader, advisor and senior ...
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Ben Skilbeck
Executive Director
Joined PGF: 2015
Shares Owned: 331K
Share Value: $590K
*Share data from 2023 Annual Report
Executive Director. Member of the PGF Audit Committee. Member of the PGF Nomination and Corporate Governance Committee.<br><br>Mr Skilbeck has over 27 years' experience in financial markets. He joined the Investment Manager of the Company in ...
Investment Management
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Paul Moore
Portfolio Manager. CIO and Chairman of PM Capital Limited (Investment Manager).
Joined PGF: 2013
Shares Owned: 66M
Share Value: $118M
*Share data from 2023 Annual Report
Portfolio Manager.<br><br>Paul Moore is the founder and Chief Investment Officer of PM Capital, leading an experienced and knowledgeable team. He developed the investment philosophy and process that has underpinned PM Capital's excess return ...
Shareholders & Portfolio Size
Number of Shareholders
Portfolio Size
Portfolio Holdings
Top 10 Holdings at end of FY 2023
Performance
Historical Performance
| Updated: February 2024 | 1yr | 3yrs | 5yrs | 10yrs |
|---|---|---|---|---|
| With Dividends Reinvested - Net | 17.4% | 25% | 17.8% | 10.9% |
| With Dividends Reinvested - Gross | 20% | 28% | 20% | 12.6% |
Chart of Historical Performance
Dividends
Dividend History
| Payment Date | Dividend Type | Dividend Amount | Franking Level |
|---|---|---|---|
| 05 Oct, 2023 | Final | $0.05 | 100% |
| 13 Apr, 2023 | Interim | $0.05 | 100% |
| 06 Oct, 2022 | Final | $0.05 | 100% |
| 29 Apr, 2022 | Interim | $0.05 | 100% |
| 14 Oct, 2021 | Final | $0.05 | 100% |
| 25 Mar, 2021 | Interim | $0.025 | 100% |
| 08 Oct, 2020 | Final | $0.025 | 100% |
| 26 Mar, 2020 | Interim | $0.02 | 100% |
| 26 Sep, 2019 | Final | $0.02 | 100% |
| 28 Mar, 2019 | Interim | $0.018 | 100% |
Chart of Dividend History
Corresponding Dividend Yields
Dividend Comparison
Costs
Cost Indicator (%)
Actual Costs
Share Price vs NTA
Some Common Questions about PGF
PM Capital Global Opportunities Fund Limited (ticker: PGF) is an Australian Listed Investment Company (LIC) listed on the Australian Stock Exchange with the ticker code PGF. PGF specialises in global equities and operates with a unique approach to investing. With a market capitalisation of approximately $700 million, PGF has been serving investors since its listing on December 12, 2013.
PGF's primary objective is to provide long-term capital growth over a seven-year plus investment horizon through investment in a concentrated portfolio of undervalued global equities and other investment securities. Unlike traditional index-benchmarked investment vehicles, PGF aims for varied outcomes, making it a distinctive choice for investors.
Managed externally by PM Capital Limited, PGF has a management fee of 1.00% plus GST and a calculated MER of 1.27%. Additionally, investors can benefit from a net dividend yield of 6.60% and a gross dividend yield of 9.40%, making it an attractive option for those seeking income.
PM Capital Global Opportunities Fund Limited (PGF) has been operating for a decade since its listing in 2013. Over this period, it has gained recognition and attracted investors, resulting in a market capitalisation of approximately $700 million. PGF's steady growth and commitment to its investment approach have contributed to its status as a prominent LIC in the Australian market.
As of now, PGF is one of the substantial players in the LIC landscape, providing investors with exposure to a concentrated portfolio of undervalued global equities and investment securities, along with its distinctive approach to achieving long-term capital growth.
When evaluating PM Capital Global Opportunities Fund Limited (PGF) as an investment option, several essential metrics should be considered:
- Long Term Performance: Assess whether PGF has delivered consistent after-fee performance at or above its comparison benchmark, the MSCI World Net Total Return Index in AUD, over the long term, typically spanning five or more years. This analysis helps gauge the fund's ability to generate returns over extended periods.
- Dividend Reliability: Examine PGF's historical track record of maintaining or increasing its dividend payments. Consistent dividend payments can be an important factor for investors seeking income stability.
- Underlying Holdings: Gain insight into PGF's underlying portfolio holdings, as it directly impacts the assets in which you'll be invested. Explore the composition of PGF's investments, which can range from global equities to other securities, ensuring it aligns with your investment objectives and risk tolerance.
- Fees: Consider the cost of investing in PGF by evaluating its Management Expense Ratio (MER). PGF's calculated MER was 1.27% in th emost recent financial year, which is about in the middle of the range for LIC MER's
These metrics help investors make informed decisions when assessing PGF as part of their investment strategy. It's essential to carefully evaluate these factors in line with your financial goals and risk preferences.
A Listed Investment Company (LIC) is one type of investment fund structure (i.e. shareholder funds pooled together and invested together, either actively by a manager, or passively). Other types of investment funds include Exchange Traded Funds (ETFs) (which can be both actively managed or passive), Listed Investment Trusts, or Managed Funds.
The different structures have their own positives and negatives, which are dependent on the goals of the investor and their own individual investment structure.
Some of the benefits of the LIC structure (the structure of PGF) include:
- It's a closed-end investment vehicle: Meaning the manager has a fixed pool of capital to invest with a long-term mindset, and doesn't have the risk of fast redemptions by investors in a time of market panic.
- They can smoothen out income to the investors: Which can be beneficial for both tax efficiency and emotional mindset, due to being able to retain profits over time (as compared to the trust structure, which must distribute income and crystallized capital gains to the investor in that financial year).
- The income will most likely be in the form of fully franked dividends: Which is an attractive form for Australian retirees due to the franking system in Australia. Since LICs are companies themselves and pay tax in Australia on profits, they receive franking credits paid on the tax they pay, in addition to the franking credits they receive from their investment portfolio. Well-managed LICs ensure their franking credit reserves are sufficient to pay future fully franked dividends (see 'franking reserves' chart above).