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PM Capital Global Opportunities Fund (ASX: PGF)

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Question asked 04/09/2026

PM Capital Global Opportunities Fund (ASX: PGF)

Thanks for your excellent daily analysis, which I read assiduously to inform my portfolio choices. While I'm well aware you don't provide individual investment advice, I'd love your assessment of PM Capital Global Opportunities Fund (ASX: PGF). I'm looking to take some of the risk out of my portfolio given the extreme volatility with individual stock picking. They follow a benchmark-unaware strategy weighted in European banks and industrial commodities, while hedging currency. It trades at a premium to its NTA. How would you view this holding?

Answer

Hi Nick,

Thanks for the thumbs up!

For background PGF is a $1.36bn LIC managed by Paul Moore’s PM Capital, providing investors with access to a concentrated portfolio of approx. 25–45 global stocks across North America, Europe, the UK, Australia and Asia. Rather than tracking a benchmark, PGF takes a high-conviction, contrarian value approach, investing with a 7-year-plus horizon and using a long/short structure to express both positive and negative views across sectors/markets.

The fund recently raised $195m at $3.07 per share, around pre-tax NTA, and pays fully franked dividends when supported by realised investment profits — essentially making PGF an ASX-listed vehicle for accessing PM Capital’s active global stock-picking strategy.

With LIC’s such as the PGF it all comes down to performance, and market/volatility exposure:

Over the last 3-years the PGF has returned an impressive +25.22% pa.
However, during market retracements in 2025 & 2026 PGF has fallen noticeably harder.

Hence, we would regard the PGF as a decent alternative to straightforward ASX investing but it’s not a move down the risk curve, particularly when it’s trading at a premium to NTA.

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PM Capital Global Opportunities Fund (PGF)

LAST UPDATED 03/09/2026 09:59

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