PM Capital Global Companies is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Long Short Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The PM Capital Global Companies has Assets Under Management of 398.77 M with a management fee of 1.09%, a performance fee of 0 and a buy/sell spread fee of 0.5%.
• Positive contributors to performance for the month of August included Apollo Global Management, CNOOC, Shell plc, ING Group and Arch Resources.
• Detractors to monthly performance included Bank of America, Siemens AG, Wells Fargo, Freeport McMoRan and Sands China.
• Currency positioning also had a negative impact on performance relative to the MSCI Global (AUD). The Fund’s currency positioning is actively managed and at the end of August the three largest currency exposures were Australian Dollar (83%), British Pound (8%) and Hong Kong Dollar (6%). In August the Australian Dollar declined ~4% against the US Dollar which accounts for almost 70% of the MSCI World Index.
• No new positions were initiated during August, however additional purchases were made in Heineken Holdings as well as recently initiated Grupo Mexico.
• No positions were exited during the period however out of the money call options were sold on Apollo Asset Management reducing our effective position and providing an exit point in the event of a further increase in the share price.
• The gross invested position at month’s end closed at 106%, with a net equity position of 94%.
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