PM Capital Global Opportunities Fund Chairman Reports 32.9% Net Portfolio Return at 2026 AGM

Manish Choudhary

04 November 2026 11:30 AM AEDT

PM Capital Global Opportunities Fund Chairman Reports 32.9% Net Portfolio Return at 2026 AGM

Image Source: Krish Capital Pty Ltd

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PM Capital Global Opportunities Fund Limited (ASX:PGF) disclosed a net portfolio return of 32.9% for the 2026 financial year at its Annual General Meeting on 4 November 2026, with Chairman Chris Knoblanche AM delivering an address covering performance, dividends, and portfolio positioning.

Key Points

Net portfolio return of 32.9% (net of fees and expenses, before tax) for FY26, compared to the MSCI World Net Total Return Index return of 14.8% and the S&P/ASX 200 Accumulation Index of 6.1%
Shareholder return of 28.7% for FY26, based on a closing share price of $3.20 as at 30 June 2026 plus 13.0 cents of dividends paid, grossed up for 30% franking
Final FY26 dividend of 7.5 cents per share fully franked paid on 8 October 2026, with minimum FY27 fully franked dividend guidance of 16.0 cents per share
Profit reserve and retained earnings of $611.1 million as at 30 June 2026, with an estimated 6.4 years of dividend coverage at 30 September 2026
Shares trading at a premium of +10.6% to pre-tax NTA as at 30 October 2026

FY26 Portfolio Performance and Long-Term Track Record

According to the filing, the Company's FY26 net portfolio return of 32.9% was materially higher than both the MSCI World Net Total Return Index (expressed in Australian dollars) return of 14.8% and the S&P/ASX 200 Accumulation Index return of 6.1%. From inception in December 2013 to 30 June 2026, the portfolio delivered investment performance of 16.6% per annum, equivalent to a total return of 588.8%. The Chairman stated that the Company has outperformed both indices over the 7-year, 10-year and since-inception periods. During the September 2026 quarter, the net portfolio return was 5.8%, bringing total returns since inception to 629.1%.

Portfolio Sector Exposures Disclosed at AGM

The Chairman's address stated that European banks represented the Company's largest sector exposure at approximately 35% of the portfolio and were among the strongest contributors in FY26. Commodities accounted for approximately 17% of the portfolio, with the Investment Manager having trimmed copper holdings as valuations reached targets while retaining a long-standing gold position. A healthcare position, now representing approximately 10% of the portfolio, was noted as continuing to be built. The filing stated that one key healthcare holding delivered strong returns in FY26.

Dividend Details and FY27 Guidance

The filing disclosed that the Board announced in August 2026 a final FY26 fully franked dividend of 7.5 cents per share, which was paid on 8 October 2026. For FY27, the Board stated an intention to deliver a minimum of 16.0 cents of fully franked dividends, comprising an interim dividend of at least 8.0 cents to be announced in February 2027 and a final dividend of at least 8.0 cents to be announced in August 2027. Based on the 30 June 2026 closing share price of $3.20, the 16.0 cent annual dividend guidance represents a grossed-up annual dividend yield of 7.1%.

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