PM Capital Global Opportunities Fund Records -2.1% Return for October 2026 with NTA of $2.8665

Anjali Anand

12 November 2026 10:15 AM AEDT

PM Capital Global Opportunities Fund Records -2.1% Return for October 2026 with NTA of $2.8665

Image Source: Krish Capital Pty Ltd

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PM Capital Global Opportunities Fund Limited (ASX:PGF) has released its monthly update for October 2026, disclosing a fund performance of -2.1% for the month, with NTA before tax accruals of $2.8665 per ordinary share and a cumulative return since inception of 613.4%.

Key Points

Fund performance of -2.1% for October 2026, net of fees
NTA before tax accruals of $2.8665 per ordinary share; NTA after tax (excluding deferred tax assets) of $2.5974
Cumulative total return since inception on 12 December 2013 of 613.4%, equating to 16.5% per annum
Top holdings include AIB Group, Apollo Global Management, Bank of America, Caixabank, and Charles Schwab, among others
Shares on issue totalled 609,150,080 as at 31 October 2026

October 2026 Fund Performance and NTA

According to the filing, the fund returned -2.1% in October 2026, with one-year performance of 21.8%, three-year annualised performance of 30.9%, five-year annualised performance of 21.5%, seven-year annualised performance of 20.8%, and ten-year annualised performance of 19.7%. The gross dividend yield, based on the share price as at 31 October 2026 and dividend guidance issued on 10 August 2026, was disclosed at 7.2% per annum. All performance figures are stated net of fees and expenses, including management fees, listing fees, registry costs, audit costs, and directors' fees.

Portfolio Positioning and Sector Exposure as at 31 October 2026

The filing disclosed the fund held 36 long equity positions as at 31 October 2026, with a long equity position of 101%, a direct short position of -3%, an index short position of -5%, and net invested equities of 93%. The largest portfolio investment theme was Domestic Banking – Europe at 29%, followed by Healthcare at 13%, Diversified Financials at 12%, Commodities at 10%, and Leisure and Entertainment at 9%. Geographic exposure by domicile of listing was Europe 44%, North America 43%, United Kingdom 10%, Asia (Ex-Japan) 3%, and Australia 0%.

Fund Commentary: Sector Rotation and Key Contributors

The fund's commentary noted that a sell-off among mega-cap technology hyperscalers drove investor rotation into healthcare and consumer staples during October. Among contributors, Heineken rose 16% after reporting third-quarter organic volume growth of 4.8%, while Pernod Ricard gained 12% and Diageo added 10%. In healthcare, Royalty Pharma rose 15%, Siemens Healthineers gained 13%, and HCA Healthcare rose 11%. European bank holdings, including Lloyds, Intesa Sanpaolo, ING, and CaixaBank, were identified as the primary detractors, with the filing attributing pressure to a renewed bond sell-off and rising oil prices.

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