Highlights

  • PGF reports slight monthly gain with NTA strengthening despite mixed sector outcomes.
  • European banking and industrial metals remain the portfolio’s largest thematic exposures.
  • Macau gaming and gold positions act as key drags during an event-driven October.

PM Capital Global Opportunities Fund (ASX:PGF) reported a 1.0 percent increase in company performance for October 2025, with the Net Tangible Asset (NTA) backing per ordinary share recorded at AUD 2.6724 before tax accruals and AUD 2.2983 after tax. The update noted that all NTA figures are unaudited.

Over longer periods, the fund’s performance reflected cumulative gains, delivering 8.7 percent over one year, 34.1 percent across three years (pa), 27.5 percent over five years (pa), and 19.4 percent across seven years (pa). Since inception, the annualised return stood at 16.0 percent, contributing to a total return of 485.5 percent. The gross dividend yield was reported at 6.6 percent, based on the share price as at 31 October 2025 and previously issued dividend guidance.

Movers and Detractors

Alphabet advanced 16 percent during the month. The fund entered the position in April as an opportunistic allocation following a temporary mispricing. Alphabet later reported its first quarter surpassing USD 100 billion in revenue, supported by ad sales and growth within Google Cloud, reflecting the impact of prior AI infrastructure investments. Management noted that with sentiment shifting and the share price near historical highs, near-term appreciation may be limited.

Woodside Energy rose 7.7 percent following news of a reduction in its share of the Louisiana LNG project’s holding company, lowering its capital requirement. Oil prices, previously near five-year lows, also trended higher toward month-end following reports of potential US sanctions on exports from two major Russian producers.

Pharmaceutical holdings Sanofi and Royalty Pharma gained 7 percent and 6 percent, respectively. Both operate on earnings multiples around ten times and continue to benefit from product performance in therapeutic categories including dermatology, rare diseases, and respiratory illness. The fund also added to its position in Royalty Pharma.

Among detractors, Macau operators faced pressure after October Golden Week revenue fell short of expectations. MGM China declined 10.5 percent, and Wynn Macau dropped 8.5 percent as visitation was affected by Tropical Cyclone Matmo. Forecasts for near-term visitation recovery were revised lower following disruptions early in the month.

Newmont decreased 4 percent, despite intra-month volatility that saw the company reach a new all-time high before retreating 21 percent. The update stated that the fund maintains conviction in Newmont’s positioning within the prevailing gold price environment.

Portfolio Structure and Exposures

At month-end, the portfolio maintained 111 percent long equity exposure, with direct shorts at -5 percent and index shorts at -7 percent, resulting in 99 percent net invested equities and 39 total holdings. Key thematic exposures included Domestic Banking – Europe (32 percent), Industrial Metals (23 percent), and Industrials (11 percent). Regional allocations were weighted toward North America (38 percent) and Europe (37 percent), with additional exposure to the UK, Australia, and Asia (ex-Japan).

Share Performance of PGF

PGF was trading 1.09% lower at AUD 2.710 per share as of 11 November 2025 at the time of writing.