PM Capital

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Comments91

Companies26

Positions opened11

Positions exited5

Last published30 Sep 2026

Companies discussed, last 12 months

22 companies, monthly, latest action on the right

NovJanMarMayJulSepLatest

AZJAurizonInitiated WBCWestpac Banking CorpInitiated CSCCapstone Copper Corp2Reduced AIAAuckland International AirportInitiated BHPBHP Group LtdReduced

17 more companiesEvery company PM Capital has discussed in the past year.

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Commentary

DateManagerCompanyActionSummary

30 Sep 2026PM Capital AZJInitiatedPM Capital initiated a position in Aurizon Holdings because it was able to deploy considerable spare capital at markedly higher yields into businesses it believes can withstand softer economic environments. PM Capital's investment relates to Aurizon Network, which manages and operates Australia's largest rail freight network. Alongside airport investments and Westpac, these purchases represented almost 5% of the fund's capital and were made at yields of roughly 6.1% to 6.3%, reflecting PM Capital's focus on resilient infrastructure assets offering attractive income.

Monthly Report, price recorded $3.71

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30 Sep 2026PM Capital WBCInitiatedPM Capital initiated a position in Westpac Banking Corp because it was able to deploy considerable spare capital at markedly higher yields into businesses it believes can withstand softer economic environments. PM Capital describes Westpac as a leading Australian major bank. Together with investments in Melbourne, Brisbane and Auckland airports and Aurizon Network, these purchases represented almost 5% of the fund's capital and were made at yields of roughly 6.1% to 6.3%, reflecting a focus on resilient businesses providing attractive income.

Monthly Report, price recorded $35.07

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89 more commentsEvery comment this manager has published, with sources.

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About PM Capital

Value & Growth Focused, All-Cap

PM Capital is a Sydney-based global equities fund manager founded in 1998 by Paul Moore, known for concentrated, benchmark-unaware investing across international and Australian shares. The firm runs global and Australian equity strategies, including a listed investment company, focusing on a select number of high-conviction ideas identified through deep fundamental research rather than broad diversification. PM Capital's philosophy emphasizes buying quality businesses with strong competitive positions at attractive valuations, often taking significant sector or thematic bets when conviction is high. The firm has built a long track record managing both retail and wholesale capital, with particular recognition for its global equity strategy's long-term performance.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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