Compliance and Policies

Continuous disclosure

As part of our continuous disclosure obligations under the Corporations Act, we follow ASIC's ‘good practice guidance for website disclosure’.

This means that all material information for unitholders will be posted on this page as soon as practicable after we become aware of it.

30 June 2016
FUND NOTICE
Re: RG 240 Hedge funds: Annual disclosure 

This document breaks down the above components for the PM CAPITAL Funds as at 30 June 2016.

If you require an explanation as to any of these calculations please do not hesitate to contact Lachlan Cameron on 02 8243 0888 or email lcameron@pmcapital.com.au.

30 June 2015
FUND NOTICE
Re: RG 240 Hedge funds: Annual disclosure 

This document breaks down the above components for the PM CAPITAL Funds as at 30 June 2015.

 If you require an explanation as to any of these calculations please do not hesitate to contact Lachlan Cameron on 02 8243 0888 or email lcameron@pmcapital.com.au.

19 January 2015
FUND NOTICE

We wish to advise that PM CAPITAL Limited has today changed is registered address and principal place of business:

FROM  -  Level 24, 400 George Street,  SYDNEY NSW 2000

TO       -  Level 27, 420 George Street,   SYDNEY NSW 2000

All other contact details remain unchanged.

22 December 2014
FUND NOTICE
Re: RG 240 Hedge funds: Improving disclosure  

In October 2013 ASIC released Regulatory Guide 240 Hedge funds: Improving disclosure. This new regulatory standard aims to assist investors in making more informed decisions about investing in hedge fund products, and to make comparisons between the products and business models of different funds more straightforward.

We are supportive of the enhanced disclosure requirements, and are committed to ensure that investors have all the information they need to make an informed investment decision.

Under RG 240 the PM CAPITAL Funds have been classified as hedge funds. This classification is based on the fact that the Funds exhibits two or more of the characteristics of a hedge fund, being they:

  • aim to generate returns that are not highly correlated to published indices;
  • charge a performance fee;
  • use leverage;
  • use derivatives; and/or
  • use short selling.

Although our Funds are technically classified as hedge funds, the use of exotic instruments does not form a large component of our investment process and we focus the majority of our attention on fundamental stock picking on the long side. We have been implementing the same philosophy and process of, ‘buying a good business at a good price’ since the inception of the firm in 1998, and this has not wavered. 

What does this mean?

Annually we will provide investors with a breakdown of the following;

  • the liquidity profile of the portfolio assets as at the end of the period;
  • the maturity profile of the liabilities as at the end of the period;
  • the leverage ratio (including leverage embedded in the assets of the fund, other than listed equities and bonds);
  • the derivative counterparties engaged; and
  • the key service providers and any change in their related party status.

This document breaks down the above components for the PM CAPITAL Funds as at 30 June 2014. 

If you require an explanation as to any of these calculations please do not hesitate to contact PM Capital.

10 September 2014
FUND NOTICE

We wish to advise of pending amendments and/or updates for

  • PM CAPITAL Absolute Performance Fund (ARSN 092 434 618, APIR Code PMC0100AU);
  • PM CAPITAL Emerging Asia Fund (ARSN 130 588 439, APIR Code PMC0002AU);
  • PM CAPITAL Australian Opportunities Fund (ARSN 092 434 467, APIR Code PMC0101AU);
  • PM CAPITAL Enhanced Yield Fund (ARSN 099 581 558, APIR Code: PMC0103AU) (collectively the “Funds”) as follows:

We intend to change the name of the fund, as follows:

PM CAPITAL Absolute Performance Fund will become PM CAPITAL Global Companies Fund

PM CAPITAL Emerging Asia Fund will become PM CAPITAL Asian Companies Fund

PM CAPITAL Australian Opportunities Fund will become PM CAPITAL Australian Companies Fund

The name of the PM CAPITAL Enhanced Yield Fund (ARSN 099 581 558) will remain unchanged.

There will also be further amendments to the Funds guidelines and allowable assets, you can view the full details of these changes within in the links below.

Global Companies Fund (Absolute Performance Fund) 

Asian Companies Fund (Emerging Asia Fund) 

Australian Companies Fund (Australian Opportunities Fund)

Enhanced Yield Fund 

Summary

The amendments for the Funds, as summarised above, will become effective on the lodgement of updated Constitutions and the issue of a new Product Disclosure Statement expected by early October 2014.

We remain vigilant in executing our investment process with the objective of delivering long-term absolute capital growth for our investors. Our investment philosophy and process remains the same as it was at inception in 1998, and we look forward to continuing this in the many years ahead.

The following table summarises the name of the PM CAPITAL investment options going forward, the APIR codes will remain the same:

Asset Class                   Unlisted-Managed Fund             ASX-listed Invesment Company

Global Equities              Global Companies Fund             Global Opportunities Fund Limited

Asian Equities               Asian Companies Fund               Asian Opportunities Fund Limited

Australian Equities        Australian Companies Fund

Yield                              Enhanced Yield Fund

If you have any questions or would like to discuss this further, please contact PM Capital.

26 June 2014
FUND NOTICE
PRODUCT DISCLOSURE STATEMENT - DATED 25 JUNE 2013

We advise that effective from the close of business on 31 July 2014, PM CAPITAL Limited (ABN 69 083 644 731, AFSL 230222) as responsible entity for the:

  • PM CAPITAL Absolute Performance Fund, ARSN 092 434 618
  • PM CAPITAL Emerging Asia Fund, ARSN 130 588 439
  • PM CAPITAL Australian Opportunities Fund, ARSN 092 434 467
  • PM CAPITAL Enhanced Yield Fund, ARSN 099 581 558

(collectively the “Funds”), will no longer provide for, or allow, the ‘repurchase of units’ as a means for any unit holder to exit their unit holding in the Fund(s).

For the avoidance of doubt, all unit holders will continue to be able to exit their unit holding through the normal daily redemption process which remains entirely unchanged.

 After 31 July 2014, all withdrawal requests will only be processed as a redemption and not as a repurchase.

Unit holders who may have considered the repurchase option as their preferred means of exiting the Funds in the future should have regard to this impending change particularly with respect to any change in the tax consequences that may be applicable.