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 2024
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 2024.
29 October 2024
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
31 July 2024
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
15 April 2024
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
11 January 2024
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
30 June 2023
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 2022.
23 October 2023
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
21 July 2023
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
18 April 2023
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
12 January 2023
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
18 October 2022
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
30 June 2022
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 2022.
20 July 2022
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
30 June 2022
FUND NOTICE
Performance fees
This document provides a full update on the above. Please contact PM Capital if you require further information.
19 April 2022
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
17 January 2022
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
30 June 2021
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 2021.
18 October 2021
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
17 July 2021
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
20 April 2021
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
14 January 2021
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
30 June 2020
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 2020.
9 October 2020
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
9 July 2020
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
14 April 2020
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
15 January 2020
MANAGEMENT AND TRANSACTIONAL COST STATEMENT
This document provides a full update on the above. Please contact PM Capital if you require further information.
30 June 2019
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 2019.
If you require an explanation as to any of these calculations please do not hesitate to contact PM Capital on 02 8243 0888 or email pmcapital@pmcapital.com.au .
11 October 2019
PRO-FORMA COST STATEMENT
On 1 December 2018, a dual performance fee hurdle was introduced for the Fund such that in order for a performance fee to be applied, performance of units must exceed the greater of the RBA cash rate and the MSCI World Net Return Index (AUD). To illustrate the impact of this dual hurdle, a hypothetical pro-forma Management and Transactional costs, assuming the new performance fee structure was in place for the 12-month period ended 30 September 2019, is shown against the historical actual below. The hypothetical pro-forma is provided for illustrative purposes only and does not represent the actual costs that applied during the period.
This document provides a full update on the above. Please contact PM Capital if you require further information.
16 July 2019
PRO-FORMA COST STATEMENT
On 1 December 2018, a dual performance fee hurdle was introduced for the Fund such that in order for a performance fee to be applied, performance of units must exceed the greater of the RBA cash rate and the MSCI World Net Return Index (AUD). To illustrate the impact of this dual hurdle, a hypothetical pro-forma Management and Transactional costs, assuming the new performance fee structure was in place for the 12-month period ended 30 June 2019, is shown against the historical actual below. The hypothetical pro-forma is provided for illustrative purposes only and does not represent the actual costs that applied during the period.
This document provides a full update on the above. Please contact PM Capital if you require further information.
15 April 2019
PRO-FORMA COST STATEMENT
On 1 December 2018, a dual performance fee hurdle was introduced for the Fund such that in order for a performance fee to be applied, performance of units must exceed the greater of the RBA cash rate and the MSCI World Net Return Index (AUD). To illustrate the impact of this dual hurdle, a hypothetical pro-forma Management and Transactional costs, assuming the new performance fee structure was in place for the 12-month period ended 31 March 2019, is shown against the historical actual below. The hypothetical pro-forma is provided for illustrative purposes only and does not represent the actual costs that applied during the period.
This document provides a full update on the above. Please contact PM Capital if you require further information.
15 January 2019
PRO-FORMA COST STATEMENT
On 1 December 2018, a dual performance fee hurdle was introduced for the Fund such that in order for a performance fee to be applied, performance of units must exceed the greater of the RBA cash rate and the MSCI World Net Return Index (AUD). To illustrate the impact of this dual hurdle, a hypothetical pro-forma Management and Transactional costs, assuming the new performance fee structure was in place for the 12-month period ended 31 December 2018, is shown against the historical actual below. The hypothetical pro-forma is provided for illustrative purposes only and does not represent the actual costs that applied during the period.
This document provides a full update on the above. Please contact PM Capital if you require further information.
7 December 2018
PRO-FORMA COST STATEMENT
On 1 December 2018, a dual performance fee hurdle was introduced for the Fund such that in order for a performance fee to be applied, performance of units must exceed the greater of the RBA cash rate and the MSCI World Net Return Index (AUD). To illustrate the impact of this dual hurdle, a hypothetical pro-forma Management and Transactional costs, assuming the new performance fee structure was in place for the 12-month period ended 30 September 2018, is shown against the historical actual below. The hypothetical pro-forma is provided for illustrative purposes only and does not represent the actual costs that applied during the period.
This document provides a full update on the above. Please contact PM Capital if you require further information.
7 December 2018
PRO-FORMA COST STATEMENT
On 1 December 2018, a dual performance fee hurdle was introduced for the Fund such that in order for a performance
fee to be applied, performance of units must exceed the greater of the RBA cash rate and the MSCI World Net Return
Index (AUD). To illustrate the impact of this dual hurdle, a hypothetical pro-forma Management and Transactional costs,
assuming the new performance fee structure was in place for the 12-month period ended 30 June 2018, is shown against
the historical actual below. The hypothetical pro-forma is provided for illustrative purposes only and does not
represent the actual costs that applied during the period.
This document provides a full update on the above. Please contact PM Capital if you require further information.
3 December 2018
FUND NOTICE
Effective from 1 December 2018 PM Capital will amend the performance fee calculation method for the PM Capital Global Companies Fund and PM Capital Australian Companies Fund. The change for each Fund will be to add an additional index for which each Fund’s units must outperform before a performance fee will be accrued.
This document provides a full update on the above. Please contact PM Capital if you require further information.
Please see clarifying statement regarding calculation of high water mark.
30 June 2018
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 2018.
If you require an explanation as to any of these calculations please do not hesitate to contact Rebecca Morgan on 02 8243 0888 or email pmcapital@pmcapital.com.au .
1 May 2018
FUND NOTICE
From 1 May 2018, PM Capital will charge operating expenses to the extent that allows PM Capital to recover the costs incurred for the Funds relating to the appointment of foreign tax agents, and the costs of preparing and lodging foreign tax returns. This update to the normal operating expenses will be provided in an updated Product Disclosure Statement to be lodged on, or about, 28 March 2018.
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 Rebecca Morgan on 02 8243 0888 or email pmcapital@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 Rebecca Morgan on 02 8243 0888 or email pmcapital@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.
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 here.
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.