PM long/short global portfolio gains by avoiding Asia equities


A long/short global equity portfolio run by Sydney-based PM Capital has delivered a remarkable performance this year after avoiding Asian equities and allocating heavily instead to US stocks.

The contrarian, long-term and fundamental-driven PM Capital Absolute Performance posted a 29.08% return in the first 10 months of the year, after recording a 5.80% gain in September and 1.09% in October.

The fund lost 19.68% last year and has recorded an annualised return of 2.89% since it was launched in November 1998.

Its portfolio manager Ashley Pittard identifies US housing as a “once-in-a generation” investment opportunity and credits the