PM Capital Global Opportunities Fund Hit by Geopolitical Jitters but Sticks to Long-Term Strategy

The latest update is out from PM Capital Global Opportunities Fund Ltd. ( (AU:PGF) ).

PM Capital Global Opportunities Fund reported a cumulative return since inception of 513.7% and an NTA before tax of A$2.6161 per share as at 31 March 2026, with a net invested equity position of 101% and key exposures to European domestic banks and industrial commodities. Despite strong longer-term performance, the fund fell 7.8% in March amid heightened geopolitical tensions and an oil-driven sell-off in European banks, industrials, and gold miners, though management added to positions such as Northern Star and Apollo Global Management, reiterating a focus on fundamentals and valuation discipline.

Geopolitical conflict in the Middle East and the resulting spike in energy prices triggered risk-off moves that hurt holdings in Lloyds Banking Group, ING Groep, Siemens, and Bodycote, while gold-related positions also dragged on returns. Apollo Global Management was a rare positive contributor, rising 7% after a prior sharp sell-off linked to private credit and SaaS valuation fears, with the fund using volatility to increase exposure as part of its active, anomaly-driven global strategy.

More about PM Capital Global Opportunities Fund Ltd.

PM Capital Global Opportunities Fund Limited is an ASX-listed global equities investment company running a concentrated, long/short portfolio of around 40 internationally listed stocks. The fund targets long-term capital growth over horizons of seven years or more, focusing on themes such as European and U.S. domestic banking, industrial metals, healthcare, and industrials across North America, Europe, the UK, and selected other markets.

Average Trading Volume: 437,478

Technical Sentiment Signal: Strong Buy

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