PM Capital global opportunities fund posts strong November performance

PM Capital Global Opportunities Fund Limited recorded a 4.8% increase in November 2025, significantly outpacing the flat broader global market in AUD terms. The fund's net tangible asset (NTA) backing per ordinary share stood at AUD 2.7658 before tax accruals and AUD 2.3813 after tax (excluding deferred tax assets). Over the past year, the fund achieved a 38.8% return, with a 16.4% annualized return since inception, resulting in a total return of 513.5%.

Key drivers included Irish banks, AIB Group and Bank of Ireland, which surged 11% and 13% respectively. Gold holdings, Newmont and Northern Star, also contributed with rallies of 12% and 10% following a 5% increase in gold prices. Alphabet rallied 14%, leading to a reduction in the fund's holding after a substantial re-rating.

Despite the strong monthly gains, Pernod-Ricard declined 9%, although a 3% dividend helped offset some losses. The fund's top 10 holdings include Allied Irish Bank, Apollo Global Management, Bank of America, Bank of Ireland, Caixabank, ING Groep, Lloyds Banking Group, Newmont Mining, Teck Resources, and Wynn. The portfolio maintains significant exposure to Domestic Banking – Europe (33%) and Commodities – Industrial Metals (22%).