PM Capital’s patience with Asia pays off

The Asia-focused LIC PAF is trading at a discount but performance has been steady as the managers look at businesses, not markets.

Summary: PM Capital Asian Opportunities Fund is trading at a 15 per cent discount and its fund managers have a strong track record over the last eight years. The managers have been patient, buying into new positions on weakness over the last few months. Although some commentators talk down emerging markets, these portfolio managers point out that they are buying businesses, not markets.

Key take-out: The fund plans to use education as a strategy to close the gap between share price and NTA, as well as continuing to perform well so rational market participants take notice.


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