PM Capital Global Opportunities downgraded

Although it's been a volatile road, PM Capital Global Opportunities' share price has risen to more closely reflect its underlying portfolio value, and so we're downgrading to Hold.

When we first upgraded PM Capital Global Opportunities Fund (PGF) in January 2016, we noted the fund’s high exposure to financials. At nearly half the portfolio, the fund believed that rising interest rates and credit growth would benefit its holdings of American, British and European financials, which were also much reasonably priced than Australian banks such as Commonwealth Bank or Westpac.

As a result of its concentrated portfolio and emphasis on long-term capital growth rather than dividends, we also noted that PM Capital recommends that investors have a minimum timeframe of seven years.

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