What PM Capital does

PM Capital is a Sydney-based investment management boutique founded in 1998 by CIO Paul Moore. The firm manages four vehicles spanning global equities (Global Companies Fund), Australian equities (Australian Companies Fund), global income securities (Enhanced Yield Fund) and an ASX-listed global equities investment company (Global Opportunities Fund, ASX: PGF). Its investment process is fundamental, bottom-up and concentrated (typically 25-45 holdings), benchmark-unaware, and centred on identifying undervalued securities and market anomalies over rolling seven-year horizons. The firm serves private clients, financial-adviser-distributed wholesale accounts (minimum investment A$20,000 for the Global Companies Fund) and institutional investors, distributing through direct digital onboarding, a regional Australian adviser sales team, ASX platform/mFunds access, and the listed PGF.

Revenue is generated through recurring management fees on funds under management across the managed funds and the listed PGF; specific fee schedules are not publicly disclosed. The firm has accumulated 25+ years of live track record, with multi-decade outperformance versus MSCI World (AUD), S&P/ASX 200 Accumulation Index and the RBA cash rate, and has won multiple Zenith, Lonsec and Australian Fund Manager Foundation awards between 2013 and 2023. On 21 December 2023, PM Capital was acquired by ASX-listed Regal Partners Limited (ASX: RPL), becoming a wholly owned subsidiary while retaining investment autonomy under Paul Moore and leveraging Regal's corporate infrastructure and distribution capabilities. PM Capital Pty Limited (ACN 689 382 796) is the investment manager entity, with Regal Partners (RE) Limited acting as responsible entity for the funds. Headcount is reported at 11-50, with no AI/ML technology, APIs, or product integrations disclosed in the available data.

Name

PM Capital

Legal name

PM Capital Pty Limited

Website

https://pmcapital.com.au

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

PM Capital is a Sydney-based boutique investment manager founded in 1998 by Paul Moore, running concentrated global and Australian equity strategies plus a global income fund and the ASX-listed PGF, distributed to private clients, advisers and institutions across Australia.

Ownership category

akta.pro rank

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: PM Capital generates revenue through management fees charged on funds under management across its managed funds (Global Companies Fund, Australian Companies Fund, Enhanced Yield Fund) and listed investment company (PGF). The funds are unlisted except for the ASX-listed Global Opportunities Fund (PGF).

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

PM Capital is a Sydney-based boutique investment manager that manages money on behalf of private clients, financial adviser clients, and institutions via three unlisted managed funds (Global Companies Fund, Australian Companies Fund, Enhanced Yield Fund) and one ASX-listed investment company (PM Capital Global Opportunities Fund, ASX: PGF). The firm applies a fundamental, bottom-up, benchmark-unaware value-investing philosophy developed over 35+ years to build concentrated portfolios of undervalued global and Australian securities, with the Enhanced Yield Fund additionally targeting regular income from global income securities. The funds are designed for long-term investors (7+ year horizon) with the PGF providing exchange-traded access for retail and wholesale investors.

Product overview

PM Capital offers four distinct investment products: three unlisted managed funds (Global Companies Fund, Australian Companies Fund, Enhanced Yield Fund) and one ASX-listed investment company (Global Opportunities Fund / PGF). The managed funds range from concentrated global and Australian equity strategies to a fixed income strategy, all sharing PM Capital's investment philosophy of exploiting market anomalies. The listed PGF provides retail investors exchange-traded access to the same global equities investment approach. The funds are structured for long-term investors (7+ year time horizon) and are denominated in AUD.

Differentiator

Problem solved

Functional benefit

Brands

• Global Companies Fund: Concentrated portfolio of 25-45 global companies trading at prices different from intrinsic values. Investment objective is long-term capital growth outperforming MSCI World Net Total Return Index (AUD) or RBA cash rate over rolling seven-year periods.
• Australian Companies Fund
• Enhanced Yield Fund
• PM Capital Global Opportunities Fund (PGF)

Products and services

• Global Companies Fund A concentrated, benchmark-unaware portfolio of 25-45 global companies that trade at prices different from their intrinsic values, aiming to create long-term wealth through capital growth. Unlisted managed fund denominated in AUD and unhedged, with a wholesale minimum investment of $20,000 and a seven-year-plus investment horizon intended to outperform the MSCI World Net Total Return Index (AUD) or RBA cash rate. Targets private clients, advised clients, and institutional investors seeking differentiated global equity exposure.
• Australian Companies Fund A handpicked portfolio of 15-25 companies, predominantly Australian, trading below intrinsic values, with up to 20% global exposure through PM Capital's international stock ideas. Unlisted managed fund denominated in AUD, unhedged, designed to deliver long-term capital growth and 100% franking credits, outperforming the S&P/ASX 200 Accumulation Index or RBA cash rate over rolling seven-year periods. For investors seeking differentiated Australian equity exposure managed with global insights.
• Enhanced Yield Fund A benchmark-unaware portfolio of global income securities (corporate bonds, hybrid securities and other debt instruments) providing regular income with low volatility and capital stability. Maintains a minimum 20% cash position, is unlisted, denominated in AUD, and is also accessible via the ASX mFunds platform. Designed for investors seeking income and capital stability with the objective of outperforming the RBA cash rate over rolling seven-year periods.
• PM Capital Global Opportunities Fund (ASX: PGF) ASX-listed investment company (ASX: PGF) providing investors the opportunity to invest in global equities via PM Capital's concentrated portfolio of 25-45 undervalued global (including Australian) companies. Began trading on the ASX on 12 December 2013 and offers exchange-traded liquidity to retail and wholesale investors seeking PM Capital's global value-equity strategy without unlisted fund entry constraints.

Quantifiable outcome

• Global Companies Fund has delivered 11.3% p.a. since inception (1998) vs MSCI World Index 7.1% p.a.
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Investors Mutual: Australian value-driven fund manager running concentrated Australian and global equity strategies. Directly comparable investment style, fee structure, and adviser/wholesale distribution focus.
• Platinum Asset Management: Sydney-based active manager of global and Asian equity funds using a benchmark-unaware, concentrated stock-picking approach. Closely comparable investment philosophy and Australian wholesale/adviser distribution model.
• Cooper Investors: Boutique Melbourne-based active manager focused on concentrated global and Australian equities with a long-term, benchmark-aware approach. Highly comparable in size, style, and client segments.
• Wilson Asset Management: Sydney-based active manager with multiple LICs and managed funds across Australian and global equities. Comparable in product breadth (LIC + unlisted), value bias, and adviser-led distribution.
• Plato Investment Management: Sydney-based active manager running concentrated long-only and income strategies including global equities and high-conviction income. Comparable in product set (equities + yield strategy) and wholesale/listed distribution.
• Magellan Asset Management: ASX-listed Australian boutique specialising in concentrated global equities with a high-conviction, benchmark-unaware approach. Directly comparable product set, distribution model, and target investor base to PM Capital's Global Companies Fund.
• Antipodes Partners: Australian value-oriented global equities manager. Comparable long-term value philosophy, concentrated portfolio construction, and institutional/wholesale focus.
• Avenir Capital: Australian boutique running concentrated, fundamental-driven global and Australian equity strategies. Comparable in fund size, philosophy, and target investor base.

Broad incumbents

• Orbis Investments: Global value-oriented fund manager offering concentrated, benchmark-unaware global equity strategies. Comparable philosophy and product but operates at materially larger international scale.

Others

• Regal Partners Limited: ASX-listed specialist alternatives investment manager and PM Capital's parent company. Comparable as a Sydney-based alternatives platform but operates hedge funds, private markets, and real assets rather than long-only equity strategies.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/pmcapitalltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PM Capital