With choices limited for investors wanting to access global shares through the ASX, PM Capital said the timing was right to release its PM Capital Global Opportunities Fund.
“Based on our observations of investment markets, we believe that now is an excellent time to offer this global equity company to investors,” said PM Capital chief executive Chris Donohoe.
“Cash and bonds are trading at historically low yields and do not compare to the relative earnings yield of companies,” he said.
“With only a handful of ASX-listed global equity managers currently available, we believe this well-timed opportunity will appeal to those investors looking to increase their exposure to global equities,” said Mr Donohoe.
Many Australian investors have portfolios that are underweight in global shares, he said, and with the prospect of the Australian dollar falling, PM Capital believes that the outlook for global equity returns in Australian dollar terms is attractive.
“Most investors are aware that offshore markets offer a far greater breadth of opportunity that cannot be found in Australia,” said Mr Donohoe. “However, the familiarity with Australian shares means investors remain underweight in global equities.
“Our LIC will give investors access to quality global business via an experienced investment team focused on maximising the long-term after-tax value of investors’ capital," he said.
Ord Minnett has been appointed to act as arranger and joint lead manager in a pre-capital raising road show for the fund, with RBS Morgans, Bell Potter and Taylor Collison appointed as the other joint lead managers.
