PM Capital Global Opportunities Fund Ltd. · ASX:PGF
PM Capital Global Opportunities Fund — Investor Presentation (August 2026)
36 slides from PM Capital Global Opportunities Fund's investor presentation, Aug 11, 2026
Slide 1: PM Capital Global Opportunities Fund (ASX: PGF)
For personal use only PM Capital Global Opportunities Fund (ASX: PGF) August 2026
Slide 2: Disclaimer
Disclaimer The information provided in this presentation has been prepared by PM Capital Global Opportunities Fund Limited (ACN 166 064 875, ASX:PGF) (PGF or the Company) in relation to a non-underwritten placement of shares to certain wholesale and sophisticated No investment or financial product a
Slide 3: Disclaimer (cont.)
Disclaimer (cont.) Past performance their respective related bodies corporate’s officers, directors, employees, agents or advisers, and each Limited Party expressly Past performance and pro-forma historical information in this presentation is given for illustrative purposes only and should not discl
Slide 4: Fund Overview
FUND OVERVIEW PM Capital Global Opportunities Fund (ASX: PGF) For personal use only ACN 166 064 875 Objective Global Opportunity Fully Franked Dividends PGF aims to create long term wealth through Flexible, benchmark-unaware approach investing PGF has a consistent focus on delivering fully franked i
Slide 5: Reaffirmed Dividend Guidance
Reaffirmed Dividend Guidance For personal use only 1 2 3 Full Year 2026 Dividend Forward Guidance for 2027 Retained Earnings Investors who participate in the The Company announced its Based on 30 June 2026 retained Offer will be eligible to receive intention to deliver a minimum earnings and profit
Slide 6: Offer Overview
For personal use only Offer Overview
Slide 7: PGF has outperformed the MSCI World and S&P/ASX 200 since inception
PM Capital Global Opportunities Fund (ASX:PGF) For personal use only PGF has outperformed the MSCI World Net Total Return Index (AUD) and S&P / ASX 200 Accumulation Index over $800,000 every time period since inception* Company performance (net of fees)1 3 5 7 10 Since $700,000 1 Total Years Years Y
Slide 8: PGF - Dividend History & Guidance
PGF - Dividend History & Guidance For personal use only 12.0 Multi-year retained earnings and profit reserve underpins fully franked dividend guidance 10.0 8.0 Cents per share 6.0 4.0 2.0 0.0 Sep-24 Sep-25 Sep-26 Sep-27 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Mar-22 Mar-23 Mar-24 Mar
Slide 9: Placement & Share Purchase Plan
Placement & Share Purchase Plan1 $3.07 10.8% $175m 7.4% For personal use only Offer price Discount Placement raise Gross dividend yield2 (p.a.) Equal to the estimated pre-tax NTA To the closing ASX price of PGF on Using PGF’s available placement Eligible to receive 7.5c fully franked per share of PG
Slide 10: Placement & Share Purchase Plan: Key Dates
Placement & Share Purchase Plan Placement closes How to participate in the Placement For personal use only 12 August 2026 1 New and existing wholesale and sophisticated investors can participate in the Placement offer by SPP opens contacting their broker and bidding into the Placement. 21 August 202
Slide 11: About PM Capital
For personal use only About PM Capital
Slide 12: PM Capital
PM Capital For personal use only 1998 $6.0B 2023 Global Companies Fund Founded by Funds under Joined Regal Paul Moore management Partners Limited (ASX: RPL) Australian Companies Fund 20+ yrs 6-8 30-45 Average tenure Core investment Stocks per Enhanced Yield Fund of PMs themes equities strategy As at
Slide 13: Our Process, Fundamental Valuation & Patience
Our Process, Fundamental Valuation & Patience In 2000 - “The lunacy we are witnessing in the .com IPOs is something I have never before witnessed. It far surpasses any other sector For personal use only bubble of the last 15 years.” 2003 Global Brewing Industry consolidation / 10 PE Bottom quartile
Slide 14: The Times They Are A-Changin'
The Times They For personal use only Are A-Changin’
Slide 15: Our Long-Term Framework
Our Long-Term Framework For personal use only Global government bond yields at record lows October 1979: Volcker declares war on inflation (running at 13% pa) – “Containment of inflation is fundamental to a restoration of sound economic ~ 40 yrs down growth.” ~ 40 yrs up ~ 40 yrs up June 2014: Negat
Slide 16: The Big Issue
The Big Issue For personal use only 1 Politicians won’t stop spending Compounded by Geopolitics, 2 Net zero and now, AI and Tariffs = Higher trend inflation with upside risk 16
Slide 17: It's the Spending
It’s the Spending For personal use only Public demand (nominal)* as a share of GDP AUS Consumer Price Index (CPI) YoY 30 increasing to record highs 10 28 8 % share of nominal GDP = 26 6 24 4 22 2 20 0 2005 2010 2015 2020 2025 2030 2015 2017 2019 2021 2023 2025 -2 A New Base Source: Bloomberg. ABS, M
Slide 18: The most significant market observations
The most significant market observations For personal use only Artificial USD Trump Intelligence Fiscal Bond Yields
Slide 19: Trump, China, Tariffs
Trump For personal use only 1 China 2 Tariffs “Board of Peace” 3 Russia / Ukraine, Gaza, Greenland, Venezuela, Iran
Slide 20: A.I.
A.I. For personal use only Software Evolution Capital Expenditure Boom . Productivity Boom …it’s a fundamental new way of doing software…We tell the AI, we tell the model, we tell the computer - what are the expected Lower short-term rates? answers…” New FED Governor NVIDIA CEO Jensen Huang talking
Slide 21: Fiscal – US Budget
Fiscal – US Budget For personal use only 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Individual income taxes 1,541 1,546 1,587 1,684 1,718 1,609 2,044 2,632 2,176 2,426 2,656 2,751 2,947 3,044 Payroll taxes1 1,065 1,115 1,162 1,171 1,243 1,310 1,314 1,484 1,614 1,709 1,748
Slide 22: USD Bond yields
USD Bond yields For personal use only 6.00 1.50 US Benchmark Bond - 10 Year - YTM AU-US Differential 5.00 1.00 4.00 0.50 3.00 0.00 2.00 -0.50 1.00 0.00 -1.00 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 Source: FactSet as at March 2026 22
Slide 23: Global portfolio composition
Global portfolio composition For personal use only Investment Thesis July 2026 Stock Examples 2027 PE* Domestic banking – Europe 35% ING Groep 10x Commodities • Copper 8% Grupo Mexico 14x • Gold 8% Newmont 9x Healthcare 11% Sanofi 8x European industrials • Large cap 4% Siemens 21x • Small cap 5% Aal
Slide 24: European banks
European banks For personal use only European banks trade on 7-8x forward earnings = Bottom quartile valuation + dividend yield >7% European banks P/E based on consensus forward earnings European banks P/E relative based on consensus forward earnings *Based on consensus earnings; historical data are
Slide 25: Patience (Start with the end in mind)
Patience (Start with the end in mind) For personal use only Jun-21 Jun-23 Jun-25 Jun-27 Jun-29 Jun-31 2000 “ 1800 1600 Share price, indexed 100 All great investments 1400 1200 at the time they're 1000 purchased are either 800 questioned and, in 600 some cases, ridiculed. 400 200 0 Jun-16 Jun-18 Jun-
Slide 26: Gold vs Newmont (Gold company)
Gold vs Newmont (Gold company) For personal use only 1200 2025 Newmont vs Gold price, indexed 100 400 1000 Price, indexed 100 (USD) 800 300 Price, indexed 100 (USD) 600 200 400 100 200 0 0 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Newmont
Slide 27: Bar stools to Barbells
Bar stools to Barbells For personal use only € 250 Composite Consumer Confidence for China 130 125 € 200 120 115 -35% -60% -60% Percentage balance Share price (EUR) € 150 110 Heineken Campari Diageo 105 € 100 100 95 € 50 90 85 -65% -70% €0 80 2014 2016 2018 2020 2022 2024 2014 2016 2018 2020 2022 20
Slide 28: Healthcare
Healthcare For personal use only 400 700 60 400 600 50 300 300 Share price (AUD) Share price (USD) Share price (USD) 500 Share price (AUD) 40 200 200 400 30 300 100 100 20 -60% -70% 200 -60% -70% 100 10 0 0 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 202
Slide 29: Conclusion
Conclusion Short-term For personal use only There is always an abundance of noise. Longer-term Inflation and rates are still the big issue because Politicians won’t stop spending and debt needs to be deflated. So what does an investor do?
Slide 30: Think long term, focus on valuation and be patient
Think long term, focus on valuation and be patient For personal use only $800,000 Company performance (net of fees)1 3 5 7 10 Since 1 Total Years Years Years Years inception As at 31 July 2026 Year return pa pa pa pa pa* $700,000 PM Capital Global Opportunities Fund 32.6% 27.0% 23.1% 21.5% 19.9% 16.
Slide 31: Questions
For personal use only Questions
Slide 32: Key Risks
For personal use only Key Risks
Slide 33: Key Risks
Key Risks 1.1 Overview and previously disclosed risks This section describes the key risks of investing in PGF together with the risks relating to participation or non-participation in the Cybersecurity and technology For personal use only Placement and SPP. The Manager and its Group’s and PGF’s inf
Slide 34: International Offer Restriction
International For personal use only Offer Restriction
Slide 35: International Offer Restriction
International Offer Restriction This presentation does not constitute an offer of new shares in PGF in any jurisdiction in which it would be unlawful. In particular, this presentation may not be distributed to any person, and the new shares may not be offered or sold, in any country outside of Austr
Slide 36: Thank you
For personal use only Thank you
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