PM Capital to list LIC on ASX

Specialist equity fund manager PM Capital has announced it will launch a listed investment fund (LIC) to allow Australian investors easier access to the international share market.

The company planned to list the PM Capital Global Opportunities Fund on the Australian Securities Exchange (ASX).

The LIC would address a growing demand for more opportunities in the global market, PM Capital chief executive Chris Donohoe said yesterday.

“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,” Donohoe said.

Offshore markets offered greater opportunities than were currently available in the Australian share market, he said.

“Within equities markets we believe global markets provide a superior risk/reward opportunity,” he said.

“With moderation in China’s demand for commodities, some Australian companies trading at significant premiums to their global peers and with the prospect of a falling Australian dollar, we believe that the outlook for global equity returns in Australian dollar terms is attractive, especially relative to other investment opportunities available to Australian-based investors.”

The fund had achieved a 12-month post-fee return of 54.2 per cent at 30 September 2013.

This was a 20.5 per cent excess return compared to the benchmark MSCI Global Equity Index.