PM Capital launches first LIC
PM Capital has raised almost $174 million for its' Global Opportunities Fund which has been successfully listed on the Australian Securities Exchange.
The Listed Investment Company (LIC) is the first of its type for PM Capital, a global equity fund manager, and attracted interest from 3,700 investors.
Chair of the fund Andrew McGill said the widespread interest in the fund reflected increased investor appetite for offshore investments.
"With the dollar still relatively strong compared to historic levels, investors with a medium term investment horizon will benefit not only from the potential growth of the underlying investments, but also from returns that may be achieved if the dollar weakens further."
PM Capital chief executive Chris Donohoe said the shares were evenly distributed across a broad investment base and the company would benefit its investors by expanding "their portfolios offshore where there is a greater breadth of opportunity, a superior risk reward and all at a time when the currency remains at artificially elevated levels".
The fund will follow an investment mandate modelled on PM Capital's Absolute Performance Fund (APF), which has achieved a total return of 212.9 per cent since its inception in October 1998.
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