Ann: Investment Report & NTA May 2018, page-28

PM Capital is good.
Paul is a deep value and contrarian manager mostly. He has some brands like Visa, Wells Fargo - which are neither but for the bulk of what Paul tries to invest in is "Blood on the streets" stuff (he invested in vegas real estate in 2009), just like what Peter Lynch did. So the fund can have wild downswings and wild upswings - in 2010 PM Capital was the worst performing fund out of every single fund in global equities in Australia, but in 2012 they were the best. You have to expect periods of time where you love them and periods of time when you hate them. These wild swings are because he dives head first into total train wrecks, in those scenarios there is often additional downside, but if you hold for 10 years, that's where you make money. It's proven to be successful over the long term, but in 2015 they were -18% below the market and everyone hated them.
Next time they get pounded, i'll have a look at them, but I prefer FGG for global exposure vs PGF.
They do have a succession issue there. None of the team are anywhere near his level so in 10 years time i'd be fairly nervous investing in them if they haven't sorted that issue out.