LICs, page-124

PM Capital doesn't report a 'top 10 holdings' each month anymore (replaced with a stock they hold in each sector / theme they are invested in).

But having a look at the March quarterly SEC filings, they have been seriously trimming the majority of their US holdings (typically, by 20 tp 40 percent).

That's a pretty massive 'take profits'.

They have been talking up Spain and Ireland a lot recently, so I wouldn't be surprised if they have increased their exposure to Europe.

All sounds pretty smart to me.

http://www.google.com.au/url?sa=t&s...urope/&usg=AFQjCNGNN1SyTRoNzLrKT93bOJHmixLbbQ