PM Capital Global Opportunities Fund delivers higher profit and bigger dividend in FY26

PM Capital Global Opportunities Fund grew profits and dividends in FY26 and set higher payout guidance for FY27.

The PM Capital Global Opportunities Fund Ltd (ASX: PGF) share price is in focus after the company reported net revenue of $381 million and a fully franked final dividend of 7.5 cents per share, both up strongly from last year.

Cheerful smiling businesswoman sitting on a chair and typing business report on a laptop keyboard.

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What did PM Capital Global Opportunities Fund report?

  • Net revenue rose 47% to $380.97 million (FY25: $258.98 million)
  • Profit after tax increased 41.5% to $238.03 million (FY25: $168.19 million)
  • Final fully franked dividend lifted to 7.5 cents per share (FY25: 6.0 cents); total FY26 dividends 14.5 cents
  • Net tangible assets (NTA) before tax grew 17.9% to $2.88 per share
  • Shareholder return for FY26 was 28.7%, comfortably outpacing the MSCI World Index (+14.8%) and ASX 200 (+6.1%)

What else do investors need to know?

The board declared a fully franked final dividend of 7.5 cents per share, payable on 8 October 2026, with a record date of 14 September 2026. The Dividend Reinvestment Plan (DRP) will operate for this dividend, with no discount, and the election deadline is 15 September 2026.

PM Capital Global Opportunities Fund continues to favour high-conviction positions in sectors like European banks (35% of the portfolio), commodities (17%), and emerging healthcare exposures. The manager trimmed copper-related holdings following strong rallies and maintains significant gold and healthcare investments.

The portfolio's after-fee, after-tax return was 32.9% for the year, and the board has set a minimum fully franked dividend guidance of 16.0 cents per share for FY27, supported by a robust profit reserve.

What did PM Capital Global Opportunities Fund management say?

Paul Moore, Chief Investment Officer, PM Capital said:

Our core investment thesis on markets remains unchanged. Central banks will struggle to lower inflation, and interest rates will be higher for longer. Large valuation dispersions will remain: a narrowing group of significantly overvalued companies at one extreme and many undervalued companies at the other. As always, valuation matters most. More than ever, a disciplined, patient investment approach is required.

What's next for PM Capital Global Opportunities Fund?

Looking to FY27, management sees inflation, artificial intelligence, and government policy as the dominant investment themes. The fund's focus will remain on undervalued opportunities in global equities, especially European financials, commodities and select healthcare businesses, aiming for patient, high-conviction investing.

The company intends to pay a minimum 16.0 cents per share in fully franked dividends in FY27, with ample profit reserves to support this guidance. There were no material changes to the company's state of affairs or significant events post FY26 reporting date, aside from the announced dividend.

PM Capital Global Opportunities Fund share price snapshot

Over the past 12 months, PM Capital shares have risen 23%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 5% over the same period.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

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