{"id":154631,"date":"2025-11-21T09:27:59","date_gmt":"2025-11-20T22:27:59","guid":{"rendered":"https:\/\/www.ppmfunds.com\/?p=154631"},"modified":"2025-11-21T14:02:06","modified_gmt":"2025-11-21T03:02:06","slug":"quarterly-market-update-november-2025-strong-results-and-strategic-positioning","status":"publish","type":"post","link":"https:\/\/www.ppmfunds.com\/quarterly-market-update-november-2025-strong-results-and-strategic-positioning\/","title":{"rendered":"Quarterly Market Update \u2013 November 2025: Strong Results and Strategic Positioning"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row row_height_percent=&#8221;0&#8243; override_padding=&#8221;yes&#8221; h_padding=&#8221;2&#8243; top_padding=&#8221;3&#8243; bottom_padding=&#8221;3&#8243; overlay_alpha=&#8221;50&#8243; gutter_size=&#8221;3&#8243; column_width_percent=&#8221;100&#8243; shift_y=&#8221;0&#8243; z_index=&#8221;0&#8243; content_parallax=&#8221;0&#8243; uncode_shortcode_id=&#8221;242084&#8243;][vc_column][vc_single_image dynamic=&#8221;yes&#8221; media_width_percent=&#8221;100&#8243; uncode_shortcode_id=&#8221;716602&#8243;][vc_custom_heading auto_text=&#8221;yes&#8221; heading_semantic=&#8221;h1&#8243; text_size=&#8221;h1&#8243; uncode_shortcode_id=&#8221;975730&#8243;]This is a custom heading element.[\/vc_custom_heading][uncode_info_box items=&#8221;Date,Categories&#8221; text_font=&#8221;font-192842&#8243; text_size=&#8221;h6&#8243; text_transform=&#8221;uppercase&#8221; separator=&#8221;pipe&#8221;][vc_column_text uncode_shortcode_id=&#8221;129445&#8243;]<\/p>\n<p style=\"font-weight: 400;\">PPM&#8217;s investment team delivered impressive results in a dynamic market environment, with the Australian equities growth strategy achieving a robust 11.26% return over six months and the global growth strategy delivering an exceptional 26.71% over the same period\u2014reaching 34.61% over the past year. Chair and CEO Hugh McNally, alongside the investment team, unpacked the forces driving these returns and explained why they remain optimistic despite economic uncertainties, from tariff tensions to evolving interest rate policies. Discover how PPM is navigating the current landscape with strategic overweights in distribution-type businesses and a selective approach to the banking sector.<\/p>\n<h4 style=\"font-weight: 400;\">From WiseTech to United Rentals: Spotlight on two Portfolio Holdings<\/h4>\n<p style=\"font-weight: 400;\">In this quarter&#8217;s webinar, the team provided exclusive insights into key portfolios holdings. Max Herron-Vellacott explained why the governance refresh at WiseTech Global\u2014Australia&#8217;s rare large-cap technology company\u2014created an attractive entry point into a market-leading logistics software platform with 30% historical revenue growth. Franklin Dohan then explored United Rentals, the world&#8217;s largest equipment rental company, revealing how it&#8217;s positioned as a &#8220;pick and shovel&#8221; play on AI infrastructure spending while capitalising on the structural shift from equipment ownership to rental. These detailed analyses showcase PPM&#8217;s rigorous approach to identifying quality companies at compelling valuations.<\/p>\n<h4 style=\"font-weight: 400;\">The AI Capex Question and the Future of Financial Services<\/h4>\n<p style=\"font-weight: 400;\">Are big tech&#8217;s massive AI investments sustainable, or is the market heading for disappointment? Hugh McNally tackled this critical question head-on, presenting compelling data showing that Microsoft, Google, Meta, and Amazon generated $160 billion in operating cash flow last quarter\u2014comfortably exceeding their combined $100 billion in capital expenditure. The team also revealed why they&#8217;re increasingly bullish on European and US financial services companies like Wells Fargo and Banco Santander, which are delivering 15-17% returns on capital at attractive valuations\u2014a stark contrast to Australian banks trading at premium multiples for lower returns. Watch the full recording to understand how these insights are shaping portfolio strategy.<\/p>\n<p><a href=\"https:\/\/player.vimeo.com\/video\/1139094671\" target=\"_blank\" rel=\"noopener\">Full Video<\/a>[\/vc_column_text][vc_custom_heading heading_semantic=&#8221;p&#8221; text_size=&#8221;fontsize-160000&#8243; uncode_shortcode_id=&#8221;177153&#8243;]Source: PPM (Performance figures are to 31-Oct 2025). Performance returns are before fees and taxes and from 1 July 2022 includes the value of franking credits for the Domestic portfolio.[\/vc_custom_heading][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/1&#8243;][uncode_block id=&#8221;154632&#8243;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>PPM&#8217;s investment team delivered impressive results in a dynamic market environment, with the Australian equities growth strategy achieving a robust 11.26% return over six months and the global growth strategy delivering an exceptional 26.71% over the same period\u2014reaching 34.61% over the past year. <\/p>\n","protected":false},"author":1,"featured_media":59504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[75],"tags":[],"class_list":["post-154631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-webinars"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - 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