Who We Are

Based in Sydney, Australia, and founded in 1999, Peters MacGregor Capital Management is a value-focused investment manager specialising in global equities.

Our clients range from family offices and high net worth investors through to self-managed super funds and financial advisers.

Watch our video below to learn more about Peters MacGregor.

The end goal is always wealth
Preservation and appreciation. Request a Consultation

Investment Philosophy

We proudly set ourselves apart buying great businesses when their share prices are under pressure for temporary reasons. It requires patience to wait for the great opportunities, a long-term view to wait for the market to recognise the value we’ve found, and a repeatable process that identifies value and reduces risk in all kinds of markets.

It’s simple: We believe superior long-term returns come from investing in a small number of great companies that have clear competitive advantages, are run by honest and entrepreneurial managers, bought at prices that maximise returns without taking large risks.

The end goal is always wealth preservation and appreciation.

Share Selection

First and foremost, we view an investment in a company’s shares as an investment in the company’s business.

We’re not wasting time trying to second-guess which way the market may move in the short term and we’re not ‘active’ traders. Our investment selection process is benchmark unaware, bottom-up, research intensive and continually mindful of your investment with us. Our experienced team of analysts follows a clearly defined investment strategy.

Time horizon

Patience is everything. We only invest your money in businesses we’re prepared to own for ten years. Owning a small part of a great business over many years is a tried and true method that minimises frictional costs, such as capital gains taxes, to compound your returns faster than the market.

Diversification

Diversification is important. But to maximise the returns from our best ideas, we’re careful not to over-diversify. It’s easy for a portfolio to become unwieldly, tying up valuable research time while reducing returns and offering little to no material diversification benefits.

We invest in a portfolio of up to 30 stocks across various industries and geographies, which maximises the benefits of diversification without diluting the returns from our best ideas. This targeted approach lets us thoroughly understand and immerse ourselves in the businesses we own.

Risk

Just like you, we are naturally risk-averse.

We identify two types of risk: business risk and price or valuation risk.

Selecting businesses with competitive advantages, sound economics, intelligent and honest management and bright futures can substantially reduce business risk.

Price risk is when you overpay, even where it is an excellent business. That’s why we insist on a ‘margin of safety’.

Margin Of safety

We value each prospective business using a discounted free cash flow model, and only invest when the share price is at least 20% below this assessed value. This forms the basis of our ‘margin of safety’ and is critical in protecting your capital and achieving high returns.

In our view, price is what you pay and value is what you receive. Over time, we’ve seen that a company’s share price will trend toward its true intrinsic value. So our investments have two powerful factors working simultaneously: the value of the business is growing, while the share price is playing catch up to this value.

Portfolio construction

A ‘bottom-up’ stock picking approach means identifying outstanding businesses that are trading at material discounts to assessed valuations. Our Global Equity Portfolios comprise a small number of individual stock selections. Investment weightings are primarily dictated by the Investment Manager’s assessment of the quality of the business and the margin of safety in its share price.

Our portfolios comprise securities quoted on overseas markets, which are denominated in foreign currency. Peters MacGregor does not borrow, but may hedge against movements in the Australian dollar and other currency exchange rates. The default position is to remain unhedged.

Our Team

The team has extensive knowledge about business, industry and global markets. Our people have worked all over the globe, gleaning insights and experiences along the way from which you stand to benefit.

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WAYNE PETERS

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