Creating long-term returns and protecting your wealth with a patient and disciplined approach that uncovers value in high quality businesses listed around the world.
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.
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.
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.
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 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.
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.
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.
BComm FFin GAICD
John has over 35 years’ experience primarily in the Australian funds management industry. He is the founder of consultancy firm PeopleFirst and prior to that was Chief Operating Officer with Rothschild Australia Asset Management. John holds a Bachelor of Commerce from UNSW, Graduate Diploma from FINSIA and is a Senior Associate of the Australian Society of CPA. He has also completed the Advanced Management Program at Harvard in 1998 and is a GAICD.
Chief Investment Officer
Wayne is the founder of Peters MacGregor and has over 30 years’ experience in retailing and investment markets. He commenced his undergraduate studies at James Cook University, completed his Master of Business Administration at Bond University and has studied Company Valuation at Harvard.
Senior Portfolio Manager
CFA BMS (Hons) Grad Dip Fin
Michael joined Peters MacGregor in 2002 and has over 15 years’ experience as an Investment Analyst. He graduated with First Class Honours from the University of Waikato, New Zealand – having attained a Bachelor of Management Studies and a Graduate Diploma in Accounting and Finance. Michael is a CFA Charterholder.
Head of Research
CFA BEcon Grad Dip Fin
Nathan has over 20 years’ investment experience. Before joining Peters MacGregor, he worked for nine years at Intelligent Investor. That included over four years as Portfolio Manager, which included being a member of the Compliance Committee. Nathan contributes regularly to the financial press and regularly appears on Sky Business. He graduated from Flinders University with a Bachelor of Economics and subsequently completed a Graduate Diploma of Applied Investment and Management. Nathan is a CFA Charterholder.
Senior Investment Analyst
CFA BCom LLB
With 10 years investment experience, Alex worked at Schroders for 6 years and Sirius Asset Management prior to joining Peters MacGregor. He graduated from Sydney University with a Bachelor of Commerce – Major in Finance and a Bachelor of Law. Alex is also a CFA Charterholder.
Wilson has 5 year’s investment experience. He worked as an independent analyst managing private client monies prior to joining Peters MacGregor. Wilson graduated from the University of Hawaii at Manoa with a Bachelor of Business Administration in Finance and is a CFA Charterholder.
Head of Distribution
BBus Grad Dip FP
Alex has over 16 years’ experience in the financial services industry. He has worked at Rothschild Asset Management, BT Financial Group, Credit Suisse Asset Management and more recently as Head of Business Development at Aberdeen Asset Management. Alex holds a Bachelor of Business from the Australian Catholic University, Graduate Diploma from the Securities Institute and has studied at the INSEAD (Singapore).
Business Development & Marketing Executive
With over 5 years’ experience in marketing and business development, Matthew has previously held roles at Brookfield Asia Pacific, Clime Asset Management and Sydney Opera House. He completed his Bachelor degree at Western Sydney University.
Head of Operations
Matthew has over 11 years’ experience in the financial services industry, previously holding Operational & Performance analytics roles at NAB Asset Management, AMP Capital and Schroders Asset Management. He completed his Bachelor degree in Accounting at Western Sydney University.
External Compliance Officer
Steven has over 25 years’ experience in the funds management industry both in Australia and overseas fulfilling fund manager and director roles for several fund management groups. Macro Fund Services Pty Ltd with whom he is a shareholder and director, provide compliance related services to Peters MacGregor.
Principal, Chief Investment Officer
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