<SEC-DOCUMENT>0001630363-20-000003.txt : 20200416 <SEC-HEADER>0001630363-20-000003.hdr.sgml : 20200416 <ACCEPTANCE-DATETIME>20200415202608 ACCESSION NUMBER: 0001630363-20-000003 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200416 DATE AS OF CHANGE: 20200415 EFFECTIVENESS DATE: 20200416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PM CAPITAL Ltd CENTRAL INDEX KEY: 0001630363 IRS NUMBER: 000000000 STATE OF INCORPORATION: C3 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-16861 FILM NUMBER: 20794883 BUSINESS ADDRESS: STREET 1: LEVEL 27, 420 GEORGE STREET CITY: SYDNEY STATE: C3 ZIP: 2000 BUSINESS PHONE: 001161282430888 MAIL ADDRESS: STREET 1: GPO BOX 3965 CITY: SYDNEY STATE: C3 ZIP: 2001 </SEC-HEADER> <DOCUMENT> <TYPE>13F-HR <SEQUENCE>1 <FILENAME>primary_doc.xml <TEXT> <XML> <?xml version="1.0" encoding="UTF-8"?> <edgarSubmission xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:com="http://www.sec.gov/edgar/common"> <headerData> <submissionType>13F-HR</submissionType> <filerInfo> <liveTestFlag>LIVE</liveTestFlag> <flags> <confirmingCopyFlag>false</confirmingCopyFlag> <returnCopyFlag>false</returnCopyFlag> <overrideInternetFlag>false</overrideInternetFlag> </flags> <filer> <credentials> <cik>0001630363</cik> <ccc>XXXXXXXX</ccc> </credentials> </filer> <periodOfReport>03-31-2020</periodOfReport> </filerInfo> </headerData> <formData> <coverPage> <reportCalendarOrQuarter>03-31-2020</reportCalendarOrQuarter> <filingManager> <name>PM CAPITAL Ltd</name> <address> <com:street1>GPO BOX 3965</com:street1> <com:city>SYDNEY</com:city> <com:stateOrCountry>C3</com:stateOrCountry> <com:zipCode>2001</com:zipCode> </address> </filingManager> <reportType>13F HOLDINGS REPORT</reportType> <form13FFileNumber>028-16861</form13FFileNumber> <provideInfoForInstruction5>N</provideInfoForInstruction5> </coverPage> <signatureBlock> <name>PAUL MOORE</name> <title>DIRECTOR</title> <phone>001161282430888</phone> <signature>PAUL RICHARD MOORE</signature> <city>SYDNEY</city> <stateOrCountry>C3</stateOrCountry> <signatureDate>04-15-2020</signatureDate> </signatureBlock> <summaryPage> <otherIncludedManagersCount>1</otherIncludedManagersCount> <tableEntryTotal>16</tableEntryTotal> <tableValueTotal>305745</tableValueTotal> <isConfidentialOmitted>false</isConfidentialOmitted> <otherManagers2Info> <otherManager2> <sequenceNumber>1</sequenceNumber> <otherManager> <cik>0001640472</cik> <form13FFileNumber>028-16862</form13FFileNumber> <name>MAPP PTY LTD</name> </otherManager> </otherManager2> </otherManagers2Info> </summaryPage> </formData> </edgarSubmission> </XML> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>INFORMATION TABLE <SEQUENCE>2 <FILENAME>REPORTFORSEC.xml <TEXT> <XML> <?xml version="1.0" encoding="UTF-8" standalone="yes"?> <ns1:informationTable xmlns:ns1="http://www.sec.gov/edgar/document/thirteenf/informationtable"> <ns1:infoTable> <ns1:nameOfIssuer>APOLLO GLOBAL MGMT LLC</ns1:nameOfIssuer> <ns1:titleOfClass>CL A SHS</ns1:titleOfClass> <ns1:cusip>037612306</ns1:cusip> <ns1:value>32525</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>970899</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>DFND</ns1:investmentDiscretion> <ns1:otherManager>1</ns1:otherManager> <ns1:votingAuthority> <ns1:Sole>0</ns1:Sole> <ns1:Shared>970899</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>ARES MGMT L P</ns1:nameOfIssuer> <ns1:titleOfClass>COM UNIT RP IN</ns1:titleOfClass> <ns1:cusip>03990B101</ns1:cusip> <ns1:value>15265</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>493537</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>DFND</ns1:investmentDiscretion> <ns1:otherManager>1</ns1:otherManager> <ns1:votingAuthority> <ns1:Sole>0</ns1:Sole> <ns1:Shared>493537</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>BANK AMER CORP</ns1:nameOfIssuer> <ns1:titleOfClass>COM</ns1:titleOfClass> <ns1:cusip>060505104</ns1:cusip> <ns1:value>28628</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>1348486</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>DFND</ns1:investmentDiscretion> <ns1:otherManager>1</ns1:otherManager> <ns1:votingAuthority> <ns1:Sole>0</ns1:Sole> <ns1:Shared>1348486</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>FREEPORT-MCMORAN INC</ns1:nameOfIssuer> <ns1:titleOfClass>CL B</ns1:titleOfClass> <ns1:cusip>35671D857</ns1:cusip> <ns1:value>19515</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>2891134</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>DFND</ns1:investmentDiscretion> 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<ns1:cusip>68389X105</ns1:cusip> <ns1:value>27674</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>572605</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>DFND</ns1:investmentDiscretion> <ns1:otherManager>1</ns1:otherManager> <ns1:votingAuthority> <ns1:Sole>0</ns1:Sole> <ns1:Shared>572605</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>SOUTHERN COPPER CORP</ns1:nameOfIssuer> <ns1:titleOfClass>COM</ns1:titleOfClass> <ns1:cusip>84265V105</ns1:cusip> <ns1:value>5755</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>204375</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>DFND</ns1:investmentDiscretion> <ns1:otherManager>1</ns1:otherManager> <ns1:votingAuthority> <ns1:Sole>0</ns1:Sole> <ns1:Shared>204375</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>TRUIST FINANCIAL CORP</ns1:nameOfIssuer> <ns1:titleOfClass>COM</ns1:titleOfClass> <ns1:cusip>89832Q109</ns1:cusip> <ns1:value>11598</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>376066</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>DFND</ns1:investmentDiscretion> <ns1:otherManager>1</ns1:otherManager> <ns1:votingAuthority> <ns1:Sole>0</ns1:Sole> <ns1:Shared>376066</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>TURQUOISE HILL RES LTD</ns1:nameOfIssuer> <ns1:titleOfClass>COM</ns1:titleOfClass> <ns1:cusip>900435108</ns1:cusip> <ns1:value>721</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>1888700</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>DFND</ns1:investmentDiscretion> <ns1:otherManager>1</ns1:otherManager> <ns1:votingAuthority> <ns1:Sole>0</ns1:Sole> <ns1:Shared>1888700</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>VISA INC</ns1:nameOfIssuer> <ns1:titleOfClass>COM CL A</ns1:titleOfClass> <ns1:cusip>92826C839</ns1:cusip> <ns1:value>26644</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>165368</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>DFND</ns1:investmentDiscretion> <ns1:otherManager>1</ns1:otherManager> <ns1:votingAuthority> <ns1:Sole>0</ns1:Sole> <ns1:Shared>165368</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>WELLS FARGO & CO NEW</ns1:nameOfIssuer> <ns1:titleOfClass>COM</ns1:titleOfClass> <ns1:cusip>949746101</ns1:cusip> <ns1:value>22466</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>782778</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>DFND</ns1:investmentDiscretion> <ns1:otherManager>1</ns1:otherManager> <ns1:votingAuthority> <ns1:Sole>0</ns1:Sole> <ns1:Shared>782778</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> <ns1:infoTable> <ns1:nameOfIssuer>WYNN RESORTS LTD</ns1:nameOfIssuer> <ns1:titleOfClass>COM</ns1:titleOfClass> <ns1:cusip>983134107</ns1:cusip> <ns1:value>18260</ns1:value> <ns1:shrsOrPrnAmt> <ns1:sshPrnamt>303366</ns1:sshPrnamt> <ns1:sshPrnamtType>SH</ns1:sshPrnamtType> </ns1:shrsOrPrnAmt> <ns1:investmentDiscretion>DFND</ns1:investmentDiscretion> <ns1:otherManager>1</ns1:otherManager> <ns1:votingAuthority> <ns1:Sole>0</ns1:Sole> <ns1:Shared>303366</ns1:Shared> <ns1:None>0</ns1:None> </ns1:votingAuthority> </ns1:infoTable> </ns1:informationTable> </XML> </TEXT> </DOCUMENT> </SEC-DOCUMENT>