Michael Munro

PFM follows a self-described 'change-driven' investment process which identifies, supports and creates change in target companies, seeking to create improvements in cash flow expectations and hence substantial improvements in share prices. The firm implements the process through a multi-disciplinary team which combines fund management, investment research, corporate finance and management skills to identify changes that can transform a company's expected cash flows. PFM begins their change-driven investing process by performing an initial screening to identify shares which are underperforming relative to their sector and selects firms with a market capitalization that allows them to own a position of influence. Once potential investments are identified, PFM performs fundamental analysis, concentrating on cash flow, operating profitability and market value relative to break-up value. All three measures contribute towards risk management by ensuring current commercial viability and providing a fall-back position. The firm initiates contact with company management as soon as practicable and has frequent contact with them throughout their involvement with a company.