Founder – Paul M Hill
Paul hails from Birmingham where he attended King Edwards School in Edgbaston. After obtaining his degree in Electrical Engineering at the University of Southampton in 1989, he joined Unilever in London as a Management Trainee where he qualified in the Chartered Institute of Management Accounting (CIMA). He then relocated to Manchester with Unilever and worked at National Starch as the UK Financial Controller before moving to Birmingham where he joined the Mergers & Acquisitions team at GKN in Redditch. From here, he moved into Telecoms joining Marconi and then finally O2. In December 2003, he founded PMH Capital Ltd., and in 2013 became a Final Stage prize winner (1st in Portfolio Construction Theory) in the CISI’s ‘Chartered Wealth Management’ exams.
What Does PMH Capital Do?
Investment Research and Analysis: PMH Capital is a B2B consultancy, providing companies with investor communication services, research, consultancy and bespoke services. Main customer is VOX Markets and their clients. Previously the company has also worked for numerous other firms such Equity Development, Moneyweek, Gaming Corp, etc
Business Development and Sales: whether it’s breaking into new markets, expanding geographically or growing a niche product, there are lots of options for companies to further commercialise their platforms. PMH Capital can help you navigate through product/service development, introducing new profitable opportunities, understand the competition, market positioning and commercialisation through to support with contract negotiations.
Founder’s own personal investment portfolio (re disclosure)
Founder owns : TR54, TG54, AGFX, Pfizer, Bristol Myers, WATR, MBH, ASTO, SPI, BIG, TET, IOM, VCT, TRCS, TRB, ESYS, ELCO, IHC, IXI, CML & AOM (see above chart).
PMH Capital paid by Vox Markets to interview clients, fund managers, investors and capital market experts. VRCI, FIN, AVG, VLG, IXI, SUP, ELCO, MPAC & WATR are clients of Vox Markets.
Please Do Your Own Research.
Interviews & Comment
“Its not what you don’t know that gets you into trouble, but what you’re convinced you know is correct.” Howard Marks, Oaktree Capital Management, L.P.
Like baseball, one aim of my 30 year investment career has been to try to consistently hit ‘singles’ & the occasional ‘double’. As opposed to attempting to knock the ball out the park.
However, occasionally I get tempted by “fat pitch” that is just asking to be whacked. I did this last year with forex trader Argentex (re turnaround), when I thought all the lights were “flashing green” & so went for the ‘high conviction’ home run.
Bad idea.
Having loaded up (10.5% portfolio weighting) on the stock. I was shocked to discover on 22nd April – that rather than playing with a baseball, I had actually a hit a ‘grenade’, which literally blew Argentex up after writing ‘zero margin/collateral’ forex contracts.
Equally though, you have to put all this into perspective and move on. Poor decisions &/or bad luck are simply par for the course with smallcap investing. “You can’t win ’em all.”
What investors can do however is change their investment strategy – which is exactly what I’ve attempted over the past fortnight.
Here modifying my asset allocation to include some extra financial ballast (see below chart) to cope when inevitably I hit another UXB. Buying not only conventional long bonds (re 30 year, 5% YTM UK gilts) to act as a future liquidity pool for emergencies. But also setting up a synthesised annuity stream using 30 year index linked gilts – that I reckon are between 5%-15% cheaper than purchasing traditional annuities from a life assurer (re based on UK life expectancy norms).
In summary to win in investment over the long term, you have to survive all eventualities.. even those low probability ‘Black Swan’ events that seem very remote.
Best of luck everyone.
“Extreme outcomes rarely happen, but they’re the ones that can either make or break you.” Howard Marks. 4th May 2025
Vox Markets with Paul Scott: Smallcap Investing
Mello presentation 1st Nov’24. “Are you a gambler, investor or both“
Mello presentation 20th Nov’24. “My smallcap ‘Mag 12’ for 2025“
Investing in turnarounds – Presentation July 2024
Vox Markets: Exchange – Fund manager & professional investor interviews
Presentation slides at Mello Investor Conference in London (May 2024) – “My biggest investment mistakes“
Trade Secrets of a Professional Investor
Contact
- Tel: +44 (0) 7764 334438
- Email: paulhill@pmhcapital.com
