PM Capital Global Opportunities Fund (ASX:PGF) said that its copper portfolio were largely flat over the March quarter, as investors considered the impact of US tariffs, particularly the potential for lower capital investment as corporates paused future projects amid rising uncertainty, according to a Thursday Australian bourse filing.

The impact of the tariffs on its portfolio was varied, from direct to second-order effects, it noted. Its net tangible assets after tax, excluding deferred tax assets, clocked in at AU$1.9967 per share.

The most notable impact was among its European holdings, particularly financials and industrials, as Europe, particularly Germany, increased investments across both infrastructure and defense.

This should lead to higher economic activity and benefit the firm's largest positions in European banks and industrial companies.

Its holdings in the consumer discretionary sector face both the first-order impacts of tariffs and second-order effects, such as potentially higher inflation in the US and the impacts on interest rates and consumer sentiment.

The firm closed out its short position in Nasdaq futures after a drawdown in the Nasdaq Index in late February and early March. It also exited its investment in JP Morgan and pared down its stake in Shell.

PM Capital Global Opportunities Fund's shares fell almost 1% at market close Thursday.