WHAT YOU MAY NEED TO KNOW

Frequently Asked Questions

Platinum Platinum Trust Funds Platinum International Fund Platinum Global Fund (Long Only) Platinum Asia Fund Platinum European Fund Platinum Japan Fund Platinum International Brands Fund Platinum International Technology Fund Platinum International Health Sciences Fund Active ETF - PIXX Active ETF - PAXX Active ETF - PGTX LIC - PMC LIC - PAI PTM Shareholders

Platinum

Why should I invest with Platinum?

Platinum is one of Australia’s leading investment managers in international equities.
Platinum has an independent style of investment management driven by a thematic stock picking approach. The composition of a Fund’s assets is determined largely by the availability of companies regarded as undervalued by Platinum rather than by macro-economic modelling (referred to as top-down asset allocation) or by reference to global share index weightings (referred to as benchmarking).
Platinum’s investment strategy is applied with the aim of achieving absolute returns for Investors over the long-term. This is our central endeavour. It is complemented by monthly and quarterly communications to keep Investors abreast of our perspective and portfolio positioning.
You can find out more about Platinum's approach to investing here https://www.platinum.com.au/about#approach.

Who owns Platinum?

Platinum is ultimately owned by Platinum Asset Management Limited (ABN 13 050 064 287), a company listed on the ASX (ASX ticker PTM). Staff currently own around 10% of the issued capital.

How long has Platinum been managing money?

Platinum was founded in 1994 and launched its first products in June 1994. One of the four founding members of the investment team is the current Co-Chief Investment Officer.
Members of the investment team have on average been with the firm for more than nine years, while the 12 portfolio managers’ average tenure with the firm is 16 years (as at 30 June 2023).

Do employees invest in Platinum's products?

Many Platinum employees, including key members of the investment team, have co-invested their personal money in Platinum’s investment products alongside our clients. There has been an alignment of management and employee interests with those of our investors since the firm’s inception.

I have heard of "value" and "growth" managers - what does this mean and how is Platinum regarded?

Platinum seeks a broad range of companies with prices that are well below what we perceive to be their intrinsic value. However, shares selling below their intrinsic value are not confined to those with low price-to-earnings (P/E) or low price-to-book (P/B) ratios. A company's growth prospects are an important element of a company's intrinsic value.
We have a methodology for identifying companies, which has been tested and refined over decades. At Platinum we regard ourselves as stock pickers and are therefore not restricted by conventional labels such as "value investing" or "growth strategy".

Platinum states that they are contrarian investors, what does this mean?

Our focus is on achieving strong long-term absolute returns (rather than simply by comparison to a benchmark index). We look beyond short-term market turbulence caused by events of a transient nature to seek out ‘unfashionable’ companies whose actual worth is greater than the value implied in their present share price.

What is Platinum's investment style?

We have an independent style of investment management driven by a thematic stock picking approach. The composition of a Fund’s assets is determined largely by the availability of companies regarded as undervalued by Platinum and whose true worth and prospects are yet to be fully recognised by the market. Past performance shows that our approach is one that has worked in different economic climates and withstood the test of business cycles.

What products does Platinum offer?

We offer a range of products with different characteristics to suit different investor needs and provide multiple ways of accessing our popular global and regional equity strategies, including Active ETMFs, managed funds and listed investment companies (LICs).

Platinum Trust Funds

Given that Platinum invests globally, how are the currency positions within the portfolio managed?

Platinum assesses the potential returns and risks that currency exposure can create and as a part of our investment process currency exposure is actively managed where the mandate of the Fund allows. The aim is for each portfolio being exposed to the greatest extent possible to appreciating currencies.

What are the APIR and ARSN Codes for the Platinum Trust Funds?

Platinum Trust Fund (C Class)	ARSN	APIR
Platinum International Fund®	089 528 307	PLA0002AU
Platinum Global Fund (Long Only)™	123 939 471	PLA0006AU
Platinum Asia Fund®	104 043 110	PLA0004AU
Platinum European Fund®	089 528 594	PLA0001AU
Platinum Japan Fund®	089 528 825	PLA0003AU
Platinum International Brands Fund®	092 429 813	PLA0100AU
Platinum International Health Sciences Fund® (formerly Platinum International Health Care Fund)	107 023 530	PLA0005AU
Platinum International Technology Fund®	092 429 555	PLA0101AU

Who can invest in the Platinum Trust Funds?

The Funds are open for investment to persons receiving the Platinum Trust Funds Product Disclosure Statement (“PDS”) in Australia or New Zealand. The PDS has not been registered as an investment offer in any other country.

Can non-residents invest in the Platinum Trust Funds?

The Platinum Trust Funds Product Disclosure Statement has not been registered as an investment offer in any other country other than Australia or New Zealand.

Do the Platinum Trust Funds pay income?

The Funds may earn income (such as dividends and interest) throughout the financial year and may also realise capital gains or losses on the sale of investments. Income and net realised capital gains are distributed to investors annually as at 30 June.

What factors influence the level of the distribution paid by a Fund?

The distribution rate is primarily influenced by the level of realised gains made on equities and on derivative contracts (including currency hedging contracts) and for this reason may vary significantly from Fund to Fund and from year to year. There may also be times where no distribution is payable.
For the distribution history as a % of total Fund return, see the current Platinum Trust PDS.

In what ways can income from the Platinum Trust Funds be received?

You can make the following distribution elections:

Reinvested in additional units in the same Fund/Unit Class.
Paid to your nominated bank account.
Select our fixed cash distribution option, currently set at 4% per annum. Please find further details for this option at the https://www.platinum.com.au/fixedcashdistribution.

Why does the unit price fall in line with the distribution at 30 June?

As income is accrued within a Fund throughout the financial year and is reflected in the daily unit price, at 30 June when this is paid out of the Fund and is distributed to unitholders, the Fund size reduces and hence the unit price falls. Those investors who reinvest their distribution will see an increase in the number of units they hold and those investors who have elected to receive a cash distribution will receive a payment into their bank account.

What is the difference between C Class and P Class units?

C Class and P Class units refer to the two different fee options available for the Fund.
C Class is our Standard Fee Option of 1.35% per annum of a Fund's NAV.
P Class is our Performance Fee option of 1.1% per annum of a Fund's NAV plus a performance fee of 15% of the amount (after the deduction of investment management fees and excluding any performance fees) by which the Fund's return exceeds its hurdle return. Fees are accrued within the Funds' daily unit prices.
It is important that you understand the fees and costs; a full explanation can be found in the /Fees and Other Costs/ section of the Funds’ latest Product Disclosure Statement https://www.platinum.com.au/media/Platinum/Default/pt_pds.pdf.

Does Platinum publish estimated distributions?

We publish estimated distributions for the Platinum Trust Funds and the Platinum Global Fund (mFund) on our website from the beginning of May each year, updated weekly till 30 June.

If I wish to transact, which unit price will I receive?

Platinum operates forward unit pricing which means that if you wish to transact, the unit price you see on our website, whilst is the latest available, is not necessarily the unit price you will transact at.
We have a cut-off time of 3pm AEST each business day* for receipt (and acceptance by us) of requests to transact. We will generally process those trades with an exit/entry price calculated by reference to closing prices of global equity markets on the trade acceptance date.
For example, where an investor has deposited monies and we have accepted their completed Application Form with the necessary supporting documentation by 3pm on Tuesday, 1 January 2024, the application will generally receive the entry price calculated by reference to closing prices of global equity markets on Tuesday, 1 January 2024. Withdrawal requests are processed in the same manner.
_{*A Business Day is defined as any day banks are open for business in Sydney, Australia except Saturday, Sunday, or a Public Holiday (including a bank holiday in Sydney, Australia).}

Does Platinum offer online access to investors and if so, how can I obtain this?

Direct investors in the Platinum Trust Funds and Platinum Global Fund (mFund) can register for access to our secure client website. To register we require a ‘Web Registration Request’ to be completed which can be found under the forms section of our website https://www.platinum.com.au/manage-your-investment.

What information is available via Platinum's secure website?

Our secure client website allows investors to view account performance, balances, transactions, statements, and distribution and tax information.
With the appropriate level of access, you can also update your details (with the exception of your nominated financial institution accounts and Regular Investment Plan).

Why do the investment returns I have achieved differ to those you publish?

There can be a number of reasons that the performance of the Fund/s that you hold may differ from our published returns, some of these may be:

That you have received your distribution as a cash payment to your bank account or as a fixed cash distribution. Our published returns assume that distributions have been reinvested.
The time period that you have been invested in the Fund does not exactly match the period of the published return. As the Funds are priced on a daily basis, one day can result in a difference to the return.
You have transacted during the performance period you are looking at.

Are the Platinum Trust Funds available for investment via a margin lending arrangement?

You can invest into the Funds via a margin lending arrangement, however, please be aware that as Platinum will not recognise any security interest (notice of mortgage) over holdings in the Funds and as such the investment will be held in the name of the margin lender. Accordingly, you do not acquire the rights of an Investor in the Fund, the margin lender is the investor and acquires these rights and as a result, all correspondence and dealings in your investment will be through your margin lender.

Are the Platinum Trust Funds available for investment through platforms (i.e., wraps or master trusts?

Yes, the Platinum Trust Funds can be accessed via select platforms (wrap accounts or master trusts). If you wish to invest via a platform instead of directly through Platinum, please speak to your financial adviser or contact Investor Services for further details.

Where can I find your forms?

If you wish to invest, please select the “Invest Now” button which can be found at the top of the page. All other forms can be found by selecting the “Manage your Investment” button.

Can I provide a “care of” address or my financial adviser's address when making an application?

Where an agent is acting as the investor’s financial adviser, we may not send any PDS/Supplementary PDS/Periodic Statement to that agent instead of to the investor. The investor must be provided with this information.
Specifically:
PDS and Supplementary PDS
s1015C(1) makes it clear that these documents must be provided to the investor or their agent. However, the section 1015C(3) expressly excludes from the meaning of agent someone acting as the person’s agent as an AFSL holder or an authorised representative of an AFSL holder i.e. a financial advisor. So, in this case the financial adviser would be an excluded agent for the purposes of s1015C(1) and therefore any PDS or Supplementary PDS cannot be provided solely to the financial adviser.
Periodic Statements
s1017D(1) requires us to provide the statement to the person that acquired the units i.e. the holder. S1017D(6) then states that a periodic statement must be given in one of the following ways:
(a) in writing; or
(b) electronically; or
(c) in a way specified in the regulations.
Reg 7.9.75A (2) then states that for paragraph 1017D(6)(c), the following are ways of giving a periodic statement to a holder:
(a) making the periodic statement available to the holder in any way agreed to by the holder;
(b) making the periodic statement available to the holder's agent in any way agreed to by the agent.
Reg 7.9.75A (5) then states that for the purposes of this regulation, a notification, a periodic statement or information may be given or sent to a person's agent only if the agent is not acting as the person's agent in one of the capacities mentioned in subsection 1015C(3) of the Act i.e. as a financial advisor.

What does "short selling" mean and can Platinum's Funds short sell?

Short selling may be employed as a means to limit risk by reducing a portfolio’s net invested position. It may also be undertaken with the aim of increasing returns by seeking to profit from a fall in the share price of a particular company or the prices of a sector or market more broadly, as represented by indices. With the exception of the Platinum Global Fund (Long Only) the Platinum Trust Funds have the ability to short sell.

Platinum International Fund

What is the difference between the Platinum International Fund, Platinum Global Fund (Long Only), Platinum Global Fund (mFund), PIXX and Platinum Capital Limited (ASX Code: PMC)?

The investment strategy for these products is the same, the key differences relate to the structure of the product.
•   PIXX and PIF are structured as unit trusts, whereas PMC is a company.
•   PIXX is quoted on the ASX AQUA market, PIF is unlisted and PMC is listed on the ASX.
•   PIXX and PIF distribute all taxable income (including net realised gains) to unit holders at 30 June, these distributions do not carry franking credits. PMC, subject to cash flows and the availability of franking credits and accounting profits, aims to pay franked dividends to shareholders.
You can compare these products and others that we offer using our comparison tool https://www.platinum.com.au/product-comparison.

Does Platinum publish the underlying holdings within the Platinum International Fund?

The Monthly Update for the Fund can be found under the “Updates and Reports” tab on the Platinum International Fund (“PIF”) product page and provides details of the invested position, top ten stock positions and industry breakdown.
Platinum is also required to disclose the portfolio holdings for our Active ETF PIXX (which feeds directly into PIF) to the ASX on a quarterly basis; this disclosure can be found on the PIXX product page of our website under ASX Announcements.

What is the investment objective of the Fund?

The Fund aims to provide capital growth over the long term by investing in undervalued companies from around the world.

Does the Platinum International Fund use currency hedging?

The Fund may utilise currency hedging strategies (foreign exchange forwards, swaps, non-deliverable forwards, currency options and spot foreign exchange trades) to hedge the positions in the portfolio at the Fund Manager’s discretion.

Where can I view the latest invested position of the Platinum International Fund?

The latest Monthly Update for the Fund is available at the following link and provides details of the invested position, top ten stock positions and industry breakdown https://www.platinum.com.au/managed-funds/pif#updates.

Does the Fund pay income?

The Fund may earn income (such as dividends and interest) throughout the financial year and may also realise capital gains or losses on the sale of investments. Income and net realised capital gains will be distributed to investors annually as at 30 June.
Please note that the level of income can vary significantly from year to year as this is primarily influenced by the level of realised gains made (on equities and derivative contracts) within a Fund

Platinum Global Fund (Long Only)

Can Platinum Global Fund (Long Only) short sell?

The Platinum Global Fund (Long Only) does not engage in short selling but may use derivatives to achieve long equity exposure and for currency management purposes.

What is the difference between the Platinum Global Long only, Platinum International Fund, Platinum Global Fund (mFund) PIXX and Platinum Capital Limited (ASX Code PMC)?

The investment strategy for these products is the same, the key differences relate to the structure of the product.

PGFLO, PIF and PGF (mFund) are structured as unit trusts. PIXX is a registered managed investment scheme and PMC is a Listed Investment Company (“LIC”).
PGFLO, PIF and PGF (mFund) are unlisted, PIXX is quoted on the ASX AQUA Market and PMC is listed on the ASX.
PGFLO, PIF, PGF (mFund) and PIXX distribute all taxable income (including net realised gains) to unit holders at 30 June, these distributions do not carry franking credits. As a LIC, subject to cash flows and the availability of franking credits and accounting profits, PMC aims to pay franked dividends to shareholders.

You can compare these products and others that we offer using our comparison tool https://www.platinum.com.au/product-comparison.

Does Platinum publish the underlying holdings within the Platinum Global Long Only Fund?

The portfolio holdings are not published in full for the Fund, however, the latest Monthly Update is available at the following link and provides details of the invested position, top ten stock positions and industry https://www.platinum.com.au/managed-funds/pgflo#updates.

What is the investment objective of the Fund?

The Fund aims to provide capital growth over the long-term by investing in undervalued companies from around the world.
Please note that the Platinum Global Fund (Long Only) does not engage in short selling but may use derivatives to achieve long equity exposure and for currency management purposes.

Does the Platinum Global Fund (Long Only) Fund use currency hedging?

Currency is actively managed within the Fund, using foreign exchange forwards, swaps, non-deliverable forwards, options and cash foreign exchange trades.

Where can I view the latest invested position of the Platinum Global (Long Only) Fund?

The latest Monthly Update for the Fund is available at the following link https://www.platinum.com.au/managed-funds/pgflo#updates and provides details of the invested position, top ten stock positions and industry breakdown.

Does the Fund pay income?

The Fund may earn income (such as dividends and interest) throughout the financial year and may also realise capital gains or losses on the sale of investments. Income and net realised capital gains will be distributed to Investors annually as at 30 June.
Please note that the level of income can vary significantly from year to year as this is primarily influenced by realised gains made (on equities and derivative contracts) within a Fund.

Platinum Asia Fund

What is the difference between the Platinum Asia Fund, Platinum Asia Investments Limited (PAI) and Platinum Asisa Quoted Managed Hedge Fund (PAXX)?

Does Platinum publish the underlying holdings within the Platinum Asia Fund?

The Monthly Update for the Fund can be found under the “Updates and Reports” tab on the Platinum Asia Fund (“PAF”) product page and provides details of the invested position, top ten stock positions and industry breakdown.
Platinum is required to disclose the portfolio holdings for our Active ETF PAXX (which feeds directly into PAF) to the ASX on a quarterly basis; this disclosure can be found on the PAXX product page of our website under ASX Announcements.

What is the investment objective of the Fund?

The Fund aims to provide capital growth over the long-term by investing in undervalued companies in the Asian region excluding Japan.

Does the Platinum Asia Fund use currency hedging?

Where can I view the latest invested position of the Platinum Asia Fund?

Does the Fund pay income?

The Fund may earn income (such as dividends and interest) throughout the financial year and may also realise capital gains or losses on the sale of investments. Income and net realised capital gains will be distributed to Investors annually as at 30 June.
Please note that the level of income can vary significantly from year to year as this is primarily influenced by realised gains made (on equities and derivative contracts) within a Fund

Platinum European Fund

Does Platinum publish the underlying holdings within the Platinum European Fund?

The portfolio holdings are not published in full for the Fund, however, the latest Monthly Update is available at the following link and provides details of the invested position, top ten stock positions and industry breakdown https://www.platinum.com.au/managed-funds/pef#updates

What is the investment objective of the Fund?

The Fund aims to provide capital growth over the long-term by investing in undervalued companies in the European region.

Does the Platinum European Fund use currency hedging?

The Funds may utilise currency hedging strategies (foreign exchange forwards, swaps, non-deliverable forwards, currency options and spot foreign exchange trades) to hedge the positions in the portfolio at the Fund Manager’s discretion.

Where can I view the latest invested position of the Platinum European Fund?

Does the Fund pay income?

The Fund may earn income (such as dividends and interest) throughout the financial year and may also realise capital gains or losses on the sale of investments. Income and net realised capital gains will be distributed to Investors annually as at 30 June.
Please note that the level of income can vary significantly from year to year as this is primarily influenced by the realised gains made (on equities and derivative contracts) within a Fund.

Platinum Japan Fund

Does Platinum publish the underlying holdings within the Platinum Japan Fund?

What is the investment objective of the Fund?

The Fund aims to provide capital growth over the long term by investing in undervalued companies in Japan.

Does the Platinum Japan Fund use currency hedging?

Does the Fund pay income?

The Fund may earn income (such as dividends and interest) throughout the financial year and may also realise capital gains or losses on the sale of investments. Income and net realised capital gains will be distributed to Investors annually as at 30 June.
Please note that the level of income can vary significantly from year to year as this is primarily influenced by realised gains made (on equities and derivative contracts) within a Fund.

Platinum International Brands Fund

Does Platinum publish the underlying holdings within the Platinum International Brands Fund?

What is the investment objective of the Fund?

The Fund aims to provide capital growth over the long-term by investing in well-recognised as well as up-and-coming, consumer brand names (including but not limited to producers of household consumables and durables, luxury goods, retailers, and consumer services in areas such as finance, travel, leisure, and digital media).

Does the Platinum International Brands Fund use currency hedging?

Where can I view the latest invested position of the Platinum International Brands Fund?

Does the Fund pay income?

Platinum International Technology Fund

Does Platinum publish the underlying holdings within the Platinum International Technology Fund?

What is the investment objective of the Fund?

The Fund aims to provide capital growth over the long-term by investing in information technology, telecommunications and electronics companies from around the world, including providers of hardware, software, services and content.

Does the Platinum International Technology Fund use currency hedging?

Where can I view the latest invested position of the Platinum International Technology Fund?

Does the Fund pay income?

The Fund may earn income (such as dividends and interest) throughout the financial year and may also realise capital gains or losses on the sale of investments. Income and net realised capital gains will be distributed to Investors annually as at 30 June.
Please note that the level of income can vary significantly from year to year as this is primarily influenced by realised gains made (on equities and derivative contracts) within a Fund.

Platinum International Health Sciences Fund

What type of companies does the Fund invest in?

The Fund invests in the health care industry which includes (but is not limited to) biotechnology, pharmaceuticals, diagnostics, laboratory technologies, distributors of healthcare products, equipment and services, hospitals and nursing care, health insurance and information technology providers to these companies.

Does Platinum publish the underlying holdings within the Platinum International Health Sciences Fund?

The portfolio holdings are not published in full for the Fund, however, the latest Monthly Update is available at the following link and provides details of the invested position, top ten stock positions and industry breakdown https://www.platinum.com.au/managed-funds/pihsf#updates.

What is the investment objective of the Fund?

The Fund aims to provide capital growth over the long-term by investing in undervalued securities of companies in and/or related to the health care industry. The Fund seeks to take advantage of the substantial changes that are occurring in the fields of health care and medicine.

Does the Platinum International Health Sciences Fund use currency hedging?

Where can I view the latest invested position of the Platinum International Health Sciences Fund?

Does the Fund pay income?

The Fund may earn income (such as dividends and interest) throughout the financial year and may also realise capital gains or losses on the sale of investments. Income and net realised capital gains will be distributed to Investors annually as at 30 June.
Please note that the level of income can vary significantly from year to year as this is primarily influenced by realised gains made (on equities and derivative contracts) within a Fund.

ASX CODE: PIXX

Platinum International Fund (Quoted Managed Hedge Fund)

What are Platinum’s active ETMFs?

Our active ETMFs are also known as Quoted Managed Hedge Funds (“QMFs”).
The funds we currently offer include the Platinum International Fund (Quoted Managed Hedge Fund) (ASX code: PIXX), Platinum Asia Fund (Quoted Managed Hedge Fund) (ASX code: PAXX) and Platinum International Fund (Quoted Managed Hedge Fund) (ASX code: PGTX).
For more information on the active ETMFs we offer, please go to https://www.platinum.com.au/active-etfs.

What are the key advantages of investing in active ETMFs?

The key advantages for investors wishing to invest in our active ETMFs are:

The benefit of knowing the fund’s intra-day indicative NAV per unit prior to transacting.
The funds are easy to access as units in active ETMFs trade, clear and settle in the same way as shares in ASX-listed companies and can be acquired through any licensed broker (including broking platforms) without the need for lengthy paperwork.
Annual income distribution.
No minimum investment amounts

What companies does PIXX invest in?

PIXX primarily invests in listed equity securities from around the world.
The Monthly Update for the Fund can be found under the “Updates and Reports” section on the PIXX product page and provides details of the invested position, top ten stock positions and industry breakdown. The ASX also requires Platinum to disclose the portfolio holdings for PIXX each quarter (with a time-lag of two months) which can be found on the PIXX page under ASX Announcements.

How can I buy and sell units in PIXX?

Units in active ETMFs (including PIXX) trade, clear and settle in the same way as do shares in ASX-listed companies, and therefore can be accessed through any broker (including online broking platforms) without the need for lengthy paperwork.

At what prices are units in PIXX traded?

Active ETMFs give investors the advantage of knowing the fund’s intra-day indicative NAV (“iNAV”) per unit before placing a trade. The iNAV provides an intra-day indicative value of the Fund based on the value of the underlying holdings within the Fund and taking account of investor supply and demand, as well as current market conditions. The actual net asset values (NAV) per unit are calculated and published each Business Day under normal market conditions. Both the iNAV and NAV per unit are published on our website
The actual price at which units are traded on the ASX AQUA market may not reflect either the NAV or the iNAV per unit of the Fund.

What does the market-making function refer to in the active ETMFs?

Market makers match buy and sell orders for investors that want to trade units in the fund. The market maker provides liquidity to the market by supplying quotes and updating their prices to reflect changes in the underlying securities, market conditions and the supply and demand for the units throughout the ASX trading day. Platinum has engaged J.P. Morgan Securities Australia Limited as its market making agent.

Who should I contact if I have questions about PIXX?

For all fund related enquiries, please contact Platinum's Investor Services Team.
For enquiries about your holdings in PIXX, please contact the registry, Link Market Services Limited on +61 1300 306 413 or via [email protected].
Link Market Services can provide assistance with the following:

Updating the name or address on the holding
Providing bank account details DRP, email address or TFN instructions
A request for forms to be emailed or posted
Transaction histories (as at settlement date)
Off market transfers & holding merge queries
Guidance and assistance with the online Link Investor Centre
Guidance and assistance completing & submitting Link forms
Statement replacements
Payment replacements

What is the difference between our active ETMFs - PIXX, PAXX and PGTX , and an ETMF or LIC?

Active ETMFs such as PIXX, PAXX and PGTX have a unit trust structure and are open-ended, which means that new units are issued and existing units are cancelled based on investor demand and capital flows.
A typical Australian exchange traded managed fund (ETMF) also has a trust structure and is open-ended but is not actively managed and instead tracks a market index.
Listed investment companies (LICs) are closed-ended investment vehicles that are established in the form of a company. They do not regularly issue new shares or cancel existing shares and so their cash flows and investment decisions are not impacted by daily fund inflows and outflows (as is the case for managed funds). However, the share price of a LIC can (and often does) differ from the underlying value of the LIC’s portfolio of investments.
You may use our Product Comparison Tool to view specific differences between our products, visit: https://www.platinum.com.au/product-comparison

ASX CODE: PAXX

Platinum Asia Fund (Quoted Managed Hedge Fund)

ASX CODE: PGTX

Platinum Global Transition Fund

What are Platinum’s active ETMFs?

What are the key advantages of investing in active ETMFs?

The key advantages for investors wishing to invest in our active ETMFs are:

The benefit of knowing the fund’s intra-day indicative NAV per unit prior to transacting.
The funds are easy to access as units in active ETMFs trade, clear and settle in the same way as shares in ASX-listed companies and can be acquired through any licensed broker (including broking platforms) without the need for lengthy paperwork.
Annual income distribution.
No minimum investment amounts

What companies does PGTX invest in?

PGTX primarily invests in listed equity securities that are seeking to financial benefit from the carbon transition, that is, the transition away from fossil fuel-derived energy and goods production and consumption.
The Monthly Update for the Fund can be found under the “Updates and Reports” section on the PGTX product page and provides details of the invested position, top ten stock positions and industry breakdown. The ASX also requires Platinum to disclose the portfolio holdings for PGTX each quarter (with a time-lag of two months) which can be found on the PGTX page under ASX Announcements.

How can I buy and sell units in PGTX?

Units in active ETMFs (including active ETMFs) trade, clear and settle in the same way as do shares in ASX-listed companies, and therefore can be accessed through any broker (including online broking platforms) without the need for lengthy paperwork.

At what prices are units in active ETMFs traded?

What does the market-making function refer to in active ETMFs?

Who should I contact if I have questions about PGTX?

For all fund related enquiries, please contact Platinum's Investor Services Team.
For enquiries about your holdings in PGTX, please contact the registry, Link Market Services Limited on +61 1300 306 413 or via [email protected].
Link Market Services can provide assistance with the following:

Updating the name or address on the holding
Providing bank account details DRP, email address or TFN instructions
A request for forms to be emailed or posted
Transaction histories (as at settlement date)
Off market transfers & holding merge queries
Guidance and assistance with the online Link Investor Centre
Guidance and assistance completing & submitting Link forms
Statement replacements
Payment replacements

What is the difference between our active ETMFs - PIXX, PAXX and PGTX , and an ETMF or LIC?

Does PGTX pay income?

The Fund normally distributes to investors annually at 30 June (although we do have the discretion to change the frequency and to pay additional distributions out of income or capital).
Australian or New Zealand investors may elect for their entitlement to be reinvest or paid to a nominated bank account.
Details of the Distribution Reinvestment Plan can be found on our website https://www.platinum.com.au/media/Platinum/Default/pgtx_drp.pdf.

How can I access PGTX?

PGTX is accessibly by two means: investors can enter the Fund either by buying units on the ASX or by applying for units directly through the Unit Registry using an Application Form.
PAXX and PIXX can only be accessed by buying units on the ASX.

ASX CODE: PMC

Platinum Capital Limited

What is PMC?

Platinum Capital Limited (ASX Code: PMC) is a listed investment company (LIC). A LIC is similar to a managed fund but instead of acquiring units, shares are purchased via the ASX through your licensed broker. PMC offers an actively managed, truly diversified portfolio of companies from around the world and across industry sectors, providing exposure to businesses regarded as undervalued by Platinum in both developed and emerging markets.

Does PMC have a dividend reinvestment plan in place?

PMC has in place an active Dividend Reinvestment Plan (DRP) which provides shareholders with an optional and convenient service to acquire more PMC shares by automatically reinvesting all or part of their dividends. Subject to the discretion of PMC’s Board of Directors, PMC shares may be issued or transferred under the DRP at a discount to their market price. Shareholders pay no brokerage, stamp duty or other costs to participate in the DRP.
Further information can be found on our website https://www.platinum.com.au/media/Platinum/Find-a-form/pmc_drp.pdf

Does Platinum publish the details of the underlying investments in PMC?

The Monthly Update for the company can be found on the PMC product page and provides details of the invested position, top ten stock positions and industry breakdown.
The full portfolio for PMC is published annually in the Annual Report https://www.platinum.com.au/lics/pmc.

Why is there a deviation between the NAV and the share price for PMC?

PMC can move between premium and discount to its Net Asset Value (NAV) on a regular basis. These moves mostly reflect a combination of investor demand (primarily performance related) and investor sentiment towards equity markets in general, and listed investment companies in particular.

What is the difference between PMC, the Platinum International Fund and PIXX?

Whilst the investment strategy for these products is the same, the key differences relate to the structure of the product.

PIXX and the Platinum International Fund are structured as unit trusts whereas PMC is a company.
PIXX is an active ETF, Platinum International Fund is a managed fund and PMC is listed on the ASX.
PIXX and PIF distribute all taxable income (including net realised gains) to unit holders at 30 June, these distributions do not carry franking credits. PMC, subject to cash flows and the availability of franking credits and accounting profits, aims to pay franked dividends to shareholders.

You can compare these products and others that we offer using our comparison tool https://www.platinum.com.au/product-comparison.

Can I view my shareholding in PMC online?

The registry, Link Market Services, maintains the shareholder register for PAI, you may register for or log in to their Investor Centre at the following link https://investorcentre.linkgroup.com/Login/Login.

Does PMC pay dividends?

PMC aims to pay a dividend to shareholders each year in March and September. The Board's objective is to deliver a consistent stream of fully franked dividends over time. A key strength of the LIC structure is the ability of the Board to manage the level of fully franked dividend payments via its dividend smoothing policy (subject to future earnings, cash flows, franking credits and accounting profits). The dividend history for PMC can be found here https://www.platinum.com.au/lics/pmc.

Why does the return on my shareholding in PAI/PMC differ to the return Platinum has published?

When calculating the investment returns for the LICs, we utilise the Net Asset Value (NAV) performance and not the share price. The share price of LICs can (and often does) differ from the value of the underlying value (NAV) and you will often see the shares trading via the ASX at a premium or discount to the NAV. This is largely due to investor demand and sentiment.

I hold shares in PMC; who do I contact to change my details?

The registry, Link Market Services maintains the shareholder register for PMC, if you wish to update your details please register for access or log in to their Investor Centre at the following link https://investorcentre.linkgroup.com/Login/Login.

(ASX CODE: PAI)

Platinum Asia Investments Limited

What is PAI?

Platinum Asia Investments Limited (ASX Code: PAI) is a listed investment company (LIC). A LIC is similar to a managed fund but instead of acquiring units, shares are purchased via the ASX through your licensed broker. PAI offers an actively managed, diversified portfolio of Asian (ex-Japan) companies across industry sectors, providing exposure to businesses regarded as undervalued by Platinum and are positioned to benefit from Asia’s dynamic growth and transformation.

Does PAI have a dividend reinvestment plan in place?

PAI has in place an active Dividend Reinvestment Plan (DRP) which provides shareholders with an optional and convenient service to acquire more PAI shares by automatically reinvesting all or part of their dividends. Subject to the discretion of PAI’s Board of Directors, PAI shares may be issued or transferred under the DRP at a discount to their market price. Shareholders pay no brokerage, stamp duty or other costs to participate in the DRP.
Further information can be found on our website https://www.platinum.com.au/media/platinum/ASX-Releases/pai_drp_1.pdf.

Why is there a deviation between the NAV and the share price for PAI?

PAI can move between premium and discount to its Net Asset Value (NAV) on a regular basis. These moves mostly reflect a combination of investor demand (primarily performance related) and investor sentiment towards equity markets in general, and listed investment companies in particular.

Does Platinum publish the details of the underlying investments in PAI?

The Monthly Update for the company can be found on the PAI product page and provides details of the invested position, top ten stock positions and industry breakdown.
The full portfolio for PAI is published annually in the Annual Report https://www.platinum.com.au/lics/pai.

Can I view my shareholding in PAI online?

Does PAI pay dividends?

PAI aims to pay a dividend to shareholders each year in March and September. The Board's objective is to deliver a consistent stream of fully franked dividends over time. A key strength of the LIC structure is the ability of the Board to manage the level of fully franked dividend payments via its dividend smoothing policy (subject to future earnings, cash flows, franking credits and accounting profits). The dividend history for PAI can be found here https://www.platinum.com.au/lics/pai.

What is the difference between PAI, the Platinum Asia Fund and PAXX?

Whilst the investment strategy for these products is the same, the key differences relate to the structure of the product.

PAXX and the Platinum Asia Fund are structured as unit trusts whereas PAI is a company.
PAXX is an active ETMF, Platinum Asia Fund is a managed fund and PAI is listed on the ASX.
PAXX and PAF distribute all taxable income (including net realised gains) to unit holders at 30 June, these distributions do not carry franking credits. PAI, subject to cash flows and the availability of franking credits and accounting profits, aims to pay franked dividends to shareholders.

You can compare these products and others that we offer using our comparison tool https://www.platinum.com.au/product-comparison.

Why does the return on my shareholding in PAI/PMC differ to the return Platinum has published?

I hold shares in PAI; who do I contact to change my details?

The registry, Link Market Services maintains the shareholder register for PAI, if you wish to update your details please register for access or log in to their Investor Centre at the following link https://investorcentre.linkgroup.com/Login/Login.

PTM Shareholders

If I buy shares in PTM, what am I buying?

When you buy PTM shares via the ASX, you are buying the management company that oversees Platinum’s range of global equity products. You are not buying the underlying investment products, however, the success of those investment products ultimately flows through to benefit your shares in PTM. You are therefore buying the shares on the basis of a belief in the success of the underlying products to generate flows, the strategic decisions made by the company, and the overall positive view of funds management.

I hold shares in Platinum Asset Management (ASX Code PTM) who do I contact to change my details?

The registry for PTM is maintained by Computershare whose contact details can be found below:
Registry contact: Computershare Investor Services
Phone: +61 3 9415 4000
Phone: +1300 855 080 (Toll-free Australia)

Does PTM pay dividends?

Subject to ongoing capital requirements, PTM aims to pay a dividend twice per year, usually in February and September. For further information on the dividend please see the dividend section of PTM shareholders page on our website.

Does PTM have a dividend reinvestment plan in place?

PTM has a Dividend Reinvestment Plan (DRP) in place. However, the DRP has not been activated and is not currently operational.
The Board of Directors do not currently have any plan to activate the DRP.

Can I view my shareholding in PTM online?

In order to access your PTM investment online please visit the registry, Computershare Investor Services Investor Centre.

Frequently Asked Questions

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