Quarterly Investment Manager's Report
March 2024
Fund assets A$14.6m^ As at 31 Mar 2024
Inception date 01 Jul 2022
Return 7.9% p.a.* Compound since inception
INVESTMENT OBJECTIVE & STRATEGY
Investment Objective
The Fund aims to provide capital growth over the long-term by investing in undervalued companies from around the world that are seeking to financially benefit from the transition away from fossil fuel-derived energy and goods production and consumption i.e. the carbon transition.
Investment Strategy
PGTX portfolio will ideally consist of 25-60 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found and Platinum may short sell securities that it considers overvalued.
The key investment guidelines for PGTX are summarised below. For further details, please refer to the latest Product Disclosure Statement.
*Source: Platinum. The return is calculated using the net asset value per unit of the fund. It is net of accrued fees and costs, pre-tax, and assumes the reinvestment of distributions. Historical performance is not a reliable indicator of future performance..
UPDATES & REPORTS
Latest Fund Information
Monthly Investment Update
March 2024
Distribution & Tax Statement
June 2023
Financial Statements
December 2023
Performance
| 1m | 3m | 6m | 1yr | 2yr p.a. | 3yr p.a. | 5yr p.a. | 10yr p.a. | Since inception p.a. | Inception date | Portfolio value A$mil | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Platinum Global Transition Fund (Quoted Managed Hedge Fund) (PGTX) | 5.61 | 7.89 | 5.55 | 7.46 | - | - | - | - | 7.90 | 01 Jul 2022 | 14.60 |
As at 31 March 2024.
Source: Platinum for fund returns and Rimes Technologies Inc. for index returns. Fund returns are net of accrued fees and costs, pre-tax, and assume the reinvestment of distributions. Returns in the line graph are cumulative assuming an initial investment of $10,000. All "p.a." returns are annualised. Historical performance is not a reliable indicator of future performance. Platinum does not invest by reference to the weightings of the index and the fund’s holdings may vary considerably to the make-up of the index. The index is provided as a reference only. All data where MSCI is referenced is the property of MSCI Inc. No use or distribution of this data is permitted without the written consent of MSCI Inc. The data is provided “as is” without any warranties by MSCI Inc. MSCI Inc. assumes no liability for or in connection with this data. See Terms and Conditions for full MSCI disclaimer.
PLATINUM GLOBAL TRANSITION FUND (QUOTED MANAGED HEDGE FUND)
Unit Price & Distributions History
Unit Price History
The net asset values (NAV) per unit and distributions shown above are historical and no warranty can be given for future performance or distribution. Historical performance is not a reliable indicator of future performance.
Distribution History
The distributions shown above are historical and no warranty can be given for future distributions.
PLATINUM GLOBAL FUND (QUOTED MANAGED HEDGE FUND)
Fund Facts
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| Name | Platinum Global Transition Fund (Quoted Managed Hedge Fund) |
| ARSN | 658 996 251 |
| Legal Structure | Unlisted, open-ended unit trust |
| Distribution | Annually at 30 June |
| Minimum Investments | A$10,000 or NZ$10,000 (same under regular investment plan) |
| Buy/Sell Spread | 0.10% / 0.10% of NAV unit price |
| Management Costs | 1.00% p.a. of NAV, plus 15% of the amount by which the Fund’s return exceeds a return of 6% p.a. For more information about fees and costs: Download Fees & Costs |
| Offer Document | Download Product Disclosure Statement or request a free hard copy |
| Continuous Disclosure | Download Continuous Disclosure |
PLATINUM GLOBAL TRANSITION FUND (QUOTED MANAGED HEDGE FUND)
Forms
These forms are intended for Australian and New Zealand residents.
If you are not a resident in Australia or New Zealand, contact us to find out whether you are eligible to invest in the fund.
Update my details
Use this form to amend your details; such as your address, contact details, nominated financial adviser, distribution election or nominated financial institution account.
Register for secure online access
Make an initial investment (new account)
Make an additional investment (existing account)
Withdraw an investment
Transfer an investment
Use this Australian Standard Transfer Form to transfer your unit holding in the Platinum Global Transition Fund (Quoted Managed Hedge Fund) to another person or entity.
Set up, amend or cancel a regular investment plan (AU only)
Authorise someone to access my account (individual representative)
Authorise someone to access my account (corporate representative)
OUR TEAM
The Team Behind Your Investments
Clay Smolinski
Co-Chief Investment Officer and Co-Portfolio Manager – Global strategies
PLATINUM GLOBAL TRANSITION FUND (QUOTED MANAGED HEDGE FUND)
FAQs
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.
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.
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
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.
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.
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.
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.
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.
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.
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:
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
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
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
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.
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.
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.
PAXX and PIXX can only be accessed by buying units on the ASX.
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1Scope 1 covers GHG emissions released to the atmosphere as a direct result of an activity or series of activities such as through manufacturing processes or production of electricity by burning coal. Scope 2 are the emissions released to the atmosphere from the indirect consumption of an energy commodity such as the use of electricity produced by the burning of coal in another facility. Scope 3 includes all GHG emissions that can occur as a consequence of an organisation’s activities (excluding Scope 2 emissions), but from sources not owned or controlled by the organisation. Examples include extraction and production of purchased materials, transportation of purchased fuels and use of sold products and services. Source: Australian Government Clean Energy Regulator.
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