Monthly Update
Fact Sheet
Offer Document
Financial Statements
Distribution – Tax Components

Investment objective
To provide capital growth over the long-term through searching out undervalued listed (and unlisted) investments in the Asian region.

A major force behind Asia is the ongoing development of the Chinese and Indian economies. Entry into the World Trade Organisation has accelerated the already rapid transformation of China’s economy to capitalism. China’s extraordinary cost advantage in manufacturing is attracting significant direct foreign investment flows. The vastness of this market has allowed it to attract leading edge technology and as such create a depth to its economy that many other emerging economies have failed to achieve. Ongoing reforms in critical sectors, such as finance and agriculture, should contribute to balanced growth.

While reform in India has come at a slower pace than China, continuing deregulation in that country has allowed it to develop strongly in areas such as information technology and pharmaceuticals, which are helping to expand that economy. Although India and China present significant competition to other Asian economies, there is evidence of some reciprocal benefits in the form of rising inter-regional trade.

The concept behind the Fund is to benefit from the growth that these two giants bring to the region. Specific risks for Investors in the region include:

	the expectation of growth is likely to bring waves of investment that result in periodic suppression of profitability -  periods of strong growth may be followed by sharp downturns
	the transfer of manufacturing jobs from the West at a time of slow global growth heightens the risk of increasing protectionism

Where is the Fund’s money invested?
The Fund primarily invests in Asian companies’ listed securities. Asian companies may list their securities on securities exchanges other than those in Asia and the Fund may invest in those securities. The Fund may invest in companies not listed in Asia but where their predominant business is conducted in Asia. The Fund may invest in companies that benefit from exposure to the Asian economic region. Asia is defined as all countries that occupy the eastern part of the Eurasian landmass and its adjacent islands and is separated from Europe by the Ural Mountains.  It includes the Russian Far East.

Investors in the Fund might expect the Portfolio to contain listed companies based in China, Hong Kong, Taiwan, Korea, Malaysia, Singapore, India, Thailand, Indonesia, Philippines, Sri Lanka, Pakistan and Vietnam.

The Portfolio will ideally consist of 75 to 150 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found. Platinum may short sell securities that it considers overvalued. Refer further to ‘The Funds’ Investments’ in the PDS. The Portfolio will typically have 50% or more net equity exposure. The Portfolio is constructed in accordance with ‘Platinum’s Investment Methodology’ - refer to the PDS.

This Fund may be suited to you if you

	believe in the long term wealth creation potential of share investments
	wish to achieve investment diversification by accessing Asian share market opportunities
	accept that returns over the shorter term may fluctuate and that returns may even be negative.

Minimum suggested time horizon
Five or more years

Income distribution
Annually as at 30 June.