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

Investment objective
To provide capital growth over the long-term by investing in health care companies from around the world, ranging from those companies engaged in early exploratory research through to those providing health care services directly to consumers, such as hospitals or health insurance directly to consumers.

The Fund seeks to take advantage of the substantial changes that are occurring in the fields of health care and medicine. There are significant political, social and economic trends influencing the global health care market that will provide areas of investment opportunity as the markets interpret these changes.

In the scientific and technical fields major advances are being made in the understanding of diseases as the benefits of new technologies are brought to bear on highly complex issues such as understanding the pathogenesis of diseases through to diagnosing and personalising treatments based on genetic differences.

Where is the Fund’s money invested?
The Fund primarily invests in health care companies listed on securities markets around the world. It invests in companies engaged in many aspects of providing products and services to the health care industry such as biotechnology, pharmaceuticals, diagnostics, laboratory technologies, distribution, hospitals and nursing care, health insurance and the provision of information technology to such companies.

The Fund will, at times, invest in companies engaged in early stage research and the development of new drugs or treatments. The clinical trial process for such developments has a long gestation period, taking from a few years to many decades to complete. These companies face significant scientific, regulatory and at times legal risks with these programs where it is impossible to be certain of a successful outcome. Many of these programs fail, which can impact the volatility and returns of the investment and the Portfolio. The global health care industry is subject to regulatory and political influences that can also be unpredictable and economically adverse.

The construction of the Portfolio can ameliorate only some of the risks associated with investing in companies engaged in the complexities of research and development that span many years. Investors should anticipate periods of significant fluctuations and recognise that some of the investments made by the Fund might take many years to realise their potential (if at all).

The Portfolio will ideally consist of 30 to 100 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 share market opportunities in health care companies
	accept that returns over the shorter term may fluctuate and that returns may even be negative.