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

Investment objective
The Fund primarily invests 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.  Platinum aims to provide capital growth over the long term.

The objective of the Fund is to take advantage of the substantial changes that are occurring in the field 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.

The Fund will invest in companies engaged in many aspects of providing products and services to the health care industry including examples such as biotechnology, pharmaceuticals, diagnostics, laboratory technologies, distribution, hospitals and nursing care, health insurance and the provision of information technology to such companies.

Where is the Fund’s money invested?
The Fund primarily invests in health care companies listed on share markets around the world.  The portfolio ideally will consist of 50 to 100 stocks that Platinum believes to be undervalued by the market.  Where undervalued stocks cannot be found funds may be invested in cash.  Platinum may short sell shares that it considers overvalued. 

Typically, the Fund’s portfolio will have 50% or more net exposure to stocks.  The Fund’s portfolio is constructed in accordance with Platinum’s Investment Methodology.

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 short term may fluctuate and even be negative at certain times within the investment cycle.

The Fund will, at times, be investing in companies engaged in early stage research and the development of new drugs or treatments.  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 clinical trial process for the development of a new treatment has a long gestation period, taking from a few years to many decades to complete.

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).

Minimum suggested time horizon
Five or more years

Income distribution
The Fund distributes its income annually as at 30 June.