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Platinum Capital Limited (ASX code: PMC)

An ASX-listed investment company, PMC offers investors an easy and convenient means of accessing an actively managed, truly diversified portfolio of companies from around the world and across industry sectors, providing exposure to undervalued businesses in both developed and emerging markets.

Investment objective:

To provide capital growth over the long-term by investing in undervalued companies from around the world.

Key benefits:

  • Access to a manager with a proven investment philosophy and method for selecting undervalued stocks and a team of experienced investment professionals
  • Exposure to an actively managed, diversified equity portfolio that seeks to minimise losses during market downturns using risk management techniques
  • Actively managed currency exposures providing substantial diversification from the Australian dollar
  • Easy to trade on ASX – no set minimum investment required
  • Being taxed at source, PMC can distribute available profits to shareholders in the form of dividends, usually fully-franked
  • Having established a dividend profit reserve, PMC's Board can smooth its dividends from year to year

 

  • Legal structure:

    A closed-ended investment company listed on the Australian Securities Exchange

  • ABN:

    51 063 975 431

  • Management costs:
    • 1.10% p.a. of portfolio value, plus
    • 15% of outperformance over benchmark (MSCI AC World Net Index (A$))
  • Share registry contact:
    Link Market Services
    T: +61 1300 554 474
    E: registrars@linkmarketservices.com.au
  • Updates:

    Subscribe to receive PMC updates by email

  • Portfolio manager(s):
    Andrew Clifford

    Chief Executive Officer & Chief Investment Officer

    Andrew co-founded Platinum in 1994 as the Deputy Chief Investment Officer, having worked alongside Kerr for several years at Bankers.. More

Dividends

Dividend History

Dividend type Payment date Net amount (cps) Franking credit (cps) Gross amount (cps)
- - - - -

The dividend information displayed herein is historical. No guarantee can be given about future dividends or the level of franking of such dividends (if any).

    Dividend Reinvestment Plan

      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 declared on PMC shares already held.

      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. The current DRP discount rate is 2.5%.

      Shareholders pay no brokerage, stamp duty or other costs to participate in the DRP.

    Unclaimed Dividends

      PMC's Constitution provides that any dividends that are not claimed within 6 months of the date of the dividend will be reinvested as additional shares in PMC. The issue price for the additional shares will be the last sale price of PMC’s shares on the ASX on the first Business Day following the expiration of the 6 months from the date of payment of the dividend. 

      By deeming that the unclaimed dividends be automatically reinvested as additional shares in PMC, PMC will be able to reduce administration costs incurred in tracing and managing unclaimed dividends while shareholders will receive additional shares instead of cash payment.

      If you wish to receive future PMC dividends in cash, please ensure that you provide PMC's Share Registry, Link Market Services, with your current Australian or New Zealand financial institutional account details.

      You can update details about your PMC holdings via Link Market Services' secure website at https://investorcentre.linkmarketservices.com.au/Login/Login.

    ASX Releases & Updates

    ASX Announcements

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    Monthly Updates

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    Quarterly Investment Manager’s Reports

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    Financial Statements & Annual Reports

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    Investment Strategy

    Platinum Capital Limited (PMC) primarily invests in listed securities. The portfolio will ideally consist of 70 to 140 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found. However, the portfolio typically has 50% or more net equity exposure. Platinum may short-sell securities and indices that it considers overvalued.

    PMC’s key investment guidelines are summarised below.

    Suggested time horizon 5 or more years
    Geographic limits N/A
    Industry/sector limits N/A
    Number of securities in portfolio Typically 70 to 140 securities
    Net equity exposure Typical range: 50 – 100% of PMC’s net asset value
    Cash holdings
    • Typical range: 0 – 40% of the PMC’s net asset value
    • Permissible range: 0 – 100% of PMC’s net asset value
    Limits on individual security holdings PMC will seldom invest more than 5% of its net asset value (at the time of investment) in the securities of a single issuer.
    Short-selling Subject to the limits regarding leverage and the use of derivatives, PMC may short-sell securities and indices for risk management purposes or as a way to take opportunities to increase returns.
    See Platinum’s risk management strategies for further details.
    Currency
    • PMC’s currency exposures are actively managed with the aim of capturing the returns and minimising the risks arising from the portfolio’s exposure to foreign currency fluctuations, which can change the value of the equity investments measures in PMC’s reporting currency (AUD).
    • Platinum may manage PMC’s currency exposures using foreign exchange forwards, swaps, non-deliverable forwards, currency options and spot foreign exchange trades.
    See Platinum’s risk management strategies for further details.
    Leverage
    • PMC does not borrow funds (except for short‑term overdrafts for trade settlement).
    • PMC may be leveraged through the use of derivatives (see below for detail).
    Derivatives
    • PMC may use financial derivative instruments for risk management purposes and as a way to take opportunities to increase returns, such as to gain access to markets not readily available to foreign investors or to establish short positions.
    • Both over-the-counter (OTC) derivatives and exchange-traded derivatives are permitted. Aggregate exposure to all OTC derivative counterparties will typically be no more than 5% of PMC’s net asset value, and in any event will not exceed 10% of its net asset value.
    • PMC’s effective exposure from its derivative positions1 must not exceed 100% of PMC’s net asset value.
    • PMC’s gross exposure, taking into account all securities and derivatives1 (long and short) held, must not exceed 150% of its net asset value.
    See Platinum’s risk management strategies for further details.
    1 Where options are employed, the underlying value will be the Delta-adjusted exposure. “Delta” is the theoretical measure of the sensitivity of the option price to a chance in the price of the underlying asset (usually expressed as a percentage).
    Securities lending Not undertaken.

    Portfolio Snapshot

    Industry Breakdown1
    SectorLong %Net %
    Information Technology 17.6 15.6
    Financials 14.8 14.8
    Materials 12.2 12.2
    Industrials 11.0 11.0
    Consumer Discretionary 9.6 8.0
    Energy 7.1 7.1
    Health Care 6.8 5.3
    Consumer Staples 4.1 2.7
    Real Estate 2.3 2.3
    Telecom Services 1.9 1.9
    Other - (9.3)
    "Other" includes index short positions.
    Top 10 Positions3
    StockCOUNTRYINDUSTRY%
    Ping An Insurance (Group) Co of China Ltd China Financials 3.7
    Samsung Electronics Co Ltd Korea Information Technology 3.3
    Siemens AG Germany Industrials 3.2
    Glencore plc Switzerland Materials 2.9
    Alphabet Inc USA Information Technology 2.6
    TechnipFMC PLC UK Energy 2.4
    Roche Holding AG Switzerland Health Care 2.3
    China Overseas land & Investment Ltd China Real Estate 2.3
    Sanofi SA France Health Care 2.3
    Schibsted ASA Norway Consumer Discretionary 2.2
    “China” indicates a company whose business is predominantly based in mainland China, regardless of whether its securities are listed on exchanges within or outside of mainland China.
    Disposition of Assets2
    Long %Net %Currency%
    Australia 0.8 0.8 0.5
    Austria 0.5 0.5 -
    Canada 2.5 2.5 2.5
    China 7.9 7.9 7.9
    China Ex PRC 13.6 13.6 -
    Hong Kong 1.1 1.1 13.7
    Denmark 0.6 0.6 0.6
    France 2.8 2.8 -
    Germany 5.8 5.8 -
    India 4.9 4.9 5.0
    Italy 0.5 0.5 -
    Japan 13.2 13.0 10.7
    Korea 6.7 6.7 6.7
    Malaysia 0.3 0.3 0.4
    Norway 3.4 3.4 3.4
    Switzerland 5.1 5.1 2.3
    Thailand 1.1 1.1 1.1
    United Kingdom 3.3 3.3 6.6
    United States 12.3 (3.2) 26.3
    Zimbabwe 0.8 0.8 -
    Euro Currency - - 12.1
    South African Rand - - 0.2
    Long: 80 stocks, 2 swaps. Short: 6 stocks, 2 indices. "China" includes all mainland China-based companies, including those listed on exchanges outside of mainland China.
    Top 10 Positions3
    StockCOUNTRYINDUSTRY%
    Ping An Insurance (Group) Co of China Ltd China Financials 3.7
    Samsung Electronics Co Ltd Korea Information Technology 3.3
    Siemens AG Germany Industrials 3.2
    Glencore plc Switzerland Materials 2.9
    Alphabet Inc USA Information Technology 2.6
    TechnipFMC PLC UK Energy 2.4
    Roche Holding AG Switzerland Health Care 2.3
    China Overseas land & Investment Ltd China Real Estate 2.3
    Sanofi SA France Health Care 2.3
    Schibsted ASA Norway Consumer Discretionary 2.2
    “China” indicates a company whose business is predominantly based in mainland China, regardless of whether its securities are listed on exchanges within or outside of mainland China.
    All data as at [30 September 2018] .
    1. “Long %” represents PMC’s effective exposures to the relevant sectors as a percentage of PMC’s NAV, taking into account direct stock holdings and long derivative positions (stocks and indices). “Net %” represents PMC’s net exposures to the relevant sectors as a percentage of PMC’s NAV, taking into account direct stock holdings and both long and short derivative positions (stocks and indices).
    2. “Long %” represents PMC’s effective exposures to the relevant regions as a percentage of NAV through stock holdings and long derivatives (stocks and indices). “Net %” represents PMC’s net exposures to the relevant regions as a percentage of NAV through stock holdings and both long and short derivatives (stocks and indices). “Currency %” represents PMC’s effective exposures to the relevant currencies as a percentage of NAV through stock holdings, cash and the use of derivatives.
    3. The “Top 10 Positions” table shows PMC’s top 10 long stock positions as a percentage of PMC's NAV, taking into account direct stock holdings and long derivative positions.
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    Board & Governance

    Board of Directors & Company Secretary

    Margaret Towers CA, GAICD
    Chairperson, Non-Independent and Non-Executive Director and member of the Audit, Risk and Compliance Committee since 31 March 2018.

    Ms Towers has over 35 years of experience operating at board and senior management levels, within the wealth management and investment banking sectors of the Australian financial markets. Ms Towers has also previously been a non-executive director of Platinum Asset Management Limited (ASX code: PTM), chairperson of PTM’s Audit, Risk and Compliance Committee and a member of PTM’s Nomination and Remuneration Committee. Ms Towers is a non-executive director of IMB Limited and is Chairperson of Platinum Asia Investments Limited.
     
    Richard Morath BA, FIAA, ASIA
    Independent, Non-Executive Director since March 2009 and Chairman of the Audit, Risk and Compliance Committee.

    Mr Morath has over 44 years of experience in life insurance, funds management, banking and financial planning. Mr Morath is currently non-executive director and chairman of the Advice & Licences Boards of all financial planning companies in National Australia Bank/MLC. Mr Morath is also a director of JANA Investment Advisors Limited, BNZ Life and chairman of BNZ Investment Services Limited, and a non-executive director of ASX listed, Wealth Defender Equities Limited.
     
    Jim Clegg BRurSc (Hons), DipAgEc
    Independent, Non-Executive Director since 5 June 2015 and member of the Audit, Risk and Compliance Committee.

    Mr Clegg has over 30 years of experience in the financial services industry. Mr Clegg was the founding managing director of Pembroke Financial Planners and has been a director of Godfrey Pembroke, Berkley Group and Centric Wealth.

    Joanne Jefferies, BCom, LLB
    Company Secretary since October 2016

    Ms Jefferies is an English law qualified solicitor with more than 21 years of legal experience in the asset management and securities services sectors, in England and across Asia Pacific.
    Ms Jefferies joined Platinum in October 2016 as General Counsel and Group Company Secretary, having spent the previous six years at BNP Paribas Securities Services as Head of Legal Asia Pacific, Company Secretary for all Australian subsidiaries and a member of the Asia Pacific Executive Committee. Ms Jefferies has previously held senior legal positions with Russell Investments, Morley Funds Management (Aviva Investors) and Lord Abbett, and served as the General Counsel for the UK’s funds management industry association, the Investment Association.

    Charters & Policies

    Constitution

    Corporate Governance Statement


    Board Charters

    Board of Directors' Charter

    Audit, Risk & Compliance Committee Charter

    Due Diligence Committee Charter


    Policies

    Directors’ Code of Conduct

    Continuous Disclosure Policy

    Shareholder Communications Policy

    Risk Management Policy

    Securities Trading Policy

    Company Details

     
    Company name Platinum Capital Limited
    ASX ticker code PMC
    ACN 063 975 431
    ABN 51 063 975 431
    Registered office Level 8, 7 Macquarie Place
    Sydney NSW 2000
    Australia
    Share registry Link Market Services Limited
    Level 12, 680 George Street
    Sydney NSW 2000
    Australia
     
    T: +61 1300 554 474
    F: +61 2 9287 0303
    E: registrars@linkmarketservices.com.au
     
    Locked Bag A14
    Sydney South NSW 1235
    Australia
    Investment manager Platinum Investment Management Limited
    T: +61 2 9255 7500
    T: 1300 726 700 (Toll-free Australia)
    F: +61 2 9254 5555
     

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    Key Dates & Events*

    November 2018
    • 08 Nov 2018
      Annual General Meeting
    February 2019
    • 19 Feb 2019
      Announcement of interim results
    * These dates are indicative and may be changed.
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