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:
    • Investment management fee: 1.10% (excl. GST) of NAV; plus
    • Performance fee: 15% (excl. GST) of outperformance over benchmark (MSCI AC World Net Index (A$))
  • Share registry contact:
  • Updates:

    Subscribe to receive PMC updates by email

  • Portfolio manager(s):
    Andrew Clifford

    Chief Executive Officer, Co-Chief Investment Officer & Portfolio Manager

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

    Clay Smolinski

    Co-Chief Investment Officer & Portfolio Manager

    Graduating as dux of Finance from university and a brief stint as an accountant at Grant Thornton gave Clay the grounding to.. More

    Nikola Dvornak

    Portfolio Manager

    Nik joined Platinum in 2006 as an analyst in the financials and services sector.  He was appointed co-manager of the 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.

    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

Monthly Updates

Quarterly Investment Manager’s Reports

Financial Statements & Annual Reports

Annual General Meeting

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. 
  • 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 % Short %Net %
Industrials 20.7 - 20.7
Financials 15.8 - 15.8
Materials 14.9 - 14.9
Information Technology 13.3 (0.8) 12.4
Consumer Discretionary 12.2 (0.7) 11.5
Health Care 6.4 (0.5) 5.9
Communication Services 4.2 - 4.2
Real Estate 3.1 - 3.1
Consumer Staples 1.2 (0.2) 1.0
Energy 0.4 - 0.4
Other - (4.2) (4.2)
"Other" includes index short positions.
Top 10 Positions3
StockCountryIndustry%
AIA Group Ltd Hong Kong Financials 2.4
China Overseas Land & Inv China Real Estate 2.2
Glencore PLC Australia Materials 2.9
Microchip Technology Inc United States of America Information Technology 2.9
Micron Technology Inc United States of America Information Technology 2.4
Minebea Co Ltd Japan Industrials 2.9
Samsung Electronics Co South Korea Information Technology 3.0
UPM-Kymmene OYJ Finland Materials 2.7
Weichai Power Co Ltd China Industrials 3.0
ZTO Express Cayman Inc China Industrials 3.0
Total 27.3
“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 %Short %Net %Currency%
Asia-Pacific 46.2 - 46.2 46.4
Australia 3.3 - 3.3 3.4
China 19.6 - 19.6 19.6
Hong Kong 2.4 - 2.4 2.4
India 2.3 - 2.3 2.3
Japan 13.5 - 13.5 13.7
South Korea 4.8 - 4.8 4.8
Thailand 0.2 - 0.2 0.2
Europe 22.2 - 22.1 22.0
Austria 1.6 - 1.6 -
Belgium 0.1 - 0.1 -
Denmark 0.4 - 0.4 0.4
Finland 2.7 - 2.7 -
France 3.7 - 3.7 -
Germany 4.2 - 4.2 -
Hungary 0.1 - 0.1 0.1
Ireland 1.5 - 1.5 -
Italy 1.8 - 1.8 -
Norway 0.4 - 0.4 0.4
Spain 1.0 - 1.0 -
Sweden 0.1 - 0.1 0.1
Switzerland 0.1 - 0.1 0.1
United Kingdom 4.8 - 4.8 5.2
Euro - - - 15.7
North America 21.9 (6.5) 15.3 29.5
Canada 3.3 - 3.3 6.4
United States of America 18.5 (6.5) 12.0 23.1
Sub-Total 90.2 (6.6) 83.6 97.9
Cash 9.8 - 16.4 -
Total 100.0 - 100.0 100.0
Long - 126 stocks, 2 swaps Short - 13 swaps, 1 index
Top 10 Positions3
StockCountryIndustry%
AIA Group Ltd Hong Kong Financials 2.4
China Overseas Land & Inv China Real Estate 2.2
Glencore PLC Australia Materials 2.9
Microchip Technology Inc United States of America Information Technology 2.9
Micron Technology Inc United States of America Information Technology 2.4
Minebea Co Ltd Japan Industrials 2.9
Samsung Electronics Co South Korea Information Technology 3.0
UPM-Kymmene OYJ Finland Materials 2.7
Weichai Power Co Ltd China Industrials 3.0
ZTO Express Cayman Inc China Industrials 3.0
Total 27.3
“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 [31 August 2021] .
  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.

Board & Governance

Board of Directors & Company Secretary

Margaret Towers CA, GAICD

Chairperson, Independent 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 services industry. Ms Towers is a non-executive director and chairperson of Platinum Asia Investments Limited. Ms Towers has also previously been a non-executive director of IMB Limited, and chairperson and member of IMB’s Risk Committee, Audit Committee and Financial Planning Committee. Ms Towers was also previously 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.

 

Richard Morath BA, FIAA

Independent, Non-Executive Director since 27 March 2009 and Chairman of the Audit, Risk and Compliance Committee.

Mr Morath has over 40 years’ of experience in life insurance, funds management, banking and financial planning. Mr Morath is a director of Platinum Asia Investments Limited, JANA Investment Advisors Limited, BNZ Life, BNZ Insurances and National Wealth Management Holdings New Zealand.


Jim Clegg BRurSc (Hons), DipAgEc

Independent, Non-Executive Director and member of the Audit, Risk and Compliance Committee since 5 June 2015

Mr Clegg has over 35 years of experience in the financial services industry. Mr Clegg was the founding managing director of Pembroke Financial Planners and was formerly a director of Godfrey Pembroke, Berkley Group and Centric Wealth and a trustee of The Walter and Eliza Hall Trust. Mr Clegg is a director of Platinum Asia Investments Limited.


Ian Hunter BA, LLB, MBA

Independent Non-Executive Director and member of the Audit, Risk and Compliance Committee since 9 September 2021.

Mr Hunter has been in the finance and investment industry since 1975 having worked at several banks, most latterly Bankers Trust Australia. Mr Hunter has formerly held various directorships of Australian listed companies and is currently a director of Platinum Asia Investments Limited and Ironbark Capital Limited.


Joanne Jefferies BCom, LLB

Company Secretary since 17 October 2016.

Ms Jefferies is an English law qualified solicitor with more than 25 years of legal experience in asset management and banking, in England and across Asia Pacific. Ms Jefferies joined Platinum from BNP Paribas Securities Services, where she was Head of Legal, Asia Pacific and Company Secretary of all Australian subsidiaries. Prior to this Ms Jefferies held senior legal positions with Russell Investments, Morley Funds Management (Aviva Investors) and Lord Abbett. She also served as the General Counsel for the UK’s funds management industry association, the Investment Association.

 

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
 
2020 Platinum Capital Limited AGM

2020 Platinum Capital Limited AGM