Change of buy / sell spread
Effective 24 August 2021, the buy / sell spread for the following Platinum Trust Fund will change to:
Fund
|
Current buy / sell spread
|
New buy / sell spread
|
Platinum Asia Fund
|
0.20% / 0.20%
|
0.15% / 0.15%
|
The buy / sell spread for the remaining Platinum Trust Funds and Platinum Global Fund have not changed. These are as follows:
Fund
|
Current buy / sell spread
|
Platinum International Fund
|
0.15% / 0.15%
|
Platinum Global Fund (Long Only)
|
0.15% / 0.15%
|
Platinum European Fund
|
0.20% / 0.20%
|
Platinum Japan Fund
|
0.15% / 0.15%
|
Platinum International Brands Fund
|
0.15% / 0.15%
|
Platinum International Health Care Fund
|
0.15% / 0.15%
|
Platinum International Technology Fund
|
0.10% / 0.10%
|
Platinum Global Fund
|
0.15% / 0.15%
|
Buy / sell spreads for the Funds are generally reviewed by Platinum every six months having regard to each Fund’s historic six monthly average of transactional and operational costs over a rolling three year period.
For an explanation of the buy / sell spread, please see page 40 of the Platinum Trust Product Disclosure Statement No. 13, and page 7 of the Platinum Global Fund Product Disclosure Statement No. 6. Any changes to the buy / sell spreads for the Platinum Trust Funds and/or the Platinum Global Fund will be updated on the continuous disclosure section of the relevant Fund on our website,
www.platinum.com.au.
Continuous disclosure for the Platinum European Fund as at 30 June, 2021 (the “reporting period”)
On an annual basis, Platinum is required to provide the following continuous disclosure information.
Liquidity profile
Time to liquidate
|
Percentage of Fund
|
1 day
|
59.5
|
2 - 7 days
|
25.8
|
8 - 30 days
|
10.9
|
Greater than 30 days
|
3.8
|
Total
|
100
|
The Fund held 9.8% in cash as at the reporting period.
Financial liabilities
Maturity
|
Percentage of Fund
|
0 - 30 days
|
6.9
|
31 - 60 days
|
0.0
|
61 - 90 days
|
0.0
|
90 - 180 days
|
0.0
|
The financial liabilities of the Fund are generally limited to: monies owed by the Fund on equity securities purchased; unrealised losses on derivatives; amounts owed to counterparties on forward FX contracts and, management and administration fees payable to Platinum. The Fund does not have any outstanding loans and does not borrow for investment or other purposes.
Total financial liabilities represented 6.9% of the market value of the net assets of the Fund as at the reporting period.
Leverage
The maximum allowed leverage in a Fund is 150% of the NAV of the Fund, that is, for every $1 invested, the gross invested position of the Fund taking into account all securities and derivatives held, is limited to $1.50. For the purposes of this calculation, the underlying effective value of the derivatives is used. Further, this limitation includes all positions and does not allow for netting of any offsetting positions.
Leverage as at the reporting period
|
Percentage of the Fund’s NAV
|
Gross (Long + Short)
|
92.9
|
Long positions
|
91.5
|
Short positions
|
1.4
|
Net (Long - Short)
|
90.2
|
Over the counter ("OTC") counterparties
The Fund can enter into derivative contracts with the following counterparties through International Swaps and Derivatives Association (“ISDA”) contracts.
Australian and New Zealand Banking Group Limited
Credit Suisse International
Citigroup Global Markets Limited
Citibank N.A.
Deutsche Bank A.G. London
Goldman Sachs International
J.P. Morgan Chase Bank, N.A.
Merrill Lynch International
Morgan Stanley & Co International PLC
Nomura International plc.
UBS AG
Annual Investment Returns: Platinum European Fund
Annual Investment Return Year to 30 June
|
% Returns
|
2021
|
26.17
|
2020
|
(11.17)
|
2019
|
1.55
|
2018
|
16.21
|
2017
|
28.45
|
Investment returns are calculated using the Fund’s unit price (C Class) and represent the combined income and capital return for the specific period. They are net of fees and costs (excluding the buy/sell spread and any investment performance fee payable), are pre-tax and assume the reinvestment of distributions.
The investment returns shown are historical and no warranty can be given for future performance. Historical performance is not a reliable indicator of future performance. Due to the volatility of the underlying assets of the fund and other risk factors associated with investing, investment returns can be negative, particularly in the short-term.
Source: Platinum Investment Management Limited