Platinum Global Fund (mFund code: PLM01)

A diversified
long-only
The fund does not undertake any short-selling. A “long-only” strategy means that the fund invests in stocks (whether through physical holdings or derivative instruments) only with the expectation that their prices will rise.
portfolio of companies from around the world and across industry sectors, the fund offers investors 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
  • Actively managed currency exposures providing substantial diversification from the Australian dollar
  • Annual distribution of the fund’s income, including net realised capital gains
  • Flexibility of investing directly with Platinum or through licensed brokers participating in the ASX mFund Settlement Service
  • Portfolio manager(s):
    Kerr Neilson

    Chief Executive Officer

    Kerr, with the help of Andrew Clifford, founded Platinum in 1994 with a view to making money for investors. The emphasis was on.. More

Prices & Distributions

Unit Price History

The net asset values (NAV) per unit, entry prices, exit prices, and distributions shown above are historical and no warranty can be given for future performance or distribution. Historical performance is not a reliable indicator of future performance.

Learn more about unit pricing dates

Platinum uses a forward pricing methodology. Applications for investment in the fund received by 3:00 pm (AEST) on a
Business Day
Every day on which banks are open for business in Sydney, Australia, except Saturday, Sunday and a public holiday.
in Sydney will normally receive the entry price applicable to that
Business Day
Every day on which banks are open for business in Sydney, Australia, except Saturday, Sunday and a public holiday.
. Applications for investment in the fund received after 3:00 pm (AEST) on a
Business Day
Every day on which banks are open for business in Sydney, Australia, except Saturday, Sunday and a public holiday.
in Sydney will normally receive the entry price applicable to the next
Business Day
Every day on which banks are open for business in Sydney, Australia, except Saturday, Sunday and a public holiday.
.

Standard Pricing Timeline Example

An investor has deposited monies and a completed Application Form with the necessary supporting documentation by 3:00 pm, Tuesday, 17 January 2017. This application should generally receive the entry price applicable to that Tuesday which is calculated on Wednesday, 18 January 2017.

Public Holiday Pricing Timeline Example

Consider the Queen's Birthday holiday 2017 as an example. No unit prices will be calculated on Monday, 12 June 2017, as it will be a public holiday in Sydney. Applications for investment received before 3:00 pm, Friday, 9 June 2017 will receive the entry price calculated on Tuesday, 13 June 2017.

Distribution History

The distributions shown above are historical and no warranty can be given for future distributions.

Understanding distributions

The fund may earn income (such as dividends and interest) from its investments and may also realise capital gains or losses on the sale of its investments. Income and net realised capital gains are distributed to unitholders annually as at 30 June. The components of the distribution will vary from year to year, the details of which are set out in the annual distribution and tax statements provided to unitholders. There may also be times when no distribution is payable.

Distributions are calculated in dollars-per-unit on the number of units held by a unitholder as at the end of the distribution date. This means that a unitholder’s distribution entitlement from the fund is not pro-rated for the duration of the unitholder’s investment in the fund during the tax year.

When a distribution is made, the unit price will fully reflect the distribution.

Unitholders will generally receive their entitlement (if payable) within 15
Business Days
Every day on which banks are open for business in Sydney, Australia, except Saturday, Sunday and a public holiday.
after the distribution date.

Unitholders may elect to have their distribution entitlement:

  • reinvested as additional units in the same unit class of the fund; or
  • paid into the unitholder’s nominated financial institution account.

If no election is made, the unitholder’s distribution entitlement will be automatically reinvested. Additional units will be issued at the net asset value unit price on the relevant

Business Day
Every day on which banks are open for business in Sydney, Australia, except Saturday, Sunday and a public holiday.
, and the buy spread will not apply.

 

Visit Existing Investors to find out how to change your distribution election.

Investment Strategy

The Platinum Global Fund invests in companies that Platinum believes to be undervalued by the market. The fund is not required to allocate its investments in set percentages in particular countries or sectors and may invest in emerging markets without limit. Cash may be held when opportunities to make investments in undervalued securities are scarce. Accordingly, the fund may at times hold significant cash positions.

The fund’s key investment guidelines are summarised below.  For further details, please refer to the Product Disclosure Statement and Additional Information Booklet.

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
Asset allocation range
Asset classes Asset allocation range
Equities 0-100% of the fund’s net asset value
Cash 0-100% of the fund’s net asset value
Derivatives (exchange traded) 0-10% of the fund’s net asset value
Derivatives The fund may invest up to 10% of its net asset value in exchange traded derivatives to gain access to foreign markets or to take opportunities to increase returns.
Short-selling No short-selling is undertaken for the fund.
Currency The fund may use derivatives to manage its foreign currency exposure.
See Platinum’s risk management strategies for further details.
Borrowing Platinum’s policy is not to borrow on behalf of the fund for the purpose of investing the money borrowed.
Securities lending Not undertaken.

Portfolio Snapshot

Industry Breakdown1
SectorLong %Net %
Information Technology 24.9 24.9
Consumer Discretionary 12.7 12.7
Financials 12.7 12.7
Energy 9.1 9.1
Materials 9.1 9.1
Health Care 8.2 8.2
Industrials 7.4 7.4
Consumer Staples 3.7 3.7
Real Estate 1.6 1.6
Telecom Services 1.4 1.4
Utilities 1.4 1.4
Other - -
Top 10 Positions3
StockCOUNTRYINDUSTRY%
Samsung Electronics Co Ltd Korea Information Technology 3.8
Alphabet Inc USA Information Technology 3.1
Inpex Corporation Ltd Japan Energy 2.5
Royal Dutch Shell PLC UK Energy 2.4
Lixil Group Corporation Japan Industrials 2.4
China Pacific Insurance Group Co Ltd China Financials 2.2
Ping An Insurance (Group) Co of China Ltd - A shares China Financials 2.0
Glencore plc Switzerland Materials 1.9
Jiangsu Yanghe Brewery JSC Ltd China Consumer Staples 1.9
Sina Corp China Ex PRC Information Technology 1.9
Disposition of Assets2
Long %Net %Currency%
Australia 1.4 1.4 6.6
Canada 0.2 0.2 0.2
China 4.7 4.7 4.6
China Ex PRC 19.1 19.1 -
Hong Kong 0.3 0.3 13.6
Denmark 0.7 0.7 0.7
France 3.5 3.5 -
Germany 3.7 3.7 -
India 4.7 4.7 4.6
Italy 1.2 1.2 -
Japan 17.7 17.7 11.1
Korea 8.3 8.3 8.3
Malaysia 1.0 1.0 1.0
Norway 1.1 1.1 2.7
Russia 0.6 0.6 -
Sweden 0.2 0.2 0.2
Switzerland 2.8 2.8 0.9
United Kingdom 6.2 6.2 4.8
United States 14.7 14.7 26.8
Euro Currency - - 13.9
Long - 84 stocks
Top 10 Positions3
StockCOUNTRYINDUSTRY%
Samsung Electronics Co Ltd Korea Information Technology 3.8
Alphabet Inc USA Information Technology 3.1
Inpex Corporation Ltd Japan Energy 2.5
Royal Dutch Shell PLC UK Energy 2.4
Lixil Group Corporation Japan Industrials 2.4
China Pacific Insurance Group Co Ltd China Financials 2.2
Ping An Insurance (Group) Co of China Ltd - A shares China Financials 2.0
Glencore plc Switzerland Materials 1.9
Jiangsu Yanghe Brewery JSC Ltd China Consumer Staples 1.9
Sina Corp China Ex PRC Information Technology 1.9
All data as at [31 October 2017] .
  1. “Long %” represents the fund’s exposure to physical holdings and long derivatives (of stocks and indices) as a percentage of the fund's net asset value. As the fund does not undertake any short-selling, the fund’s net exposure (“Net %”) is the same as its long exposure (“Long %”).
  2. “Long %” represents the fund’s exposure to physical holdings and long derivatives (of stocks and indices) as a percentage of the fund's NAV. As the fund does not undertake any short-selling, the fund’s net exposure (“Net %”) is the same as its long exposure (“Long %”). “Currency %” represents the fund’s currency exposure as a percentage of the fund's NAV.
  3. The “Top 10 Positions” table shows the fund’s top 10 long stock positions (through physical holdings and long derivatives) as a percentage of the fund's net asset value.

ASX Releases and Updates

ASX Announcements

Monthly Updates

Quarterly Investment Manager's Report

Distribution and Tax Statements

Financial Statements

Fees & Forms

Fees & Costs

Management Costs

Fee type Amount
Investment management fee
(Accrued daily, reflected in daily net asset value (NAV) unit price, and paid monthly to Platinum from the fund’s assets.)

1.35%# per annum of the fund’s net asset value

#Inclusive of GST and net of any expected reduced input tax credits.

For further explanation on fees and costs as well as examples of fee calculations, please refer to the Product Disclosure Statement and Additional Information Booklet.


Buy/sell Spread

Buy costs (buy spread) 0.25% of the fund’s net asset value unit price on the dealing day Included in the entry price
Sell costs (sell spread) 0.25% of the fund’s net asset value unit price on the dealing day Included in the exit price

What is the buy/sell spread?

Buy costs are charged to enter the fund (that is, to buy units) and sell costs are charged to exit the fund (that is, to withdraw units). They are charged because entering or exiting the fund necessitates the buying or selling of investments by the fund, which means that the fund will incur transactional and operational costs. The buy and sell costs are based on Platinum’s estimate of the transactional and operational costs incurred by the fund to invest application money received or sell assets to fund withdrawal payments.

The buy/sell costs are not fees paid to Platinum – they are retained in the fund to cover transactional and operational costs as they are incurred. The reason for charging buy/sell spreads is to ensure that non-transacting investors do not pay the transactional and operational costs associated with other investors entering or exiting the fund.

 

Total Transactional and Operational Costs

For the Platinum Global Fund, our estimate of the net transactional and operational costs for the 2016/2017 financial year are:

Total Transactional and Operational Costs*
(% p.a. of NAV)
Recovery through Buy/Sell Spread
(% p.a. of NAV)
Net Transactional and Operational Costs
(% p.a. of NAV)
For every A$50,000 you have in the fund you will likely incur approximately
0.24% -0.09% 0.15% A$75.00

 
* Excludes investment management fees and investment performance fees.

The above information is an estimate of the transactional and operational costs incurred for the 2016/2017 financial year. The net transactional and operational costs set out above take into account the buy/sell spread recovered in respect of the 2016/2017 financial year. In practice, your investment balance, plus the fund's volume of trading, and number and value of applications/withdrawals processed will vary from year to year.

How to Invest & Transact

Who may invest in the fund The fund is open for investment to persons (including individuals, companies, trustees, partnerships, etc.) receiving the Product Disclosure Statement (PDS) and the Additional Information Booklet in Australia and New Zealand.
Applications / Withdrawals Any Business Day
Minimum initial investment Invest directly through Platinum:
A$10,000 or NZ$10,000
Go to New Investors for Application Form and further details.

Invest though the ASX mFund Settlement Service via a licensed broker:
A$10,000
Minimum additional investment A$1,000
Go to Existing Investors for Additional Investment Form and further details.
Regular investment plan A regular investment plan can only be set up through Platinum, not through your broker.
  • Minimum initial investment of A$10,000, plus minimum ongoing investments of A$200 per month or per quarter.
  • If you are investing in the fund for the first time, you may set up a regular investment plan by filling in the relevant information in the Application Form (go to New Investors for details).
  • If you are an existing investor in the fund, you may set up a regular investment plan by completing the Regular Investment Plan Form (go to Existing Investors for details).
Minimum withdrawal amount A$10,000, or the entire balance of your investment in the fund where the withdrawal would cause your balance to fall below A$10,000.
Go to Existing Investors for Withdrawal Form and further details.
Minimum investment balance A$10,000
Distributions
  • The fund’s income and net realised capital gains are distributed to unitholders annually as at 30 June.
  • Distribution amounts and components vary from year to year. There may be times when no distribution is payable.
  • Distributions are not pro-rated for the duration of your investment during the tax year. If you are a unitholder as at 30 June, you will receive the full distribution for the year.
  • Unitholders will generally receive their entitlement (if payable) within 15 Business Days after the distribution date.
  • Unitholders may elect to have their distribution entitlement (a) reinvested as additional units in the fund or (b) paid to their nominated bank account. If no election is made, or if the unitholder’s bank rejects the payment, distribution entitlement will be automatically reinvested as additional units.
  • Additional units will be issued at the net asset value unit price on the relevant Business Day, and the buy spread will not apply.
  • Go to Existing Investors for details on how to change distribution election.
Reporting You will receive from us transaction confirmations, holding statements, quarterly investment reports and annual distribution and tax statements.
Log onto the Secure Client Website to access your investment account.

For further details about investing in the fund, please refer to the latest Product Disclosure Statement and Additional Information Booklet.