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):
    Clay Smolinski

    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

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 40 to 100 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 % Short %Net %
Info Technology 21.5 - 21.5
Industrials 18.9 - 18.9
Financials 13.7 - 13.7
Communication Services 10.7 - 10.7
Health Care 8.7 - 8.7
Materials 8.1 - 8.1
Consumer Discretionary 6.2 - 6.2
Real Estate 2.1 - 2.1
Energy 2.1 - 2.1
Utilities 0.6 - 0.6
Top 10 Positions3
StockCountryIndustry%
Samsung Electronics Co Ltd Korea Info Technology 4.6
Skyworks Solutions United States Info Technology 3.8
Facebook Inc United States Comm Services 3.5
Alphabet Inc United States Comm Services 3.4
Microchip Technology United States Info Technology 3.4
Intel Corp United States Info Technology 3.2
Booking Holdings Inc United States Cons Discretionary 3.2
Micron Technology In United States Info Technology 3.0
Raiffeisen Bank Austria Financials 2.9
Sanofi SA France Health Care 2.9
Total 33.8
“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 36.7 - 36.7 44.9
China 16.5 - 16.5 2.8
Hong Kong 0.8 - 0.8 10.3
India 2.4 - 2.4 2.4
Japan 9.2 - 9.2 12.1
Korea 7.2 - 7.2 7.2
Thailand 0.7 - 0.7 0.7
Australian Dollar - - - 9.5
Europe 19.3 - 19.3 26.3
Austria 2.9 - 2.9 -
Belgium 0.1 - 0.1 -
France 3.3 - 3.3 -
Germany 2.2 - 2.2 -
Ireland 1.0 - 1.0 -
Italy 1.5 - 1.5 -
Spain 4.5 - 4.5 -
Switzerland 2.3 - 2.3 -
United Kingdom 1.6 - 1.6 4.0
Euro - - - 20.9
Norwegian Krone - - - 1.4
North America 36.1 - 36.1 28.8
Canada 1.7 - 1.7 1.9
United States 34.4 - 34.4 27.0
Other 0.4 - 0.4 -
Zambia 0.4 - 0.4 -
Sub-Total 92.6 - 92.6 100.0
Cash 7.4 - 7.4 -
Total 100.0 - 100.0 100.0
Long - 61 stocks
Top 10 Positions3
StockCountryIndustry%
Samsung Electronics Co Ltd Korea Info Technology 4.6
Skyworks Solutions United States Info Technology 3.8
Facebook Inc United States Comm Services 3.5
Alphabet Inc United States Comm Services 3.4
Microchip Technology United States Info Technology 3.4
Intel Corp United States Info Technology 3.2
Booking Holdings Inc United States Cons Discretionary 3.2
Micron Technology In United States Info Technology 3.0
Raiffeisen Bank Austria Financials 2.9
Sanofi SA France Health Care 2.9
Total 33.8
“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 June 2020] .
  1. “Long %” represents the Fund’s effective exposures to the relevant sectors as a percentage of the Fund’s NAV, taking into account direct stock holdings and long derivative positions (stocks and indices). As the Fund does not undertake short-selling, the Fund’s net exposures (“Net %”) are the same as its long exposures (“Long %”).
  2. “Long %” represents the Fund’s effective exposures to the relevant regions as a percentage of NAV through stock holdings and long derivatives (stocks and indices). As the Fund does not undertake short-selling, the Fund’s net exposures (“Net %”) are the same as its long exposures (“Long %”). “Currency %” represents the Fund’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 the Fund’s top 10 long stock positions as a percentage of the Fund's NAV, taking into account direct stock holdings and long derivative positions.

ASX Releases and Updates

ASX Announcements

Monthly Updates

Quarterly Investment Manager's Report

Distribution and Tax Statements

Financial Statements

Continuous Disclosure

    Platinum Trust Funds and Platinum Global Fund – Trade Date

     

    Please find below forthcoming changes to Platinum’s trade date for the Platinum Trust Funds* and the Platinum Global Fund. 

    *The Platinum Trust Funds consist of the Platinum International Fund, Platinum Unhedged Fund, Platinum Asia Fund, Platinum European Fund, Platinum Japan Fund, Platinum International Brands Fund, Platinum International  Health Care Fund, Platinum International Technology Fund.


    A.  Changes

    As notified with the issuance of the Platinum Trust Product Disclosure Statement (PDS) No. 12 and Platinum Global Fund PDS No. 5, we intend to make the following changes with effect on and from Tuesday, 4 August 2020:

    1. Trade date:
    The trade date which will appear on your confirmation will be the acceptance date of your withdrawal/application request.

    Currently (and historically), the date that appears on trade confirmations and statements is based on the date unit pricing is performed (i.e. generally the next business day following acceptance of your trade) as opposed to the date by reference to which the fund is valued for the purposes of calculating exit/entry prices.

    The first row in the table below outlines the impact of these new changes for trades accepted by us on a business day, using Tuesday, 4 August 2020 as an example. The second row in the table shows what would happen under the existing process by way of comparison:
     

     

    Trade Receipt and Acceptance before 3pm cut-off

    Market Close Valuation

    Platinum Website Date

    Platinum Pricing Email

    Trade Date on Confirmation /Statement and Trade Date on Calastone

    New Process

    Tuesday, 4.08.2020

    Tuesday, 4.08.2020

    Tuesday, 4.08.2020

    Tuesday, 4.08.2020

    Tuesday, 4.08.2020

    Current Process

    Tuesday, 4.08.2020

    Tuesday, 4.08.2020

    Tuesday, 4.08.2020

    Tuesday, 4.08.2020

    Wednesday, 5.08.2020

     

    To confirm, there will be NO CHANGE with regard to:

    • the date on which we will receipt and accept the trade;
    • the reference date of the market close valuation;
    • the date that currently appears on Platinum’s website for unit pricing; or
    • the date that currently appears on the daily Platinum email with unit prices.

    The only CHANGE will be that the trade date that appears on your confirmation and statement will be the acceptance date of your withdrawal/application request rather than the date that the exit/entry price was actually calculated.

     

    2.  Definition business day:

    The definition of business day will be amended to include bank holidays in Sydney, Australia - meaning that we will process withdrawal/application requests and calculate exit/entry prices on bank holidays.

    3.  Public holidays:
    Where a withdrawal/application request is accepted by us by 3pm AEST on a business day which falls prior to a public holiday, we will generally process those trades with an exit/entry price calculated by reference to closing prices of global equity markets on the trade acceptance date.

    The first row in the table below outlines the impact of these new changes for trades accepted by us on a business day which falls prior to a public holiday, using Friday, 2 October 2020 (i.e. last business day prior to labour day on Monday, 5 October 2020) as an example. The second row in the table shows what would happen under the existing process by way of comparison:
     

     

    Trade Receipt and Acceptance before 3pm cut-off

    Market Close Valuation

    Platinum Website Date

    Platinum Pricing Email

    Trade Date on Confirmation /Statement and Trade Date on Calastone

    New Process

    Friday, 2.10.2020

    Friday, 2.10.2020

    Friday, 2.10.2020

    Friday, 2.10.2020

    Friday, 2.10.2020

    Current Process

    Friday, 2.10.2020

    Monday, 5.10.2020

    Monday, 5.10.2020

    Monday, 5.10.2020

    Tuesday, 6.10.2020


    B.  Transition weekend
     
    The transition to the new processes outlined in Section A will take place on the forthcoming NSW bank holiday weekend (i.e. the bank holiday that falls on Monday, 3 August 2020). The first row in the table below takes you through the changes that will apply over that weekend only. The second row in the table shows what would happen under the existing process by way of comparison:
     

     

    Trade Receipt and Acceptance before 3pm cut-off

    Market Close Valuation

    Platinum Website Date

    Platinum Pricing Email

    Trade Date on Confirmation /Statement and Trade Date on Calastone

    Transition Process 

    Friday, 31.7.2020

    Monday, 3.8.2020

    Monday, 3.8.2020

    Monday, 3.8.2020

    Monday, 3.8.2020

    Current Process 

    Friday, 31.7.2020

    Monday, 3.8.2020

    Monday, 3.8.2020

    Monday, 3.8.2020

    Tuesday, 4.8.2020

     

     

    Change of buy/sell spreads
    Effective 26 August 2019, the buy / sell spreads for the following Platinum Trust Fund and Platinum Global Fund will change to:

    Fund Current buy / sell spread New buy / sell spread
    Platinum Unhedged Fund 0.20% / 0.20% 0.15% / 0.15%
    Platinum Asia Fund 0.25% / 0.25% 0.20% / 0.20%
    Platinum International Technology Fund 0.20% / 0.20% 0.15% / 0.15%

    The buy /sell spread for the remaining Platinum Trust Funds have not changed. These are as follows:

    Fund Current buy / sell spread
    Platinum International Fund 0.20% / 0.20%
    Platinum European Fund 0.25% / 0.25%
    Platinum Japan Fund 0.20% / 0.20%
    Platinum International Brands Fund 0.20% / 0.20%
    Platinum Health Care Fund 0.15% / 0.15%
    Platinum Global Fund 0.20% / 0.20%

    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. 11 and Supplementary PDSs, and page 7 of the Platinum Global Fund Product Disclosure Statement No. 4.

     

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) 0.20% of the fund’s net asset value unit price on the dealing day Included in the entry price
Sell costs (sell spread) 0.20% 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 2018/2019 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
0.10% -0.03% 0.07% A$35.00

 
* Excludes investment management fees and investment performance fees.

The above information is an estimate of the transactional and operational costs incurred for the 2018/2019 financial year. The net transactional and operational costs set out above take into account the buy/sell spread recovered in respect of the 2018/2019 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.