Change of buy / sell spread
Effective 17 February 2021, the buy / sell spread for the following Platinum Trust Fund will change to:
Fund
|
Current buy / sell spread
|
New buy / sell spread
|
Platinum European Fund
|
0.25% / 0.25%
|
0.20% / 0.20%
|
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 Unhedged Fund
|
0.15% / 0.15%
|
Platinum Asia 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. 12 and Supplementary PDSs, and page 7 of the Platinum Global Fund Product Disclosure Statement No. 5. 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 International Brands Fund as at 30 June, 2020 (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
|
79.5
|
2 - 7 days
|
16.5
|
8 - 30 days
|
3.9
|
Greater than 30 days
|
0.1
|
Total
|
100
|
The Fund held 16.5% in cash as at the reporting period.
Financial liabilities
Maturity
|
Percentage of Fund
|
0 - 30 days
|
6.1
|
31 - 60 days
|
0.0
|
61 - 90 days
|
1.1
|
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 7.2% 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)
|
100.7
|
Long positions
|
92.1
|
Short positions
|
8.6
|
Net (Long - Short)
|
83.5
|
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 Securities (Europe) Limited
Citigroup Global Markets Limited
Citibank N.A.
Deutsche Bank A.G. London
Goldman Sachs International
Merrill Lynch International
Morgan Stanley & Co International PLC
Morgan Stanley Capital Services LLC
Nomura International plc.
UBS AG
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:
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
|