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Platinum International Brands Fund

With a focus on companies with well-recognised, as well as up-and coming consumer brand names, the fund offers investors diversified exposure to businesses that operate in a variety of industries and from all parts of the world, from producers of household consumables and durables, luxury goods, retailers, and consumer services in areas such as finance, travel, leisure, and digital media.

Investment objective:
To provide capital growth over the long-term by investing in well-recognised, as well as up-and-coming consumer brand names.

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
  • Annual distribution of the fund’s net income, including net realised capital gains
  • Legal structure:

    Unlisted, open-ended unit trust

  • Distribution:

    Annually at 30 June

  • Management costs:
    • C Class (standard fee option):
      1.35% p.a. of NAV
    • P Class (performance fee option):
      1.10% p.a. of NAV plus 15% p.a. of outperformance over benchmark
  • Minimum initial investment (per unit class):
    • A$10,000 or NZ$10,000
    • A$5,000 or NZ$5,000 under regular investment plan
  • Buy/sell spread:
    0.15% / 0.15% of NAV unit price
  • Portfolio manager(s):
    James Halse

    Portfolio Manager

    Jamie joined Platinum in 2011 as an analyst covering consumer stocks and became portfolio manager of the More

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Prices & Distributions

Unit Price History

Learn more about unit pricing dates

Platinum uses a forward pricing methodology. Applications for investment in the fund received and identified (and accepted by us) by 3:00 pm (AEST) on a
Business Day
Any day banks are open for business in Sydney, Australia except Saturday, Sunday or a Public Holiday (including a bank holiday in Sydney, Australia).
are processed with an entry price calculated for that
Business Day
Any day banks are open for business in Sydney, Australia except Saturday, Sunday or a Public Holiday (including a bank holiday in Sydney, Australia).
. Applications received and indentified (and accepted by us) after 3:00pm AEST on a
Business Day
Any day banks are open for business in Sydney, Australia except Saturday, Sunday or a Public Holiday (including a bank holiday in Sydney, Australia).
(but by the next cut-off time) will generally be processed using the entry price calculated for the next
Business Day
Any day banks are open for business in Sydney, Australia except Saturday, Sunday or a Public Holiday (including a bank holiday in Sydney, Australia).

Standard Pricing Timeline

Where a withdrawal/application request is accepted by us by 3pm AEST on a
Business Day
Any day banks are open for business in Sydney, Australia except Saturday, Sunday or a Public Holiday (including a bank holiday in Sydney, Australia).
, 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.
For example, where an investor has deposited monies and we have accepted their completed Application Form with the necessary supporting documentation by 3pm, Tuesday 1 September 2020, the application will generally receive the entry price calculated by reference to closing prices of global equity markets on Tuesday 1 September 2020. Withdrawal requests are processed in the same manner.

Public Holiday Pricing

Where a withdrawal/application request is accepted by us by 3pm AEST on a
Business Day
Any day banks are open for business in Sydney, Australia except Saturday, Sunday or a Public Holiday (including a bank holiday in Sydney, Australia).
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.
For example, where an investor has deposited monies and we have accepted their completed Application Form with the necessary supporting documentation by 3pm on Friday 2 October 2020, the
Business Day
Any day banks are open for business in Sydney, Australia except Saturday, Sunday or a Public Holiday (including a bank holiday in Sydney, Australia).
prior to the Labour Day holiday, the application will generally receive the entry price calculated by reference to closing prices of global equity markets on Friday 2 October 2020. Withdrawal requests are processed in the same manner.

 

Unit prices are updated on our website at approximately 5:30 pm AEST each
Business Day
Any day banks are open for business in Sydney, Australia except Saturday, Sunday or a Public Holiday (including a bank holiday in Sydney, Australia).

Please refer to New Investors and Existing Investors for detailed procedures on how to apply for units and make withdrawals.

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 Day
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; 
  • paid into the unitholder’s nominated financial institution account; or
  • fixed cash distribution option, currently set at 4% per annum

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 International Brands Fund primarily invests in listed securities. The portfolio will ideally consist of 40 to 80 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 that it considers overvalued.

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

Suggested time horizon 5 or more years
Geographic limits N/A
Industry/sector limits Not limited to any specific industry or sector, but must be a company with well-recognised consumer brand(s).
Number of securities in portfolio Typically 40 to 80 securities
Net equity exposure Typically 50% or more of the fund’s net asset value
Cash holdings
  • Typical range: 0 – 40% of the fund’s net asset value
  • Permissible range: 0 – 100% of the fund’s net asset value
Limits on individual security holdings The fund will seldom invest more than 5% of its net asset value in the securities of a single issuer.
Short-selling Subject to the limits on leverage and the use of derivatives, the fund 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
  • The fund’s currency exposures are actively managed with the aim of capturing the returns and minimising the risks arising from the fund’s exposure to foreign currency fluctuations, which can change the value of the equity investments measured in the fund’s reporting currency (AUD).
  • Platinum may manage the fund’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
  • The fund does not borrow funds (except for short-term overdrafts for trade settlement), though borrowing is permitted under the fund’s constitution.
  • The fund may be leveraged through the use of derivatives (see below for detail).
Derivatives
  • The fund may use financial derivative instruments for risk management purposes and/or as a way to take opportunities to increase returns, to gain access to markets not readily available to foreign investors and/or to establish short positions.
  • Both over-the-counter (OTC) derivatives and exchange-traded derivatives are permitted.
  • The underlying value of the fund’s derivative positions1 will not exceed 100% of the fund’s net asset value.
  • The fund’s gross exposure, taking into account all physical securities positions and long and short derivatives,1 will not exceed 150% of the fund’s 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, although permitted under the fund’s constitution.

Portfolio Snapshot

Industry Breakdown1
SectorLong % Short %Net %
Consumer Discretionary 50.4 (9.2) 41.1
Consumer Staples 18.6 (4.0) 14.6
Communication Services 12.6 (0.6) 12.0
Financials 6.7 - 6.7
Industrials 3.9 (0.5) 3.4
Real Estate 0.6 - 0.6
Top 10 Positions3
StockCountryIndustry%
Alibaba Group Holding Ltd China Consumer Discretionary 4.4
Alphabet Inc United States of America Communication Services 4.0
ASOS PLC United Kingdom Consumer Discretionary 3.9
Facebook Inc United States of America Communication Services 4.0
Lixil Group Corp Japan Industrials 3.9
Meituan Dianping China Consumer Discretionary 4.8
Nien Made Enterprise Co Taiwan Consumer Discretionary 3.4
Tencent Holdings Ltd China Communication Services 4.6
Trip.com Group Ltd China Consumer Discretionary 4.4
Open House Co Ltd Japan Consumer Discretionary 3.6
Total 41.0
“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 55.1 (4.5) 50.6 34.8
Australia - - - 0.5
China 31.3 - 31.3 31.3
Hong Kong 2.8 - 2.8 2.9
Taiwan 3.4 - 3.4 3.4
Japan 13.2 (3.4) 9.8 13.3
New Zealand - (1.2) (1.2) (1.2)
Philippines 0.7 - 0.7 0.7
Vietnam 3.7 - 3.7 3.7
China Renminbi Offshore - - - (19.9)
Europe 25.3 (1.8) 23.5 17.6
Austria 1.6 - 1.6 -
Denmark 1.9 - 1.9 1.9
France 2.6 (1.8) 0.7 -
Germany 2.1 - 2.1 -
Norway 1.4 - 1.4 1.4
Russia 5.1 - 5.1 5.1
Turkey 1.8 - 1.8 1.8
United Kingdom 8.8 - 8.8 (0.4)
Euro - - - 7.9
North America 12.1 (7.9) 4.2 47.4
United States of America 12.1 (7.9) 4.2 47.4
Sub-Total 92.5 (14.3) 78.3 99.8
Cash 7.5 - 21.7 -
Total 100.0 - 100.0 100.0
Long - 40 stocks, 2 swaps Short - 21 swaps
Top 10 Positions3
StockCountryIndustry%
Alibaba Group Holding Ltd China Consumer Discretionary 4.4
Alphabet Inc United States of America Communication Services 4.0
ASOS PLC United Kingdom Consumer Discretionary 3.9
Facebook Inc United States of America Communication Services 4.0
Lixil Group Corp Japan Industrials 3.9
Meituan Dianping China Consumer Discretionary 4.8
Nien Made Enterprise Co Taiwan Consumer Discretionary 3.4
Tencent Holdings Ltd China Communication Services 4.6
Trip.com Group Ltd China Consumer Discretionary 4.4
Open House Co Ltd Japan Consumer Discretionary 3.6
Total 41.0
“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 September 2021] .
  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). “Net %” represents the Fund’s net exposures to the relevant sectors as a percentage of the Fund’s NAV, taking into account direct stock holdings and both long and short derivative positions (stocks and indices).
  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). “Net %” represents the Fund’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 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.
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Updates & Reports

Monthly Updates

files per page

Quarterly Investment Manager's Report

files per page

Distribution and Tax Statements

files per page

Financial Statements

files per page

Continuous Disclosure

    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 International Brands 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

    56.6

    2 - 7 days

    34.5

    8 - 30 days

    5.7

    Greater than 30 days

    3.2

    Total

    100


    The Fund held 19.4% in cash as at the reporting period.

    Financial liabilities

     

    Maturity

    Percentage of Fund

    0 - 30 days

    12.07

    31 - 60 days

    0.0

    61 - 90 days

    0.46

    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 12.53% 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)

    103.0

    Long positions

    91.8

    Short positions

    11.2

    Net (Long - Short)

    80.6


    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
    Morgan Stanley Capital Services LLC
    Nomura International plc.
    UBS AG

    Annual Investment Returns: Platinum International Brands Fund
     

    Annual Investment Return Year to 30 June

    % Returns

    2021

    50.62

    2020

    1.14

    2019

    (2.10)

    2018

    17.97

    2017

    27.73

    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 
     

Fees & Forms

Fees & Costs

Management Costs

Fee option Investment management fee#
(Accrued daily, reflected in daily net asset value (NAV) unit price, and paid monthly to Platinum from the fund’s assets.)		 Investment performance fee#
(Accrued daily, reflected in daily net asset value (NAV) unit price, and, if payable, paid semi-annually to Platinum from the fund’s assets.)
C Class –
standard fee option		 1.35% per annum of the fund’s net asset value N/A
P Class –
performance fee option		 1.10% per annum of the fund’s net asset value The estimated investment performance fee is 0.22%.* This is calculated as 15% of the amount by which the fund’s return (after investment management fees) exceeds the return of the fund’s reference benchmark (MSCI All Country World Net Index (A$)).
Any accumulated underperformance from previous periods must be recovered before a performance fee can be recognised in the fund’s unit price.
# Inclusive of GST less any expected reduced input tax credits.
*The estimated investment performance fee has been calculated based on the average of the actual investment performance of the fund for the last 10 years up to and including 30 June 2020. The actual investment performance fee payable (if any) will depend on the performance of the fund over the relevant period. Past performance is not a reliable indicator of future performance. For further explanation on fees and costs as well as examples of fee calculations, please refer to the latest Product Disclosure Statement.


Buy/Sell Spread

Buy costs (buy spread) 0.15% of the fund’s net asset value unit price on the dealing day Included in the entry price
Sell costs (sell spread) 0.15% 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 International Brands Fund, our estimate of the net transactional and operational costs for the 2020/2021 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
0.16% -0.04% 0.12% $60

 
* Excludes investment management fees and investment performance fees.

The above information is an estimate of the transactional and operational costs incurred for the 2020/2021 financial year. The net transactional and operational costs set out above take into account the buy/sell spread recovered in respect of the 2020/2021 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) in Australia and New Zealand.
Applications / Withdrawals Any Business Day
Minimum initial investment A$10,000 or NZ$10,000 per unit class.
Go to New Investors for Application Form and further details.
Additional investment Any Business Day. No set minimum amount required.
Go to Existing Investors for Additional Investment Form and further details.
Regular investment plan
  • Minimum initial investment of A$5,000 or NZ$5,000, plus minimum ongoing investments of A$200 or NZ$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 relevant unit class where the withdrawal would cause your balance in that unit class to fall below A$10,000.
Go to Existing Investors for Withdrawal Form and further details.
Minimum withdrawal amount under regular investment plan A$10,000, or the entire balance of your investment in the relevant unit class where the withdrawal would cause your balance in that unit class to fall below A$5,000.
Minimum investment balance A$10,000, or A$5,000 under the regular investment plan.
Switching
  • You may switch all of a part of your investment in the Platinum International Brands Fund to any of the other Platinum Trust Funds or from one unit class to another unit class at any time, as long as you meet the minimum initial investment and minimum investment balance requirements.
  • A switch is treated as a withdrawal and an additional investment. The buy spread and sell spread will apply when switching between funds, but no buy/sell spread will apply when switching between unit classes of the same fund.
  • Switching between funds or unit classes may give rise to tax consequences. Platinum recommends that you check the tax implications with your tax adviser before sending us a switch request.
  • Go to Existing Investors for Switch Form and further details.
Transfer units
  • Units cannot be transferred from one investor to another person or entity without Platinum’s prior consent.
  • A transfer of units is executed at the fund’s net asset value unit price of the relevant dealing day, and no buy/sell spread is applied.
  • Transferring units may give rise to tax consequences and Platinum recommends that you check the tax implications with your tax adviser before sending us a transfer request.
  • Go to Existing Investors for Standard Transfer Form and further details.
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 same unit class of 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.

Forms

These forms are intended for Australian and New Zealand residents.

If you are not resident in Australia or New Zealand, contact us to find out whether you are eligible to invest in the fund.

Online forms – complete online, print & sign.

PDF forms – print, complete & sign.
Initial Investment Form - New Account Initial Investment Form - New Account (At the back of the current Product Disclosure Statement)
Additional Investment Form Additional Investment Form
Regular Investment Plan Form (Australian financial institutions) Regular Investment Plan Form (Australian financial institutions)
New Zealand Specific Direct Debit Authority Form New Zealand Specific Direct Debit Authority Form
Change of Details Form Change of Details Form
Switch Form Switch Form
Withdrawal Form Withdrawal Form
Operating Authority Form (individual representative) Operating Authority Form (individual representative)
Operating Authority Form (corporate representative) Operating Authority Form (corporate representative)
Secure Client Website Registration Form Secure Client Website Registration Form
  Australian Standard Transfer Form (instructions for completion)

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