Change of Chief Executive Officer and Portfolio Management Responsibilities from 1 July 2018
https://www.platinum.com.au/PlatinumSite/media/ASX-Releases/Change_of_CEO_and_PM_from_1_July_2018_180722.pdf
Change of buy/sell spreads
Effective 1 February 2018, the buy / sell spreads for the following Platinum Trust Funds will change to:
Fund |
Current buy / sell spread |
New buy / sell spread |
Platinum Unhedged Fund |
0.25% / 0.25% |
0.20% / 0.20% |
Platinum Japan Fund |
0.25% / 0.25% |
0.20% / 0.20% |
Platinum International Brands Fund |
0.25% / 0.25% |
0.20% / 0.20% |
Platinum International Health Care Fund |
0.25% / 0.25% |
0.15% / 0.15% |
There are no changes to the buy / sell spread of 0.25% / 0.25% for the other Platinum Trust Funds i.e. Platinum International Fund, Platinum Asia Fund, Platinum European Fund, and Platinum International Technology Fund. There is also no change to the buy / sell spread of 0.25% / 0.25% for the Platinum Global Fund.
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 page 7 of the Platinum Global Fund Product Disclosure Statement No. 3. Any changes to the buy / sell spreads for the Platinum Trust Funds and/or the Platinum Global will be updated on this page.
Continuous disclosure for the Platinum International Health Care Fund as at 30 June, 2018 (the “reporting period”)
Platinum is required to provide the following continuous disclosure information in regards to the Platinum International Health Care Fund on an annual basis.
The following disclosure pertains to the reporting period of 1 July 2017 – 30 June 2018 ("reporting period").
Liquidity Profile
Time to liquidate |
Percentage of net asset value |
1 day |
69.7% |
2 - 7 days |
14.8% |
8 - 30 days |
4.9% |
Greater than 30 days |
10.6% |
Total |
100.0% |
The fund held 10.5% in cash as at the end of the Reporting Period.
Maturity Profile of Financial Liabilities
Maturity |
Percentage of net asset value |
0 - 30 days |
7.4% |
31 - 60 days |
0.0% |
61 - 90 days |
0.0% |
91 - 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.
As at the end of the Reporting Period, the fund does not have any outstanding loans and does not borrow for investment or other purposes.
Total financial liabilities represented 7.4% of the market value of the fund’s net assets as at the end of the Reporting Period.
Leverage
The maximum allowed leverage in the fund is 150% of the fund's net asset value (NAV). This means that, 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.
The fund’s leverage as at the end of the Reporting Period is as follows:
|
Percentage of net asset value |
Gross (Long + Short) |
89.3% |
Long positions |
88.8% |
Short positions |
0.5% |
Net (Long – Short) |
88.3% |
Over-the-counter (OTC) Derivative Contract Counterparties
The fund may 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
- J.P. Morgan Chase N.A.
- Merrill Lynch International
- Morgan Stanley & Co International Limited
- Nomura International plc.
- UBS AG