Unit Pricing Dates
Unit Pricing Dates
The dates for the unit prices of the Platinum Trust Funds (Platinum International, Unhedged, Asia, European, Japan, International Brands, International Health Care and International Technology) and the Platinum Global Fund (ASX 'mFund') use the convention of stating which calendar date was used in determining the particular price. We use 'Close of Business New York' to denote the close of the calendar day across the world.
Platinum Trust Funds & Platinum Global Fund (ASX 'mFund') Unit Pricing Date Explanation
Platinum uses a forward pricing methodology. The applicable Australian transaction date associated with a stated 'Close of Business New York' date is generally one Business Day later, i.e. a 'Close of Business New York' date of 14 January 2016 is equivalent to an Australian transaction date of 15 January 2016. Applications for investment in the Funds received by 3:00 pm (AEST) on a Business Day in Sydney will normally* receive the entry price calculated as at the close of business in New York for that date (which is calculated on the next Business Day in Sydney - remember New York closes approximately 14 hours after a Business Day in Sydney).
Applications for investment in the Funds received after 3:00 pm (AEST) on a Business Day in Sydney will receive the entry price of the subsequent New York close (i.e. the next Business Day in Sydney plus one).
Standard Pricing Timeline Example
An investor has deposited monies and a completed Application Form, with the necessary supporting documentation, by 3:00 pm Thursday 14 January 2016. This application will be transacted on the next Business Day, Friday 15 January 2016. Platinum waits until all markets have closed on the calendar day of Thursday 14 January 2016. The last market to close is New York. The New York market closes at approx. 8:00 am (AEST) on Friday 15 January 2016. Platinum calculates the unit prices applicable for Friday 15 January 2016 by 5:00 pm that day. Platinum uses these prices to apply the application monies deposited the previous day before cut-off. The application transaction is dated Friday 15 January 2016, but the price is described as Close of Business New York Thursday 14 January 2016 on the public web site.
A public holiday in Sydney is not a Business Day and no unit prices are calculated on such a day. Unit prices are calculated on the next Business Day and reflect the end of the last trading day around the world's markets of the previous day.
Public Holiday Pricing Timeline Example
Consider the Queen's Birthday holiday 2016, as an example. No unit prices will be calculated on Monday 13 June 2016, as it will be a public holiday in Sydney. Applications for investment in the Funds received before 3:00 pm Friday 10 June 2016 will receive the entry price calculated on Tuesday 14 June 2016. Using our normal convention, the entry price calculated on Tuesday 14 June 2016 would be described as New York close Monday 13 June 2016 on the public web site. The investor will see the application dated Tuesday 14 June 2016.
Withdrawal requests are processed in the same manner.
Unit prices are updated on the web page at approximately 5:30 pm (AEST) each Business Day.
Please refer to 'Manage Your Investments' for detailed procedures on how to apply for units and make withdrawals, together with processing cut-off times.* Assuming that the next day in Australia is a Business Day ~ refer to PDS for more details.