David Steinthal
Chief Investment Officer, L1 Capital International | Portfolio Manager, Platinum International Fund and Platinum Global Fund (Long Only)
Platinum International Strategy
A high conviction international equities portfolio investing in industry leaders across all market caps, the Fund offers investors exposure to high quality companies in well-structured industries
High conviction strategy based on differentiated quality and value investment philosophy
Invests with industry leaders across all market caps
Return since inception‡
10.6% p.a.
A fundamental, bottom-up, independent research process centred around quality and value
Australian Fund Manager Awards
Winner | Golden Calf Award 2023
Lonsec rating†
Recommended
Zenith rating^
Recommended
Fund managers
Strategy overview
Strategy inception date
30 April 1995
Investment strategy
Platinum International is a high conviction international equities strategy in ~25 high quality companies with favourable cashflow-based valuations in well-structured industries using fundamental, bottom-up analysis with detailed risk assessment. L1 Capital International applies a high buy threshold, only recommending high quality businesses at attractive valuations. The portfolio is permitted to have 75% or more net equity exposure but is typically fully invested (i.e. holds <5% cash). The portfolio’s industry exposure is flexible without the constraints of market benchmarks or artificial concepts such as ‘Growth’ or ‘Value’, as well as investing in a wide range of companies by size.
Investment approach and process
Our research process brings together the two key requirements of quality and value. Only businesses that meet both standards earn a place in the portfolio. We draw our investment ideas from in-depth research and in-person conversations with company management around the globe.
When we assess a company, we look closely at five areas:
• Business drivers – what really drives a firm’s cashflow, revenue, margins and profits, and how sustainable those drivers are.
• Industry structure – how competitive the industry is, how much room there is to grow, and what risks (like new technology or regulation) might arise.
• Financial strength – companies with pricing power, strong margins, predictable cashflows, and limited financial risk stand out to us.
• Management – we want leaders with a proven track record of good decisions, smart capital allocation and skin in the game.
• ESG – we believe responsible and sustainable ESG practices are key to long-term success.
We give each company we research a Quality Rating on our six-point scale:
1. Excellent: outstanding across all categories, the kind of business we want to own for the long haul.
2. Very good: strong overall, with only minor areas for improvement.
3. Good: above average, with solid fundamentals but perhaps not as exceptional as a 1 or 2.
4. Average: acceptable quality but not compelling enough unless the valuation is very attractive.
5. Below average: weak in several respects, and unlikely to make it into the portfolio.
6. Poor: significantly deficient and automatically excluded.
We only invest in companies that we rate 1, 2 or 3 – meaning they pass a high bar for quality and they also need to meet our valuation test. If a company looks promising on quality but is too expensive today, it may go onto our “bench” of closely watched businesses until the price becomes attractive.
From there, we build a portfolio of 20–40 stocks, usually holding around 25 at any one time. Each company typically makes up 2–7% of the portfolio, sized according to the risk it adds, not just the potential return. The portfolio is focused mainly on developed markets around the world. While we generally stay fully invested (less than 5% in cash), we can hold up to 25% cash if equity assets look excessively risky.
When we assess a company, we look closely at five areas:
• Business drivers – what really drives a firm’s cashflow, revenue, margins and profits, and how sustainable those drivers are.
• Industry structure – how competitive the industry is, how much room there is to grow, and what risks (like new technology or regulation) might arise.
• Financial strength – companies with pricing power, strong margins, predictable cashflows, and limited financial risk stand out to us.
• Management – we want leaders with a proven track record of good decisions, smart capital allocation and skin in the game.
• ESG – we believe responsible and sustainable ESG practices are key to long-term success.
We give each company we research a Quality Rating on our six-point scale:
1. Excellent: outstanding across all categories, the kind of business we want to own for the long haul.
2. Very good: strong overall, with only minor areas for improvement.
3. Good: above average, with solid fundamentals but perhaps not as exceptional as a 1 or 2.
4. Average: acceptable quality but not compelling enough unless the valuation is very attractive.
5. Below average: weak in several respects, and unlikely to make it into the portfolio.
6. Poor: significantly deficient and automatically excluded.
We only invest in companies that we rate 1, 2 or 3 – meaning they pass a high bar for quality and they also need to meet our valuation test. If a company looks promising on quality but is too expensive today, it may go onto our “bench” of closely watched businesses until the price becomes attractive.
From there, we build a portfolio of 20–40 stocks, usually holding around 25 at any one time. Each company typically makes up 2–7% of the portfolio, sized according to the risk it adds, not just the potential return. The portfolio is focused mainly on developed markets around the world. While we generally stay fully invested (less than 5% in cash), we can hold up to 25% cash if equity assets look excessively risky.
Investment objective
The Fund aims to outperform the MSCI World Net Total Return Index in AUD net of fees and expenses over rolling 5-year periods.
Benchmark
MSCI World Net Total Return Index in AUD
Holdings
20 - 40 stocks
Position sizes
• Minimum 2%
• Typical 3 – 7%
• Maximum 10% (at initial investment)
• Typical 3 – 7%
• Maximum 10% (at initial investment)
Geography
Developed markets North America, Europe, Asia, Aust/NZ
Investment Manager
L1 Capital International Pty Limited (ACN 628 068 717), an authorised representative (no. 1273764) of L1 Capital Pty Ltd (ACN 125 378 145, AFSL 314 302)
Strategy performance
Net performance as at **DATE** for Platinum International Fund. Since inception date for C Class is 30 April 1995 and for P Class is 3 July 2017. Past performance is not a reliable indicator of future returns.
Source: Platinum for Fund returns and FactSet Research Systems Inc. (“FactSet”) for MSCI returns. On 1 October 2025 L1 Capital International Pty Ltd (L1 Capital International) became the Fund’s appointed sub investment adviser, changing the portfolio of the Fund to a concentrated long only style from a diversified long short style. The benchmark changed to the MSCI World Net Total Return Index. Investors should not expect the returns of the Fund prior to 1 October 2025 to any way be indicative of future returns. Returns prior to 1 October 2025 have been shown for information purposes only. Investors should exercise extreme caution in placing any reliance on these returns for the purposes of making any decisions about an investment in the Fund. Investment returns are calculated using the Fund’s NAV unit price (i.e. exclude a buy/sell spread) for C Class and P Class (as indicated) and represent the combined income and capital returns for each of these unit classes in the specified period. All returns are pre-tax, net of fees and costs and assume the reinvestment of distributions. Returns for P Class are net of any accrued investment performance fee.
Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
*MSCI World Net Total Return Index in A$.
Strategy insight videos
How to Invest
There are currently two ways to invest in the Platinum International Strategy
Platinum International Fund
Managed Fund
Platinum International Fund Active ETF (ASX:PIXX)
Active Exchange Traded Fund (ETF)
You can also contact us for further assistance.
‡Net performance as at 31 May 2026 for the Platinum International Fund. Since inception date for C Class is 30 April 1995. Past performance should not be taken as an indicator of future performance.
This page has been prepared by Platinum Investment Management Limited ABN 25 063 565 006 AFSL 221935, trading as Platinum Asset Management (“Platinum”) is the responsible entity and issuer of units in the Platinum International Fund (“Fund”). The Platinum Trust® Product Disclosure Statement (the “PDS”) provides details about the Fund. You can obtain a copy of the PDS from Platinum’s website www.platinum.com.au, or by contacting Investor Services on 1300 726 700 (Australian investors only), or 0800 700 726 (New Zealand investors only), or 02 9255 7500, or via invest@platinum.com.au. The Fund’s target market determination is available in the following links: P Class, C Class and ASX:PIXX.
The information contained in this presentation is general information only and not intended to be financial product advice. It has not been prepared taking into account any particular investor’s or class of investors’ investment objectives, financial situation or needs, and should not be used as the basis for making investment, financial or other decisions. You should read the entire PDS and consider your particular investment objectives, financial situation and needs prior to making any investment decision to invest in the Fund. You should also obtain professional advice prior to making an investment decision.
Commentary reflects Platinum’s views and beliefs at the time of preparation, which are subject to change without notice. While the information in this page has been prepared in good faith and with reasonable care, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation, and to the extent permitted by law, no liability is accepted by any company of the L1 Group or their directors, officers or employees for any loss or damage as a result of any reliance on this information. The L1 Group means L1 Group Limited ABN 13 050 064 287 and all of its subsidiaries and associated entities (including Platinum). Some numerical figures in this presentation have been subject to rounding adjustments. Certain information contained in this presentation may constitute “forward-looking statements”. Due to various risks and uncertainties, actual events or results, may differ materially from those reflected or contemplated in such forward-looking statements and no undue reliance should be placed on those forward-looking statements.
Any reference to long positions in this presentation means a position which the portfolio holds in an attempt to benefit from an increase in value of the underlying security of the position. Any reference to short positions means a position in which the portfolio holds in an attempt to benefit from a decrease in value of the underlying security of the position. Accordingly, long positions represent the Fund’s exposure to direct long securities positions and indirect long securities/index positions through derivatives; and short positions represent the Fund’s exposure to direct short securities positions and indirect short securities/index positions through derivatives, each as a percentage of the Fund’s NAV.
^ Zenith
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (Platinum International Fund (PLA0002AU) assigned 27 November 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.
† Lonsec
The ratings published on January 2026 for Platinum International Fund are issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Ratings are general advice only and have been prepared without taking account of investors’ objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The ratings are not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec Research assumes no obligation to update. Lonsec Research uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved.