WAYS TO INVEST

Listed Investment Companies (LICs)

Understanding LICs Features Our Listed Investment Companies FAQ

UNDERSTANDING LICS

Listed Investment Companies at Platinum

Investors can access our popular global and Asia ex-Japan strategies through our ASX-listed investment companies (respective ASX codes: PMC and PAI). They provide investors with exposure to actively managed, diversified portfolios of companies from around the world (PMC) and in the Asia ex-Japan region (PAI).

LICs are closed-ended investment vehicles that are established in the form of a company. They do not regularly issue new shares or cancel existing shares, and so their cash flows and hence investment decisions are not impacted by daily fund inflows and outflows (as is the case for managed funds). However, the share price of a LIC can (and often does) differ from the underlying value of the LIC’s portfolio of investments.

FEATURES

Why Invest in a LIC?

Dividends

Dividends may carry franking credits

Minimum Investment

No set minimum amount to invest

Ease of Entry

Buy and sell shares on the ASX

WAYS TO INVEST

Our Listed Investment Companies

Listed Investment Companies

Platinum Capital Limited

ASX: PMC

Diversified global equity portfolio across industry sectors and developed and emerging markets
Actively managed, seeking to minimise losses during market downturns using risk management techniques
Buy via the ASX or online broker

Fund Assets

A$450.3m^{^}

As at 30 Sep 2024

Return

10.84% p.a.^*

since 29 Jun 1994

Long

Short

Listed Investment Companies

Platinum Asia Investments Limited

ASX: PAI

Diversified Asia ex-Japan equity portfolio of businesses benefiting from the region’s dynamic growth and transformation
Actively managed, seeking to minimise losses during market downturns using risk management techniques
Buy via the ASX or online broker

Fund Assets

A$414.3m^{^}

As at 30 Sep 2024

Return

7.76% p.a.^*

since 15 Sep 2015

Long

Short

Compare All Investment Options

OUR TEAM

The Team Behind Your Investments

As a firm, we owe our success to the support of our clients and the dedication of our staff. Platinum today employs more than 120 professionals, and each one of us is driven by the same core mission – to look after our clients’ money ably and responsibly. This is true not only of our investment team, but is also what steers our client services and operational teams.

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PLATINUM LICS

FAQs

Why is there a deviation between the NAV and the share price for PAI/PMC?

PAI/PMC can move between premium and discount to its Net Asset Value (NAV) on a regular basis. These moves mostly reflect a combination of investor demand (primarily performance related) and investor sentiment towards equity markets in general, and listed investment companies in particular.

Why does the return on my shareholding in PAI/PMC differ to the return Platinum has published?

When calculating the investment returns for the LICs, we utilise the Net Asset Value (NAV) performance and not the share price. The share price of LICs can (and often does) differ from the value of the underlying value (NAV) and you will often see the shares trading via the ASX at a premium or discount to the NAV. This is largely due to investor demand and sentiment

What is the difference between PAI, the Platinum Asia Fund and PAXX?

Whilst the investment strategy for these products is the same, the key differences relate to the structure of the product.

PAXX and the Platinum Asia Fund are structured as unit trusts whereas PAI is a company.
PAXX is an active ETF, Platinum Asia Fund is a managed fund and PAI is listed on the ASX.
PAXX and PAF distribute all taxable income (including net realised gains) to unit holders at 30 June, these distributions do not carry franking credits. PAI, subject to cash flows and the availability of franking credits and accounting profits, aims to pay franked dividends to shareholders.

You can compare these products and others that we offer using our comparison tool https://www.platinum.com.au/product-comparison.

What is the difference between PMC, the Platinum International Fund and PIXX?

Whilst the investment strategy for these products is the same, the key differences relate to the structure of the product.

PIXX and the Platinum International Fund are structured as unit trusts whereas PMC is a company.
PIXX is an active ETF, Platinum International Fund is a managed fund and PMC is listed on the ASX.
PIXX and PIF distribute all taxable income (including net realised gains) to unit holders at 30 June, these distributions do not carry franking credits. PMC, subject to cash flows and the availability of franking credits and accounting profits, aims to pay franked dividends to shareholders.

You can compare these products and others that we offer using our comparison tool https://www.platinum.com.au/product-comparison.

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Explore Ways To Invest

Managed Funds

Unit prices determined by the fund’s NAV, not investor sentiment
Annual distribution of fund income to investors
Minimum investment A$10,000 (or A$5,000 under a regular investment plan)

Active ETFs

Buy and sell units on ASX with knowledge of intra-day indicative NAV per unit
No set minimum amount to invest
Annual distribution of fund income to investors

Listed Investment Companies

Buy and sell shares on the ASX
No set minimum amount to invest
Dividends may carry franking credits

Compare All Investment Options

^As at 30 September 2024.
*Investment returns are annualised, are calculated using the company’s pre-tax net tangible asset (NTA) backing per share (as released to the ASX), and represent the combined income and capital returns of the company’s investments over the period from the company's portfolio inception date (as specified) to 30 September 2024. Returns are net of accrued fees and costs, and assume the reinvestment of dividends. Note that performance is not calculated based on the company’s share price. 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. Source: Platinum Investment Management Limited.