Platinum International Health Sciences Fund
Fund update
From 26 October 2026 (Effective Date):
- Appointment of Investment Managers and change of investment strategy. Platinum has appointed two investment managers to the Fund (together, the Investment Managers), each under a separate investment management agreement:
- East Rocky Asset Management LLC (East Rocky), a US-based specialist health care manager, will be responsible for the investment management of the Fund’s portfolio. The Fund will be managed using East Rocky’s specialised health sciences and biotechnology investment approach, as described in the new PDS.
- East Rocky Biotech Asset Management Pty Ltd (L1 Manager), a Corporate Authorised Representative of L1 Capital Pty Ltd, will provide distribution, operational, compliance and administrative support to the Fund.
Platinum will remain the responsible entity of the Fund. Please see below for more information about East Rocky, Portfolio Manager Dr Tom Tang and the investment approach. Under the PDS, the maximum anticipated leverage of the Fund increases from 150% to 200% of the net asset value of the Fund.
- Change of Fund name. The Fund will be renamed the East Rocky Health Sciences Fund.
- New Product Disclosure Statement (PDS). A standalone PDS for the East Rocky Health Sciences Fund has been issued and will take effect on the Effective Date. From that date, the Platinum Trust PDS will no longer include information about the Fund.
- Classes P and C will close to new applications. Your existing units will remain invested in the Fund in your existing class.
- The fees on your existing units will not change. You will continue to pay the fees that currently apply to your Class P or C units.
- You can continue to reinvest distributions. If you participate in the Fund’s Distribution Reinvestment Plan (DRP), any units you receive through the DRP will be issued in your existing class and will be subject to the same fees as your existing units.
- Any additional investments will be made into the new Monthly Class. From the Effective Date, any additional investment in the Fund, other than through the Distribution Reinvestment Plan (DRP), will be made into the new Monthly Class. The Monthly Class has total management fees and costs of 2.00% p.a. of NAV (inclusive of GST and net of RITCs). Its performance fee is 20.5% of the amount by which the performance of the Monthly Class exceeds the Fund Benchmark, after the payment or accrual of management fees and costs, subject to a high-water mark (inclusive of GST and net of applicable RITCs). The Fund Benchmark is 50% SPDR S&P Biotech ETF (XBI) / 50% iShares Biotechnology ETF (IBB), rebalanced monthly and calculated on a total return basis in US dollars. It is converted into Australian dollars by applying the change in the AUD/USD exchange rate over the relevant performance period. Any prior underperformance against the Fund Benchmark must be recovered before a further performance fee can be recognised in the Unit price. A performance fee may be payable even when the Monthly Class has a negative return, provided it has outperformed the Fund Benchmark and any prior underperformance has been recovered. The performance fee is accrued daily and payable semi-annually and upon withdrawal of Units. Please read the PDS for the full fees and costs disclosure, including the performance fee calculation methodology and worked example in Section 9.3.
For more information:
About East Rocky
About Dr. Tom Tang and the East Rocky investment approach
Dr Tom Tang – Founder and Portfolio Manager
BSc (Biology), PhD (Neuroscience), MBA
Dr Tom Tang is the Founder and sole Portfolio Manager of East Rocky Capital, a specialist biotechnology and health sciences investment manager he founded in 2022. Tom has invested in health sciences and biotechnology since 2009. Before founding East Rocky, Tom founded Moose Hill Capital in 2016. Earlier in his career, he held investment roles at BAM Capital, Kazazian Asset Management, Prospector Partners and Jennison Associates. Tom holds a PhD in Neuroscience from the University of Wisconsin–Madison and an MBA from Cornell University, and conducted postdoctoral neuroscience research at Yale University.
About the East Rocky Health Sciences investment approach
The East Rocky Health Sciences Fund applies a long/short strategy focused on health sciences and biotechnology companies developing breakthrough medicines. It invests primarily in U.S.-listed companies and typically holds 50–70 long and short positions across a range of clinical-development stages and market capitalisations. East Rocky uses detailed scientific and clinical research to identify opportunities where it believes market valuations do not appropriately reflect the probability of clinical success, commercial potential or development risks. Its principal areas of expertise and research focus are oncology and neurodegenerative diseases, while the strategy may also invest opportunistically in other therapeutic areas.
For more information:
Platinum International Health Sciences Fund overview
Inception date
Investment objective
Investment approach
Investment strategy
The fund’s key investment guidelines are summarised below. For further details, please refer to the latest Product Disclosure Statement.
Benchmark
Suggested time horizon
Industry/sector limits
• Biotechnology
• Pharmaceuticals
• Diagnostics
• Laboratory technologies
• Distributors of health care products
• Equipment and services
• Hospitals and nursing care
• Health insurance
• Information technology providers to such companies
Holdings
Net equity exposure
Short-selling
Currency
Platinum may manage the fund’s currency exposures using foreign exchange forwards, swaps, non-deliverable forwards, currency options and spot foreign exchange trades.
Leverage
The Fund may be leveraged through the use of derivatives.
Derivatives
Both over-the-counter (OTC) derivatives and exchange-traded derivatives are permitted.
The underlying value of the fund’s derivative positions* 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.
* 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 change in the price of the underlying asset (usually expressed as a percentage).
ARSN
Legal structure
Unit classes
• P Class ‘Performance Fee’
Distribution
Minimum investments
Buy/Sell spread
Management costs
• P Class Performance fee option: 1.10% p.a. of NAV plus 15% p.a. of outperformance over benchmark
Zenith rating^
Lonsec rating†
Platform availability (C Class)
• CFS Edge
• Expand
• Hub24
• Macquarie Wrap
• Praemium
• Powerwrap (Private Wealth)
• OneVue
• Spectrum (IDPS menu)
• uXchange
Investment manager
ACN 25 063 565 006
AFSL 221 935
Fund performance
Net performance as at **DATE** for Platinum International Health Sciences Fund. Since inception date for C Class is 10 November 2003 and for P Class is 03 July 2017. Past performance should not be taken as an indicator of future performance.
Source: Platinum for Fund returns and FactSet Research Systems Inc. (“FactSet”) for MSCI returns. 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. The returns are calculated relative to the MSCI All Country World Health Care Net Index in A$.
Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
* MSCI All Country World Health Care Net Index in A$
Unit pricing | C Class
Unit pricing
See our Unit Pricing page for more information about Platinum’s unit pricing methodology.
Unit pricing | P Class
Unit pricing
See our Unit Pricing page for more information about Platinum’s unit pricing methodology.
Fund reports
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| September 2026 | |
| August 2026 | |
| July 2026 | |
| June 2026 | |
| May 2026 | |
| April 2026 | |
| March 2026 | |
| February 2026 | |
| January 2026 | |
| December 2025 | |
| November 2025 | |
| October 2025 |
Continuous disclosure
View the continuous disclosure documents for important information relating to the Fund.
Change of Control of Responsible Entity
Continuous Disclosure
Distribution history
For historical distribution information across all funds, please visit the distribution history page.
Find out more
From 26 October 2026, the Platinum International Health Sciences Fund will be renamed the East Rocky Health Sciences Fund and will be managed by East Rocky Asset Management LLC.
Additional resources
East Rocky Health Sciences Fund Product Disclosure Statement
Effective 26 October 2026
East Rocky Health Sciences Fund Target Market Determination
Effective 26 October 2026
Platinum Trust Product Disclosure Statement
Effective 11 May 2026
Redemption Form
Fees and Costs
You can also contact us for further assistance.
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 Health Sciences 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 and C Class.
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 Health Sciences Fund (PLA0005AU) assigned 13 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 April 2026 for Platinum International Health Sciences 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.