Managed Fund Products - Platinum Asset Management
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WAYS TO INVEST

Platinum Japan Fund

A diversified portfolio of Japanese companies, the fund offers investors exposure to undervalued businesses across a variety of industry sectors.

Fund assets A$445.7m^ As at 31 Jan 2024

Inception date 30 Jun 1998

Return 12.7% p.a.* Compound since inception

Investment Objective

INVESTMENT OBJECTIVE & STRATEGY

Investment Objective

To provide capital growth over the long term by investing in undervalued companies in the Japanese region.

Investment Strategy

The Platinum Japan Fund primarily invests in listed securities of Japanese companies. The portfolio will ideally consist of 40 to 100 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found. However, the portfolio typically has 50% or more net equity exposure. Platinum may short-sell securities that it considers overvalued.

The fund’s key investment guidelines are summarised below. For further details, please refer to the latest Product Disclosure Statement.

*Source: Platinum. The return is calculated using the net asset value per unit of C Class. It is net of accrued fees and costs, pre-tax, and assumes the reinvestment of distributions. Historical performance is not a reliable indicator of future performance.

UPDATES & REPORTS

Latest Fund Information

Quarterly Investment Manager's Report

December 2023

Monthly Investment Update

January 2024

Distribution & Tax Statement

June 2023

Annual Financial Statements

June 2023

Performance

1m 3m 6m 1yr 2yr p.a. 3yr p.a. 5yr p.a. 10yr p.a. Since inception p.a. Inception date Portfolio value A$mil
Platinum Japan Fund - C Class 2.42 6.76 2.68 14.88 4.91 6.81 6.70 9.37 12.66 30 Jun 1998 434.50
Platinum Japan Fund - P Class 2.45 6.82 2.82 15.17 5.18 7.08 6.96 - 6.35 03 Jul 2017 11.20
MSCI Japan Net Index in A$ 7.99 13.52 10.22 26.33 8.54 7.75 8.72 8.84 3.80 30 Jun 1998 -

As at 31 January 2024.

Source: Platinum for fund returns and Rimes Technologies Inc. for index returns. Fund returns are net of accrued fees and costs, pre-tax, and assume the reinvestment of distributions. Returns in the line graph are cumulative assuming an initial investment of $10,000. All "p.a." returns are annualised. Historical performance is not a reliable indicator of future performance. Platinum does not invest by reference to the weightings of the index and the fund’s holdings may vary considerably to the make-up of the index. The index is provided as a reference only. All data where MSCI is referenced is the property of MSCI Inc. No use or distribution of this data is permitted without the written consent of MSCI Inc. The data is provided “as is” without any warranties by MSCI Inc. MSCI Inc. assumes no liability for or in connection with this data. See Terms and Conditions for full MSCI disclaimer.

PLATINUM JAPAN FUND

Unit Price & Distributions History

Unit Price History

Date Entry (A$) NAV per unit (A$) Exit (A$)
21 Feb 2024 4.5789 4.5720 4.5651
20 Feb 2024 4.5790 4.5721 4.5652
19 Feb 2024 4.5878 4.5809 4.5740
16 Feb 2024 4.5937 4.5868 4.5799
15 Feb 2024 4.5438 4.5370 4.5301
14 Feb 2024 4.5031 4.4964 4.4896
13 Feb 2024 4.5358 4.5290 4.5222
12 Feb 2024 4.4295 4.4229 4.4162
09 Feb 2024 4.4406 4.4339 4.4272
08 Feb 2024 4.4978 4.4911 4.4843
Download data
Learn more about unit pricing dates
Platinum uses a forward pricing methodology. Applications for investment in the fund received and identified (and accepted by us) by 3:00 pm (AEST) on a Business Day are processed with an entry price calculated for that Business Day. Applications received and indentified (and accepted by us) after 3:00pm AEST on a Business Day (but by the next cut-off time) will generally be processed using the entry price calculated for the next Business Day.
Standard Pricing Timeline
Where a withdrawal/application request is accepted by us by 3pm AEST on a Business Day, we will generally process those trades with an exit/entry price calculated by reference to closing prices of global equity markets on the trade acceptance date.
For example, where an investor has deposited monies and we have accepted their completed Application Form with the necessary supporting documentation by 3pm, Tuesday 5 December 2023, the application will generally receive the entry price calculated by reference to closing prices of global equity markets on Tuesday 5 December 2023. Withdrawal requests are processed in the same manner.
Public Holiday Pricing
Where a withdrawal/application request is accepted by us by 3pm AEST on a Business Day which falls prior to a public holiday, we will generally process those trades with an exit/entry price calculated by reference to closing prices of global equity markets on the trade acceptance date.
For example, where an investor has deposited monies and we have accepted their completed Application Form with the necessary supporting documentation by 3pm on Friday 29 September 2023, the Business Day prior to the Labour Day holiday, the application will generally receive the entry price calculated by reference to closing prices of global equity markets on Friday 29 September 2023. Withdrawal requests are processed in the same manner.
Unit prices are updated on our website at approximately 5:30 pm AEST each Business Day.
Please refer to ‘Manage your Investment’ for how to apply for units and make withdrawals.
Date Entry (A$) NAV per unit (A$) Exit (A$)
21 Feb 2024 1.0672 1.0656 1.0640
20 Feb 2024 1.0672 1.0656 1.0640
19 Feb 2024 1.0693 1.0677 1.0660
16 Feb 2024 1.0706 1.0690 1.0673
15 Feb 2024 1.0590 1.0574 1.0558
14 Feb 2024 1.0495 1.0479 1.0463
13 Feb 2024 1.0571 1.0555 1.0539
12 Feb 2024 1.0323 1.0308 1.0292
09 Feb 2024 1.0348 1.0333 1.0317
08 Feb 2024 1.0483 1.0467 1.0451
Download data
Learn more about unit pricing dates
Platinum uses a forward pricing methodology. Applications for investment in the fund received and identified (and accepted by us) by 3:00 pm (AEST) on a Business Day are processed with an entry price calculated for that Business Day. Applications received and indentified (and accepted by us) after 3:00pm AEST on a Business Day (but by the next cut-off time) will generally be processed using the entry price calculated for the next Business Day.
Standard Pricing Timeline
Where a withdrawal/application request is accepted by us by 3pm AEST on a Business Day, we will generally process those trades with an exit/entry price calculated by reference to closing prices of global equity markets on the trade acceptance date.
For example, where an investor has deposited monies and we have accepted their completed Application Form with the necessary supporting documentation by 3pm, Tuesday 5 December 2023, the application will generally receive the entry price calculated by reference to closing prices of global equity markets on Tuesday 5 December 2023. Withdrawal requests are processed in the same manner.
Public Holiday Pricing
Where a withdrawal/application request is accepted by us by 3pm AEST on a Business Day which falls prior to a public holiday, we will generally process those trades with an exit/entry price calculated by reference to closing prices of global equity markets on the trade acceptance date.
For example, where an investor has deposited monies and we have accepted their completed Application Form with the necessary supporting documentation by 3pm on Friday 29 September 2023, the Business Day prior to the Labour Day holiday, the application will generally receive the entry price calculated by reference to closing prices of global equity markets on Friday 29 September 2023. Withdrawal requests are processed in the same manner.
Unit prices are updated on our website at approximately 5:30 pm AEST each Business Day.
Please refer to ‘Manage your Investment’ for how to apply for units and make withdrawals.

Distribution History

Date Distribution
(A$ per unit)
Reinvestment
price (A$)
Distribution
Statement
30 Jun 2023 0.164485 4.3192 Download
30 Jun 2022 0.435435 3.7912 Download
30 Jun 2021 0.083783 4.5802 Download
30 Jun 2020 - - Download
30 Jun 2019 0.458753 4.1259 Download
30 Jun 2018 0.239285 4.4469 Download
30 Jun 2017 0.270295 4.2088 Download
30 Jun 2016 0.093040 3.6117 Download
30 Jun 2015 0.346676 3.8574 Download
30 Jun 2014 0.133077 2.9806 Download

The distributions shown above are historical and no warranty can be given for future distributions.

The fund may earn income (such as dividends and interest) from its investments and may also realise capital gains or losses on the sale of its investments. Income and net realised capital gains are distributed to unitholders annually as at 30 June. The components of the distribution will vary from year to year, the details of which are set out in the annual distribution and tax statements provided to unitholders. There may also be times when no distribution is payable.

Distributions are calculated in dollars-per-unit on the number of units held by a unitholder as at the end of the distribution date. This means that a unitholder’s distribution entitlement from the fund is not pro-rated for the duration of the unitholder’s investment in the fund during the tax year.

When a distribution is made, the unit price will fully reflect the distribution.

Unitholders will generally receive their entitlement (if payable) within 15 Business Days after the distribution date.

Unitholders may elect to have their distribution entitlement:
  • reinvested as additional units in the same unit class of the fund;
  • paid into the unitholder’s nominated financial institution account; or
  • fixed cash distribution option, currently set at 4% per annum
If no election is made, the unitholder’s distribution entitlement will be automatically reinvested. Additional units will be issued at the net asset value unit price on the relevant Business Day, and the buy spread will not apply.

Visit Manage your Investment to change your distribution election.
Date Distribution
(A$ per unit)
Reinvestment
price (A$)
Distribution
Statement
30 Jun 2023 0.042397 1.0050 Download
30 Jun 2022 0.104705 0.8834 Download
30 Jun 2021 0.028420 1.0681 Download
30 Jun 2020 - - Download
30 Jun 2019 0.115172 0.9652 Download
30 Jun 2018 0.064030 1.0454 Download

The distributions shown above are historical and no warranty can be given for future distributions.

The fund may earn income (such as dividends and interest) from its investments and may also realise capital gains or losses on the sale of its investments. Income and net realised capital gains are distributed to unitholders annually as at 30 June. The components of the distribution will vary from year to year, the details of which are set out in the annual distribution and tax statements provided to unitholders. There may also be times when no distribution is payable.

Distributions are calculated in dollars-per-unit on the number of units held by a unitholder as at the end of the distribution date. This means that a unitholder’s distribution entitlement from the fund is not pro-rated for the duration of the unitholder’s investment in the fund during the tax year.

When a distribution is made, the unit price will fully reflect the distribution.

Unitholders will generally receive their entitlement (if payable) within 15 Business Days after the distribution date.

Unitholders may elect to have their distribution entitlement:
  • reinvested as additional units in the same unit class of the fund;
  • paid into the unitholder’s nominated financial institution account; or
  • fixed cash distribution option, currently set at 4% per annum
If no election is made, the unitholder’s distribution entitlement will be automatically reinvested. Additional units will be issued at the net asset value unit price on the relevant Business Day, and the buy spread will not apply.

Visit Manage your Investment to change your distribution election.

PLATINUM JAPAN FUND

Fund Facts

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Name Platinum Japan Fund
ARSN 089 528 825
Legal Structure Unlisted, open-ended unit trust
Unit Classes C Class ‘Standard Fee’ / P Class ‘Performance Fee’
Distribution Annually at 30 June
Minimum Investments A$10,000 or NZ$10,000
A$5,000 or NZ$5,000 under regular investment plan
How to Invest & Transact Download Invest & Transact PDF
Buy/Sell Spread 0.15% / 0.15% of NAV unit price
Management Costs C Class Standard fee option: 1.35% p.a. of NAV
P Class Performance fee option: 1.10% p.a. of NAV plus 15% p.a. of outperformance over benchmark
For more information about fees and costs: Download Fees & Costs PDF
Offer Document Download Product Disclosure Statement or request a free hard copy
Continuous Disclosure Download Continuous Disclosure PDF

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PLATINUM JAPAN FUND

Forms

These forms are intended for Australian and New Zealand residents.

If you are not a resident in Australia or New Zealand, contact us to find out whether you are eligible to invest in the fund.

Make an initial investment (new account)
Make an additional investment (existing account)
Update my details
Set up, amend or cancel a regular investment plan (AU only)
Set up, amend or cancel a regular investment plan (NZ only)
Switch an investment
Transfer an investment
Withdraw an investment
Authorise someone to access my account (individual representative)
Authorise someone to access my account (corporate representative)
Register for secure online access
Change my distribution election

OUR TEAM

The Team Behind Your Investments

James Halse

Portfolio Manager – Japan strategies and International Brands Fund

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Leon Rapp

Portfolio Manager – Japan strategies

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PLATINUM JAPAN FUND

FAQs

The portfolio holdings are not published in full for the Fund, however, the latest Monthly Update is available at the following link and provides details of the invested position, top ten stock positions and industry https://www.platinum.com.au/managed-funds/pjf#updates.
The Fund aims to provide capital growth over the long term by investing in undervalued companies in Japan.
The Funds may utilise currency hedging strategies (foreign exchange forwards, swaps, non-deliverable forwards, currency options and spot foreign exchange trades) to hedge the positions in the portfolio at the Fund Manager’s discretion.
The Fund may earn income (such as dividends and interest) throughout the financial year and may also realise capital gains or losses on the sale of investments. Income and net realised capital gains will be distributed to Investors annually as at 30 June.
Please note that the level of income can vary significantly from year to year as this is primarily influenced by realised gains made (on equities and derivative contracts) within a Fund.

From 'The Journal'

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