Platinum Unhedged Fund

Platinum Unhedged Fund

The investment objective of this Fund is to provide capital growth over the long-term by investing in undervalued companies from around the world.

Monthly Updates
Date File Modified Size
7 Sep 2017 31 August 2017 7 Sep 2017 107592
7 Aug 2017 31 July 2017 7 Aug 2017 101944
10 Jul 2017 30 June 2017 10 Jul 2017 138104
7 Jun 2017 31 May 2017 7 Jun 2017 104796
5 May 2017 30 April 2017 5 May 2017 88364
7 Apr 2017 31 March 2017 7 Apr 2017 88087
8 Mar 2017 28 February 2017 8 Mar 2017 83570
7 Feb 2017 31 January 2017 7 Feb 2017 130914
9 Jan 2017 31 December 2016 9 Jan 2017 132997
7 Dec 2016 30 November 2016 7 Dec 2016 131954
7 Nov 2016 31 October 2016 7 Nov 2016 179407
10 Oct 2016 30 September 2016 11 Oct 2016 134319
8 Sep 2016 31 August 2016 8 Sep 2016 81911
5 Aug 2016 31 July 2016 5 Aug 2016 81535
11 Jul 2016 30 June 2016 11 Jul 2016 82003
7 Jun 2016 31 May 2016 7 Jun 2016 84483
6 May 2016 30 April 2016 6 May 2016 79841
7 Apr 2016 31 March 2016 7 Apr 2016 126664
7 Mar 2016 29 February 2016 9 Mar 2016 129024
5 Feb 2016 31 January 2016 5 Feb 2016 141592
8 Jan 2016 31 December 2015 11 Jan 2016 139908
7 Dec 2015 30 November 2015 7 Dec 2015 145738
6 Nov 2015 31 October 2015 9 Nov 2015 143139
8 Oct 2015 30 September 2015 8 Oct 2015 136521
31 Aug 2015 31 August 2015 7 Sep 2015 132307
7 Aug 2015 31 July 2015 7 Aug 2015 132271
10 Jul 2015 30 June 2015 10 Jul 2015 133928
5 Jun 2015 31 May 2015 5 Jun 2015 131008
7 May 2015 30 April 2015 8 May 2015 131443
9 Apr 2015 31 March 2015 9 Apr 2015 132467
6 Mar 2015 28 February 2015 6 Mar 2015 131307
6 Feb 2015 31 January 2015 6 Feb 2015 135159
8 Jan 2015 31 December 2014 8 Jan 2015 144429
5 Dec 2014 30 November 2014 5 Dec 2014 143800
28 Nov 2014 31 October 2014 28 Nov 2014 145069
8 Oct 2014 30 September 2014 8 Oct 2014 139947
8 Sep 2014 31 August 2014 8 Sep 2014 143052
5 Sep 2014 31 July 2014 5 Sep 2014 144182
9 Jul 2014 30 June 2014 9 Jul 2014 126093
6 Jun 2014 31 May 2014 6 Jun 2014 35245
7 May 2014 30 April 2014 7 May 2014 34906
7 Apr 2014 31 March 2014 7 Apr 2014 35088
7 Mar 2014 28 February 2014 7 Mar 2014 34995
7 Feb 2014 31 January 2014 7 Feb 2014 35177
31 Dec 2013 31 December 2013 8 Jan 2014 35167
6 Dec 2013 30 November 2013 6 Dec 2013 35104
7 Nov 2013 31 October 2013 7 Nov 2013 35051
30 Sep 2013 30 September 2013 8 Oct 2013 34988
9 Sep 2013 31 August 2013 9 Sep 2013 35001
31 Jul 2013 31 July 2013 7 Aug 2013 34822
30 Jun 2013 30 June 2013 8 Jul 2013 34795
31 May 2013 31 May 2013 7 Jun 2013 34719
30 Apr 2013 30 April 2013 7 May 2013 34629
31 Mar 2013 31 March 2013 8 Apr 2013 34562
28 Feb 2013 28 February 2013 8 Mar 2013 34638
31 Jan 2013 31 January 2013 22 Feb 2013 34538
31 Dec 2012 31 December 2012 22 Feb 2013 34534
30 Nov 2012 30 November 2012 22 Feb 2013 32585
31 Oct 2012 31 October 2012 22 Feb 2013 32596
30 Sep 2012 30 September 2012 22 Feb 2013 32614
31 Aug 2012 31 August 2012 22 Feb 2013 32634
31 Jul 2012 31 July 2012 22 Feb 2013 32708
30 Jun 2012 30 June 2012 22 Feb 2013 31251
31 May 2012 31 May 2012 22 Feb 2013 32525
30 Apr 2012 30 April 2012 22 Feb 2013 32367
31 Mar 2012 31 March 2012 22 Feb 2013 32260
29 Feb 2012 29 February 2012 22 Feb 2013 32476
31 Jan 2012 31 January 2012 22 Feb 2013 32444
Fund Prices
Date Entry Exit
Platinum Unhedged Fund (C Class) 21 Sep 2017 1.6489 1.6406 Price History
Platinum Unhedged Fund (P Class) 21 Sep 2017 1.0503 1.0450 Price History

Click here for an explanation of unit pricing dates.

Fund Performance
As at 31 August 2017
1 Mth 3 Mths 6 Mths 1 Year 2 Years PA 3 Years PA 5 Years PA 10 Years PA Since Inception PA Inception Date Fund A$ Mil
Platinum Unhedged Fund (C Class) 1.7% 1.1% 14.9% 24.5% 12.4% 13.0% 19.0% 9.3% 11.6% 28 Jan 2005 253.2 Chart
MSCI AC World Net Index in A$ 1.0% (2.7%) 5.6% 11.0% 6.0% 11.5% 16.5% 4.5% 6.5% 28 Jan 2005

Investment returns are calculated using the Fund's unit price and represent the combined income and capital return for the specified period. They are net of fees and costs (excluding the buy-sell spread and any investment performance fee payable), pre-tax and assume the reinvestment of distributions.
The investment returns shown are historical and no warranty can be given for future performance. You should be aware that historical performance is not a reliable indicator of future performance. Due to the volatility of the underlying assets of the Fund and other risk factors associated with investing, investment returns can be negative (particularly in the short-term).

MSCI Disclaimer: Neither MSCI Inc nor any other party involved in or related to compiling, computing or creating the Index 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 Inc, any of its affiliates or any third party involved in or related to compiling, computing or creating the data will 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 Index data is permitted without the express written consent of MSCI Inc.

Quarterly Reports
Date File Modified Size
11 Jul 2017 30 June 2017 11 Jul 2017 164334
13 Apr 2017 31 March 2017 13 Apr 2017 617358
12 Jan 2017 31 December 2016 12 Jan 2017 185367
13 Oct 2016 30 September 2016 13 Oct 2016 175929
13 Jul 2016 30 June 2016 13 Jul 2016 199021
14 Apr 2016 31 March 2016 14 Apr 2016 176072
13 Jan 2016 31 December 2015 13 Jan 2016 174441
14 Oct 2015 30 September 2015 14 Oct 2015 174015
13 Jul 2015 30 June 2015 13 Jul 2015 161025
15 Apr 2015 31 March 2015 15 Apr 2015 158534
13 Jan 2015 31 December 2014 14 Jan 2015 145495
16 Oct 2014 30 September 2014 16 Oct 2014 131788
10 Jul 2014 30 June 2014 10 Jul 2014 127382
11 Apr 2014 31 March 2014 11 Apr 2014 76549
10 Jan 2014 31 December 2013 10 Jan 2014 83333
30 Sep 2013 30 September 2013 16 Oct 2013 116815
30 Jun 2013 30 June 2013 12 Jul 2013 88480
31 Mar 2013 31 March 2013 15 Apr 2013 73823
31 Dec 2012 31 December 2012 22 Feb 2013 72522
30 Sep 2012 30 September 2012 22 Feb 2013 69633
30 Jun 2012 30 June 2012 22 Feb 2013 70486
31 Mar 2012 31 March 2012 22 Feb 2013 74166
31 Dec 2011 31 December 2011 22 Feb 2013 78362
30 Sep 2011 30 September 2011 22 Feb 2013 132035
30 Jun 2011 30 June 2011 22 Feb 2013 106453
31 Mar 2011 31 March 2011 22 Feb 2013 64832
31 Dec 2010 31 December 2010 22 Feb 2013 93576
30 Sep 2010 30 September 2010 22 Feb 2013 87691
30 Jun 2010 30 June 2010 22 Feb 2013 76613
31 Mar 2010 31 March 2010 22 Feb 2013 70233
31 Dec 2009 31 December 2009 22 Feb 2013 78950
30 Sep 2009 30 September 2009 22 Feb 2013 95339
30 Jun 2009 30 June 2009 22 Feb 2013 64405
31 Mar 2009 31 March 2009 22 Feb 2013 98664
31 Dec 2008 31 December 2008 22 Feb 2013 78172
30 Sep 2008 30 September 2008 22 Feb 2013 92839
30 Jun 2008 30 June 2008 22 Feb 2013 105992
31 Mar 2008 31 March 2008 22 Feb 2013 73437
31 Dec 2007 31 December 2007 22 Feb 2013 132366
30 Sep 2007 30 September 2007 22 Feb 2013 163445
30 Jun 2007 30 June 2007 22 Feb 2013 92090
31 Mar 2007 31 March 2007 22 Feb 2013 90939
Platinum Unhedged Fund Overview
Investment Objective

To provide capital growth over the long-term by investing in undervalued companies from around the world.

Where Is The Fund’s Money Invested?

The Fund primarily invests in listed securities.  The Portfolio will ideally consist of 40 to 80 securities that Platinum believes to be undervalued by the market.  The Fund may use Derivatives to achieve long equity exposure.  Refer further to the 'Monthly Updates’ above. 

The Portfolio will typically have around 75% net equity exposure.

The Portfolio is constructed in accordance with Platinum’s 'Investment Process', except that no market risk management of either markets or currencies will be undertaken.  The geographic disposition of the assets will determine the Fund’s currency exposure.

The Portfolio is generally constructed as a concentrated Portfolio of high conviction ideas drawn from any of the Platinum Trust Funds.

This Fund May Be Suited To You If You
  • Construct your own portfolios and wish to capture the alpha (stock market out-performance) generated by a long-only Fund i.e. you have no wish for the fund manager to provide protection against the share market or currency risk.
  • Believe in the long term wealth creation potential of share investments.
  • Wish to achieve investment diversification by accessing international share market opportunities.
  • Accept that returns over the shorter term may fluctuate and that returns may even be negative.
Minimum Suggested Time Horizon

Five or more years.

Income Distribution

Annually as at 30 June.

Specific Investment Restrictions For The Fund

The following investment restrictions have been set by Platinum for the Fund:

  • No market risk management will be undertaken for the Fund i.e. no short selling of indices or stocks.
  • No currency management will be undertaken for the Fund i.e. the disposition of the assets will determine the Fund's currency exposure.
Platinum Trust Funds Overview
Structure

Australian resident open-ended unit trusts registered under Australian law as managed investment schemes.

Dealing Costs

Buy-sell spread 0.50% of the Net Asset Value unit price (i.e. buy costs are 0.25% of the NAV unit price and sell costs are 0.25% of the NAV unit price).  There are no establishment, contribution or withdrawal fees and no adviser service fees (i.e. trailing commissions).

Investment Management Fee

1.35% per annum of a Fund's NAV for the C Class and E Class - Standard Fee Option; and
1.10% per annum of a Fund's NAV plus a 15% performance fee for the P Class - Performance Fee Option

The investment management fees are inclusive of Australian GST less any expected reduced input tax credits.

Minimum Investment

The minimum initial investment is A$10,000 or NZ$10,000 per Fund / Unit Class.  There is no minimum for additional investments.  The minimum investment balance is A$10,000 per Fund / Unit Class.

Minimum Initial Investment for Regular Investment Plan

A$5,000 or NZ$5,000 per Fund / Unit Class.

Application and Withdrawals

Every Sydney business day.

Additional Investments

Additional applications may be made by written request (letter, facsimile or email).  You will need to make reference to your investment account number and name, the Fund / Unit Class and amount you wish to invest, and how your monies will be transferred to Platinum.  Alternatively, you can use the Additional Investment Form.

If you are making an additional investment to a Fund / Unit Class that you are not currently invested in, the minimum initial investment amount applies.

Regular Investment Plan

You can regularly add to your existing investments monthly or quarterly.  A minimum investment of A$200 or NZ$250 per month or quarter applies (for each Fund / Unit Class you select under the plan).  To nominate a Fund / Unit Class under the regular investment plan you must have initially invested in that Fund / Unit Class.  Regular Investment Plan Form.

Reporting

Transaction confirmations, holding statements, quarterly investment reports and annual distribution and tax statements.  Investors may access their account from Platinum's secure client website.

Unit Prices

Calculated every Sydney business day. 

APIR Codes

PLA0002AU Platinum International Fund
PLA0006AU Platinum Unhedged Fund
PLA0004AU Platinum Asia Fund
PLA0001AU Platinum European Fund
PLA0003AU Platinum Japan Fund
PLA0100AU Platinum International Brands Fund
PLA0005AU Platinum International Health Care Fund
PLA0101AU Platinum International Technology Fund

Responsible Entity / Issuer

Platinum Investment Management Limited (trading as Platinum Asset Management) ABN 25 063 565 006 AFSL 221935.

Auditor

PricewaterhouseCoopers.

Custodian

State Street Australia Limited.

Distributions And Tax
Date File Modified Size
10 Jul 2017 30 June 2017 10 Jul 2017 180029
11 Jul 2016 30 June 2016 11 Jul 2016 133522
9 Jul 2015 30 June 2015 9 Jul 2015 136475
9 Jul 2014 30 June 2014 9 Jul 2014 39623
30 Jun 2013 30 June 2013 8 Jul 2013 40359
30 Jun 2012 30 June 2012 24 Feb 2013 34629
30 Jun 2011 30 June 2011 24 Feb 2013 75111
30 Jun 2010 30 June 2010 24 Feb 2013 29109
30 Jun 2009 30 June 2009 24 Feb 2013 28154
30 Jun 2008 30 June 2008 24 Feb 2013 17313
30 Jun 2007 30 June 2007 24 Feb 2013 17056
30 Jun 2006 30 June 2006 24 Feb 2013 16648
30 Jun 2005 30 June 2005 24 Feb 2013 118596
30 Jun 2004 30 June 2004 24 Feb 2013 12452
30 Jun 2003 30 June 2003 24 Feb 2013 63206
30 Jun 2002 30 June 2002 24 Feb 2013 54486
30 Jun 2001 30 June 2001 24 Feb 2013 45790
30 Jun 2000 30 June 2000 24 Feb 2013 7794
Financial Statements
Date File Modified Size
29 Aug 2017 30 June 2017 30 Aug 2017 628141
30 Aug 2016 30 June 2016 30 Aug 2016 3205943
31 Aug 2015 30 June 2015 31 Aug 2015 2146603
22 Aug 2014 30 June 2014 22 Aug 2014 2987881
30 Jun 2013 30 June 2013 22 Aug 2013 340266
30 Jun 2012 30 June 2012 24 Feb 2013 817098
30 Jun 2011 30 June 2011 24 Feb 2013 908108
30 Jun 2010 30 June 2010 24 Feb 2013 330523
30 Jun 2009 30 June 2009 24 Feb 2013 333389
30 Jun 2008 30 June 2008 24 Feb 2013 266225
30 Jun 2007 30 June 2007 24 Feb 2013 198529
30 Jun 2006 30 June 2006 24 Feb 2013 238332
30 Jun 2005 30 June 2005 24 Feb 2013 232911
30 Jun 2004 30 June 2004 24 Feb 2013 193841
30 Jun 2003 30 June 2003 24 Feb 2013 238085
30 Jun 2002 30 June 2002 24 Feb 2013 208240
30 Jun 2001 30 June 2001 24 Feb 2013 123477
30 Jun 2000 30 June 2000 24 Feb 2013 111053
Continuous Disclosure

Continuous disclosure for the Platinum Unhedged Fund as at 30 June, 2017 (the “reporting period”)

Liquidity profile

Time to liquidate

Percentage of Fund

1 day

87.7

2 – 7 days

9.6

8 – 30 days

1.5

Greater than 30 days

1.2

Total

100

 

The Fund held 6.6% in cash as at the reporting period.

Financial liabilities

Maturity

Percentage of Fund

0 - 30 days

13.9

31 -  60 days

0.0

61 – 90 days

0.0

90 - 180 days

0.0

 

The financial liabilities of the Fund are generally limited to: monies owed by the Fund on equity securities purchased; unrealised losses on derivatives; amounts owed to counterparties on forward FX contracts and, management and administration fees payable to Platinum. The Fund does not have any outstanding loans and does not borrow for investment or other purposes.

Total financial liabilities represented 13.9% of the market value of the net assets of the Fund as at the reporting period.

Leverage

The maximum allowed leverage in a Fund is 150% of the NAV of the Fund, that is, for every $1 invested, the gross invested position of the Fund taking into account all securities and derivatives held, is limited to $1.50. For the purposes of this calculation, the underlying effective value of the derivatives is used. Further, this limitation includes all positions and does not allow for netting of any offsetting positions.

Leverage as at the reporting period

 

Percentage of the Fund’s NAV

Gross (Long + Short)

89.1

Long positions

89.1

Short positions

0.0

Net (Long – Short)

89.1

 

Over the counter (“OTC”) counterparties

The Fund can enter into derivative contracts with the following counterparties through International Swaps and Derivatives Association (“ISDA”) contracts.

Australian and New Zealand Banking Group Limited

Credit Suisse Securities (Europe) Limited

Citigroup Global Markets Limited

Citibank N.A.

Deutsche Bank A.G. London

Goldman Sachs International

Merrill Lynch International

Morgan Stanley & Co International Limited

Morgan Stanley Capital Services Inc.

Nomura International plc.

UBS AG

Offer document (PDS)
Product Disclosure Statement

The latest Platinum Trust Product Disclosure Statement ("PDS") was issued dated 3 July 2017.  

The PDS (open to persons receiving it in Australia and New Zealand) is for the following Funds:

  • Platinum International
  • Platinum Unhedged
  • Platinum Asia
  • Platinum European
  • Platinum Japan
  • Platinum International Brands
  • Platinum International Health Care
  • Platinum International Technology


This website is only intended for either Australian or New Zealand residents.

Download a PDS.  By clicking here you confirm that you are not a US citizen or US tax resident.

OR

Request a hardcopy of our Product Disclosure Statement by completing our online form or telephoning or faxing Investor Services.

Forms - Platinum International Fund, Platinum Asia Fund, Platinum Int'l Brands Fund etc

These forms relate to the Platinum Trust Funds. 

This website and these forms are intended for Australian and New Zealand residents.

Online Forms - Pre-complete, Print & Sign
Forms - Print, Complete & Sign
Initial Investment Form - New Account Initial Investment Form - New Account (At the back of the current Product Disclosure Statement)
Additional Investment Form Additional Investment Form
Regular Investment Plan Form (Australian financial institutions) Regular Investment Plan Form (Australian financial institutions)
New Zealand Specific Direct Debit Authority Form New Zealand Specific Direct Debit Authority Form
Change of Details Form Change of Details Form
Switch Form Switch Form
Withdrawal Form Withdrawal Form
Operating Authority Form (individual representative) Operating Authority Form (individual representative)
Operating Authority Form (corporate representative) Operating Authority Form (corporate representative)
Secure Client Website Registration Form Secure Client Website Registration Form
  Australian Standard Transfer Form (instructions for completion)

    Request a hardcopy of our Product Disclosure Statement by post.

    AMIT - PT Funds

    Notice to unitholders – section 601GCB of the Corporations Act 2001 (Cth) (as inserted by ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489)

    30 June 2017

    Funds

    Platinum International Fund *** ARSN 089 528 307
    Platinum Unhedged Fund *** ARSN 123 939 471
    Platinum Asia Fund *** ARSN 104 043 110
    Platinum European Fund *** ARSN 089 528 594
    Platinum Japan Fund *** ARSN 089 528 825
    Platinum International Brands Fund *** ARSN 092 429 813
    Platinum International Health Care Fund *** ARSN 107 023 530
    Platinum International Technology Fund *** ARSN 092 429 555

    Modification to constitutions

    The attribution managed investment trust (AMIT) regime was recently enacted by the Tax Laws Amendment (A New Tax System for Managed Investment Trusts) Act 2016. Qualifying managed investment trusts (MITs) can make an irrevocable election to apply these rules.

    Pursuant to the notice provided to unitholders on our website on 12 May 2017 under section 601GCA of the Corporations Act 2001 (Cth) (as inserted by ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489), Platinum Investment Management Limited (ACN 063 565 006) (Platinum) has made modifications to the constitutions of the Funds (Modifications) to enable each Fund to elect into the AMIT regime.

    Copies of the Modifications are available free of charge by contacting Investor Services on 1300 726 700 (Australia only), 0800 700 726 (NZ only), +612 9255 7500 or emailing invest@platinum.com.au.

    Reasons for Modifications

    The AMIT regime was established by the Australian government to provide qualifying MITs with the ability to benefit from improved flexibility and greater certainty in respect of their tax treatment. Platinum has decided to elect the Funds into the AMIT regime with effect from 1 July 2017, for reasons which include the following:

    1. Under the AMIT regime, taxable income will be allocated to unitholders using the concept of “attribution”, replacing the “present entitlement” model.  Please note that whilst there is a change in terminology under the AMIT regime, in practice, distributions to unitholders will continue to be allocated by Platinum on a proportionate basis in line with Platinum’s distribution policy.
    2. The AMIT regime permits a more equitable allocation of any taxable gains that may have been realised in order to fund large redemption payments to redeeming unitholders.  Currently, all unitholders receive a distribution related to these taxable gains but, under the AMIT regime, the gains may be “streamed” to redeeming unitholders.
    3. Platinum may be taxed on any taxable income of a Fund that it fails to allocate to unitholders, and may be liable for tax in respect of any tax offsets that have been over attributed to unitholders.
    4. The AMIT regime provides a set of rules to deal with instances where amounts have been over-distributed or under-distributed.  It is a common feature of managed investment schemes that the tax components in unitholders’ annual tax statements may sometimes require subsequent adjustment.  Under existing laws, a new tax statement may need to be issued, requiring unitholders to amend their tax returns.  Whilst the prospect of reissuing tax statements and amending unitholder tax returns for so-called “unders and overs” remains possible under AMIT, this possibility will be reduced.
    5. The AMIT rules will also provide a mechanism to prevent double taxation if the amount distributed by a Fund is less than the taxable income attributed.

    The existing Platinum Trust Funds’ annual distribution and tax statements will be amended to comply with the new AMIT rules (AMMA statement).  The AMMA statement for a unitholder will continue to detail the unitholder’s share of attributable income but the format will change slightly.  We will update our unitholder Tax Guide for the first distribution impacted by AMIT (currently envisaged to be 30 June 2018).

    Effect of Modifications

    The Modifications in respect of the Funds amend the Funds’ constitutions to provide Platinum with the power to:

    • make an irrevocable election for the Funds to operate as AMITs (including the ability to make a choice to treat each class of units as a separate AMIT where relevant);
    • recover from the Funds in relation to any income tax liability incurred as a result of the Funds being AMITs;
    • do all things necessary to operate the Funds as AMITs; and
    • insert other provisions considered by Platinum as being necessary or incidental to the Funds complying with the AMIT regime.
    Capital Gains Tax (CGT) Guide - PT Funds
    A Guide to your 2017 Withdrawal Capital Gains Tax (CGT) Statement

    CGT Guide