Platinum Global Transition Fund (Quoted Managed Hedge Fund) (ASX code: PGTX)
The Fund is a registered managed investment scheme with two concurrent ways of transacting: the exchange traded format, where units can be bought and sold on the ASX via an online trading platform or broker, or the unlisted format, where units can be applied for or withdrawn via the Unit Registry.
Investment objective:
The Fund aims to provide capital growth over the long term by investing in undervalued companies from around the world that are seeking to financially benefit from the transition away from fossil fuel-derived energy and goods production and consumption i.e. the carbon transition.
The Fund’s investments:
Through its investments, the Fund will be exposed to companies that may include, but is not limited to, investments in the following areas:
- Energy production and transmission.
- Energy storage.
- Energy efficiency.
- Transport.
- Scope 1, 2 and 3[1] emissions reduction.
- The circular economy[2].
- Food production.
- Hydrocarbon substitutes.
- Materials, components and infrastructure used to enable the carbon transition.
1 Scope 1 covers GHG emissions released to the atmosphere as a direct result of an activity or series of activities such as through manufacturing processes or production of electricity by burning coal. Scope 2 are the emissions released to the atmosphere from the indirect consumption of an energy commodity such as the use of electricity produced by the burning of coal in another facility. Scope 3 includes all GHG emissions that can occur as a consequence of an organisation’s activities (excluding Scope 2 emissions), but from sources not owned or controlled by the organisation. Examples include extraction and production of purchased materials, transportation of purchased fuels and use of sold products and services. Source: Australian Government Clean Energy Regulator.
2 The circular economy is a systems solution framework that tackles global challenges like climate change, biodiversity loss, waste, and pollution.
Source: https://ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview.
Key benefits:
- Access to Platinum’s investment expertise and a professionally managed global equity portfolio
- Exposure to companies who are seeking to financially benefit from the transition away from fossil fuel-derived energy and goods production and consumption
- The ability to trade Units on the ASX during normal ASX trading hours
- The ability to track the performance of the Units on the ASX in a transparent manner
- Prudent risk management; and
- Participation in any capital appreciation and income distributions of the Fund
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Legal structure:
An open-ended managed fund quoted on the ASX AQUA market
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Annually at 30 June
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Estimated Management Costs:
- 1.025% p.a. of NAV, plus
- 15% of the amount by which the Fund’s return exceeds a return of 6% p.a.
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Unit registry contact:
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Offer document:
Download Product Disclosure Statement
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Updates:
Subscribe to receive PGTX updates by email
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How to Invest:
Securities Exchange (Ticker: PGTX) via your stockbroker/online broker
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Legal structure:
Unlisted, open-ended unit trust
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Annually as at 30 June
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Estimated Management Costs:
- 1.025% p.a. of NAV, plus
- 15% of the amount by which the Fund’s return exceeds a return of 6% p.a.
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A$10,000 or NZ$10,000(same under regular investment plan)
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Buy/sell spread:
0.10% / 0.10% of NAV unit price
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Unit registry contact:
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Offer document:
Download Product Disclosure Statement
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Updates:
Subscribe to receive PGTX updates by email
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How to Invest:
By completing the Application Form that accompanies the PDS
Or the Online Application Form
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Existing investors (SRN):Forms for existing investors who hold units directly with the Responsible Entity and have a Securityholder Reference Number(SRN)
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Portfolio Manager(s)
About Quoted Managed Funds
What is the Platinum Global Transition Fund (Quoted Managed Hedge Fund)?
The Fund is a registered managed investment scheme with two concurrent ways of transacting:
- the exchange traded format, where units can be bought and sold on the ASX (ASX: PGTX) via an online trading platform or broker; or
- the unlisted format, where units can be applied for or withdrawn via the Unit Registry, Link Market Services Limited.
What are the key advantages of a quoted actively managed fund?
- Ease of access through licensed brokers without the need to complete the forms and associated paperwork that are typically required for unlisted managed funds.
- Ability to buy and sell units at any time during ASX trading hours with the knowledge of real-time indicative NAV unit price before placing a trade.
How do quoted actively managed funds such as PGTX differ from an ETF or a LIC?
Actively managed quoted funds such as PGTX have a unit trust structure and are open-ended, which means that new units are issued and existing units are cancelled based on investor demand and capital flows.
A typical Australian exchange traded fund (ETF) likewise has a trust structure and is open-ended, but is not actively managed. Instead, an ETF tracks a market index.
Listed investment companies (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.
How can investors buy and sell units in PGTX?
- Buying: Investors can acquire Units either by applying for Units directly with Platinum through the Unit Registry using an Application Form or by buying Units on the ASX.
- Selling: If you hold your Units with Platinum on the issuer sponsored sub-register (so that you have an SRN), you can withdraw all or part of your investment by sending the Unit Registry a completed withdrawal request. You can send withdrawal requests by mail, email or fax. If you hold your Units via your stockbroker on the CHESS sub-register (so that you have a HIN) you can sell your Units on the ASX.
What paperwork is required to invest in PGTX?
- Via the ASX: None, if you have an existing stockbroking account. You simply buy Units on the ASX via your stockbroker.
- Via the Unit Registry: By completing the Application Form that accompanies the PDS or follow the instructions to complete the Online Application Form.
At what price will investors be buying or selling units in PGTX? What is iNAV?
Prices are live and reflect investor demand and supply. However, the market maker will add liquidity during the ASX trading day such that the price at which Platinum may buy and sell units reflects Platinum's view of the net asset value per unit (as referenced by the indicative net asset value (iNAV) per unit), market conditions and supply and demand for the units during the ASX trading day. The iNAV is calculated and updated throughout the ASX trading day, having regard to the fund’s portfolio holdings and foreign exchange movements.
The actual net asset values (NAV) per unit of PGTX are calculated and published eachThe iNAV and NAV per unit of PGTX are published on Platinum's website (see top of this page).
The actual price at which units in PGTX are traded on the ASX AQUA market may not reflect either the NAV per unit or the iNAV per unit of the fund.
What is the market making function often referred to in a quoted actively managed fund?
Market makers do exactly as their name suggests, i.e. they make markets by matching buy and sell orders for investors that want to trade units in the fund. The market maker provides liquidity to the market by providing quotes throughout the trading day and updating their prices to reflect changes in the underlying securities, market conditions and the supply and demand for the units during the ASX trading day. Platinum has engaged J.P. Morgan Securities Australia Limited as its market making agent for PGTX.
What are the fees for PGTX?
PGTX has management fees and costs of 1.025% p.a. plus a performance fee of 15% of the amount by which the Fund’s return exceeds a return of 6% p.a.1
1 The management fee and performance fee are stated inclusive of Australian GST less any expected input tax credits and reduced input tax credits. The performance fee is stated inclusive of GST less any expected input tax credits. The performance fee is subject to a high water mark, which means that any underperformance relative to the benchmark, including underperformance from any prior calculation period, must be recovered before a performance fee can be recognised in NAV.Who should I talk to if I have any questions about PGTX?
For enquiries about your holdings in PGTX, please contact the Unit Registry, Link Market Services Limited on, +61 1300 306 413 or via [email protected].
Link Market Services can provide assistance with the following:
- Update the name or address on the holding
- Provide bank details, DRP, email address or TFN instructions
- Request for forms to be emailed or posted
- Transaction history (as at settlement date)
- Off market transfer & holding merge queries
- Guidance and assistance with the online Link Investor Centre
- Guidance and assistance completing & submitting Link forms
- Statement replacements
- Payment replacements
ASX Releases & Updates
ASX Announcements
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DateAnnouncements
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06 Dec 2023
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30 Nov 2023
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06 Nov 2023
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05 Oct 2023
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06 Sep 2023
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31 Aug 2023
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30 Aug 2023
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04 Aug 2023
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06 Jul 2023
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29 Jun 2023
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06 Jun 2023
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31 May 2023
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04 May 2023
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06 Apr 2023
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06 Mar 2023
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28 Feb 2023
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15 Feb 2023
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15 Feb 2023
Monthly Updates
Quarterly Investment Manager’s Reports
Distribution and Tax Statements
Financial Statements
Continuous Disclosure
Investment Strategy
- Typical range: 0 – 40% of the fund’s net asset value.
- Permissible range: 0 – 100% of the fund’s net asset value.
- The fund’s currency exposures are actively managed with the aim of capturing the returns and minimising the risks arising from the fund’s exposure to foreign currency fluctuations, which can change the value of the equity investments measured in the fund’s reporting currency (AUD).
- Platinum may manage the fund’s currency exposures using foreign exchange forwards, swaps, non-deliverable forwards, currency options and spot foreign exchange trades.
- The fund does not borrow funds (except for short-term overdrafts for trade settlement), though borrowing is permitted under the fund’s constitution.
- The fund may be leveraged through the use of derivatives (see below for detail).
- The fund may use financial derivative instruments for risk management purposes and/or as a way to take opportunities to increase returns, to gain access to markets not readily available to foreign investors and/or to establish short positions.
- Both over-the-counter (OTC) derivatives and exchange-traded derivatives are permitted. Aggregate exposure to all OTC derivative counterparties will typically be no more than 5% of the fund’s net asset value, and in any event will not exceed 10% of the fund’s net asset value.
- The underlying value of the fund’s derivative positions1 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.
PGTX aims to provide capital growth over the long term by investing in undervalued companies from around the world that are seeking to financially benefit from the transition away from fossil fuel-derived energy and goods production and consumption i.e. the carbon transition.
The key investment guidelines for PGTX are summarised below. For further details, please refer to the latest Product Disclosure Statement.
| Suggested time horizon | 5 or more years |
| Geographic limits | None |
| Industry/sector limits | Companies that are seeking to financially benefit from the transition away from fossil fuel-derived energy and goods production and consumption i.e. the carbon transition. |
| Number of securities in portfolio | The Portfolio will ideally consist of 25-60 securities. |
| Net equity exposure | Typically 50% or more of the fund’s net asset value. |
| Cash holdings |
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| Limits on individual security holdings | The fund will seldom invest more than 5% of its net asset value in the securities of a single issuer. |
| Short-selling | Subject to the limits on leverage and the use of derivatives, the fund may short-sell securities and indices for risk management purposes or as a way to take opportunities to increase returns. See Platinum’s risk management strategies for further details. |
| Currency |
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| Leverage |
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| Derivatives |
1 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 chance in the price of the underlying asset (usually expressed as a percentage). |
| Securities lending | Not undertaken, although permitted under the fund’s constitution. |
NAV History & Distributions
Unit Price History
| Date | Entry (A$) | NAV per unit (A$) | Exit (A$) | Distribution (A$ per unit) |
| - | - | - | - | - |
| Date | Entry (A$) | NAV per unit (A$) | Exit (A$) | Distribution (A$ per unit) |
| - | - | - | - | - |
The net asset values (NAV) per unit and distributions shown above are historical and no warranty can be given for future performance or distribution. Historical performance is not a reliable indicator of future performance.
Distribution History
| Date | Distribution (A$ per unit) | Reinvestment price (A$) | Distribution Statement |
| - | - | - | - |
| Date | Distribution (A$ per unit) | Reinvestment price (A$) | Distribution Statement |
| - | - | - | - |
The distributions shown above are historical and no warranty can be given for future distributions.
Understanding distributions
The distribution for the fund will comprise income earned by the fund (including distributions paid from the underlying fund) less expenses incurred by the fund (such as management costs) plus net capital gains (if any). If there is no net income or net capital gains earned in a particular distribution period, the fund may not pay a distribution in respect of that distribution period. In some circumstances, the fund may distribute a payment out of capital in addition to, or instead of, a distribution of net income or net capital gains.
The distribution investors may receive will be based on the number of units they hold in the fund at the nominated record date. It is not pro-rated according to the time that investors have held their units
Distributions will be paid directly into investors’ Australian dollar or New Zealand dollar bank accounts (as applicable). Investors should contact their stockbroker to ask how they can provide bank account details or otherwise they can provide their bank account details online via the Unit Registry’s website at www.linkmarketservices.com.au. Investors may also provide bank details by submitting a form which is available from the Unit Registry.
Alternatively, investors can choose to have their distributions re-invested as additional units in the fund, subject to the terms and conditions of the fund’s distribution reinvestment plan. Information about the funds’ distribution reinvestment plan will be made available at www.platinum.com.au. Elections to participate in the distribution reinvestment plan must be made by the election date announced by Platinum in respect of each relevant distribution.
The fund’s Constitution permits Platinum to require that investors’ distributions be reinvested as additional units in the fund. However, we will provide a notification on our website if, in relation to a particular distribution, we have elected to require the reinvestment of the distribution.
Investors can elect to participate in the distribution reinvestment plan online via the Unit Registry’s website at www.linkmarketservices.com.au or by submitting a form available from the Unit Registry.
Distribution Reinvestment Plan
PGTX has in place an active Distribution Reinvestment Plan (DRP) which provides investors with an optional and convenient service to acquire additional units in PGTX by automatically reinvesting all or part of their 30 June annual distribution.
