Platinum International Fund (Quoted Managed Hedge Fund) (ASX code: PIXX)

Quoted on the ASX and accessible through licensed brokers, PIXX provides a simple and convenient means for investors to gain exposure to an actively managed, truly diversified portfolio of companies from around the world and across industry sectors.

Investment objective:

To provide capital growth over the long-term by providing exposure to undervalued listed investments around the world.

Key benefits:

  • Access to a manager with a proven investment philosophy and method for selecting undervalued stocks and a team of experienced investment professionals
  • Exposure to an actively managed, diversified equity portfolio that seeks to minimise losses during market downturns using risk management techniques
  • Actively managed currency exposures providing substantial diversification from the Australian dollar
  • Annual distribution of the fund’s net income, including net realised capital gains
  • Ease of access through licensed brokers without lengthy paperwork and with no set minimum transaction amount
  • Ability to buy and sell units at any time during ASX trading hours with the knowledge of real-time indicative NAV per unit before placing a trade


Watch video to learn about the new Quoted Managed Funds

  • Portfolio Manager(s)
    Andrew Clifford
    Andrew Clifford

    Chief Executive Officer, Co-Chief Investment Officer & Portfolio Manager

    Andrew co-founded Platinum in 1994 as the Deputy Chief Investment Officer, having worked alongside Kerr Neilson for several years at Bankers Trust and perfecting the craft of uncov ... More

    Clay Smolinski
    Clay Smolinski

    Co-Chief Investment Officer & Portfolio Manager

    Graduating as dux of Finance from university and a brief stint as an accountant at Grant Thornton gave Clay the grounding to deconstruct financial statements. Having started as an ... More

    Nikola Dvornak
    Nikola Dvornak

    Portfolio Manager

    Nik joined Platinum in 2006 as an analyst in the financials and services sector.  He was appointed co-manager of the Platinum European Fund in 2014 and sole manager in 2017. I ... More

About Quoted Managed Funds

What is the Platinum International Fund (Quoted Managed Hedge Fund) (ASX code: PIXX)?

PIXX is an Australian registered managed investment scheme. Its units are quoted on the Australian Securities Exchange (ASX) under the ASX AQUA Rules.

PIXX is an ASX-quoted version of our unlisted flagship fund, the Platinum International Fund (PIF). PIXX will feed into PIF, giving investors access to PIF's portfolio composition, portfolio managers and investment strategies. The returns of PIXX may vary from the returns of PIF's performance fee P Class due to different cash holdings as well as gains and losses arising as a result of PIXX's market making activities.

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 PIXX differ from an ETF or a LIC?

Actively managed quoted funds such as PIXX 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 PIXX?

Units in ASX-quoted managed funds trade, clear and settle in the same way as do shares in ASX-listed companies, and therefore can be bought and sold through any licensed stockbroker.

Investors do not need to complete an application form or withdrawal form. There is no requirement of minimum number of units or dollar amount for a trade.

What paperwork is required to invest in PIXX?

None, if you have an existing stockbroking account.

At what price will investors be buying or selling units in PIXX? 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 underlying fund’s portfolio holdings and foreign exchange movements.

The actual net asset values (NAV) per unit of PIXX are calculated and published each
Business Day
Every day on which banks are open for business in Sydney, Australia, except Saturday, Sunday and a public holiday.
under normal market conditions.

The iNAV and NAV per unit of PIXX are published on Platinum's website (see top of this page).

The actual price at which units in PIXX 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 PIXX.

What are the fees for PIXX?

PIXX has a management fee of 1.10% p.a. plus a performance fee of 15% of the amount by which PIXX’s return (after management fees) exceeds the return of its nominated benchmark, the MSCI All Country World Net Index (A$).1 This fee is in line with the fee structure for Platinum's two listed investment companies, Platinum Capital Limited (ASX: PMC) and Platinum Asia Investment Limited (ASX: PAI).

1 The management fee and performance fee are stated inclusive of Australian GST less any expected reduced input tax credits. The performance fee is stated exclusive of GST. 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 PIXX?

For all fund related enquiries, please contact Platinum.

For enquiries about your holdings in PIXX, please contact the Unit Registry, Link Market Services on +61 1300 554 474 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

Monthly Updates

Quarterly Investment Manager’s Reports

Distribution and Tax Statements

Financial Statements

Continuous Disclosure

    Total Transactional and Operational Costs
    For the Platinum International Fund - Quoted Managed Fund, our estimate of the net transactional and operational costs for the 2021/2022 financial year are:


    Total Transactional and Operational Costs*
    (% p.a. of NAV)

    Recovery through Buy/Sell Spread
    (% p.a. of NAV)

    Net Transactional and Operational Costs
    (% p.a. of NAV)

    For every A$50,000 you have in the fund you will likely incur approximately






    Underlying Fund










    *Excludes investment management fees and investment performance fees.

    The above information is an estimate of the transactional and operational costs incurred for the 2021/2022 financial year. The net transactional and operational costs set out above take into account the buy/sell spread recovered in respect of the 2021/2022 financial year. In practice, your investment balance, plus the fund's volume of trading, and number and value of applications/withdrawals processed will vary from year to year.

    Annual Investment Returns: Platinum International Fund (Quoted Managed Hedge Fund)

    Annual Investment Return Year to 30 June

    % Return







    Investment returns are calculated using the Fund's net asset value per unit (which does not include the buy/sell spread) and represent the Fund's combined income and capital returns over the specified period. Returns are net of accrued fees and costs, are pre-tax, and assume the reinvestment of distributions.

    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. 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.

    Source: Platinum Investment Management Limited 

Investment Strategy

    PIXX is a feeder fund. It primarily invests in units in its underlying fund, the unlisted Platinum International Fund (PIF). PIF, in turn, primarily invests in listed international equities.

    PIF's portfolio will ideally consist of 70 to 140 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.

    PIXX’s returns may vary slightly from PIF’s performance fee P Class returns due to different cash holdings as well as gains and losses arising as a result of PIXX's market making activities.

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

    Suggested time horizon 5 or more years
    Geographic limits N/A
    Industry/sector limits N/A
    Number of securities in portfolio Typically 70 to 140 securities
    Net equity exposure Typically 50% or more of the fund’s net asset value
    Cash holdings
    • Typical range: 0 – 40% of the fund’s net asset value
    • Permissible range: 0 – 100% of the fund’s net asset value
    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.
    • 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.
    See Platinum’s risk management strategies for further details.
    • 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.
    See Platinum’s risk management strategies for further details.
    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.