Date | Estimated Pre-Tax NTA Backing Per Share (A$) | Estimated Post-Tax NTA Backing Per Share (A$) |
Platinum Asia Investments Limited (ASX code: PAI)
An ASX-listed investment company, PAI offers investors an easy and convenient means of accessing an actively managed, diversified portfolio of Asian (ex-Japan) companies across industry sectors, providing exposure to undervalued businesses that are benefiting from Asia’s dynamic growth and transformation.
Investment objective:
To provide capital growth over the long-term through investing primarily in undervalued listed securities of companies in the Asian region (ex-Japan) across sectors. In doing so, PAI aims to achieve net returns over a five year plus investment horizon that are in excess of the benchmark (MSCI All Country Asia ex Japan Net Index (A$)) returns.
Key benefits:
- Access to a manager with a proven investment philosophy and method for selecting undervalued stocks and a team of experienced investment professionals
- Exposure to an actively managed, diversified equity portfolio that seeks to minimise losses during market downturns using risk management techniques
- Actively managed currency exposures providing substantial diversification from the Australian dollar
- Easy to trade on ASX – no set minimum investment required
- Being taxed at source, PAI can distribute available profits to shareholders in the form of dividends, usually fully-franked
- Having established a dividend profit reserve, PAI's Board can smooth its dividends from year to year
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Legal structure:
A closed-ended investment company listed on the Australian Securities Exchange
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ABN:
13 606 647 358
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Management costs:
- Investment management fee: 1.10% (excl. GST) of NAV; plus
- Performance fee: 15% (excl. GST) of outperformance over benchmark (MSCI AC Asia ex Japan Net Index (A$))
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Share Registry Contact:
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Updates:
Subscribe to receive PAI updates by email
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Portfolio Manager(s)
Board & Governance
Board of Directors & Company Secretary
Margaret Towers CA, GAICD
Ms Margaret Towers was appointed as an Independent Non-Executive Director on 31 March 2018. Ms Towers is the Board Chair and also serves as a member of the Audit, Risk and Compliance Committee.
Ms Towers has over 35 years’ experience operating at board and senior management levels, within the wealth management and investment banking sectors of the Australian financial services industry.Ms Towers is a Non-Executive Director of Platinum Capital Limited. Ms Towers was previously a Non-Executive Director of Platinum Asset Management Limited, serving on its Audit, Risk & Compliance Committee and Nomination & Remuneration Committee and IMB Limited, serving as Chair and member of IMB’s Risk Committee, Audit Committee and Financial Planning Committee.
Ian Hunter BA, LLB, MBA
Mr Ian Hunter was appointed as an Independent Non-Executive Director on 24 June 2015 and was elected Chair of the Audit, Risk and Compliance Committee.
Mr Hunter has over 40 years’ experience in finance and the investment industry having held several roles in Corporate Finance and Equity Capital Markets at international banks.Mr Hunter is a Non-Executive Director of Platinum Capital Limited, Ironbark Capital Limited and Supentian Pty Limited and was previously a Non-Executive Director of several listed companies.
Richard Morath BA, FIAA
Mr Richard Morath was appointed as an Independent, Non-Executive Director and member of the Audit, Risk and Compliance Committee since 9 September 2021
Mr Morath has over 40 years’ experience in life insurance, funds management, banking and financial planning.Mr Morath is a Non-Executive Director of Platinum Capital Limited.
Joanne Jefferies BCom, LLB
Ms Joanne Jefferies was appointed Platinum’s General Counsel and Group Company Secretary on 17 October 2016. Ms Jefferies serves as the Company Secretary for Platinum and a number of its subsidiary entities including ASX Listed investment companies, Platinum Asia Investments Limited and Platinum Capital Limited.
Ms Jefferies is an English law qualified solicitor with more than 25 years’ experience in financial services law and corporate governance specialising in asset management and banking, in England and across Asia Pacific.Ms Jefferies previously worked for BNP Paribas Securities Services, where she was Head of Legal, Asia Pacific and Company Secretary of all Australian subsidiaries. Prior to this Ms Jefferies held senior legal positions with Russell Investments, Morley Funds Management (Aviva Investors) and Lord Abbett. She also served as the General Counsel for the UK’s funds management industry association, the Investment Association.
Ms Jefferies is a Non-Executive Director of Australian Pain Management Association Limited.
Charters & Policies
Company Details
Company name | Platinum Asia Investments Limited |
ASX ticker code | PAI |
ACN | 606 647 358 |
ABN | 13 606 647 358 |
Registered office | Level 8, 7 Macquarie Place Sydney NSW 2000 Australia |
Share registry | Link Market Services Limited Level 12, 680 George Street Sydney NSW 2000 Australia T: +61 1300 554 474 F: +61 2 9287 0303 E: [email protected] Locked Bag A14 Sydney South NSW 1235 Australia |
Investment manager | Platinum Investment Management Limited T: +61 2 9255 7500 T: 1300 726 700 (Toll-free Australia) F: +61 2 9254 5555 |
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30 Nov 2023
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30 Sep 2023
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Annual General Meeting
2023 Annual General Meeting
Platinum Asia Investments Limited’s AGM 2023 was held on Thursday, 2 November 2023. Please click on the links below to view the meeting content:
- PAI Results of 2023 Annual General Meeting
- PAI Chairperson’s Address and Presentation Slides
- PAI Annual General Meeting Notice of Meeting 2023
- PAI 2023 Annual General Meeting webcast
Investment Strategy
- PAI’s currency exposures are actively managed with the aim of capturing the returns and minimising the risks arising from the portfolio’s exposure to foreign currency fluctuations, which can change the value of the equity investments measures in PAI’s base currency (AUD).
- Platinum may manage PAI’s currency exposures using foreign exchange forwards, swaps, non-deliverable forwards, currency options and spot foreign exchange trades.
- PAI does not borrow funds (except for short-term overdrafts for trade settlement), though borrowing up to 10% of PAI’s net asset value (at the time of borrowing) is permitted.
- PAI may be leveraged through the use of derivatives (see below for detail).
- PAI may use financial derivative instruments for risk management purposes and as a way to take opportunities to increase returns, such as to gain access to markets not readily available to foreign investors or to establish short positions.
- Both over-the-counter (OTC) derivatives and exchange-traded derivatives are permitted.
- PAI’s effective exposure from its derivative positions1 must not exceed 100% of PAI’s net asset value.
- PAI’s gross exposure, taking into account all securities and derivatives1 (long and short) held, must not exceed 150% of its net asset value.
PAI’s key investment guidelines are summarised below.
Suggested time horizon | 5 or more years |
Geographic limits | PAI may invest in companies that are listed or traded on a securities exchange in the Asia (ex-Japan) region as well as companies that are listed or traded on a securities exchange outside of the Asia (ex-Japan) region but whose business is predominantly conducted in or focused on the Asia (ex-Japan) region. Platinum defines “Asia (ex-Japan) region” as all countries and territories that occupy the eastern part of the Eurasian landmass (separated from Europe by the Ural Mountains) and its adjacent islands, including the Russian Far East, and excluding Japan. PAI may invest in listed companies based in China, Hong Kong, Taiwan, South Korea, Malaysia, Singapore, India, Thailand, Indonesia, Philippines, Sri Lanka, Pakistan and Vietnam. |
Industry/sector limits | N/A |
Number of securities in portfolio | Typically 50 to 100 securities |
Net equity exposure | Typically 50% or more of PAI’s net asset value |
Cash holdings | Typically 0 – 50% of PAI’s net asset value |
Limits on individual security holdings | 10% of PAI’s net asset value (at the time of investment) |
Short-selling | Subject to the limits regarding leverage and the use of derivatives, PAI may short-sell securities and indices for risk management and 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. |
Dividends
Dividend History
Dividend type | Payment date | Net amount (cps) | Franking credit (cps) | Gross amount (cps) |
- | - | - | - | - |
The dividend information displayed herein is historical. No guarantee can be given about future dividends or the level of franking of such dividends (if any).
Dividend Reinvestment Plan
PAI has in place an active Dividend Reinvestment Plan (DRP) which provides shareholders with an optional and convenient service to acquire more PAI shares by automatically reinvesting all or part of their dividends declared on PAI shares already held.
Subject to the discretion of PAI’s Board of Directors, PAI shares may be issued or transferred under the DRP at a discount to their market price.
Shareholders pay no brokerage, stamp duty or other costs to participate in the DRP.
Unclaimed Dividends
PAI's Constitution provides that any dividends that are not claimed within 6 months of the date of the dividend will be reinvested as additional shares in PAI. The issue price for the additional shares will be the last sale price of PAI’s shares on the ASX on the first Business Day following the expiration of the 6 months from the date of payment of the dividend.
By deeming that the unclaimed dividends be automatically reinvested as additional shares in PAI, PAI will be able to reduce administration costs incurred in tracing and managing unclaimed dividends while shareholders will receive additional shares instead of cash payment.
If you wish to receive future PAI dividends in cash, please ensure that you provide PAI's Share Registry, Link Market Services, with your current Australian or New Zealand financial institutional account details.
You can update details about your PAI holdings via Link's secure website at https://investorcentre.linkmarketservices.com.au/Login/Login.
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Key Dates & Events*
2024
February 2024
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22 Feb 2024Half-year results and interim dividend announcement
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29 Feb 2024Ex–dividend Date for Interim Dividend
March 2024
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01 Mar 2024Record Date for Interim Dividend
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22 Mar 2024Payment date for Interim Dividend
August 2024
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22 Aug 2024Full-year results and final dividend announcement
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29 Aug 2024Ex–dividend Date for Final Dividend
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30 Aug 2024Record Date for Final Dividend
September 2024
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05 Sep 2024Last Day to Receive Director Nominations
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20 Sep 2024Payment Date for Final Dividend
October 2024
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24 Oct 2024Annual General Meeting