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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
  • Legal structure:

    A closed-ended investment company listed on the Australian Securities Exchange

  • ABN:

    13 606 647 358

  • 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$))
  • Share Registry Contact:
    Link Market Services
    T: +61 1300 554 474
    E: [email protected]
  • Updates:

    Subscribe to receive PAI updates by email

  • 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

    Cameron Robertson
    Cameron Robertson

    Portfolio Manager

    Cameron joined Platinum in 2010, initially focusing on resources and industrial companies, and later on the technology and communications sectors. In early 2017, Cameron was app ... More

    Kirit Hira
    Kirit Hira

    Portfolio Manager

    Kirit joined Platinum in 2016 as an investment analyst in the industrials and resource sector team. In December 2019, he joined the Asia regional team and became a co-portfolio man ... More

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

Constitution

Appendix 4G

Corporate Governance Statement

Board Charters

Board of Directors' Charter

Audit, Risk & Compliance Committee Charter

Due Diligence Committee Charter


Policies

Directors’ Code of Conduct

Continuous Disclosure Policy

Shareholder Communications Policy

Risk Management Policy

Securities Trading Policy

Whistleblower Protections Policy

Anti-Bribery and Corruption Policy

Modern Slavery Policy

 

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
 
 

Corporate Responsibility

Platinum Group Modern Slavery Statement – June 2022

ASX Releases & Updates

ASX Announcements

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Monthly Updates

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Quarterly Investment Manager's Reports

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Financial Statements & Annual Reports

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Annual General Meeting

Investment Strategy

    Platinum Asia Investments Limited (PAI) invests primarily in undervalued listed securities of companies in the Asian region (ex-Japan) across sectors. The portfolio will ideally consist of 50 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 and indices that it considers overvalued.

    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
    • 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.
    See Platinum’s risk management strategies for further details.
    Leverage
    • 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).
    Derivatives
    • 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.
    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.

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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    What's in The Journal

    2023 Platinum Asia Investments Limited AGM

    2023 Platinum Asia Investments Limited AGM

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    Key Dates & Events*

    2023
    February 2023
    • 16 Feb 2023
      Half Year Results Announcement
    • 23 Feb 2023
      Ex–dividend Date for Interim Dividend
    • 24 Feb 2023
      Record Date for Interim Dividend
    March 2023
    • 17 Mar 2023
      Payment date for Interim Dividend
    August 2023
    • 17 Aug 2023
      Full Year Results Announcement
    • 24 Aug 2023
      Ex–dividend Date for Final Dividend
    • 25 Aug 2023
      Record Date for Final Dividend
    September 2023
    • 14 Sep 2023
      Last Day to Receive Director Nominations
    • 15 Sep 2023
      Payment Date for Final Dividend
    November 2023
    • 02 Nov 2023
      Annual General Meeting
    * The above dates and payments are indicative. If there are any changes to these dates, the ASX Limited will be notified accordingly.
    Subscribe to receive PAI updates by email
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