Platinum Capital Limited (ASX code: PMC)

An ASX-listed investment company, PMC offers investors an easy and convenient means of accessing an actively managed, truly diversified portfolio of companies from around the world and across industry sectors, providing exposure to undervalued businesses in both developed and emerging markets.

Investment objective:

To provide capital growth over the long-term by investing in undervalued companies from 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
  • Easy to trade on ASX – no set minimum investment required
  • Being taxed at source, PMC can distribute available profits to shareholders in the form of dividends, usually fully-franked
  • Having established a dividend profit reserve, PMC's Board can smooth its dividends from year to year


  • Legal structure:

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

  • ABN:

    51 063 975 431

  • Management costs:
    • Investment management fee: 1.10% (excl. GST) of NAV; plus
    • Performance fee: 15% (excl. GST) of outperformance over benchmark (MSCI AC World Net Index (A$))
  • Share registry contact:
  • Updates:

    Subscribe to receive PMC 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

    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

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 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 and Chair of Platinum Asia Investments Limited. 

Ms Towers is a Non-Executive Director of Platinum Asia Investments 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.

Richard Morath BA, FIAA

Mr Richard Morath was appointed as an Independent, Non-Executive Director on 27 March 2009 and is Chair of the Audit, Risk & Compliance Committee.

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 Asia Investments Limited.

Ian Hunter BA, LLB, MBA

Mr Ian Hunter was appointed as an Independent Non-Executive Director on 9 September 2021 and serves as a member 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 Asia Investments Limited, Ironbark Capital Limited and Supentian Pty Limited and was previously a Non-Executive Director of several listed companies.

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.

Company Details

Company name Platinum Capital Limited
ASX ticker code PMC
ACN 063 975 431
ABN 51 063 975 431
Registered office Level 8, 7 Macquarie Place
Sydney NSW 2000
Share registry Link Market Services Limited
Level 12, 680 George Street
Sydney NSW 2000
T: +61 1300 554 474
F: +61 2 9287 0303
E: [email protected]
Locked Bag A14
Sydney South NSW 1235
Investment manager Platinum Investment Management Limited
T: +61 2 9255 7500
T: 1300 726 700 (Toll-free Australia)
F: +61 2 9254 5555

ASX Releases & Updates

ASX Announcements

Monthly Updates

Quarterly Investment Manager’s Reports

Financial Statements & Annual Reports

Annual General Meeting

Investment Strategy

    Platinum Capital Limited (PMC) primarily invests in listed securities. The 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 and indices that it considers overvalued.

    PMC’s key investment guidelines are summarised below.

    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 Typical range: 50 – 100% of PMC’s net asset value
    Cash holdings
    • Typical range: 0 – 40% of the PMC’s net asset value
    • Permissible range: 0 – 100% of PMC’s net asset value
    Limits on individual security holdings PMC will seldom invest more than 5% of its net asset value (at the time of investment) in the securities of a single issuer.
    Short-selling Subject to the limits regarding leverage and the use of derivatives, PMC 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.
    • PMC’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 PMC’s reporting currency (AUD).
    • Platinum may manage PMC’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.
    • PMC does not borrow funds (except for short‑term overdrafts for trade settlement).
    • PMC may be leveraged through the use of derivatives (see below for detail).
    • PMC 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. 
    • PMC’s effective exposure from its derivative positions1 must not exceed 100% of PMC’s net asset value.
    • PMC’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.


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

PMC has in place an active Dividend Reinvestment Plan (DRP) which provides shareholders with an optional and convenient service to acquire more PMC shares by automatically reinvesting all or part of their dividends declared on PMC shares already held.

Subject to the discretion of PMC’s Board of Directors, PMC 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

PMC'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 PMC. The issue price for the additional shares will be the last sale price of PMC’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 PMC, PMC 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 PMC dividends in cash, please ensure that you provide PMC's Share Registry, Link Market Services, with your current Australian or New Zealand financial institutional account details.

You can update details about your PMC holdings via Link Market Services' secure website at

2023 Platinum Capital Limited AGM

2023 Platinum Capital Limited AGM