Platinum International Fund

A truly diversified portfolio of companies from around the world and across industry sectors, the fund offers investors 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
Annual distribution of the fund’s net income, including net realised capital gains

Legal structure:

Unlisted, open-ended unit trust
Distribution:

Annually at 30 June
Management
costs:
- C class (standard fee option):
  1.35% p.a. of NAV
- P class (performance fee option):
  1.10% p.a. of NAV plus 15% p.a. of outperformance over benchmark
Minimum initial investment (per unit class):
- A$10,000 or NZ$10,000
- A$5,000 or NZ$5,000 under regular investment plan
Buy/sell spread:

0.15% / 0.15% of NAV unit price

Portfolio Manager(s)

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

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

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

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Performance

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

All "p.a." returns are annualised.

For the purpose of calculating the “since inception” return of the MSCI index, the inception date of C Class of the fund is used. The the gross MSCI index was used prior to 31 December 1998 as the net MSCI index did not exist then. Index returns assume the reinvestment of dividends from constituent companies, but do not reflect fees and expenses. Platinum does not invest by reference to the weightings of any index or benchmark, and index returns are provided as a reference only. The fund’s underlying assets are chosen through Platinum’s bottom-up investment process and, as a result, the fund’s holdings may vary considerably to the make-up of the index.

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 for fund returns and FactSet for MSCI index returns.

All data where MSCI is referenced is the property of MSCI Inc. No use or distribution of this data is permitted without the written consent of MSCI Inc. The data is provided “as is” without any warranties by MSCI Inc. MSCI Inc. assumes no liability for or in connection with this data. See Terms and Conditions for full MSCI disclaimer.

Back to table

The investment returns depicted in this graph are cumulative on A$20,000 invested in the specified unit class(es) of the fund over the specified period relative to the specified index. A unit class is shown if and only if it has been in existence for the entire duration of the period specified on the graph (hence, P Class is shown if and only if the graph starts from 3 July 2017 or a later date). Fund returns are calculated using the net asset value per unit (which does not include the buy/sell spread) of the specified unit class and represent the combined income and capital returns of the specified unit class of the fund over the specified period. Investment 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 in the fund’s underlying assets and other risk factors associated with investing, investment returns can be negative, particularly in the short-term.

The net MSCI index is used, except the gross MSCI index was used prior to 31 December 1998 as the net MSCI index did not exist then. The MSCI index returns assume the reinvestment of dividends from constituent companies. Cash returns reference the AusBond Bank Bill Index (AUBI). Index and cash returns do not reflect fees and expenses, and are provided as a reference only. Platinum does not invest by reference to the weightings of any index or benchmark. The fund’s underlying assets are chosen through Platinum’s bottom-up investment process.

Source: Platinum Investment Management Limited for fund returns; FactSet for MSCI index returns; Bloomberg for AUBI returns and S&P/ASX300 index returns.

All data where MSCI is referenced is the property of MSCI Inc. No use or distribution of this data is permitted without the written consent of MSCI Inc. The data is provided “as is” without any warranties by MSCI Inc. MSCI Inc assumes no liability for or in connection with this data. See Terms and Conditions for full MSCI disclaimer.

Fees & Forms

Management Costs

Fee option	Investment management fee^# (Accrued daily, reflected in daily net asset value (NAV) unit price, and paid monthly to Platinum from the fund’s assets.)	Investment performance fee^# (Accrued daily, reflected in daily net asset value (NAV) unit price, and, if payable, paid semi-annually to Platinum from the fund’s assets.)
C Class – standard fee option	1.35% per annum of the fund’s net asset value	N/A
P Class – performance fee option	1.10% per annum of the fund’s net asset value	The estimated investment performance fee is 0.00%.* This is calculated as 15% of the amount by which the fund’s return (after investment management fees) exceeds the return of the fund’s reference benchmark (MSCI All Country World Net Index (A$)). Any accumulated underperformance from previous periods must be recovered before a performance fee can be recognised in the fund’s unit price.

^# Inclusive of GST less any expected reduced input tax credits.

^* The estimated performance fees reflect Platinum’s reasonable estimates of the typical ongoing amounts for the current financial year, based on the performance fee charged to P Class units of a Fund, averaged over the last five years up to and including 30 June 2023. They are inclusive of Australian GST less any expected input tax credits. Past performance is not a reliable indicator of future performance.

For further explanation on fees and costs as well as examples of fee calculations, please refer to the latest Product Disclosure Statement.

Buy/Sell Spread

Buy costs (buy spread)	0.15% of the fund’s net asset value unit price on the dealing day	Included in the entry price
Sell costs (sell spread)	0.15% of the fund’s net asset value unit price on the dealing day	Included in the exit price

What is the buy/sell spread?

Buy costs are charged to enter the fund (that is, to buy units) and sell costs are charged to exit the fund (that is, to withdraw units). They are charged because entering or exiting the fund necessitates the buying or selling of investments by the fund, which means that the fund will incur transactional and operational costs. The buy and sell costs are based on Platinum’s estimate of the transactional and operational costs incurred by the fund to invest application money received or sell assets to fund withdrawal payments.

The buy/sell costs are not fees paid to Platinum – they are retained in the fund to cover transactional and operational costs as they are incurred. The reason for charging buy/sell spreads is to ensure that non-transacting investors do not pay the transactional and operational costs associated with other investors entering or exiting the fund.

Total Transactional and Operational Costs

For the Platinum International Fund, our estimate of the gross transaction costs for the 2022/2023 financial year are:

Gross transactional costs* (% p.a. of NAV)	Recovery through buy/sell spread (% p.a. of NAV)	Net transaction costs (% p.a. of NAV)
0.12%	(0.04%)	0.08%

Who may invest in the fund	The fund is open for investment to persons (including individuals, companies, trustees, partnerships, etc.) receiving the Product Disclosure Statement (PDS) in Australia and New Zealand.
Applications / Withdrawals	Any Business Day
Minimum initial investment	A$10,000 or NZ$10,000 per unit class. Go to New Investors for Application Form and further details.
Additional investment	Any Business Day. No set minimum amount required. Go to Existing Investors for Additional Investment Form and further details.
Regular investment plan	Minimum initial investment of A$5,000 or NZ$5,000, plus minimum ongoing investments of A$200 or NZ$200 per month or per quarter. If you are investing in the fund for the first time, you may set up a regular investment plan by filling in the relevant information in the Application Form (go to New Investors for details). If you are an existing investor in the fund, you may set up a regular investment plan by completing the Regular Investment Plan Form (go to Existing Investors for details).
Minimum withdrawal amount	A$10,000, or the entire balance of your investment in the relevant unit class where the withdrawal would cause your balance in that unit class to fall below A$10,000. Go to Existing Investors for Withdrawal Form and further details.
Minimum withdrawal amount under regular investment plan	A$10,000, or the entire balance of your investment in the relevant unit class where the withdrawal would cause your balance in that unit class to fall below A$5,000.
Minimum investment balance	A$10,000, or A$5,000 under the regular investment plan.
Switching	You may switch all of a part of your investment in the Platinum International Fund to any of the other Platinum Trust Funds or from one unit class to another unit class at any time, as long as you meet the minimum initial investment and minimum investment balance requirements. A switch is treated as a withdrawal and an additional investment. The buy spread and sell spread will apply when switching between funds, but no buy/sell spread will apply when switching between unit classes of the same fund. Switching between funds or unit classes may give rise to tax consequences. Platinum recommends that you check the tax implications with your tax adviser before sending us a switch request. Go to Existing Investors for Switch Form and further details.
Transfer units	Units cannot be transferred from one investor to another person or entity without Platinum’s prior consent. A transfer of units is executed at the fund’s net asset value unit price of the relevant dealing day, and no buy/sell spread is applied. Transferring units may give rise to tax consequences and Platinum recommends that you check the tax implications with your tax adviser before sending us a transfer request. Go to Existing Investors for Standard Transfer Form and further details.
Distributions	The fund’s income and net realised capital gains are distributed to unitholders annually as at 30 June. Distribution amounts and components vary from year to year. There may be times when no distribution is payable. Distributions are not pro-rated for the duration of your investment during the tax year. If you are a unitholder as at 30 June, you will receive the full distribution for the year. Unitholders will generally receive their entitlement (if payable) within 15 Business Days after the distribution date. Unitholders may elect to have their distribution entitlement (a) reinvested as additional units in the same unit class of the fund or (b) paid to their nominated bank account. If no election is made, or if the unitholder’s bank rejects the payment, distribution entitlement will be automatically reinvested as additional units. Additional units will be issued at the net asset value unit price on the relevant Business Day, and the buy spread will not apply. Go to Existing Investors for details on how to change distribution election.
Reporting	You will receive from us transaction confirmations, holding statements, quarterly investment reports and annual distribution and tax statements. Log onto the Secure Client Website to access your investment account.

These forms are intended for Australian and New Zealand residents.

If you are not resident in Australia or New Zealand, contact us to find out whether you are eligible to invest in the fund.

Online forms – complete online, print & sign.	PDF forms – print, complete & sign.
Initial Investment Form - New Account	Initial Investment Form - New Account (At the back of the current Product Disclosure Statement)
Additional Investment Form	Additional Investment Form
Regular Investment Plan Form (Australian financial institutions)	Regular Investment Plan Form (Australian financial institutions)
New Zealand Specific Direct Debit Authority Form	New Zealand Specific Direct Debit Authority Form
Change of Details Form	Change of Details Form
Switch Form	Switch Form
Withdrawal Form	Withdrawal Form
Operating Authority Form (individual representative)	Operating Authority Form (individual representative)
Operating Authority Form (corporate representative)	Operating Authority Form (corporate representative)
Secure Client Website Registration Form	Secure Client Website Registration Form
	Australian Standard Transfer Form (instructions for completion)

Investment Strategy

The Platinum International Fund 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 that it considers overvalued.

The fund’s key investment guidelines 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.
Currency	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.
Leverage	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).
Derivatives	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.

Updates & Reports

10/31/2023 18:26:17 31 Oct 2023
09/30/2023 19:03:16 30 Sep 2023
08/31/2023 18:20:39 31 Aug 2023
07/31/2023 17:37:57 31 Jul 2023
06/30/2023 00:00:00 30 Jun 2023
05/31/2023 00:00:00 31 May 2023
04/30/2023 00:00:00 30 Apr 2023
03/31/2023 00:00:00 31 Mar 2023
02/28/2023 00:00:00 28 Feb 2023
01/31/2023 00:00:00 31 Jan 2023
12/31/2022 00:00:00 31 Dec 2022
11/30/2022 00:00:00 30 Nov 2022
10/31/2022 00:00:00 31 Oct 2022
09/30/2022 00:00:00 30 Sep 2022
08/31/2022 00:00:00 31 Aug 2022
07/31/2022 00:00:00 31 Jul 2022
06/30/2022 00:00:00 30 Jun 2022
05/31/2022 00:00:00 31 May 2022
04/30/2022 00:00:00 30 Apr 2022
03/31/2022 00:00:00 31 Mar 2022
02/28/2022 00:00:00 28 Feb 2022
01/31/2022 00:00:00 31 Jan 2022
12/31/2021 00:00:00 31 Dec 2021
11/30/2021 00:00:00 30 Nov 2021
10/31/2021 00:00:00 31 Oct 2021
09/30/2021 00:00:00 30 Sep 2021
08/31/2021 00:00:00 31 Aug 2021
07/31/2021 00:00:00 31 Jul 2021
06/30/2021 00:00:00 30 Jun 2021
05/31/2021 00:00:00 31 May 2021
04/30/2021 00:00:00 30 Apr 2021
03/31/2021 00:00:00 31 Mar 2021
02/28/2021 00:00:00 28 Feb 2021
01/31/2021 00:00:00 31 Jan 2021
12/31/2020 00:00:00 31 Dec 2020
11/30/2020 00:00:00 30 Nov 2020
10/31/2020 00:00:00 31 Oct 2020
09/30/2020 00:00:00 30 Sep 2020
08/31/2020 00:00:00 31 Aug 2020
07/31/2020 00:00:00 31 Jul 2020
06/30/2020 00:00:00 30 Jun 2020
05/31/2020 00:00:00 31 May 2020
04/30/2020 00:00:00 30 Apr 2020
03/31/2020 00:00:00 31 Mar 2020
02/29/2020 00:00:00 29 Feb 2020
01/31/2020 00:00:00 31 Jan 2020
12/31/2019 00:00:00 31 Dec 2019
11/30/2019 00:00:00 30 Nov 2019
10/31/2019 00:00:00 31 Oct 2019
09/30/2019 00:00:00 30 Sep 2019
08/31/2019 00:00:00 31 Aug 2019
07/31/2019 00:00:00 31 Jul 2019
06/30/2019 00:00:00 30 Jun 2019
05/31/2019 00:00:00 31 May 2019
04/30/2019 00:00:00 30 Apr 2019
03/31/2019 00:00:00 31 Mar 2019
02/28/2019 00:00:00 28 Feb 2019
01/31/2019 00:00:00 31 Jan 2019
12/31/2018 00:00:00 31 Dec 2018
11/30/2018 00:00:00 30 Nov 2018
10/31/2018 00:00:00 31 Oct 2018
09/30/2018 00:00:00 30 Sep 2018
08/31/2018 00:00:00 31 Aug 2018
07/31/2018 00:00:00 31 Jul 2018
06/30/2018 00:00:00 30 Jun 2018
05/31/2018 00:00:00 31 May 2018
04/30/2018 00:00:00 30 Apr 2018
03/31/2018 00:00:00 31 Mar 2018
02/28/2018 00:00:00 28 Feb 2018
01/31/2018 00:00:00 31 Jan 2018
12/31/2017 00:00:00 31 Dec 2017
11/30/2017 00:00:00 30 Nov 2017
10/31/2017 00:00:00 31 Oct 2017
09/30/2017 00:00:00 30 Sep 2017
08/31/2017 00:00:00 31 Aug 2017
07/31/2017 00:00:00 31 Jul 2017
06/30/2017 00:00:00 30 Jun 2017
05/31/2017 00:00:00 31 May 2017
04/30/2017 00:00:00 30 Apr 2017
03/31/2017 00:00:00 31 Mar 2017
02/28/2017 00:00:00 28 Feb 2017
01/31/2017 00:00:00 31 Jan 2017
12/31/2016 00:00:00 31 Dec 2016
11/30/2016 00:00:00 30 Nov 2016
10/31/2016 00:00:00 31 Oct 2016
09/30/2016 00:00:00 30 Sep 2016
08/31/2016 00:00:00 31 Aug 2016
07/31/2016 00:00:00 31 Jul 2016
06/30/2016 00:00:00 30 Jun 2016
05/31/2016 00:00:00 31 May 2016
04/30/2016 00:00:00 30 Apr 2016
03/31/2016 00:00:00 31 Mar 2016
02/29/2016 00:00:00 29 Feb 2016
01/31/2016 00:00:00 31 Jan 2016
12/31/2015 00:00:00 31 Dec 2015
11/30/2015 00:00:00 30 Nov 2015
10/31/2015 00:00:00 31 Oct 2015
09/30/2015 00:00:00 30 Sep 2015
08/31/2015 00:00:00 31 Aug 2015
07/31/2015 00:00:00 31 Jul 2015
06/30/2015 00:00:00 30 Jun 2015
05/31/2015 00:00:00 31 May 2015
04/30/2015 00:00:00 30 Apr 2015
03/31/2015 00:00:00 31 Mar 2015
02/28/2015 00:00:00 28 Feb 2015
01/31/2015 00:00:00 31 Jan 2015
12/31/2014 00:00:00 31 Dec 2014
11/30/2014 00:00:00 30 Nov 2014
10/31/2014 00:00:00 31 Oct 2014
09/30/2014 00:00:00 30 Sep 2014
08/31/2014 00:00:00 31 Aug 2014
07/31/2014 00:00:00 31 Jul 2014
06/30/2014 00:00:00 30 Jun 2014
05/31/2014 00:00:00 31 May 2014
04/30/2014 00:00:00 30 Apr 2014
03/31/2014 00:00:00 31 Mar 2014
02/28/2014 00:00:00 28 Feb 2014
01/31/2014 00:00:00 31 Jan 2014
12/31/2013 00:00:00 31 Dec 2013
11/30/2013 00:00:00 30 Nov 2013
10/31/2013 00:00:00 31 Oct 2013
09/30/2013 00:00:00 30 Sep 2013
08/31/2013 00:00:00 31 Aug 2013
07/31/2013 00:00:00 31 Jul 2013
06/30/2013 00:00:00 30 Jun 2013
05/31/2013 00:00:00 31 May 2013
04/30/2013 00:00:00 30 Apr 2013
03/31/2013 00:00:00 31 Mar 2013
02/28/2013 00:00:00 28 Feb 2013
01/31/2013 00:00:00 31 Jan 2013
12/31/2012 00:00:00 31 Dec 2012
11/30/2012 00:00:00 30 Nov 2012
10/31/2012 00:00:00 31 Oct 2012
09/30/2012 00:00:00 30 Sep 2012
08/31/2012 00:00:00 31 Aug 2012
07/31/2012 00:00:00 31 Jul 2012
06/30/2012 00:00:00 30 Jun 2012
05/31/2012 00:00:00 31 May 2012
04/30/2012 00:00:00 30 Apr 2012
03/31/2012 00:00:00 31 Mar 2012
02/29/2012 00:00:00 29 Feb 2012
01/31/2012 00:00:00 31 Jan 2012

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The invested position* for the Platinum International Fund is shown below.

Week ending	Long %	Short %	Net %
24 November 2023	84.0	15.7	68.3

* The “Long %” is the exposure to long securities and long securities/index derivative positions; the “Short %” is the exposure to short securities and short securities/index derivative positions; the “Net %” is the difference between the “Long %” and the “Short %”, each as a percentage of the market value of the Fund’s portfolio.

09/30/2023 13:02:47 30 Sep 2023
06/30/2023 00:00:00 30 Jun 2023
03/31/2023 00:00:00 31 Mar 2023
12/31/2022 00:00:00 31 Dec 2022
09/30/2022 00:00:00 30 Sep 2022
06/30/2022 00:00:00 30 Jun 2022
03/31/2022 00:00:00 31 Mar 2022
12/31/2021 00:00:00 31 Dec 2021
09/30/2021 00:00:00 30 Sep 2021
06/30/2021 00:00:00 30 Jun 2021
03/31/2021 00:00:00 31 Mar 2021
12/31/2020 00:00:00 31 Dec 2020
09/30/2020 00:00:00 30 Sep 2020
06/30/2020 00:00:00 30 Jun 2020
03/31/2020 00:00:00 31 Mar 2020
12/31/2019 00:00:00 31 Dec 2019
09/30/2019 00:00:00 30 Sep 2019
06/30/2019 00:00:00 30 Jun 2019
03/31/2019 00:00:00 31 Mar 2019
12/31/2018 00:00:00 31 Dec 2018
09/30/2018 00:00:00 30 Sep 2018
06/30/2018 00:00:00 30 Jun 2018
03/31/2018 00:00:00 31 Mar 2018
12/31/2017 00:00:00 31 Dec 2017
09/30/2017 00:00:00 30 Sep 2017
06/30/2017 00:00:00 30 Jun 2017
03/31/2017 00:00:00 31 Mar 2017
12/31/2016 00:00:00 31 Dec 2016
09/30/2016 00:00:00 30 Sep 2016
06/30/2016 00:00:00 30 Jun 2016
03/31/2016 00:00:00 31 Mar 2016
12/31/2015 00:00:00 31 Dec 2015
09/30/2015 00:00:00 30 Sep 2015
06/30/2015 00:00:00 30 Jun 2015
03/31/2015 00:00:00 31 Mar 2015
12/31/2014 00:00:00 31 Dec 2014
09/30/2014 00:00:00 30 Sep 2014
06/30/2014 00:00:00 30 Jun 2014
03/31/2014 00:00:00 31 Mar 2014
12/31/2013 00:00:00 31 Dec 2013
09/30/2013 00:00:00 30 Sep 2013
06/30/2013 00:00:00 30 Jun 2013
03/31/2013 00:00:00 31 Mar 2013
12/31/2012 00:00:00 31 Dec 2012
09/30/2012 00:00:00 30 Sep 2012
06/30/2012 00:00:00 30 Jun 2012
03/31/2012 00:00:00 31 Mar 2012
12/31/2011 00:00:00 31 Dec 2011
09/30/2011 00:00:00 30 Sep 2011
06/30/2011 00:00:00 30 Jun 2011
03/31/2011 00:00:00 31 Mar 2011
12/31/2010 00:00:00 31 Dec 2010
09/30/2010 00:00:00 30 Sep 2010
06/30/2010 00:00:00 30 Jun 2010
03/31/2010 00:00:00 31 Mar 2010
12/31/2009 00:00:00 31 Dec 2009
09/30/2009 00:00:00 30 Sep 2009
06/30/2009 00:00:00 30 Jun 2009
03/31/2009 00:00:00 31 Mar 2009
12/31/2008 00:00:00 31 Dec 2008
09/30/2008 00:00:00 30 Sep 2008
06/30/2008 00:00:00 30 Jun 2008
03/31/2008 00:00:00 31 Mar 2008
12/31/2007 00:00:00 31 Dec 2007
09/30/2007 00:00:00 30 Sep 2007
06/30/2007 00:00:00 30 Jun 2007
03/31/2007 00:00:00 31 Mar 2007
12/31/2006 00:00:00 31 Dec 2006
09/30/2006 00:00:00 30 Sep 2006
06/30/2006 00:00:00 30 Jun 2006
03/31/2006 00:00:00 31 Mar 2006
12/31/2005 00:00:00 31 Dec 2005
09/30/2005 00:00:00 30 Sep 2005
06/30/2005 00:00:00 30 Jun 2005
03/31/2005 00:00:00 31 Mar 2005
12/31/2004 00:00:00 31 Dec 2004
09/30/2004 00:00:00 30 Sep 2004
06/30/2004 00:00:00 30 Jun 2004
03/31/2004 00:00:00 31 Mar 2004
12/31/2003 00:00:00 31 Dec 2003
09/30/2003 00:00:00 30 Sep 2003
06/30/2003 00:00:00 30 Jun 2003
03/31/2003 00:00:00 31 Mar 2003
12/31/2002 00:00:00 31 Dec 2002
09/30/2002 00:00:00 30 Sep 2002
06/30/2002 00:00:00 30 Jun 2002
03/31/2002 00:00:00 31 Mar 2002
12/31/2001 00:00:00 31 Dec 2001
09/30/2001 00:00:00 30 Sep 2001
06/30/2001 00:00:00 30 Jun 2001
03/31/2001 00:00:00 31 Mar 2001
12/31/2000 00:00:00 31 Dec 2000
09/30/2000 00:00:00 30 Sep 2000
06/30/2000 00:00:00 30 Jun 2000
03/31/2000 00:00:00 31 Mar 2000
12/31/1999 00:00:00 31 Dec 1999
09/30/1999 00:00:00 30 Sep 1999
06/30/1999 00:00:00 30 Jun 1999
03/31/1999 00:00:00 31 Mar 1999
12/31/1998 00:00:00 31 Dec 1998
09/30/1998 00:00:00 30 Sep 1998
06/30/1998 00:00:00 30 Jun 1998
03/31/1998 00:00:00 31 Mar 1998
12/31/1997 00:00:00 31 Dec 1997

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06/30/2023 11:35:55 30 Jun 2023
06/30/2022 00:00:00 30 Jun 2022
06/30/2021 00:00:00 30 Jun 2021
06/30/2020 00:00:00 30 Jun 2020
06/30/2019 00:00:00 30 Jun 2019
06/30/2018 00:00:00 30 Jun 2018
06/30/2017 00:00:00 30 Jun 2017
06/30/2016 00:00:00 30 Jun 2016
06/30/2015 00:00:00 30 Jun 2015
06/30/2014 00:00:00 30 Jun 2014
06/30/2013 00:00:00 30 Jun 2013
06/30/2012 00:00:00 30 Jun 2012
06/30/2011 00:00:00 30 Jun 2011
06/30/2010 00:00:00 30 Jun 2010
06/30/2009 00:00:00 30 Jun 2009
06/30/2008 00:00:00 30 Jun 2008
06/30/2007 00:00:00 30 Jun 2007
06/30/2006 00:00:00 30 Jun 2006
06/30/2005 00:00:00 30 Jun 2005
06/30/2004 00:00:00 30 Jun 2004
06/30/2003 00:00:00 30 Jun 2003
06/30/2002 00:00:00 30 Jun 2002
06/30/2001 00:00:00 30 Jun 2001
06/30/2000 00:00:00 30 Jun 2000

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06/30/2023 10:52:25 30 Jun 2023
06/30/2022 00:00:00 30 Jun 2022
06/30/2021 00:00:00 30 Jun 2021
06/30/2020 00:00:00 30 Jun 2020
06/30/2019 00:00:00 30 Jun 2019
06/30/2018 00:00:00 30 Jun 2018
06/30/2017 00:00:00 30 Jun 2017
06/30/2016 00:00:00 30 Jun 2016
06/30/2015 00:00:00 30 Jun 2015
06/30/2014 00:00:00 30 Jun 2014
06/30/2013 00:00:00 30 Jun 2013
06/30/2012 00:00:00 30 Jun 2012
06/30/2011 00:00:00 30 Jun 2011
06/30/2010 00:00:00 30 Jun 2010
06/30/2009 00:00:00 30 Jun 2009
06/30/2008 00:00:00 30 Jun 2008
06/30/2007 00:00:00 30 Jun 2007
06/30/2006 00:00:00 30 Jun 2006
06/30/2005 00:00:00 30 Jun 2005
06/30/2004 00:00:00 30 Jun 2004
06/30/2003 00:00:00 30 Jun 2003
06/30/2002 00:00:00 30 Jun 2002
06/30/2001 00:00:00 30 Jun 2001
06/30/2000 00:00:00 30 Jun 2000

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Change of buy / sell spread

Effective 16 August 2023, the buy / sell spread for the following Platinum Trust Fund will change to:

Fund	Current buy / sell spread	New buy / sell spread
Platinum International Brands Fund	0.15% / 0.15%	0.20% / 0.20%

The buy / sell spread for the remaining Platinum Trust Funds and Platinum Global Fund have not changed. These are as follows:

Fund	Current buy / sell spread
Platinum International Fund	0.15% / 0.15%
Platinum Asia Fund	0.15% / 0.15%
Platinum European Fund	0.20% / 0.20%
Platinum Japan Fund	0.15% / 0.15%
Platinum Global Fund (Long Only)	0.10% / 0.10%
Platinum International Health Sciences Fund	0.15% / 0.15%
Platinum International Technology Fund	0.10% / 0.10%
Platinum Global Fund	0.15% / 0.15%

Buy / sell spreads for the Funds are generally reviewed by Platinum every six months having regard to each Fund’s historic six monthly average of transactional and operational costs over a rolling three year period.

For an explanation of the buy / sell spread, please see page 46 of the Platinum Trust Product Disclosure Statement dated 3 October 2023, and page 7 of the Platinum Global Fund Product Disclosure Statement dated 5 October 2021. Any changes to the buy / sell spreads for the Platinum Trust Funds and/or the Platinum Global Fund will be updated on the continuous disclosure section of the relevant Fund on our website, www.platinum.com.au.

Continuous disclosure for the Platinum International Fund as at 30 June, 2023 (the “reporting period”)
On an annual basis, Platinum is required to provide the following continuous disclosure information.

Liquidity profile:

Time to liquidate	Percentage of Fund
1 day	53.3
2 - 7 days	35.2
8 - 30 days	9.5
Greater than 30 days	2.0
Total	100

The Fund held 27.5% in cash as at the reporting period.

Financial liabilities:

Maturity	Percentage of Fund
0 - 30 days	7.97
31 - 60 days	0.0
61 - 90 days	0.0
90 - 180 days	0.0

The financial liabilities of the Fund are generally limited to: monies owed by the Fund on equity securities purchased; unrealised losses on derivatives; amounts owed to counterparties on forward FX contracts and, management and administration fees payable to Platinum. The Fund does not have any outstanding loans and does not borrow for investment or other purposes.

Total financial liabilities represented 7.97% of the market value of the net assets of the Fund as at the reporting period.
Leverage
The maximum allowed leverage in a Fund is 150% of the NAV of the Fund, that is, for every $1 invested, the gross invested position of the Fund taking into account all securities and derivatives held, is limited to $1.50. For the purposes of this calculation, the underlying effective value of the derivatives is used. Further, this limitation includes all positions and does not allow for netting of any offsetting positions.

Leverage as at the reporting period:

	Percentage of the Fund’s NAV
Gross (Long + Short)	106.1
Long positions	89.3
Short positions	16.8
Net (Long - Short)	72.5

Over the counter ("OTC") counterparties
The Fund can enter into derivative contracts with the following counterparties through International Swaps and Derivatives Association (“ISDA”) contracts.

Australian and New Zealand Banking Group Limited
Credit Suisse International
Citigroup Global Markets Limited
Citibank N.A.
Deutsche Bank A.G. London
Goldman Sachs International
J.P. Morgan Chase Bank, N.A.
Merrill Lynch International
Morgan Stanley & Co International PLC
Morgan Stanley Capital Services LLC
Nomura International plc.
UBS AG

Annual Investment Returns: Platinum International Fund

Annual Investment Return Year to 30 June	% Returns
2023	13.90
2022	(5.89)
2021	26.14
2020	(4.10)
2019	0.74

Investment returns are calculated using the Fund’s unit price (C Class) and represent the combined income and capital return for the specific period. They are net of fees and costs (excluding the buy/sell spread and any investment performance fee payable), 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

Prices & Distributions

Date	Entry (A$)	NAV per unit (A$)	Exit (A$)	Distribution (A$ per unit)
-	-	-	-	-

Date	NAV per unit (A$)	Distribution (A$ per unit)
-	-	-

Date	Entry (A$)	NAV per unit (A$)	Exit (A$)	Distribution (A$ per unit)
-	-	-	-	-

Learn more about unit pricing dates

Platinum uses a forward pricing methodology. Applications for investment in the fund received and identified (and accepted by us) by 3:00 pm (AEST) on a are processed with an entry price calculated for that . Applications received and indentified (and accepted by us) after 3:00pm AEST on a (but by the next cut-off time) will generally be processed using the entry price calculated for the next

Standard Pricing Timeline

Where a withdrawal/application request is accepted by us by 3pm AEST on a , we will generally process those trades with an exit/entry price calculated by reference to closing prices of global equity markets on the trade acceptance date.

For example, where an investor has deposited monies and we have accepted their completed Application Form with the necessary supporting documentation by 3pm, Tuesday 1 September 2020, the application will generally receive the entry price calculated by reference to closing prices of global equity markets on Tuesday 1 September 2020. Withdrawal requests are processed in the same manner.

Public Holiday Pricing

Where a withdrawal/application request is accepted by us by 3pm AEST on a which falls prior to a public holiday, we will generally process those trades with an exit/entry price calculated by reference to closing prices of global equity markets on the trade acceptance date.
For example, where an investor has deposited monies and we have accepted their completed Application Form with the necessary supporting documentation by 3pm on Friday 2 October 2020, the prior to the Labour Day holiday, the application will generally receive the entry price calculated by reference to closing prices of global equity markets on Friday 2 October 2020. Withdrawal requests are processed in the same manner.

Unit prices are updated on our website at approximately 5:30 pm AEST each

Please refer to New Investors and Existing Investors for detailed procedures on how to apply for units and make withdrawals.

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 fund may earn income (such as dividends and interest) from its investments and may also realise capital gains or losses on the sale of its investments. Income and net realised capital gains are distributed to unitholders annually as at 30 June. The components of the distribution will vary from year to year, the details of which are set out in the annual distribution and tax statements provided to unitholders. There may also be times when no distribution is payable.

Distributions are calculated in dollars-per-unit on the number of units held by a unitholder as at the end of the distribution date. This means that a unitholder’s distribution entitlement from the fund is not pro-rated for the duration of the unitholder’s investment in the fund during the tax year.

When a distribution is made, the unit price will fully reflect the distribution.

Unitholders will generally receive their entitlement (if payable) within 15 after the distribution date.

Unitholders may elect to have their distribution entitlement:

reinvested as additional units in the same unit class of the fund;
paid into the unitholder’s nominated financial institution account; or
fixed cash distribution option, currently set at 4% per annum

If no election is made, the unitholder’s distribution entitlement will be automatically reinvested. Additional units will be issued at the net asset value unit price on the relevant

, and the buy spread will not apply.

Visit Existing Investors to find out how to change your distribution election.

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