Platinum International Technology Fund
The fund offers investors diversified exposure to companies from around the world that are engaged in different segments of the value chain throughout the IT and telecommunications industries, from the big tech names in Silicon Valley to online media disruptors in Europe, from China’s e-commerce platforms to Korea’s consumer electronics producers, from cloud software providers to specialist semiconductor makers.
Investment objective:
To provide capital growth over the long-term by investing in information technology, telecommunications and electronics companies from around the world, including providers of hardware, software, services and content.
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
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Legal structure:
Unlisted, open-ended unit trust
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Annually at 30 June
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- 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
- C Class (standard fee option):
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Minimum initial investment(per unit class):
- A$10,000 or NZ$10,000
- A$5,000 or NZ$5,000 under regular investment plan
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Buy/sell spread:0.10% / 0.10% of NAV unit price
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Portfolio Manager(s)
Fees & Forms
Fees & Costs
Management Costs
Fee option | Investment management fee# (Accrued daily, reflected in daily net asset value (NAV) unit price, and paid monthly to Platinum from the fund’s assets.) |
Investment performance fee# (Accrued daily, reflected in daily net asset value (NAV) unit price, and, if payable, paid semi-annually to Platinum from the fund’s assets.) |
C Class – standard fee option |
1.35% per annum of the fund’s net asset value | N/A |
P Class – performance fee option |
1.10% per annum of the fund’s net asset value | The estimated investment performance fee is 0.00%.* This is calculated as 15% of the amount by which the fund’s return (after investment management fees) exceeds the return of the fund’s reference benchmark (MSCI All Country World Information Technology Net Index (A$)). Any accumulated underperformance from previous periods must be recovered before a performance fee can be recognised in the fund’s unit price. |
*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) | 0.10% of the fund’s net asset value unit price on the dealing day | Included in the entry price |
Sell costs (sell spread) | 0.10% 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 Technology Fund, our estimate of the gross transaction costs for the 2022/2023 financial year are:
Gross transaction costs (% p.a. of NAV) |
Recovery through buy/sell Spread (% p.a. of NAV) |
Net transaction costs (% p.a. of NAV) |
0.08% | (0.02%) | 0.06% |
How to Invest & Transact
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 |
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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 |
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Transfer units |
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Distributions |
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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. |
Forms
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
- Typical range: 0 – 40% of the fund’s net asset value
- Permissible range: 0 – 100% of the fund’s net asset value
- 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.
- 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.
- 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.
The Platinum International Technology Fund primarily invests in technology and telecom companies listed on securities markets around the world. The portfolio will ideally consist of 40 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 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 | The fund may invest in information technology, telecommunications and electronics companies, including but are not limited to providers of computing, networking and telecommunications equipment, software, semiconductors and related capital equipment providers, IT services, as well as network operators, content providers and “Internet” based businesses. |
Number of securities in portfolio | Typically 40 to 100 securities |
Net equity exposure | Typically 50% or more of the fund’s net asset value |
Cash holdings |
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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 |
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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, although permitted under the fund’s constitution. |
Updates & Reports
Monthly Updates
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30 Nov 2023
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31 Oct 2023
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30 Sep 2023
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31 Aug 2023
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31 Jul 2023
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30 Jun 2023
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31 May 2023
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30 Apr 2023
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31 Mar 2023
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28 Feb 2023
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31 Jan 2023
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31 Dec 2022
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30 Nov 2022
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31 Oct 2022
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30 Sep 2022
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31 Aug 2022
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31 Jul 2022
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30 Jun 2022
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31 May 2022
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30 Apr 2022
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31 Mar 2022
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28 Feb 2022
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31 Jan 2022
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31 Dec 2021
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30 Nov 2021
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31 Oct 2021
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30 Sep 2021
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31 Aug 2021
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31 Jul 2021
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30 Jun 2021
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31 May 2021
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30 Apr 2021
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31 Mar 2021
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28 Feb 2021
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31 Jan 2021
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31 Dec 2020
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30 Nov 2020
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31 Oct 2020
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30 Sep 2020
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31 Aug 2020
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31 Jul 2020
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30 Jun 2020
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31 May 2020
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30 Apr 2020
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31 Mar 2020
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29 Feb 2020
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31 Jan 2020
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31 Dec 2019
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30 Nov 2019
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31 Oct 2019
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30 Sep 2019
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31 Aug 2019
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31 Jul 2019
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30 Jun 2019
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31 May 2019
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30 Apr 2019
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31 Mar 2019
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28 Feb 2019
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31 Jan 2019
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31 Dec 2018
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30 Nov 2018
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31 Oct 2018
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30 Sep 2018
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31 Aug 2018
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31 Jul 2018
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30 Jun 2018
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31 May 2018
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30 Apr 2018
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31 Mar 2018
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28 Feb 2018
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31 Jan 2018
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31 Dec 2017
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30 Nov 2017
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31 Oct 2017
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30 Sep 2017
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31 Aug 2017
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31 Jul 2017
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30 Jun 2017
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31 May 2017
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30 Apr 2017
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31 Mar 2017
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28 Feb 2017
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31 Jan 2017
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31 Dec 2016
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30 Nov 2016
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31 Oct 2016
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30 Sep 2016
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31 Aug 2016
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31 Jul 2016
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30 Jun 2016
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31 May 2016
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30 Apr 2016
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31 Mar 2016
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29 Feb 2016
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31 Jan 2016
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31 Dec 2015
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30 Nov 2015
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31 Oct 2015
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30 Sep 2015
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31 Aug 2015
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31 Jul 2015
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30 Jun 2015
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31 May 2015
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30 Apr 2015
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31 Mar 2015
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28 Feb 2015
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31 Jan 2015
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31 Dec 2014
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30 Nov 2014
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31 Oct 2014
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30 Sep 2014
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31 Aug 2014
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31 Jul 2014
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30 Jun 2014
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31 May 2014
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30 Apr 2014
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31 Mar 2014
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28 Feb 2014
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31 Jan 2014
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31 Dec 2013
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30 Nov 2013
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31 Oct 2013
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30 Sep 2013
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31 Aug 2013
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31 Jul 2013
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30 Jun 2013
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31 May 2013
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30 Apr 2013
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31 Mar 2013
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28 Feb 2013
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31 Jan 2013
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31 Dec 2012
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30 Nov 2012
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31 Oct 2012
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30 Sep 2012
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31 Aug 2012
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31 Jul 2012
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30 Jun 2012
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31 May 2012
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30 Apr 2012
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31 Mar 2012
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29 Feb 2012
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31 Jan 2012
Quarterly Investment Manager's Report
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30 Sep 2023
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30 Jun 2023
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31 Mar 2023
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31 Dec 2022
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30 Sep 2022
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30 Jun 2022
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31 Mar 2022
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31 Dec 2021
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30 Sep 2021
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30 Jun 2021
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31 Mar 2021
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31 Dec 2020
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30 Sep 2020
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30 Jun 2020
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31 Mar 2020
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31 Dec 2019
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30 Sep 2019
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30 Jun 2019
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31 Mar 2019
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31 Dec 2018
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30 Sep 2018
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30 Jun 2018
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31 Mar 2018
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31 Dec 2017
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30 Sep 2017
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30 Jun 2017
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31 Mar 2017
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31 Dec 2016
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30 Sep 2016
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30 Jun 2016
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31 Mar 2016
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31 Dec 2015
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30 Sep 2015
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30 Jun 2015
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31 Mar 2015
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31 Dec 2014
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30 Sep 2014
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30 Jun 2014
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31 Mar 2014
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31 Dec 2013
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30 Sep 2013
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30 Jun 2013
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31 Mar 2013
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31 Dec 2012
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30 Sep 2012
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30 Jun 2012
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31 Mar 2012
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31 Dec 2011
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30 Sep 2011
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30 Jun 2011
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31 Mar 2011
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31 Dec 2010
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30 Sep 2010
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30 Jun 2010
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31 Mar 2010
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31 Dec 2009
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30 Sep 2009
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30 Jun 2009
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31 Mar 2009
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31 Dec 2008
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30 Sep 2008
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30 Jun 2008
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31 Mar 2008
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31 Dec 2007
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30 Sep 2007
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30 Jun 2007
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31 Mar 2007
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31 Dec 2006
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30 Sep 2006
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30 Jun 2006
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31 Mar 2006
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31 Dec 2005
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30 Sep 2005
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30 Jun 2005
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31 Mar 2005
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31 Dec 2004
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30 Sep 2004
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30 Jun 2004
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31 Mar 2004
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31 Dec 2003
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30 Sep 2003
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30 Jun 2003
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31 Mar 2003
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31 Dec 2002
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30 Sep 2002
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30 Jun 2002
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30 Jun 2002
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31 Mar 2002
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31 Dec 2001
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30 Sep 2001
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30 Jun 2001
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31 Mar 2001
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31 Dec 2000
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30 Sep 2000
Distribution and Tax Statements
Financial Statements
Continuous Disclosure
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 Technology 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 |
93.4 |
2 - 7 days |
6.6 |
8 - 30 days |
0.0 |
Greater than 30 days |
0.0 |
Total |
100 |
The Fund held 18.0% in cash as at the reporting period.
Financial liabilities
Maturity |
Percentage of Fund |
0 - 30 days |
1.13 |
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 1.13% 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 $1.50. For the purposes of this calculation, the underlying effective value of the derivatives is used. Further, this limitation includes all positions and does not allow for netting of any offsetting positions.
Leverage as at the reporting period
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Percentage of the Fund’s NAV |
Gross (Long + Short) |
94.8 |
Long positions |
88.4 |
Short positions |
6.4 |
Net (Long - Short) |
82.0 |
Over the counter ("OTC") counterparties
The Fund can enter into derivative contracts with the following counterparties through International Swaps and Derivatives Association (“ISDA”) contracts.
Australian and New Zealand Banking Group Limited
Credit Suisse International
Citigroup Global Markets Limited
Citibank N.A.
Deutsche Bank A.G. London
Goldman Sachs International
J.P. Morgan Chase Bank, N.A.
Merrill Lynch International
Morgan Stanley & Co International PLC
Morgan Stanley Capital Services LLC
Nomura International plc.
UBS AG
Annual Investment Returns: Platinum International Technology Fund
Annual Investment Return Year to 30 June |
% Returns |
2023 |
16.50 |
2022 |
(18.77) |
2021 |
29.24 |
2020 |
21.72 |
2019 |
4.65 |
Investment returns are calculated using the Fund’s unit price (C Class) and represent the combined income and capital return for the specific period. They are net of fees and costs (excluding the buy/sell spread and any investment performance fee payable), are pre-tax and assume the reinvestment of distributions.
The investment returns shown are historical and no warranty can be given for future performance. Historical performance is not a reliable indicator of future performance. Due to the volatility of the underlying assets of the fund and other risk factors associated with investing, investment returns can be negative, particularly in the short-term.
Source: Platinum Investment Management Limited
Prices & Distributions
Unit Price History
Date | Entry (A$) | NAV per unit (A$) | Exit (A$) | Distribution (A$ per unit) |
- | - | - | - | - |
Date | Entry (A$) | NAV per unit (A$) | Exit (A$) | Distribution (A$ per unit) |
- | - | - | - | - |
Learn more about unit pricing dates
Standard Pricing Timeline
Public Holiday Pricing
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
Please refer to New Investors and Existing Investors for detailed procedures on how to apply for units and make withdrawals.
Distribution History
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 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
Visit Existing Investors to find out how to change your distribution election.