
June 2026 Investor Update | Platinum International Fund
David Steinthal
Chief Investment Officer, L1 Capital International | Portfolio Manager, Platinum International Fund and Platinum Global Fund (Long Only)
Global markets continue to navigate a highly mixed economic environment, with significant differences emerging across sectors, industries and consumer groups. At the same time, artificial intelligence remains a key driver of investment activity, creating both opportunities and challenges for investors.
In this latest Platinum International Fund video update, David Steinthal discusses why the global economy remains highly uneven, why he remains constructive on AI and where we are selectively increasing exposure. He also explains how momentum-driven markets are creating valuation distortions and why we continue to find compelling opportunities in high-quality businesses that have been left behind.
The video also provides an update on portfolio positioning, including recent portfolio adjustments and our approach to diversification across sectors, industries and geographies. David shares current views on several portfolio holdings, including Nvidia, Amazon, Microsoft, Booking Holdings, Danaher, CRH, HCA Healthcare, Visa and Mastercard.
Video Chapters
- The economic environment today (starts at 1:12)
- AI: Opportunity or bubble? (4:07)
- Why valuation still matters (8:18)
- Portfolio positioning and opportunities (9:48)
- Where we see value today (13:54)
The presentation deck is available here.
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