Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.0% | 3.0% | 16.0% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.0% | 3.0% | 16.0% |
The Platinum Global Fund (Long Only) delivered a 3% quarterly return and 16% annual return for 2025, outperforming its 12% annual benchmark. Under new manager David Steinthal since October 2025, the fund maintains a global diversified approach with 64% allocation to mega-cap stocks over $100 billion. The portfolio is heavily weighted toward technology at 34%, followed by consumer discretionary and payments at 12% each. Geographic exposure spans North America (51%), Western Europe/UK (23%), and Asia Pacific (15%). Top holdings include established market leaders like Microsoft, Amazon, Visa, Mastercard, and TSMC, representing quality companies with dominant market positions. The fund maintains minimal cash at 2%, indicating full deployment of capital. With strong performance across multiple time horizons including 8% five-year annualized returns, the strategy demonstrates consistent execution of a large-cap global equity approach focused on technology and payment infrastructure leaders.
Global diversified portfolio focused on large-cap technology and payment companies with strong market positions across developed markets.
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | AER, AMZN, BKNG, CRH, ICE, INTU, MA, MSFT, TSM, V | Diversified, global, large cap, payments, technology | - | Global equity markets in 2025 delivered strong headline returns but masked significant dispersion beneath the surface, with performance driven by a narrow group of AI-related… |
| Oct 16 2025 | 2025 Q3 | ASML, BABA, IQV, TSM | Artificial Intelligence, China, consumer, semiconductors, technology | IQV UN | The fund attributes outperformance to AI-driven semiconductor exposure and recovery in Chinese equities. It sees continued momentum in global technology leaders like TSMC, ASML, and… |
| Jul 17 2025 | 2025 Q2 | CCO CN, WIZZ LN | Artificial Intelligence, fundamentals, Global Equities, price to sales, valuation |
CCO CN WIZZ LN |
The commentary emphasizes valuation discipline within global equities, particularly in technology and AI-related stocks. Management discusses the importance of aligning growth expectations with realistic cash-flow… |
| Mar 31 2025 | 2025 Q1 | ABLV, AZN LN, MRK, NOVT | - | - | - |
| Dec 31 2024 | 2024 Q4 | AVGO, NICE IT | - | - | - |
| Sep 30 2024 | 2024 Q3 | 005930 KS, DSV DC | - | - | - |
| Jun 30 2024 | 2024 Q2 | NVDA, PUM GR, TSM | - | - | - |
| Mar 31 2024 | 2024 Q1 | 000660 KS, AVGO, TSM | - | - | - |
| Dec 31 2023 | 2023 Q4 | HEIA NA, TSM | - | - | - |
| Sep 30 2023 | 2023 Q3 | UBSG SW | - | - | - |
| Jun 30 2023 | 2023 Q2 | 1789 HK, AGL AU, BAX, INDIGO IN | - | - | - |
| Mar 31 2023 | 2023 Q1 | TRU | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
ChinaChina's economic rebalancing appears to be moving forward. Market liquidity, anti-involution and a measured consumer policy are likely to drive a sustained market performance in 4Q. Fiscal support and ongoing reforms in China is supportive of a stronger currency. |
Growth Policy Currency | |
| 2025 Q2 |
ValuationAI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. |
Premium Divide Discipline Stretched Reasonable |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 16, 2025 | Fund Letters | Ted Alexander | IQV UN | IQVIA Holdings Inc | Health Care | Life Sciences Tools & Services | Bull | NYSE | AI, analytics, healthcare, life sciences, recovery, research, valuation | Login |
| Jul 17, 2025 | Fund Letters | Ted Alexander | CCO CN | Cameco Corporation | Energy | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Commodities, Decarbonisation, Energy security, inflation hedge, Nuclear, uranium | Login |
| Jul 17, 2025 | Fund Letters | Ted Alexander | WIZZ LN | Wizz Air Holdings Plc | Industrials | Airlines | Bear | New York Stock Exchange | Airlines, Competition, Cost Inflation, Cyclicals, Execution, Overcapacity | Login |
| TICKER | COMMENTARY |
|---|---|
| AER | Airline leasing business AerCap contributed 1.4% to the Fund's returns |
| AMZN | We added to our holdings in Amazon.com Inc. |
| BKNG | You may remember that we owned Booking during the pandemic. It is the world's leading online travel agency and a business we have admired for a long time. The company benefits from powerful network effects—more hotels attract more travelers, and vice versa—creating a moat that is incredibly difficult for competitors to cross. It is highly profitable, capital-light, and generates significant free cash flow. We were happy to re-enter this high-quality compounder at a valuation that offers a compelling margin of safety. |
| ICE | Intercontinental Exchange (ICE) is a long-term holding and remains a top 10 position in the Fund. ICE's share price has been under pressure, largely due to AI-related concerns. The share price has already recovered 15% from recent lows. |
| INTU | ServiceNow (NOW) and Intuit (INTU) exemplify this dynamic, advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. Intuit is deploying intelligent agents and conversational tools like 'Ask Anything' to simplify complex financial tasks across QuickBooks and TurboTax. |
| MA | The enduring appeal of card payments is their universality. Consumers trust that Visa and Mastercard will be accepted globally. After more than 20 years of litigation, Visa and Mastercard agreed to yet another settlement that gives merchants greater flexibility |
| MSFT | OpenAI's well-documented 'circular' funding with its business partners (NVIDIA, Microsoft, among others) is additional cause for concern. |
| TSM | TSMC leads the MSCI Emerging Markets Index as the manufacturer in the AI ecosystem. |
| V | We added to our holdings in Visa Inc. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||