The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Platinum Asia Fund delivered a 15% quarterly return and 31% annual return, driven primarily by AI-related holdings SK hynix, Samsung, and TSMC, which benefited from supply bottlenecks creating extraordinary profitability. However, the manager is dialing back exposure to these names, having sold 90% of the SK hynix position, due to concerns about unsustainably high margins, debt-funded expansion, and growing speculation evidenced by surging margin loans and market volatility. The AI boom has diverted capital from other Asian markets, creating opportunities the fund is exploiting. The Philippine market trades at Global Financial Crisis valuations, prompting additions to Jollibee and Ayala Land. A new position was initiated in Indonesia's Bank Central Asia after a sharp sell-off. The manager also added to Tencent in China, viewing its AI capabilities as underappreciated. Foreign investors withdrew over $100 billion from Asian markets in the first half, the heaviest outflow in 16 years. The fund remains fully invested with two-thirds of the portfolio in quality businesses outside AI, positioned to benefit if the Iran ceasefire holds and macro pressures abate.
The fund is navigating contradictions in Asian markets by trimming AI-related winners trading at cyclically elevated profitability levels while deploying capital into neglected quality businesses across South-East Asia and China trading at attractive valuations, positioning for eventual sentiment recovery while managing growing speculative risks in AI-driven markets.
The market backdrop is supportive and the fund remains fully invested, though the manager is now identifying short opportunities. The AI boom continues with ferocious end demand and companies printing money, but risks are growing due to speculative activity and unsustainably high profitability levels. Beyond AI, the remaining two-thirds of the portfolio appears well-positioned with underlying businesses delivering healthy growth and profitability, offering shareholders compensation to wait for sentiment to turn. If the Iran ceasefire holds, macro pressures could abate across South-East Asia, potentially unlocking value in quality businesses currently trading at depressed valuations.
As of Jul 25, 2026
Cameron Robertson serves as Portfolio Manager for Platinum's Asia strategies, bringing over 15 years of experience since joining the firm in 2010. He holds a CFA designation, BSc Hons from the University of Sydney, and MAppFin from Macquarie University. Robertson initially focused on resources before transitioning to Asian equity strategies, where he has developed expertise in identifying undervalued companies across the region. He is actively involved in investment commentary and research, contributing to quarterly reports and market analysis. Robertson co-manages the Asia strategy and maintains an active presence in investment communications, with over 500 LinkedIn connections reflecting his professional network in the investment community.
Platinum Asset Management employs a distinctive investment approach centered on identifying market mispricings caused by cognitive biases, particularly in less conspicuous areas of the market. The firm's philosophy emphasizes paying the right price for quality assets and focuses on delivering absolute long-term returns rather than benchmark-relative performance. Their investment process incorporates both qualitative and quantitative analyses, assessing company competitiveness, management quality, ownership structure, financial health, and valuation. Portfolio construction is driven by bottom-up individual stock selection, informed by intensive research and broad thematic insights, with portfolio managers held accountable for investment decisions. The firm may hold significant cash when undervalued opportunities are scarce and may engage in short selling overvalued securities or indices to manage risk.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The fund holds concentrated positions with the top three holdings (TSMC 12.1%, Samsung 11.1%, SK hynix 9.9%) representing 33% of the portfolio. The manager names specific positions, discusses sizing decisions explicitly (sold 90% of SK hynix, trimming Samsung/TSMC, adding to Jollibee/Ayala/Tencent, initiating Bank Central Asia), and provides clear thesis rationale for each. However, the portfolio appears to hold 10+ named positions with some hedging language about macro uncertainty and inability to identify immediate catalysts. The combination of concentration in top holdings, explicit position sizing, and clear theses warrants a score in the moderate-to-high conviction range.
Growth Outlook
Manager acknowledges genuine uncertainty from Iran conflict and energy price impacts but expresses reasonable optimism about medium to longer-term regional prospects, finding compelling opportunities across multiple industries.
Risk Appetite
Manager is selectively adding to positions in undervalued companies while trimming profitable semiconductor holdings. Taking measured approach to risk with some profit-taking but maintaining meaningful exposure to structural themes.
Capital Deployment
The manager describes selling AI winners (90% of SK hynix over three years, trimming Samsung/TSMC during the quarter) and using proceeds to add to Jollibee, Ayala Land, Tencent, and initiate Bank Central Asia. This represents capital rotation rather than net deployment or de-risking, as the fund remains fully invested throughout. No cash level changes are mentioned. Per the rotation rule, this scores near zero as it reflects reallocation rather than net new capital deployment or withdrawal.
Forward Guidance
Manager explicitly states it's hard not to be reasonably optimistic about medium to longer-term prospects and continues to find businesses with strong competitive positions at attractive valuations.
Language Signal
The letter contains mixed directional language. Bullish terms include 'attractive valuations,' 'quality businesses,' 'opportunities,' 'strong,' and 'outstanding capital allocation.' Bearish language includes 'caution,' 'risks,' 'speculative activity,' 'unsustainably high,' 'warrants some caution,' 'headwinds,' and 'malaise.' The balance tilts slightly positive given the emphasis on opportunities created by market dislocations, but the extensive risk discussion keeps this in mildly positive territory.
Perceived Risk
Manager identifies genuine uncertainty from Iran conflict, energy price impacts on Asian economies, and currency headwinds. Discusses meaningful risks to inflation, consumer spending, and corporate margins from prolonged energy disruption.
Opportunity Density
The manager describes a 'fabulous hunting ground' created by neglect of non-AI Asian markets, with the Philippine market at GFC valuations (more than a third below average multiples), quality businesses 'swept up in general malaise,' and Indonesia 'similarly shunned.' Multiple specific opportunities are named (Jollibee, Ayala Land, Bank Central Asia, Tencent) with clear rationale. The characterization is of selective but meaningful opportunities in defined areas (South-East Asia, China) rather than broad-based abundance, placing this in the selective-opportunities range.
Time Horizon
The manager states 'we feel we are being paid sufficiently to wait' for value to unlock in non-AI holdings, acknowledging 'macro headwinds could persist for a little while yet' but expressing no urgency to exit. The discussion of AI technology having 'huge impacts, unlocking substantial benefits for society – in time' suggests a multi-year view. However, the letter also discusses quarterly results, near-term catalysts like the Iran ceasefire, and specific company quarterly performance, indicating some medium-term focus. This combination of patient capital language with catalyst awareness places the score in the medium-term range.
Top Conviction Themes
Key Catalysts
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