Platinum International Brands Fund

Investor Summary

Nikola Dvornak serves as the current portfolio manager for the Platinum International Brands Fund, having been appointed in March 2024. The fund operates within Platinum Asset Management's platform, which was originally co-founded by Kerr Neilson in 1994 with backing from George Soros. Neilson's distinguished investment track record shows an estimated +17.1% per annum over 40 years (1984-2023), establishing credibility for the platform's contrarian, long-term investment philosophy. While Neilson stepped down as CEO in 2018 and resigned from the board in 2022, his philosophical influence continues within the organization. The fund has experienced management transitions over its history, with James Halse previously managing the fund following Simon Trevett's departure in February 2017, reflecting Platinum's ongoing evolution in fund leadership while maintaining consistent investment philosophy. The management team brings deep sector expertise in consumer brand analysis and global equity markets.

Fund Strategy

The Fund aims to provide capital growth over the long-term by investing in well-recognised as well as up-and-coming consumer and business brand names including household consumables and durables, luxury goods, retailers, and consumer services. Platinum's investment philosophy is centred around the idea that stock prices are heavily influenced by cognitive biases and that, from time to time, this can lead to mispricing. The portfolio will ideally consist of 30 to 80 securities that Platinum believes to be undervalued by the market, with the fund typically maintaining 50% or more net equity exposure. The fund primarily invests in listed equity securities in a diverse range of branded consumer companies from globally recognised to local brands, with geographic diversification across North America, Europe, and Asia-Pacific markets.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
10%	4%	-

Executive Summary

The Platinum International Brands Fund returned 4.4% for the quarter but declined 13.5% over the past year as semiconductor stocks dominated market returns, rising 90% in three months. The fund's consumer-facing holdings were left behind despite delivering strong underlying performance, with the top ten holdings growing sales by 13% and profits by 19% on average. The manager views this as a crisis of sentiment rather than substance, noting consumer sentiment has reached its lowest level since 1952 due to higher interest rates, weak house prices, tariffs, and elevated oil prices. However, positive signs are emerging: hiring has accelerated, oil prices have returned to pre-war levels around $72 per barrel, and fiscal policy is loosening. Birkenstock and Caterpillar were strong contributors, while Zoetis disappointed due to commercial execution failures and was largely sold. The manager maintains conviction that the wide gap between negative sentiment and strong business fundamentals will be rewarded when market leadership broadens beyond semiconductors, while identifying AI investment sustainability and persistent inflation as key risks.

Forward Outlook

The manager expects market concentration in semiconductors to be unsustainable, with performance likely to broaden if consumer spending continues improving. The portfolio is well-positioned for such a rotation, with holdings continuing to compound earnings despite headwinds. Two key risks occupy the manager's thoughts: the durability of the AI investment boom and whether the massive investment will earn adequate returns, and the persistence of inflation driven by deglobalization and supply chain reshoring. The manager maintains conviction that the wide gap between negative sentiment and strong underlying business performance will eventually be rewarded.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 23 2026	2026 Q2	BIRK, CAT, ZTS	AI, brands, consumer, inflation, oil, semiconductors, Sentiment	BIRK CAT ZTS	Consumer brands are thriving beneath a surface of extreme negative sentiment. The fund's holdings grew sales 13% and profits 19% despite being left behind by a semiconductor-driven rally. With jobs improving, oil prices normalizing, and fiscal support increasing, the gap between depressed valuations and strong fundamentals presents compelling opportunity. Market concentration in AI and semiconductors appears unsustainable.
Apr 22 2026	2026 Q1	AMER, GAW.L, GDMA.SW	brands, consumer, Discretionary, energy, Iran, Luxury	-	Consumer brands fund fell 15% as Iran conflict and rate pressures crushed discretionary spending sentiment. Core holdings like Galderma and Games Workshop grew profits 25-45% despite share price weakness. Market pricing brands like 2008 crisis despite healthy fundamentals. Manager sees sentiment-driven mispricing creating opportunities in quality businesses with pricing power now trading at attractive valuations.
Jan 21 2026	2025 Q4	ALLFG.L, AS1R.HE, BIRK, ELF, FICO, GAM.L, GDMA.SW, GOOGL, ITX.MC, STJ.L, V, WWW, ZTS	AI, brands, consumer discretionary, Consumer Staples, global, retail	WWW ELF	Brand-focused fund underperformed as AI stocks dominated Q4 2025 gains while consumer sectors lagged. Despite operational excellence from portfolio companies like Wolverine Worldwide and e.l.f. Beauty, share prices declined on consumer spending concerns. Manager views current weakness as opportunity to accumulate quality businesses at attractive valuations, positioning for long-term outperformance when market focus shifts from AI speculation.
Oct 16 2025	2025 Q3	0700.HK, ALLFG.L, AMER, BIRK, FICO, GALDA.SW, GOOGL, HD, ITX.MC, STJ.L, WWW, ZTS	AI, brands, consumer, Footwear, global, growth, Quality	BIRK LX AS WWW UN	Platinum's brand-focused fund returned 1% in Q3 as markets favored AI over consumer names amid employment concerns. Despite underperformance, holdings like Birkenstock, Amer Sport, and Wolverine delivered strong operational results with high returns on capital. The manager maintains conviction that quality brand businesses are less prone to disruption than high-tech names and will reward patient investors.
Jul 17 2025	2025 Q2	000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS	AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy	GALD SW WING IDXX	Strong quarter driven by AI and Korean market outperformance, with technology holdings delivering exceptional returns. Trade policy volatility created opportunities amid initial sell-offs. Maintaining quality focus across diverse geographies while positioned defensively for potential US market crisis through elevated cash and protective shorts.
Mar 31 2025	2025 Q1	0700.HK, AMZN, BIRK, EL.PA, GOOGL, HLN.L, ITX.MC, JD, JD.L, META, NESN.SW, PNDORA.CO, V, ZTS	brands, China, consumer, E-Commerce, Luxury, tariffs, technology	-	Fund declined 5.9% as US consumer spending concerns weighed on brand portfolio despite strong Chinese tech performance from Tencent and JD.com. Manager maintains focus on high-quality businesses with strong brands, noting disconnect between solid operational results and weak share prices. Sitting tight through volatility while reviewing fundamentals for long-term opportunities.
Dec 31 2024	2024 Q4	AAPL, AMER, AMZN, BIRK, CFR.SW, ELF, GOOGL, HLN.L, ITX.MC, JD.L, META, NIKE, PAN.CO, PUMA.DE, SJP.L, TCOM, ZTS	Beauty, brands, consumer, global, Luxury, Travel	-	Strong stock selection drove 11.9% quarterly returns despite challenging market conditions. Key winners included Amer Sports, Birkenstock, and Trip.com, while new position e.l.f. Beauty capitalizes on cosmetics growth. Portfolio remains defensively positioned in high-quality branded companies, underweight expensive US equities, and positioned for potential trade policy impacts while benefiting from global consumer resilience.
Sep 30 2024	2024 Q3	3690.HK, AMZN, BEI.DE, GALDA.SW, GOOGL, GSK, HEIN.AS, ITX.MC, JD, META, SONY, V, ZTS	Beauty, Consumer Brands, E-Commerce, global, Luxury, technology	-	Platinum International Brands Fund gained 8.7% in Q3, led by Chinese e-commerce names Meituan and JD.com rising over 50% on stimulus measures. Portfolio restructuring complete with core global brands plus opportunistic positions like Sony and Birkenstock. Despite US consumer fatigue risks, easing monetary policy and potential Chinese recovery support outlook for international brands.
Jun 30 2024	2024 Q2	AAPL, ADS.DE, AMZN, BEI.DE, COST, DG, GOOGL, HD, HEIN.AS, ITX.MC, LULU, MCD, META, NKE, NVDA, PUMA.DE, ULTA, V, WBA, ZTS	brands, consumer, E-Commerce, global, Luxury, Recovery, technology	-	The fund returned -1% as AI stocks dominated markets while consumer brands lagged. Chinese luxury demand weakens while European consumers recover from inflation shock. US consumer resilience shows cracks with major retailers declining 10-44%. Portfolio reoriented toward dominant global brands with significant cash for opportunities as narrow market leadership creates mispricing in quality consumer companies.
Mar 31 2024	2024 Q1	0700.HK, 3690.HK, BFIT.AS, GOOGL, HEIA.AS, HLN.L, JD, TCOM, TM, V	China, Consumer Brands, global, positioning, underperformance, value	-	The fund significantly underperformed due to heavy China exposure and light US positioning during a period when Chinese stocks fell and US equities soared. Management has rebalanced toward established global brands and reduced geographic concentration. While Chinese consumer sentiment remains weak, some stabilization signs emerge in travel bookings. The portfolio is now better positioned across diverse scenarios.
Dec 31 2023	2023 Q4	1448.HK, 2186.HK, 7974.T, 9618.HK, AAPL, AMZN, BFIT.AS, GOOGL, HEIA.AS, META, MLCO, MSFT, NIEN, NVDA, PLNT, PNDORA.CO, RBI.VI, RI.PA, TSLA	Beverages, brands, China, consumer, Defensive, Valuations	-	The Fund declined 4.1% in Q4 as defensive positioning hurt performance during market rallies. Manager maintains cautious stance on US consumer spending while seeing compelling value in unpopular Chinese consumer stocks trading at deep discounts. New Heineken position targets earnings recovery as cost headwinds reverse. Portfolio positioned conservatively at 67% net exposure with increased Japanese Yen exposure.
Sep 30 2023	2023 Q3	4819.T, ATZ.TO, BFIT.AS, EZGL.T, GSK, JD, MEIT, PNDR.CO, PROSUS.AS	brands, China, consumer, Discretionary, retail	-	Fund declined 4.7% amid weak discretionary retail and Chinese holdings. Manager maintains defensive 55% net exposure, avoiding pandemic beneficiaries while targeting structural growth and deep value opportunities. Sees Chinese consumer stocks as most attractive given restrained spending that could recover, contrasting with overstretched Western consumers now retreating from pandemic-era excess.
Jun 30 2023	2023 Q2	2206.T, 2502.T, 7203.T, 9142.T, GOOGL, JD, META, NFLX, RIPI.PA	AI, China, Consumer Brands, gaming, Japan, technology	-	The Fund's -3.4% quarterly return reflects cautious positioning amid expensive US markets and weak Chinese consumer recovery. While AI-driven US tech stocks rallied strongly, the Fund's consumer brands focus limited participation. Chinese holdings declined across the board despite attractive valuations. The manager maintains defensive positioning in overvalued US markets while selectively adding Japanese and Indonesian consumer opportunities.
Mar 31 2023	2023 Q1	0700.HK, 1448.HK, 2502.T, 3690.HK, 5938.T, BFIT.AS, BMW.DE, GOOGL, HLN.L, JD, META, MWG.HM, NIEN.TW, PNDORA.CO, SMCP.PA, TCOM	China, Consumer Brands, demographics, E-Commerce, Reopening, Travel	-	Fund gained 6.6% as Meta and European positions offset Chinese e-commerce weakness from competitive fears. Manager remains constructive on China reopening opportunity, expecting birth rate and travel recovery to drive multi-year demand. Maintains defensive 29% short position, cautious on US consumer amid emerging weakness in lower-income segments and housing-related categories.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 23 2026

2026 Q2

BIRK, CAT, ZTS

AI, brands, consumer, inflation, oil, semiconductors, Sentiment

BIRK
CAT
ZTS

Consumer brands are thriving beneath a surface of extreme negative sentiment. The fund's holdings grew sales 13% and profits 19% despite being left behind by a semiconductor-driven rally. With jobs improving, oil prices normalizing, and fiscal support increasing, the gap between depressed valuations and strong fundamentals presents compelling opportunity. Market concentration in AI and semiconductors appears unsustainable.

Apr 22 2026

2026 Q1

AMER, GAW.L, GDMA.SW

brands, consumer, Discretionary, energy, Iran, Luxury

Consumer brands fund fell 15% as Iran conflict and rate pressures crushed discretionary spending sentiment. Core holdings like Galderma and Games Workshop grew profits 25-45% despite share price weakness. Market pricing brands like 2008 crisis despite healthy fundamentals. Manager sees sentiment-driven mispricing creating opportunities in quality businesses with pricing power now trading at attractive valuations.

Jan 21 2026

2025 Q4

ALLFG.L, AS1R.HE, BIRK, ELF, FICO, GAM.L, GDMA.SW, GOOGL, ITX.MC, STJ.L, V, WWW, ZTS

AI, brands, consumer discretionary, Consumer Staples, global, retail

WWW
ELF

Brand-focused fund underperformed as AI stocks dominated Q4 2025 gains while consumer sectors lagged. Despite operational excellence from portfolio companies like Wolverine Worldwide and e.l.f. Beauty, share prices declined on consumer spending concerns. Manager views current weakness as opportunity to accumulate quality businesses at attractive valuations, positioning for long-term outperformance when market focus shifts from AI speculation.

Oct 16 2025

2025 Q3

0700.HK, ALLFG.L, AMER, BIRK, FICO, GALDA.SW, GOOGL, HD, ITX.MC, STJ.L, WWW, ZTS

AI, brands, consumer, Footwear, global, growth, Quality

BIRK LX
AS
WWW UN

Platinum's brand-focused fund returned 1% in Q3 as markets favored AI over consumer names amid employment concerns. Despite underperformance, holdings like Birkenstock, Amer Sport, and Wolverine delivered strong operational results with high returns on capital. The manager maintains conviction that quality brand businesses are less prone to disruption than high-tech names and will reward patient investors.

Jul 17 2025

2025 Q2

000660.KS, 005930.KS, 055550.KS, 0700.HK, 1109.HK, 1801.T, 2269.HK, 2318.HK, 4543.T, 5401.T, 6141.T, 6503.T, 6758.T, 6954.T, 7203.T, 7974.T, 8035.T, 8725.T, 8802.T, 9618.HK, AAPL, ADI, ALLFG.L, AMER, AMZN, ASML, AVGO, BARC.L, CCO, CLNX.MC, ELF, FLTR.L, FOXF.L, GLE.PA, GOOGL, IDXX, INGOA.NS, ITX.MC, JMT.LS, KLAC, LRCX, LSE.L, MA, MCHP, MEITUAN, META, MOWI.OL, MSFT, MU, NFLX, NVDA, NVS, ORSTED.CO, RCI, SAP, STJ.L, TCOM, TSMC, TXN, UBER, UBS, UL, V, VAL, VEEV, WING, WIZ.L, ZTS

AI, Asia, defense, Korea, nuclear, semiconductors, technology, Trade Policy

GALD SW
WING
IDXX

Strong quarter driven by AI and Korean market outperformance, with technology holdings delivering exceptional returns. Trade policy volatility created opportunities amid initial sell-offs. Maintaining quality focus across diverse geographies while positioned defensively for potential US market crisis through elevated cash and protective shorts.

Mar 31 2025

2025 Q1

0700.HK, AMZN, BIRK, EL.PA, GOOGL, HLN.L, ITX.MC, JD, JD.L, META, NESN.SW, PNDORA.CO, V, ZTS

brands, China, consumer, E-Commerce, Luxury, tariffs, technology

Fund declined 5.9% as US consumer spending concerns weighed on brand portfolio despite strong Chinese tech performance from Tencent and JD.com. Manager maintains focus on high-quality businesses with strong brands, noting disconnect between solid operational results and weak share prices. Sitting tight through volatility while reviewing fundamentals for long-term opportunities.

Dec 31 2024

2024 Q4

AAPL, AMER, AMZN, BIRK, CFR.SW, ELF, GOOGL, HLN.L, ITX.MC, JD.L, META, NIKE, PAN.CO, PUMA.DE, SJP.L, TCOM, ZTS

Beauty, brands, consumer, global, Luxury, Travel

Strong stock selection drove 11.9% quarterly returns despite challenging market conditions. Key winners included Amer Sports, Birkenstock, and Trip.com, while new position e.l.f. Beauty capitalizes on cosmetics growth. Portfolio remains defensively positioned in high-quality branded companies, underweight expensive US equities, and positioned for potential trade policy impacts while benefiting from global consumer resilience.

Sep 30 2024

2024 Q3

3690.HK, AMZN, BEI.DE, GALDA.SW, GOOGL, GSK, HEIN.AS, ITX.MC, JD, META, SONY, V, ZTS

Beauty, Consumer Brands, E-Commerce, global, Luxury, technology

Platinum International Brands Fund gained 8.7% in Q3, led by Chinese e-commerce names Meituan and JD.com rising over 50% on stimulus measures. Portfolio restructuring complete with core global brands plus opportunistic positions like Sony and Birkenstock. Despite US consumer fatigue risks, easing monetary policy and potential Chinese recovery support outlook for international brands.

Jun 30 2024

2024 Q2

AAPL, ADS.DE, AMZN, BEI.DE, COST, DG, GOOGL, HD, HEIN.AS, ITX.MC, LULU, MCD, META, NKE, NVDA, PUMA.DE, ULTA, V, WBA, ZTS

brands, consumer, E-Commerce, global, Luxury, Recovery, technology

The fund returned -1% as AI stocks dominated markets while consumer brands lagged. Chinese luxury demand weakens while European consumers recover from inflation shock. US consumer resilience shows cracks with major retailers declining 10-44%. Portfolio reoriented toward dominant global brands with significant cash for opportunities as narrow market leadership creates mispricing in quality consumer companies.

Mar 31 2024

2024 Q1

0700.HK, 3690.HK, BFIT.AS, GOOGL, HEIA.AS, HLN.L, JD, TCOM, TM, V

China, Consumer Brands, global, positioning, underperformance, value

The fund significantly underperformed due to heavy China exposure and light US positioning during a period when Chinese stocks fell and US equities soared. Management has rebalanced toward established global brands and reduced geographic concentration. While Chinese consumer sentiment remains weak, some stabilization signs emerge in travel bookings. The portfolio is now better positioned across diverse scenarios.

Dec 31 2023

2023 Q4

1448.HK, 2186.HK, 7974.T, 9618.HK, AAPL, AMZN, BFIT.AS, GOOGL, HEIA.AS, META, MLCO, MSFT, NIEN, NVDA, PLNT, PNDORA.CO, RBI.VI, RI.PA, TSLA

Beverages, brands, China, consumer, Defensive, Valuations

The Fund declined 4.1% in Q4 as defensive positioning hurt performance during market rallies. Manager maintains cautious stance on US consumer spending while seeing compelling value in unpopular Chinese consumer stocks trading at deep discounts. New Heineken position targets earnings recovery as cost headwinds reverse. Portfolio positioned conservatively at 67% net exposure with increased Japanese Yen exposure.

Sep 30 2023

2023 Q3

4819.T, ATZ.TO, BFIT.AS, EZGL.T, GSK, JD, MEIT, PNDR.CO, PROSUS.AS

brands, China, consumer, Discretionary, retail

Fund declined 4.7% amid weak discretionary retail and Chinese holdings. Manager maintains defensive 55% net exposure, avoiding pandemic beneficiaries while targeting structural growth and deep value opportunities. Sees Chinese consumer stocks as most attractive given restrained spending that could recover, contrasting with overstretched Western consumers now retreating from pandemic-era excess.

Jun 30 2023

2023 Q2

2206.T, 2502.T, 7203.T, 9142.T, GOOGL, JD, META, NFLX, RIPI.PA

AI, China, Consumer Brands, gaming, Japan, technology

The Fund's -3.4% quarterly return reflects cautious positioning amid expensive US markets and weak Chinese consumer recovery. While AI-driven US tech stocks rallied strongly, the Fund's consumer brands focus limited participation. Chinese holdings declined across the board despite attractive valuations. The manager maintains defensive positioning in overvalued US markets while selectively adding Japanese and Indonesian consumer opportunities.

Mar 31 2023

2023 Q1

0700.HK, 1448.HK, 2502.T, 3690.HK, 5938.T, BFIT.AS, BMW.DE, GOOGL, HLN.L, JD, META, MWG.HM, NIEN.TW, PNDORA.CO, SMCP.PA, TCOM

China, Consumer Brands, demographics, E-Commerce, Reopening, Travel

Fund gained 6.6% as Meta and European positions offset Chinese e-commerce weakness from competitive fears. Manager remains constructive on China reopening opportunity, expecting birth rate and travel recovery to drive multi-year demand. Maintains defensive 29% short position, cautious on US consumer amid emerging weakness in lower-income segments and housing-related categories.

QUARTER	THEMES	TAGS
2026 Q2	Semiconductors The semiconductor sector experienced its best quarter since 1993, with the Philadelphia Semiconductor index rising 90% in three months, driven by the AI investment boom. Semiconductors now account for almost 20% of the S&P 500, up from 3% a decade ago. The manager has little direct exposure to this theme.	AI Technology Semiconductors Nvidia
	Consumer Consumer-facing stocks have been severely out of favor, with sentiment at levels only seen during the 2009 financial crisis and 2020 pandemic lockdowns. Despite negative sentiment, the manager's consumer holdings continue to grow sales by 13% and profits by 19% on average. The manager views this as a crisis of sentiment rather than substance, with improving conditions around jobs, wages, and oil prices.	Consumer Discretionary Consumer Staples Sentiment Jobs Wages
	Oil Oil prices doubled due to the Iran war and the Strait of Hormuz standoff, acting as a tax on consumer budgets. Prices have since returned to pre-war levels around $72 per barrel from over $100, providing relief to consumers. The fund holds a 3.9% position in Brent Crude Index.	Oil Energy Iran Commodities
	Inflation The manager identifies inflation as a key risk going forward, noting that the age of low inflation appears over due to growing barriers to movement of goods and people, higher geopolitical risk, and efforts to bring supply chains home. The Warsh Federal Reserve sounds more hawkish than most presumed.	Inflation Rates Trade Policy Geopolitical
	AI The AI investment boom has driven market concentration, with early beneficiaries like Nvidia and hyperscalers losing momentum while companies at genuine supply bottlenecks keep ascending. The manager expresses unease over how much is being spent and how the bill will be met, identifying the durability of the AI boom as a key risk.	AI Technology Data Centers Cloud
2026 Q1	Consumer Consumer discretionary stocks fell approximately 15% from January highs due to elevated interest rates, tariffs, and energy price spikes from the Iran conflict. The market is pricing consumer brands as though on the brink of economic collapse, despite healthy corporate balance sheets and low unemployment.	Consumer Discretionary Retail Brands Spending
	Luxury Core luxury and premium brand holdings like Galderma, Birkenstock, Games Workshop and Amer Sports all grew operating profit by 25% or more in FY25, demonstrating strong underlying business performance despite share price weakness.	Premium Brands Luxury Goods Brand Equity
	Beauty Galderma continues to capture share in the aesthetics and dermatology market where demographic tailwinds are structural rather than cyclical, with 18% sales growth and 28% operating profit growth in FY25.	Aesthetics Skincare Demographics
	Energy The Iran conflict delivered oil spikes above US$120 per barrel, functioning as the final blow to consumer confidence as higher energy costs directly impact household discretionary spending budgets.	Oil Prices Energy Costs Iran Conflict
2025 Q4	Small Caps The fund operates a concentrated Micro and Small-Cap strategy that naturally diverges from market indexes. Portfolio consists of ~60% businesses with market caps below $500M, with top five positions accounting for ~60% of the portfolio.	Microcap Small Cap Concentration
2025 Q3	AI The broader market's momentum was overwhelmingly propelled by the AI theme, specifically stocks building-out AI data centres. Semiconductor companies, the picks and shovels in this modern gold rush, were particularly strong. The market is mesmerised by a narrative around AI's massive growth potential.	Data Centers Semiconductors Growth Technology Momentum
	Footwear The fund holds significant positions in footwear brands including Birkenstock, Wolverine Worldwide with Saucony, and Amer Sport with brands like Salomon. These companies are delivering strong growth despite market headwinds, with Saucony accelerating to 40% year-on-year sales growth.	Brands Consumer Growth Retail Fashion
	Brands The fund focuses on enduring global brands with strong operational performance. Brand-based businesses are viewed as attractive investments that are less prone to disruption than high-tech names over the longer-term, with companies generating high returns on capital.	Consumer Quality Resilience Value Growth
2025 Q2	AI AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies.	Semiconductors Valuation Energy Data Centers Growth
	Korea Korea is experiencing a transformation with governance reforms, defense spending growth, and technological advancement. The Value-Up Program and new president's policies are reducing the Korea discount. Korean companies are benefiting from US-China tensions and global defense demand.	Governance Defense Semiconductors Reform Discount
	Nuclear Nuclear energy is experiencing renewed enthusiasm as AI drives higher energy demand and countries seek low-carbon baseload power. Cameco benefited significantly from this trend, with uranium markets experiencing supply constraints and new reactor demand.	Energy Uranium Data Centers Climate Supply
	Trade Policy US tariff policies created significant market volatility, with initial sell-offs followed by recovery as negotiations progressed. China responded with matching tariffs and export controls. The uncertainty is affecting business investment decisions and global supply chains.	Tariffs China Negotiations Volatility Investment
	Defense Defense spending is increasing globally due to geopolitical tensions. Korean defense companies like Hyundai Rotem are winning major contracts, while Japanese defense-oriented stocks performed well. The sector benefits from Western alignment and production capacity.	Spending Geopolitical Manufacturing Contracts Security
	Semiconductors Semiconductor companies, particularly memory and AI-focused chips, performed strongly. SK hynix and Samsung dominate High Bandwidth Memory production for AI applications. The sector benefits from AI demand while facing supply chain and geopolitical challenges.	Memory Manufacturing Supply Chain Technology Demand
2025 Q1	E-commerce The Fund holds significant positions in e-commerce platforms including Amazon and JD.com, which benefited from Chinese tech sector recovery and DeepSeek AI developments.	Amazon JD.com Marketplaces Online retail Digital platforms
	Luxury Portfolio includes luxury and premium brands like Birkenstock, Pandora, and EssilorLuxottica, though these faced headwinds from US consumer spending concerns.	Premium brands Birkenstock Pandora Luxury goods Brand value
	Beauty Significant exposure to beauty and personal care through Galderma, which continues taking market share from Botox with Dysport and launched new FDA-approved eczema treatment Nemluvio.	Galderma Dysport Botox Dermatology Skincare
	Trade Policy Fund performance significantly impacted by US tariff concerns and trade policy uncertainty, affecting consumer confidence and spending patterns across portfolio companies.	Tariffs Trade wars Consumer spending Policy uncertainty Global trade
2024 Q4	Luxury The luxury industry is in recession as the Covid boom has turned to bust, starting with a fall away in the US and European aspirational buyer, followed by a 30% fall in Chinese demand. Despite the downturn, Richemont's jewellery houses continue to grow while most other luxury houses saw declines.	Luxury goods Richemont Cartier Van Cleef
	Beauty The beauty sector shows mixed dynamics with e.l.f. Beauty enjoying very strong growth thanks to innovative products, affordable pricing and extremely skilful marketing. Galderma continues to grow at double-digit rates in injectable aesthetics and skincare, contrasting with weakening demand in the broader beauty and skincare sectors.	Cosmetics Skincare Injectable aesthetics Beauty retail
	Travel Trip.com was up 100% during 2024 as China's leading online travel agent. Their domestic operations delivered solid performance and are now running well ahead of pre-COVID levels, while international expansion efforts are bearing fruit across multiple markets.	Online travel China travel Travel recovery International expansion
	Apparel Amer Sports continues to grow rapidly with sales up 17% driven by strong growth in Arc'teryx, which is growing in excess of 30% and generating very high margins. Birkenstock delivered 21% sales growth despite sitting in the crosshairs of a potential trade war.	Outdoor apparel Athletic wear Premium footwear Brand strength
2024 Q3	E-commerce Chinese technology and e-commerce firms Meituan and JD.com were notable contributors, both up over 50% during the quarter. The portfolio benefits from exposure to global e-commerce platforms including Amazon.	Marketplaces Digital Commerce Online Retail Technology Platforms
	Beauty Consumer health company Haleon performed well with over 20% gains. The portfolio includes exposure to beauty and personal care through companies like Beiersdorf with strong Nivea brand growth of 11% annually.	Personal Care Skincare Consumer Health Brand Portfolio
	Luxury The fund maintains exposure to luxury and premium brands through holdings like Birkenstock, a German leather sandal maker with 250-year heritage successfully expanding its product range and geographic presence.	Premium Brands Heritage Brands Global Expansion Brand Appeal
	Gaming Sony was added as a new position, maker of PlayStation game console and owner of large content libraries through Sony Pictures and Sony Music, representing exposure to the gaming and entertainment ecosystem.	Console Gaming Entertainment Content Media Libraries Digital Entertainment
2024 Q2	Luxury Chinese consumer sentiment remains weak and the recovery lacklustre. There is increased anecdotal evidence this weakness is spreading to higher-end luxury brands and that discounting is picking up. European consumer activity is recovering, having been battered by the pickup in global inflation and the energy price shock following Russia's invasion of Ukraine.	Luxury Consumer China Europe Recovery
	E-commerce Our best performing holdings this quarter were our consumer internet companies, most notably Google and Amazon. Amazon benefitted from an apparent inflection in the growth rate of Amazon Web Services which had been decelerating in prior quarters.	E-commerce Internet Cloud Growth Technology
	Beauty Galderma has strong brands in the field of aesthetic medicine. These include their Botulinum toxin brand, Dysport, which is second only to Allergan's Botox. They also own strong brands in fillers and biostimulators such as Restylane, used in lip enhancements. Readers less inclined to cosmetic surgery may nevertheless be familiar with their skincare products, sold under the Cetaphil brand.	Beauty Skincare Aesthetics Brands Healthcare
	Apparel Like many consumer goods categories, sportswear went through a boom-bust cycle during Covid, with the entire industry suffering from excess inventory, leading to discounting and lower sales while stock cleared. This adjustment has largely run its course, with inventory at PUMA and peers now close to historical norms.	Apparel Sportswear Inventory Recovery Brands
2024 Q1	E-commerce The fund holds significant positions in Chinese consumer internet businesses including JD.com, Trip.com, and Meituan. These companies benefit from powerful network effects and strong market positions. Recent earnings reports suggest stabilization in the Chinese e-commerce sector.	Online retail Digital platforms Consumer internet Network effects Marketplaces
	Travel Trip.com reported more than doubling of bookings in their Online Travel Agency business. The fund maintains exposure to online travel platforms that should benefit from any recovery in consumer sentiment and travel demand.	Online travel Booking platforms Travel recovery Tourism Hospitality
	Luxury The portfolio includes well-established global brands that most readers should recognize. The fund has increased exposure to premium consumer brands with strong market positions and pricing power.	Premium brands Brand value Pricing power Global recognition Consumer loyalty
2023 Q4	Consumer Finance The Fund holds positions in consumer-focused companies across various sectors, with particular emphasis on companies serving Chinese consumers despite ongoing economic weakness. The manager sees attractive valuations in Chinese consumer stocks due to weak sentiment.	Consumer Spending Chinese Consumer Valuations Sentiment
	Beverages The Fund established a position in global brewer Heineken at attractive valuations relative to expected earnings. Heineken faces headwinds from rising input costs and strong US dollar but these trends appear set to reverse, positioning the stock for earnings growth and valuation re-rating.	Beer Heineken Input Costs Emerging Markets Profitability
2023 Q3	Consumer Fund focuses on consumer discretionary and staples companies globally, with particular emphasis on retailers, apparel companies, and consumer brands. Manager discusses weakening consumer spending in developed markets while Chinese consumer spending remains restrained but could recover.	Retail Brands Spending Discretionary Staples
	China Significant exposure to Chinese consumer companies including e-commerce platforms and food companies. Manager notes Chinese consumer spending has been restrained due to property market issues but sees this as creating opportunities at attractive valuations.	E-commerce Property Consumption Valuations
2023 Q2	AI AI thematic drove strength in US technology stocks during the quarter, with companies like Meta, Alphabet, and Netflix benefiting from AI-related optimism. However, the Fund was unable to own most Nasdaq AI stocks due to its consumer brands focus.	Technology Innovation Growth Disruption Automation
	China Chinese consumer recovery has been weaker than expected, with every Chinese stock in the portfolio declining. Extreme pessimism prevails in Chinese markets, leading to attractive valuations despite disappointing economic reopening.	Recovery Reopening Consumer Valuation Pessimism
	E-commerce Chinese e-commerce platforms like JD.com suffered from weak consumer sentiment and tough competitive environment, though the company appears to be maintaining market share despite gains from newer entrants.	Digital Competition Market Share Consumer Technology
	Gaming Nintendo benefited from the success of The Super Mario Bros. movie, which leverages key intellectual property and creates positive feedback loops for game content and console sales. Additional films using Nintendo IP are rumored to be in development.	Entertainment IP Content Media Franchise
2023 Q1	China Chinese holdings experienced weakness through most of the quarter after initial strength, with concerns about competitive intensity in e-commerce and weaker-than-hoped economic data. The manager remains constructive about the reopening opportunity and expects recovery in birth rates and travel to drive demand for baby-related products and tourism services.	Reopening E-commerce Travel Demographics
	Travel Recovery continues with domestic air travel volumes reaching 80% of pre-COVID levels and international flight capacity expected to recover to 80-90% by end of 2023. Gaming mecca Macau saw February visitation increase 143% compared to 2022, though still only 45% of 2019 levels.	Recovery Airlines Hotels Tourism
	E-commerce Competitive intensity concerns emerged in Chinese e-commerce market, particularly fears around competition from Bytedance-owned Douyin affecting companies like JD.com and Meituan. The manager notes many e-commerce businesses now need to break even as venture capital funding withdraws.	Competition Profitability China Digital

QUARTER

THEMES

Semiconductors

The semiconductor sector experienced its best quarter since 1993, with the Philadelphia Semiconductor index rising 90% in three months, driven by the AI investment boom. Semiconductors now account for almost 20% of the S&P 500, up from 3% a decade ago. The manager has little direct exposure to this theme.

AI Technology Semiconductors Nvidia

Consumer

Consumer-facing stocks have been severely out of favor, with sentiment at levels only seen during the 2009 financial crisis and 2020 pandemic lockdowns. Despite negative sentiment, the manager's consumer holdings continue to grow sales by 13% and profits by 19% on average. The manager views this as a crisis of sentiment rather than substance, with improving conditions around jobs, wages, and oil prices.

Consumer Discretionary Consumer Staples Sentiment Jobs Wages

Oil

Oil prices doubled due to the Iran war and the Strait of Hormuz standoff, acting as a tax on consumer budgets. Prices have since returned to pre-war levels around $72 per barrel from over $100, providing relief to consumers. The fund holds a 3.9% position in Brent Crude Index.

Oil Energy Iran Commodities

Inflation

The manager identifies inflation as a key risk going forward, noting that the age of low inflation appears over due to growing barriers to movement of goods and people, higher geopolitical risk, and efforts to bring supply chains home. The Warsh Federal Reserve sounds more hawkish than most presumed.

Inflation Rates Trade Policy Geopolitical

AI

The AI investment boom has driven market concentration, with early beneficiaries like Nvidia and hyperscalers losing momentum while companies at genuine supply bottlenecks keep ascending. The manager expresses unease over how much is being spent and how the bill will be met, identifying the durability of the AI boom as a key risk.

AI Technology Data Centers Cloud

2026 Q1

Consumer

Consumer discretionary stocks fell approximately 15% from January highs due to elevated interest rates, tariffs, and energy price spikes from the Iran conflict. The market is pricing consumer brands as though on the brink of economic collapse, despite healthy corporate balance sheets and low unemployment.

Consumer Discretionary Retail Brands Spending

Luxury

Core luxury and premium brand holdings like Galderma, Birkenstock, Games Workshop and Amer Sports all grew operating profit by 25% or more in FY25, demonstrating strong underlying business performance despite share price weakness.

Premium Brands Luxury Goods Brand Equity

Beauty

Galderma continues to capture share in the aesthetics and dermatology market where demographic tailwinds are structural rather than cyclical, with 18% sales growth and 28% operating profit growth in FY25.

Aesthetics Skincare Demographics

Energy

The Iran conflict delivered oil spikes above US$120 per barrel, functioning as the final blow to consumer confidence as higher energy costs directly impact household discretionary spending budgets.

Oil Prices Energy Costs Iran Conflict

2025 Q4

Small Caps

The fund operates a concentrated Micro and Small-Cap strategy that naturally diverges from market indexes. Portfolio consists of ~60% businesses with market caps below $500M, with top five positions accounting for ~60% of the portfolio.

Microcap Small Cap Concentration

2025 Q3

AI

The broader market's momentum was overwhelmingly propelled by the AI theme, specifically stocks building-out AI data centres. Semiconductor companies, the picks and shovels in this modern gold rush, were particularly strong. The market is mesmerised by a narrative around AI's massive growth potential.

Data Centers Semiconductors Growth Technology Momentum

Footwear

The fund holds significant positions in footwear brands including Birkenstock, Wolverine Worldwide with Saucony, and Amer Sport with brands like Salomon. These companies are delivering strong growth despite market headwinds, with Saucony accelerating to 40% year-on-year sales growth.

Brands Consumer Growth Retail Fashion

Brands

The fund focuses on enduring global brands with strong operational performance. Brand-based businesses are viewed as attractive investments that are less prone to disruption than high-tech names over the longer-term, with companies generating high returns on capital.

Consumer Quality Resilience Value Growth

2025 Q2

AI

AI stocks are experiencing strong performance with companies like Broadcom, Nvidia, and TSMC outperforming. The fund developed a TAPS valuation model for AI stocks, finding many trade at high valuations relative to growth rates. AI is driving increased energy demand, benefiting nuclear and power infrastructure companies.

Semiconductors Valuation Energy Data Centers Growth

Korea

Korea is experiencing a transformation with governance reforms, defense spending growth, and technological advancement. The Value-Up Program and new president's policies are reducing the Korea discount. Korean companies are benefiting from US-China tensions and global defense demand.

Governance Defense Semiconductors Reform Discount

Nuclear

Nuclear energy is experiencing renewed enthusiasm as AI drives higher energy demand and countries seek low-carbon baseload power. Cameco benefited significantly from this trend, with uranium markets experiencing supply constraints and new reactor demand.

Energy Uranium Data Centers Climate Supply

Trade Policy

US tariff policies created significant market volatility, with initial sell-offs followed by recovery as negotiations progressed. China responded with matching tariffs and export controls. The uncertainty is affecting business investment decisions and global supply chains.

Tariffs China Negotiations Volatility Investment

Defense

Defense spending is increasing globally due to geopolitical tensions. Korean defense companies like Hyundai Rotem are winning major contracts, while Japanese defense-oriented stocks performed well. The sector benefits from Western alignment and production capacity.

Spending Geopolitical Manufacturing Contracts Security

Semiconductors

Semiconductor companies, particularly memory and AI-focused chips, performed strongly. SK hynix and Samsung dominate High Bandwidth Memory production for AI applications. The sector benefits from AI demand while facing supply chain and geopolitical challenges.

Memory Manufacturing Supply Chain Technology Demand

2025 Q1

E-commerce

The Fund holds significant positions in e-commerce platforms including Amazon and JD.com, which benefited from Chinese tech sector recovery and DeepSeek AI developments.

Amazon JD.com Marketplaces Online retail Digital platforms

Luxury

Portfolio includes luxury and premium brands like Birkenstock, Pandora, and EssilorLuxottica, though these faced headwinds from US consumer spending concerns.

Premium brands Birkenstock Pandora Luxury goods Brand value

Beauty

Significant exposure to beauty and personal care through Galderma, which continues taking market share from Botox with Dysport and launched new FDA-approved eczema treatment Nemluvio.

Galderma Dysport Botox Dermatology Skincare

Trade Policy

Fund performance significantly impacted by US tariff concerns and trade policy uncertainty, affecting consumer confidence and spending patterns across portfolio companies.

Tariffs Trade wars Consumer spending Policy uncertainty Global trade

2024 Q4

Luxury

The luxury industry is in recession as the Covid boom has turned to bust, starting with a fall away in the US and European aspirational buyer, followed by a 30% fall in Chinese demand. Despite the downturn, Richemont's jewellery houses continue to grow while most other luxury houses saw declines.

Luxury goods Richemont Cartier Van Cleef

Beauty

The beauty sector shows mixed dynamics with e.l.f. Beauty enjoying very strong growth thanks to innovative products, affordable pricing and extremely skilful marketing. Galderma continues to grow at double-digit rates in injectable aesthetics and skincare, contrasting with weakening demand in the broader beauty and skincare sectors.

Cosmetics Skincare Injectable aesthetics Beauty retail

Travel

Trip.com was up 100% during 2024 as China's leading online travel agent. Their domestic operations delivered solid performance and are now running well ahead of pre-COVID levels, while international expansion efforts are bearing fruit across multiple markets.

Online travel China travel Travel recovery International expansion

Apparel

Amer Sports continues to grow rapidly with sales up 17% driven by strong growth in Arc'teryx, which is growing in excess of 30% and generating very high margins. Birkenstock delivered 21% sales growth despite sitting in the crosshairs of a potential trade war.

Outdoor apparel Athletic wear Premium footwear Brand strength

2024 Q3

E-commerce

Chinese technology and e-commerce firms Meituan and JD.com were notable contributors, both up over 50% during the quarter. The portfolio benefits from exposure to global e-commerce platforms including Amazon.

Marketplaces Digital Commerce Online Retail Technology Platforms

Beauty

Consumer health company Haleon performed well with over 20% gains. The portfolio includes exposure to beauty and personal care through companies like Beiersdorf with strong Nivea brand growth of 11% annually.

Personal Care Skincare Consumer Health Brand Portfolio

Luxury

The fund maintains exposure to luxury and premium brands through holdings like Birkenstock, a German leather sandal maker with 250-year heritage successfully expanding its product range and geographic presence.

Premium Brands Heritage Brands Global Expansion Brand Appeal

Gaming

Sony was added as a new position, maker of PlayStation game console and owner of large content libraries through Sony Pictures and Sony Music, representing exposure to the gaming and entertainment ecosystem.

Console Gaming Entertainment Content Media Libraries Digital Entertainment

2024 Q2

Luxury

Chinese consumer sentiment remains weak and the recovery lacklustre. There is increased anecdotal evidence this weakness is spreading to higher-end luxury brands and that discounting is picking up. European consumer activity is recovering, having been battered by the pickup in global inflation and the energy price shock following Russia's invasion of Ukraine.

Luxury Consumer China Europe Recovery

E-commerce

Our best performing holdings this quarter were our consumer internet companies, most notably Google and Amazon. Amazon benefitted from an apparent inflection in the growth rate of Amazon Web Services which had been decelerating in prior quarters.

E-commerce Internet Cloud Growth Technology

Beauty

Galderma has strong brands in the field of aesthetic medicine. These include their Botulinum toxin brand, Dysport, which is second only to Allergan's Botox. They also own strong brands in fillers and biostimulators such as Restylane, used in lip enhancements. Readers less inclined to cosmetic surgery may nevertheless be familiar with their skincare products, sold under the Cetaphil brand.

Beauty Skincare Aesthetics Brands Healthcare

Apparel

Like many consumer goods categories, sportswear went through a boom-bust cycle during Covid, with the entire industry suffering from excess inventory, leading to discounting and lower sales while stock cleared. This adjustment has largely run its course, with inventory at PUMA and peers now close to historical norms.

Apparel Sportswear Inventory Recovery Brands

2024 Q1

E-commerce

The fund holds significant positions in Chinese consumer internet businesses including JD.com, Trip.com, and Meituan. These companies benefit from powerful network effects and strong market positions. Recent earnings reports suggest stabilization in the Chinese e-commerce sector.

Online retail Digital platforms Consumer internet Network effects Marketplaces

Travel

Trip.com reported more than doubling of bookings in their Online Travel Agency business. The fund maintains exposure to online travel platforms that should benefit from any recovery in consumer sentiment and travel demand.

Online travel Booking platforms Travel recovery Tourism Hospitality

Luxury

The portfolio includes well-established global brands that most readers should recognize. The fund has increased exposure to premium consumer brands with strong market positions and pricing power.

Premium brands Brand value Pricing power Global recognition Consumer loyalty

2023 Q4

Consumer Finance

The Fund holds positions in consumer-focused companies across various sectors, with particular emphasis on companies serving Chinese consumers despite ongoing economic weakness. The manager sees attractive valuations in Chinese consumer stocks due to weak sentiment.

Consumer Spending Chinese Consumer Valuations Sentiment

Beverages

The Fund established a position in global brewer Heineken at attractive valuations relative to expected earnings. Heineken faces headwinds from rising input costs and strong US dollar but these trends appear set to reverse, positioning the stock for earnings growth and valuation re-rating.

Beer Heineken Input Costs Emerging Markets Profitability

2023 Q3

Consumer

Fund focuses on consumer discretionary and staples companies globally, with particular emphasis on retailers, apparel companies, and consumer brands. Manager discusses weakening consumer spending in developed markets while Chinese consumer spending remains restrained but could recover.

Retail Brands Spending Discretionary Staples

China

Significant exposure to Chinese consumer companies including e-commerce platforms and food companies. Manager notes Chinese consumer spending has been restrained due to property market issues but sees this as creating opportunities at attractive valuations.

E-commerce Property Consumption Valuations

2023 Q2

AI

AI thematic drove strength in US technology stocks during the quarter, with companies like Meta, Alphabet, and Netflix benefiting from AI-related optimism. However, the Fund was unable to own most Nasdaq AI stocks due to its consumer brands focus.

Technology Innovation Growth Disruption Automation

China

Chinese consumer recovery has been weaker than expected, with every Chinese stock in the portfolio declining. Extreme pessimism prevails in Chinese markets, leading to attractive valuations despite disappointing economic reopening.

Recovery Reopening Consumer Valuation Pessimism

E-commerce

Chinese e-commerce platforms like JD.com suffered from weak consumer sentiment and tough competitive environment, though the company appears to be maintaining market share despite gains from newer entrants.

Digital Competition Market Share Consumer Technology

Gaming

Nintendo benefited from the success of The Super Mario Bros. movie, which leverages key intellectual property and creates positive feedback loops for game content and console sales. Additional films using Nintendo IP are rumored to be in development.

Entertainment IP Content Media Franchise

2023 Q1

China

Chinese holdings experienced weakness through most of the quarter after initial strength, with concerns about competitive intensity in e-commerce and weaker-than-hoped economic data. The manager remains constructive about the reopening opportunity and expects recovery in birth rates and travel to drive demand for baby-related products and tourism services.

Reopening E-commerce Travel Demographics

Travel

Recovery continues with domestic air travel volumes reaching 80% of pre-COVID levels and international flight capacity expected to recover to 80-90% by end of 2023. Gaming mecca Macau saw February visitation increase 143% compared to 2022, though still only 45% of 2019 levels.

Recovery Airlines Hotels Tourism

E-commerce

Competitive intensity concerns emerged in Chinese e-commerce market, particularly fears around competition from Bytedance-owned Douyin affecting companies like JD.com and Meituan. The manager notes many e-commerce businesses now need to break even as venture capital funding withdraws.

Competition Profitability China Digital

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 23, 2026	Fund Letters	Platinum International Brands Fund	BIRK	Birkenstock Holding Plc	Footwear & Accessories	Footwear	Bull	New York Stock Exchange	Brand, Consumer Discretionary, Europe, Footwear, Germany, Heritage Brand, high-margin, insider buying, international expansion, Return on capital, Share Buyback	Login
Jul 23, 2026	Fund Letters	Platinum International Brands Fund	CAT	Caterpillar Inc	Farm & Heavy Construction Machinery	Construction & Farm Machinery & Heavy Trucks	Bull	New York Stock Exchange	Capital Goods, Construction Equipment, Cyclical Recovery, datacenters, energy infrastructure, Engines, Industrials, Mining equipment, Turbines, US	Login
Jul 23, 2026	Fund Letters	Platinum International Brands Fund	ZTS	Zoetis Inc	Drug Manufacturers - Specialty & Generic	Pharmaceuticals	Bear	New York Stock Exchange	Animal Health, Competitive pressure, execution risk, Livestock, Pet Care, pharmaceuticals, Product Launch Failure, turnaround, US, Veterinary Medicine	Login
Jan 21, 2026	Fund Letters	Nikola Dvornak	WWW	Wolverine World Wide, Inc.	Consumer Discretionary	Footwear	Bull	New York Stock Exchange	brands, Footwear, growth, retail, valuation	Login
Jan 21, 2026	Fund Letters	Nikola Dvornak	ELF	e.l.f. Beauty, Inc.	Consumer Staples	Personal Care	Bull	New York Stock Exchange	Branding, Cosmetics, Genz, Marketing, valuation	Login
Oct 16, 2025	Fund Letters	Nikola Dvornak	BIRK LX	Birkenstock Holding Plc	Consumer Discretionary	Footwear	Bull	NYSE	brand strength, Footwear, growth, Luxury, margin expansion, profitability, turnaround, valuation	Login
Oct 16, 2025	Fund Letters	Nikola Dvornak	AS	Amer Sports Inc	Consumer Discretionary	Sporting Goods	Bull	NASDAQ	Apparel, brands, deleveraging, growth, Margins, Outdoor, Performance, premium	Login
Oct 16, 2025	Fund Letters	Nikola Dvornak	WWW UN	Wolverine World Wide Inc	Consumer Discretionary	Footwear	Bull	NYSE	brand portfolio, deleveraging, fashion, Footwear, growth, Retail distribution, turnaround, valuation	Login
Jul 17, 2025	Fund Letters	Nikola Dvornak	GALD SW	Galderma Group AG	Health Care	Pharmaceuticals	Bull	Swiss Exchange	Aesthetics, consumer, dermatology, growth, healthcare, Injectables	Login
Jul 17, 2025	Fund Letters	Nikola Dvornak	WING	Wingstop Inc.	Consumer Discretionary	Restaurants	Bull	NASDAQ	Brand, consumer, Franchising, growth, Margins, Restaurants	Login
Jul 17, 2025	Fund Letters	Nikola Dvornak	IDXX	IDEXX Laboratories, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Compounders, diagnostics, healthcare, innovation, Recurring, Veterinary	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 23, 2026

Fund Letters

Platinum International Brands Fund

BIRK

Birkenstock Holding Plc

Footwear & Accessories

Footwear

Bull

New York Stock Exchange

Brand, Consumer Discretionary, Europe, Footwear, Germany, Heritage Brand, high-margin, insider buying, international expansion, Return on capital, Share Buyback

Jul 23, 2026

Fund Letters

Platinum International Brands Fund

CAT

Caterpillar Inc

Farm & Heavy Construction Machinery

Construction & Farm Machinery & Heavy Trucks

Bull

New York Stock Exchange

Capital Goods, Construction Equipment, Cyclical Recovery, datacenters, energy infrastructure, Engines, Industrials, Mining equipment, Turbines, US

Jul 23, 2026

Fund Letters

Platinum International Brands Fund

ZTS

Zoetis Inc

Drug Manufacturers - Specialty & Generic

Pharmaceuticals

Bear

New York Stock Exchange

Animal Health, Competitive pressure, execution risk, Livestock, Pet Care, pharmaceuticals, Product Launch Failure, turnaround, US, Veterinary Medicine

Jan 21, 2026

Fund Letters

Nikola Dvornak

WWW

Wolverine World Wide, Inc.

Consumer Discretionary

Footwear

Bull

New York Stock Exchange

brands, Footwear, growth, retail, valuation

Jan 21, 2026

Fund Letters

Nikola Dvornak

ELF

e.l.f. Beauty, Inc.

Consumer Staples

Personal Care

Bull

New York Stock Exchange

Branding, Cosmetics, Genz, Marketing, valuation

Oct 16, 2025

Fund Letters

Nikola Dvornak

BIRK LX

Birkenstock Holding Plc

Consumer Discretionary

Footwear

Bull

NYSE

brand strength, Footwear, growth, Luxury, margin expansion, profitability, turnaround, valuation

Oct 16, 2025

Fund Letters

Nikola Dvornak

Amer Sports Inc

Consumer Discretionary

Sporting Goods

Bull

NASDAQ

Apparel, brands, deleveraging, growth, Margins, Outdoor, Performance, premium

Oct 16, 2025

Fund Letters

Nikola Dvornak

WWW UN

Wolverine World Wide Inc

Consumer Discretionary

Footwear

Bull

NYSE

brand portfolio, deleveraging, fashion, Footwear, growth, Retail distribution, turnaround, valuation

Jul 17, 2025

Fund Letters

Nikola Dvornak

GALD SW

Galderma Group AG

Health Care

Pharmaceuticals

Bull

Swiss Exchange

Aesthetics, consumer, dermatology, growth, healthcare, Injectables

Jul 17, 2025

Fund Letters

Nikola Dvornak

WING

Wingstop Inc.

Consumer Discretionary

Restaurants

Bull

NASDAQ

Brand, consumer, Franchising, growth, Margins, Restaurants

Jul 17, 2025

Fund Letters

Nikola Dvornak

IDXX

IDEXX Laboratories, Inc.

Health Care

Health Care Equipment

Bull

NASDAQ

Compounders, diagnostics, healthcare, innovation, Recurring, Veterinary

TICKER	COMMENTARY
BIRK	Birkenstock (+23%) was among our strongest contributors over the past quarter. The German sandal-maker, with two and a half centuries of heritage, keeps finding fresh ways to grow as a capable management team burnishes the brand, opens new product lines and expands overseas. It earns a 24% operating margin and a 40% return on capital and grew profits 25% on a year ago. Any private owner would be content with these numbers. The CEO, who bought millions of euros in stock this year, and the board, which recently launched a substantial buyback, plainly agree.
CAT	Caterpillar (+36%) was another strong performer, shrugging off a 14% fall in profit. Steel is a key input and tariffs hurt; management is working on remedies, but they will take time. Beneath the surface, demand is heating up. Cat's engines and turbines power locomotives, ships, oil rigs, gas pipelines and now datacentres, a source of demand as ferocious as it is price-insensitive. Add a mining and energy complex emerging from a decade of underinvestment and a depressed construction sector turning the corner and the prospects look bright.
ZTS	Our worst performer was Zoetis (-35%). Simply, we got this wrong. Zoetis makes medicines for pets and livestock and has long been the great innovator of its field, having pioneered and dominated the huge markets for canine dermatology and three-in-one parasiticides. Unfortunately, its rivals have caught up and its commercial response has disappointed. In fairness, it likely expected its promising new arthritis treatment to comfortably offset any erosion. However, a social media scare campaign derailed its US launch largely because their commercial response was again inadequate. Zoetis has a superb research engine and an exciting pipeline; we simply misjudged its ability to execute commercially. We have sold the bulk of our holding, as its next launch is at best a year away.

TICKER

COMMENTARY

BIRK

Birkenstock (+23%) was among our strongest contributors over the past quarter. The German sandal-maker, with two and a half centuries of heritage, keeps finding fresh ways to grow as a capable management team burnishes the brand, opens new product lines and expands overseas. It earns a 24% operating margin and a 40% return on capital and grew profits 25% on a year ago. Any private owner would be content with these numbers. The CEO, who bought millions of euros in stock this year, and the board, which recently launched a substantial buyback, plainly agree.

CAT

Caterpillar (+36%) was another strong performer, shrugging off a 14% fall in profit. Steel is a key input and tariffs hurt; management is working on remedies, but they will take time. Beneath the surface, demand is heating up. Cat's engines and turbines power locomotives, ships, oil rigs, gas pipelines and now datacentres, a source of demand as ferocious as it is price-insensitive. Add a mining and energy complex emerging from a decade of underinvestment and a depressed construction sector turning the corner and the prospects look bright.

ZTS

Our worst performer was Zoetis (-35%). Simply, we got this wrong. Zoetis makes medicines for pets and livestock and has long been the great innovator of its field, having pioneered and dominated the huge markets for canine dermatology and three-in-one parasiticides. Unfortunately, its rivals have caught up and its commercial response has disappointed. In fairness, it likely expected its promising new arthritis treatment to comfortably offset any erosion. However, a social media scare campaign derailed its US launch largely because their commercial response was again inadequate. Zoetis has a superb research engine and an exciting pipeline; we simply misjudged its ability to execute commercially. We have sold the bulk of our holding, as its next launch is at best a year away.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Semiconductors

Consumer

Oil

Inflation

AI

Consumer

Luxury

Beauty

Energy

Small Caps

AI

Footwear

Brands

AI

Korea

Nuclear

Trade Policy

Defense

Semiconductors

E-commerce

Luxury

Beauty

Trade Policy

Luxury

Beauty

Travel

Apparel

E-commerce

Beauty

Luxury

Gaming

Luxury

E-commerce

Beauty

Apparel

E-commerce

Travel

Luxury

Consumer Finance

Beverages

Consumer

China

AI

China

E-commerce

Gaming

China

Travel

E-commerce

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Nikola Dvornak Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Platinum International Brands Fund