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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
Platinum International Fund delivered a net return of +3.7% for the September 2026 quarter, outperforming the MSCI World Net Index benchmark return of +1.5% by 2.2 percentage points. Over the trailing one-year period, the Fund registered a net return of -4.1% against the benchmark's +9.8%. The portfolio ended the quarter holding 22 concentrated investments, with the ten largest holdings comprising approximately 67% of total assets. Cash allocation stood at 2% at quarter-end, remaining consistent with management's target of retaining 5% or less in cash across standard market environments. Management emphasizes an increasingly intricate macroeconomic backdrop characterized by persistent inflation, surging 10-year sovereign bond yields (exceeding 5.2% in the U.S.), and protracted geopolitical conflict in the Middle East and Ukraine. The investment team observes that equity markets have grown discerning regarding the artificial intelligence theme, transitioning away from indiscriminate hype toward nuanced differentiation. Cyclical businesses have faced severe multiple compression under higher-for-longer interest rates, while the bifurcation between technological adopters and profitable infrastructure plays has intensified. Portfolio activity centered on rebalancing position sizes relative to intrinsic fair value rather than broad turnover. Core holdings driving positive returns included Microsoft, Nvidia, Intercontinental Exchange, and Danaher, while CRH detracted due to residential construction weakness and input cost headwinds. The Fund initiated new positions in LPL Financial and Netflix following substantial valuation pullbacks, while modestly increasing weights in Alphabet, American Express, London Stock Exchange Group, and Uber. Trims were executed in Microsoft and Danaher following strong share price rallies.
Platinum International Fund seeks long-term capital growth by investing in a concentrated portfolio of high-quality, undervalued global companies with diversified earnings drivers, avoiding thematic exuberance and exploiting dislocations between market price and business intrinsic value.
Management anticipates continued market choppiness driven by higher-for-longer interest rates and geopolitical tensions, counseling a balanced and patient approach focused on high-quality companies with diversified earnings drivers trading at attractive valuations.
Moderate Conviction Bullish
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