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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Platinum International Fund returned 3% in Q2 2026, underperforming the MSCI World Index's 13% return as semiconductor stocks drove 45% of index gains through AI momentum. The manager views some semiconductor valuations as reflecting momentum chasing over discipline, with AMD, Intel and Micron tripling in three months. TSMC and Amazon were top contributors, adding over 2% and 1% respectively. The manager increased Nvidia exposure, viewing it as undervalued despite strong AI capex outlook and doubled earnings expectations. Salesforce was sold due to AI disruption concerns, with proceeds funding positions in non-AI-sensitive quality businesses like American Express, Apollo, Danaher, HCA and ICE trading below fair value. Microsoft was reduced on concerns Azure lags AWS and GCP in chip development and capacity. The 21-position portfolio holds 3% cash with top 10 positions at 65%. The manager sees frothy exuberance alongside compelling opportunities, maintaining focus on quality, valuation discipline and permanent capital loss avoidance for patient investors.
The Fund seeks to identify high-quality businesses trading below fair value where long-term prospects are not reflected in current share prices, with particular focus on AI beneficiaries like semiconductors and hyperscalers, while avoiding businesses facing AI disruption and maintaining discipline against momentum-driven valuation excesses.
The manager sees a market characterized by both frothy exuberance and over-pessimism, with stretched valuations and considerable hype alongside compelling opportunities in high-quality businesses whose long-term prospects are not reflected in share prices. The portfolio businesses are generally performing strongly with management teams responding thoughtfully to changing opportunities and risks. The manager expects the portfolio to deliver attractive risk-adjusted returns for patient investors focused on quality, valuation and avoidance of permanent capital loss.
As of Jul 25, 2026
David Steinthal is the Chief Investment Officer at L1 Capital International with responsibility for all investment and business decisions. Prior to founding L1 Capital International in 2018, David was Senior Portfolio Manager and Investment Committee Member at Lowy Family Group (LFG) based in both New York and Sydney. He jointly managed a core portfolio of listed high-quality global equities. David also has extensive experience across direct listed and unlisted investments and investment banking (Babcock & Brown and UBS). He received a Bachelor of Laws and a Bachelor of Commerce (Finance Major with Merit) from the University of NSW. Effective 1 October 2025, L1 Capital International became the sub-investment adviser for the Platinum International Fund, representing a major strategic shift in management approach.
At L1 Capital International, they believe long-term returns come from owning businesses that combine quality with value. Quality means companies that have strong fundamentals: they operate in attractive industries, are run by capable and aligned management teams, are financially strong and maintain responsible and sustainable practices from an ESG perspective. When it comes to value, they focus on the real economics of a business - its cashflow, earnings, and returns on the money it invests - not just accounting profits. Their approach is based on conservative assumptions, because what matters is not just today's price tag, but how a company performs over time. The Platinum International Fund is a high conviction international equities strategy - typically investing in ~25 high quality companies with favourable cashflow-based valuations in well-structured industries using fundamental, bottom-up analysis with detailed risk assessment.
Lead Portfolio Manager
Ted Alexander
Managing Partner
Moderate Conviction Bullish
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