| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.0% | 3.0% | 13.0% |
| 2025 | 2024 |
|---|---|
| 13.0% | 8.0% |
The Platinum International Fund delivered 3.0% returns in Q4 2025 and 13.1% for the full year, outperforming its benchmark. The global economic environment continued developing as expected with slowing growth but no recession, characterized by a K-shaped recovery where affluent consumers prosper while lower socio-economic segments remain pressured. Markets grappled with geopolitical instability from Liberation Day tariff policies and AI potential assessment. Key contributors included aircraft leasing business AerCap, tech giant Alphabet, and semiconductor leader TSMC, while Jacobs Solutions, Microsoft and Uber detracted. The fund maintains a concentrated portfolio of high-conviction investments with 2% cash, focusing on quality businesses with favorable long-term drivers. AI continues reshaping industry dynamics, with every sector being categorized as winners or losers, though the manager views this as overly simplistic. Political uncertainty persists with potential Fed leadership changes and tariff policy implications. The outlook anticipates continued market dispersion demanding disciplined stock selection and valuation discipline while avoiding speculation.
Focus on high-quality businesses led by experienced and aligned management teams that benefit from favourable long-term business drivers in a diverse range of well-structured industries, applying bottom-up investment philosophy while avoiding market fads and speculation.
Base case is that the 2026 investment environment will be broadly consistent with that of 2025 and 2024, albeit hopefully without the added excitement of another Liberation Day type event. Recent macroeconomic trends and the market's focus on AI are expected to persist, while remaining mindful that adverse outcomes typically come from unexpected areas. Patchy, moderate economic growth is expected with continued divergence between more affluent consumers and those with lower incomes.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | AER, AMZN, BKNG, CRH, DHR, GOOGL, ICE, INTU, J, MA, MSFT, TSM, UBER, V | AI, Aircraft Leasing, global, growth, large cap, payments, semiconductors, technology | - | Markets continue to grapple with AI potential and its impact across industries. Every industry and company is being categorized as either an AI Winner or… |
| Oct 16 2025 | 2025 Q3 | ASML, BABA, IQV, TSM | Artificial Intelligence, China, healthcare, semiconductors, technology | TSM | The funds outperformance stemmed from AI-related semiconductor holdings and a rebound in healthcare names after regulatory clarity. It highlights balanced positioning between the U.S. and… |
| Jul 17 2025 | 2025 Q2 | CCO CN, WIZZ LN | Artificial Intelligence, Data centers, growth, semiconductors, technology |
CCO CN WIZZ LN |
The commentary emphasizes exposure to global technology leaders benefiting from AI-driven demand, semiconductor cycles, and data center investment. Management highlights enablers rather than speculative end-use… |
| Mar 31 2025 | 2025 Q1 | ABLV, AZN LN, MRK, NOVT | - | - | - |
| Dec 31 2024 | 2024 Q4 | 7203 JP, AVGO, NICE IT | - | - | - |
| Sep 30 2024 | 2024 Q3 | 005930 KS, DSV DC | - | - | - |
| Jun 30 2024 | 2024 Q2 | AMZN, GOOG, PUM GR, TSM | - | - | - |
| Mar 31 2024 | 2024 Q1 | 000660 KS, 7203 JP, AVGO, TSM, ZEAL DC | - | - | - |
| Dec 31 2023 | 2023 Q4 | 300750 CH, PDD, TM, TRU | - | - | - |
| Sep 30 2023 | 2023 Q3 | 5901 JP, ZTO | - | - | - |
| Jun 30 2023 | 2023 Q2 | 300750 CH, BAX, NVDA | - | - | - |
| Mar 31 2023 | 2023 Q1 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
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 |
Aircraft LeasingAerCap contributed 1.4% to Fund returns during the quarter. The aircraft leasing business continues to perform well as a key contributor to portfolio performance, representing a significant position in the Fund's financials allocation. |
Aviation Leasing Transportation Financials | |
PaymentsWise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. |
Cross-border Fintech Infrastructure Platform SME | |
SemiconductorsTaiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. |
Foundries Advanced Process AI Chips Manufacturing Technology Leadership | |
| 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 |
HealthcareFund focuses exclusively on healthcare sector with concentrated portfolio of small-cap companies. Investment approach targets special situations within healthcare including spin-offs, asset sales, business model pivots, and new product launches. Portfolio includes pharmaceutical, medical device, biotechnology, and healthcare IT companies. |
Pharmaceuticals Medical Devices Biotechnology Healthcare IT Special Situations | |
| 2025 Q2 |
Technology |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 16, 2025 | Fund Letters | Ted Alexander | TSM | Taiwan Semiconductor Manufacturing Co. Ltd. | Information Technology | Semiconductors | Bull | Warsaw Stock Exchange | AI, Chips, Foundry, Pricing power, semiconductors, Taiwan | Login |
| Jul 17, 2025 | Fund Letters | Ted Alexander | CCO CN | Cameco Corporation | Energy | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Baseload, Commodities, Decarbonisation, energy, Nuclear, uranium | Login |
| Jul 17, 2025 | Fund Letters | Ted Alexander | WIZZ LN | Wizz Air Holdings Plc | Industrials | Airlines | Bear | New York Stock Exchange | Airlines, Capacity, Competition, Cyclicals, Risk, Travel | 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. |
| DHR | After lagging through the first three quarters of 2025, Danaher's stock rebounded during Q4 as bioprocessing, life science, and diagnostics demand continued to recover from a cyclical trough. On the 3Q25 call, management established conservative 2026 growth expectations. Revenue is expected to continue to lag long-term trends at 3-6% but improve throughout the year. |
| GOOGL | I'm willing to go bankrupt rather than lose this race. Larry Page, co-founder of Google |
| 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. |
| J | Jacobs Solutions is a global leader in engineering services. Whilst the company continues to perform in line with our expectations, during the quarter a competitor held an investor event and suggested AI would disrupt the engineering services industry. We think Jacobs Solutions will be a net beneficiary of the AI revolution. Management is actively investing in AI to deliver efficiencies and the company also benefits from providing engineering services to meet the massive growth in AI-centric infrastructure. We view recent share price weakness in Jacobs as unjustified, so we moderately increased our position. |
| 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. |
| UBER | Another key Fund performance detractor in the quarter was Uber Technologies Inc. (UBER) reflecting increasing market concerns about autonomous vehicles and the potential impact the technology may have on future growth. |
| V | We added to our holdings in Visa Inc. |
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