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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) and European defense."
The Platinum International Technology Fund recorded flat performance for the December quarter, finishing 2025 up 13%. The fund is actively reducing its weightings in mega-cap technology companies, citing concerns about massive, low-ROIC capital expenditures in AI. The manager exited Alphabet, Meta, Oracle, and Netflix, and trimmed Nvidia, Broadcom, Amazon, and Uber to fund new positions in power infrastructure (Siemens Energy, GE Vernova), cooling solutions (Modine Manufacturing), and European defense (Rheinmetall, Exosense). They express caution that the rise of AI 'agentic commerce' will disrupt the traditional advertising and ecosystem monopolies of Apple, Google, and Meta.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) an...
Growth Outlook
Market outlook remains moderate conviction: Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) an...
Risk Appetite
Risk appetite posture is moderate conviction: Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) an...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) an...
Forward Guidance
Forward guidance signal: Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) an...
Language Signal
Tone analysis indicates above average conviction language: Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) an...
Perceived Risk
Perceived risk level is evaluated as high conviction. Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) an...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) an...
Time Horizon
Investment time horizon reflects a above average conviction orientation. Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) an...