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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Platinum International Fund returned 3.0% for the quarter and 13.1% for 2025, outperforming its benchmark under new PM David Steinthal, who remains fully invested in high-quality compounders with a focus on AI infrastructure."
The Platinum International Fund returned 3.0% in the December 2025 quarter and 13.1% for the full year, outperforming its MSCI World Net Index benchmark. Newly appointed Portfolio Manager David Steinthal maintains a constructive, fully-invested stance with a 2% cash position. Strong quarterly performance was driven by holdings such as AerCap, Alphabet, and TSMC, while Jacobs Solutions, Microsoft, and Uber detracted. The manager selectively added to the Fund's position in Jacobs Solutions during share price weakness. Looking ahead into 2026, the manager expects a K-shaped global economy with slowing growth and high market dispersion, which demands bottom-up stock-picking discipline rather than chasing market fads.
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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: The Platinum International Fund returned 3.0% for the quarter and 13.1% for 2025, outperforming its benchmark under new PM David Steinthal, who remains fully invested in high-quali...
Growth Outlook
Market outlook remains above average conviction: The Platinum International Fund returned 3.0% for the quarter and 13.1% for 2025, outperforming its benchmark under new PM David Steinthal, who remains fully invested in high-quali...
Risk Appetite
Risk appetite posture is above average conviction: The Platinum International Fund returned 3.0% for the quarter and 13.1% for 2025, outperforming its benchmark under new PM David Steinthal, who remains fully invested in high-quali...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Platinum International Fund returned 3.0% for the quarter and 13.1% for 2025, outperforming its benchmark under new PM David Steinthal, who remains fully invested in high-quali...
Forward Guidance
Forward guidance signal: The Platinum International Fund returned 3.0% for the quarter and 13.1% for 2025, outperforming its benchmark under new PM David Steinthal, who remains fully invested in high-quali...
Language Signal
Tone analysis indicates above average conviction language: The Platinum International Fund returned 3.0% for the quarter and 13.1% for 2025, outperforming its benchmark under new PM David Steinthal, who remains fully invested in high-quali...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Platinum International Fund returned 3.0% for the quarter and 13.1% for 2025, outperforming its benchmark under new PM David Steinthal, who remains fully invested in high-quali...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Platinum International Fund returned 3.0% for the quarter and 13.1% for 2025, outperforming its benchmark under new PM David Steinthal, who remains fully invested in high-quali...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Platinum International Fund returned 3.0% for the quarter and 13.1% for 2025, outperforming its benchmark under new PM David Steinthal, who remains fully invested in high-quali...
