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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Constructive on Asian equities, exploiting retail margin unwinds to accumulate dominant semiconductor leaders like SK hynix while initiating positions in non-AI structural compounders across Indian healthcare and Korean chip equipment."
During the September 2026 quarter, the Platinum Asia Fund returned -1.1% net of fees, compared to a -0.8% decline for the MSCI All Country Asia ex Japan Net Index (in A$). For the 12-month period, the fund delivered 14.7% net of fees, while generating 12.9% per annum net of fees since its March 2003 inception. The portfolio closed the quarter holding 57 long positions and zero short positions, with the ten largest holdings comprising approximately 49% of portfolio value. Management maintained a near fully invested posture, supported by healthy underlying balance sheets across portfolio companies. Macroeconomic performance diverged sharply across the region, characterized by turbulent equity moves including a 19% drop in South Korea alongside gains in Taiwan and Hong Kong. Regional markets contended with high retail leverage unwinds in South Korea, elevated bond yields, and commodity disruptions stemming from the breakdown of the US-Iran ceasefire. The manager emphasized that while technological shifts surrounding artificial intelligence continue to dominate speculative attention, compelling opportunities are broadening into predictable, non-AI domestic growth sectors driven by rising household incomes and re-industrialization. Portfolio activity centered on deploying capital into overlooked compounders and selective cyclical leaders. The fund initiated a new position in Delhi-based hospital operator Yatharth and added a stake in Korean semiconductor equipment maker Eugene Technology. Ahead of sharp retail margin contractions, the manager trimmed core semiconductor winners including SK hynix and Samsung Electronics before selectively buying oversold positions in Soulbrain and HD Hyundai Marine Solution, while adding to Tencent and completely exiting Indiamart.
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