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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Platinum Asia delivered 15% quarterly returns on AI winners SK hynix and Samsung but is trimming these positions due to unsustainable profitability and growing speculation. The manager is redeploying capital into neglected quality businesses across Philippines, Indonesia, and China trading at crisis-era valuations."
Platinum Asia Fund delivered a 15% quarterly return and 31% annual return, driven primarily by AI-related holdings SK hynix, Samsung, and TSMC, which benefited from supply bottlenecks creating extraordinary profitability. However, the manager is dialing back exposure to these names, having sold 90% of the SK hynix position, due to concerns about unsustainably high margins, debt-funded expansion, and growing speculation evidenced by surging margin loans and market volatility. The AI boom has diverted capital from other Asian markets, creating opportunities the fund is exploiting. The Philippine market trades at Global Financial Crisis valuations, prompting additions to Jollibee and Ayala Land. A new position was initiated in Indonesia's Bank Central Asia after a sharp sell-off. The manager also added to Tencent in China, viewing its AI capabilities as underappreciated. Foreign investors withdrew over $100 billion from Asian markets in the first half, the heaviest outflow in 16 years. The fund remains fully invested with two-thirds of the portfolio in quality businesses outside AI, positioned to benefit if the Iran ceasefire holds and macro pressures abate.
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