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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Fund underperformed as AI semiconductor momentum drove concentrated market returns, with three stocks tripling and accounting for 17% of index gains. The manager added to Nvidia at attractive valuations while exiting Salesforce on AI disruption concerns."
The Platinum International Fund returned 3% in Q2 2026, underperforming the MSCI World Index's 13% return as semiconductor stocks drove 45% of index gains through AI momentum. The manager views some semiconductor valuations as reflecting momentum chasing over discipline, with AMD, Intel and Micron tripling in three months. TSMC and Amazon were top contributors, adding over 2% and 1% respectively. The manager increased Nvidia exposure, viewing it as undervalued despite strong AI capex outlook and doubled earnings expectations. Salesforce was sold due to AI disruption concerns, with proceeds funding positions in non-AI-sensitive quality businesses like American Express, Apollo, Danaher, HCA and ICE trading below fair value. Microsoft was reduced on concerns Azure lags AWS and GCP in chip development and capacity. The 21-position portfolio holds 3% cash with top 10 positions at 65%. The manager sees frothy exuberance alongside compelling opportunities, maintaining focus on quality, valuation discipline and permanent capital loss avoidance for patient investors.
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