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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Platinum International Technology Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund delivered 24% in Q2 2026 driven by semiconductor capital equipment positions that doubled as capacity expansion accelerated. The manager added NAND supply chain and datacentre power infrastructure positions while making selective space ecosystem investments."
The Platinum International Technology Fund returned 24% in Q2 2026 as markets rebounded from Iran conflict concerns. The core thesis centers on investing in technology companies with unique, hard-to-replicate capabilities that can sustain high margins and returns on invested capital. Semiconductor capital equipment holdings drove strong performance, with KLA and Lam Research doubling as markets priced in capacity expansions at foundries and memory companies. The fund added positions in the NAND supply chain (Kokusai Electric, Kioxia) and datacentre power infrastructure (ASTA Energy, AT&S). Industrial automation holdings (Keyence, FANUC) rose over 30% on strong results. Defense holdings underperformed following the Iran ceasefire, with Rheinmetall exited on risk management grounds. The manager made several space-related investments, viewing it as a growth industry driven by defense and telecommunications, while avoiding direct SpaceX exposure due to concerns about its xAI subsidiary competing in the contested AI datacentre segment. The fund trimmed several positions and initiated shorts on legacy telcos vulnerable to Starlink competition. Looking forward, the manager remains positive on AI infrastructure while focusing on overlooked high-quality businesses.
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