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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Platinum Asia Fund | 10.0% | - | 000660.KS, 005930.KS, 0700.HK, 1109.HK, 1357.HK, 2269.HK, 2318.HK, 3968.HK, ALI.PS, ASII.JK, BABA, BILI, DDL, JD, MAPI.JK, MEGA.BK, PWON.JK, SPALI.BK, TSM | Asia, China, E-Commerce, emerging markets, Indonesia, Recovery, semiconductors, Stimulus | Chinese authorities announced comprehensive stimulus measures in late September including monetary policy easing, property market support, and explicit equity market encouragement. This triggered a sharp rally with mainland A-shares rising 25% in five days from September 23rd. The manager views this as potentially marking a turning point after years of economic weakness. | View | |
| 2025 Q2 | Aug 7, 2025 | Orbis International Equity | - | - | ASII.JK, D01.SI, H78.SI, HMC, J36.SI, SBUX, SE, TM | Asia, Conglomerates, consumption, E-Commerce, growth, value | Asian economies are transitioning from export-driven growth to domestic consumption-led models, creating opportunities in undervalued consumer-oriented businesses. This structural shift represents a multi-decade rebalancing that could drive a new virtuous cycle of local consumption and reinvestment. | SE J36.SI 8802 JP |
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| 2023 Q2 | Jun 30, 2023 | Orbis International Equity | - | - | 005830.KS, ASII.JK, J36.SI | Asia, dividends, emerging markets, growth, international, value, Yield | Portfolio has become heavily skewed toward high dividend yield companies offering well-covered 5-7% real yields. Manager finds this environment fruitful as it provides relatively high certainty and attractive returns without requiring much forecasting. | 000810.KS ASII.JK J36.SI |
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| 2025 Q3 | Oct 8, 2025 | Orbis International Equity | - | - | ASII.JK, D01.SI, H78.SI, HMC, J36.SI, SBUX, SE, TM | Asia, Conglomerates, consumer, Hong Kong, Indonesia, value | Asian economies are transitioning from export-driven growth to domestic consumption-led models, creating opportunities in undervalued consumer-oriented businesses. This structural shift represents a multi-decade rebalancing that could drive a new virtuous cycle of local consumption and reinvestment. | SE ASII IJ JAR LN |
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| 2025 Q3 | Oct 16, 2025 | Platinum Asia Fund | 12.0% | - | 000660.KS, 005930.KS, 034220.KS, 0700.HK, 1024.HK, 1109.HK, 1928.HK, 2318.HK, 271560.KS, 300750.SZ, ASII.JK, BABA, INDIGO.NS, JD, LODHA.NS, MAYO.JK, TCOM, TSM, ZTO | AI, Asia, China, Conglomerates, semiconductors, technology | The portfolio benefited from a renewed wave of AI enthusiasm, with the narrative moving beyond picks and shovels to understanding AI applications across the ecosystem. Chinese firms continue to innovate despite chip restrictions, developing domestic AI accelerators and efficient software solutions like DeepSeek's UE8M0 data format. This demonstrates China's strategy to remain competitive in AI, leading to significant re-rating of Chinese AI ecosystem players. | ASII IJ |
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| 2025 Q4 | Jan 21, 2026 | Platinum Asia Fund | 5.0% | 24.0% | 000338.SZ, 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 3968.HK, 601318.SS, ASII.JK, BABA, BILI, IGOA.NS, JD, JFC.PS, MWG.HM, PONY, TCOM, TSM, VEI, ZTO | AI, Asia, China, Electric Vehicles, financials, semiconductors, technology | Asian markets driven by unflagging enthusiasm for AI businesses, with tech-heavy South Korea and Taiwan leading. Core semiconductor holdings SK hynix, Samsung Electronics and TSMC were major contributors. AI trade reaching unexpected corners of old economy, with companies like Weichai Power benefiting as inadvertent AI beneficiaries through industrial power generation for datacenters. Chinese financial holdings bounced back as fears of forced property sector support eased. Ping An Insurance and China Merchants Bank performed strongly after Shenzhen government indicated it wouldn't indefinitely bail out developers. This signals financial companies prioritizing their own balance sheets over socializing property sector losses, leading to re-rating of Chinese financials. Introduced position in Chinese autonomous vehicle company Pony AI. Autonomous vehicles are scaling rapidly with improving unit economics - fleet grew from 250 to 1,159 vehicles in 2025. Technology robustness has stepped up, with vehicles now working 24/7 in chaotic Beijing and Shanghai traffic. Fully equipped vehicle costs now under $50,000 with further 40% cost reduction targeted. | PONY 3968 HK 2318 HK 005930 KS 000660 KS TSM |
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| 2023 Q3 | Jun 12, 2023 | Pangolin Asia Fund | 14.2% | 7.9% | 1295.KL, ASII.JK, BBCA.JK, BBRI.JK, C6L.SI, D05.SI, O39.SI, TLKM.JK, U11.SI, UNTR.JK, Z74.SI | ASEAN, financials, Indonesia, Malaysia, Singapore, value | Manager views ASEAN as undervalued and representing the future of Asia, contrasting it with Japan which he sees as not the future despite recent performance. He argues that combining cheap valuations with future growth potential makes ASEAN attractive, particularly as Indonesia is projected to become the world's 6th largest economy by 2027. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Orbis International Equity | Astra International Tbk | Consumer Discretionary | Distributors | Bull | Indonesia Stock Exchange | automotive, capital discipline, conglomerate, dividend, Emerging markets, Heavy Equipment, Indonesia, Value | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||