Platinum International Fund ETF Quoted Managed Hedge Fund · ASX:PIXX
Platinum International Fund ETF Quoted Managed Hedge Fund — Platinum Asset Management — Non-Deal Roadshow (May 2024)
32 slides from Platinum International Fund ETF Quoted Managed Hedge Fund's roadshow presentation, May 29, 2024
Slide 1: Platinum International & Asia Funds
Platinum International & Asia Funds 29 May 2024 Platinum Investment Management Limited ABN 25 063 565 006 AFSL 221935
Slide 2: Platinum International Fund Performance
Platinum International Fund Performance As at 30 April 2024, net of fees 1 Year 3 years 5 years 7 years 10 years Since inception (%) (% p.a.) (% p.a.) (% p.a.) (% p.a.) (% p.a.) Platinum International Fund 4.3 4.6 6.0 7.1 8.4 11.3 MSCI ACWI net index (AUD) 19.5 10.5 11.2 11.7 12.1 7.8 Relative Retur
Slide 3: Market cap weighted vs. equal cap weighted
Market cap weighted vs. equal cap weighted Look at the difference: MSCI AC World Index vs the MSCI AC World ‘Equal Weighted’ Index* MSCI AC World Index MSCI AC World ‘Equal Weighted’ Index Platinum’s exposure is more aligned to the equal weighted index Source: MSCI AC World Index Fact Sheets – 30 Ap
Slide 4: We aim to capitalise on behavioural biases
We aim to capitalise on behavioural biases 4
Slide 5: Platinum International Fund
Platinum International Fund Portfolio snapshot, as at 30 April 2024 Chinese Rate stabilisation Banking & insurance Beneficiaries of AI value chain Cyclical recovery Industrial leaders consumption beneficiaries leaders travel recovery ~15% ~12% ~12% ~9% ~9% ~9% ~9% 5 Source: Company websites.
Slide 6: Platinum International Fund
Platinum International Fund Portfolio snapshot, as at 30 April 2024 Chinese Rate stabilisation Banking & insurance Beneficiaries of AI value chain Cyclical recovery Industrial leaders consumption beneficiaries leaders travel recovery ~15% ~12% ~12% ~9% ~9% ~9% ~9% 6 Source: Company websites.
Slide 7: Returns made on our travel holdings since purchase
Returns made on our travel holdings since purchase Avg entry Price Current share price Share price appreciation (%) Trip.com (TCOM US) US$25.00 US$52.75 111% Airbus (AIR FP) €102.22 €159.12 56% InterGlobe Aviation (INDIGO) INR 1,636.94 INR 4,255.80 160% Booking Holdings (BKNG US) US$1,795.37 US$3,79
Slide 8: Platinum International Fund
Platinum International Fund Portfolio snapshot, as at 30 April 2024 Chinese Rate stabilisation Banking & insurance Beneficiaries of AI value chain Cyclical recovery Industrial leaders consumption beneficiaries leaders travel recovery ~15% ~12% ~12% ~9% ~9% ~9% ~9% 8 Source: Company websites.
Slide 9: Platinum International Fund
Platinum International Fund Portfolio snapshot, as at 30 April 2024 Chinese Rate stabilisation Banking & insurance Beneficiaries of AI value chain Cyclical recovery Industrial leaders consumption beneficiaries leaders travel recovery ~15% ~12% ~12% ~9% ~9% ~9% ~9% 9 Source: Company websites.
Slide 10: Mobile internet – adoption/use cases were a slow burn
Mobile internet – adoption/use cases were a slow burn 10 Source: Dezeen (https://www.dezeen.com/2017/02/22/best-classic-mobile-phones-pre-iphone-design-roundup-technology/)
Slide 11: Post the iPhone moment innovation/adoption took off!
Post the iPhone moment innovation/adoption took off! 11 Source: YouTube: https://www.youtube.com/watch?v=MnrJzXM7a6o
Slide 12: AI – use cases/capability have been building for 10 years
AI – use cases/capability have been building for 10 years 12 Source: YouTube
Slide 13: The large foundational models represent the platform 'moment'
The large foundational models represent the platform ‘moment’ 13 Source: Company website
Slide 14: The pace of improvement in capability is impressive
The pace of improvement in capability is impressive 14 Source: OpenAI YouTube channel: https://www.youtube.com/watch?v=DQacCB9tDaw
Slide 15: The pace of improvement in capability is impressive
The pace of improvement in capability is impressive 15 Source: OpenAI YouTube channel: https://www.youtube.com/watch?v=DQacCB9tDaw
Slide 16: Platinum International Fund
Platinum International Fund Portfolio snapshot, as at 30 April 2024 Chinese Rate stabilisation Banking & insurance Beneficiaries of AI value chain Cyclical recovery Industrial leaders consumption beneficiaries leaders travel recovery ~15% ~12% ~12% ~9% ~9% ~9% ~9% 16 Source: Company websites.
Slide 17: Broadcom – Networking
Broadcom – Networking 17 Source: Google Cloud blog (https://cloud.google.com/blog/products/compute/how-cloud-tpu-v5e-accelerates-large-scale-ai-inference) and Broadcom investor relations presentation
Slide 18: Broadcom – Custom AI processors
Broadcom – Custom AI processors 18 Source: Medium (https://medium.com/gdg-vit/simplifying-machine-learning-googles-tensor-processing-unit-tpu-7515dcfe3fc0)
Slide 19: Platinum Asia Fund: an unloved region for years
Platinum Asia Fund: an unloved region for 3 years Performance summary; as at 30 April 2024 (net of fees) 3 months 6 months 1 year 3 years 5 years 7 years 10 years Since inception (%) (%) (%) (% p.a.) (% p.a.) (% p.a.) (% p.a.) (% p.a.) Platinum Asia Fund 13.1 9.7 5.2 (2.6) 5.3 6.8 8.6 12.3 MSCI AC A
Slide 20: Major markets: What are you paying for growth?
Major markets: What are you paying for growth? Price/Earnings Ratio Earnings Growth Forecast PE / G (Next 12 Months) (Next 12 Months) Ratio MSCI INDIA 22.3x MSCI INDIA 18% 1.2 MSCI USA 20.7x MSCI USA 9% 2.2 MSCI AUSTRALIA 16.9x MSCI AUSTRALIA -1% negative MSCI JAPAN 16.1x MSCI JAPAN 4% 4.2 MSCI EURO
Slide 21: Platinum Asia Fund
Platinum Asia Fund Fund exposure for the period 30 April 2014 to 30 April 2024 100% 90% Long exposure 80% 97.8% (10yr avg: 87.8%) 70% Net exposure 97.8% 60% (10yr avg: 86.4%) 50% 40% 30% 20% 10% 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 21 Source: Platinum. Exposure represents the fu
Slide 22: Chinese market appears historically undervalued
Chinese market appears historically undervalued (Price/Earnings Ratio) 70 60 50 Price to earnings ratio 40 We think this implies significant opportunities for well-managed companies 30 20 10 0 1998 2002 2006 2010 2014 2018 2022 22 Source: FactSet Research Systems. PE refers to the price earnings rat
Slide 23: The Chinese government is working to restore confidence in the property market
The Chinese government is working to restore confidence in the property market Government: Government: further lowers the minimum cuts down payment ratios, down payment ratio and extends deadlines for abolishes mortgage floor rates Chinese officials walk mortgage repayments, away from the, “
Slide 24: Sentiment in China is turning
Sentiment in China is turning 24 Source: various news websites
Slide 25: Under-appreciated growth stories at compelling valuations
Under-appreciated growth stories at compelling valuations Platinum 2024 CYTD Estimated What's the market missing? to 16/5/24 P/E ratio ZTO Express Inc ADR 10 Profits can double over the next 5 years. 10% Trip.com Group Ltd 15 Chinese international travel is still a structural growth story and yet to
Slide 26: Korea: Japan 2.0
Korea: Japan 2.0 Market priced attractively Price to Book Value 6 Foreign participation near lowest since 2009, but rising S&P500: 5 4.8x Stable, technologically advanced Price to book ratio 4 & geopolitically allied 3 Nikkei 225: Significant improvements in 2.1x investor protections – “valu
Slide 27: Platinum Asia Fund
Platinum Asia Fund Portfolio snapshot, as at 30 April 2024 27 Source: Company websites.
Slide 28: Indonesia: Untapped Potential
Indonesia: Untapped Potential Market priced attractively Price to earnings ratio Rapidly growing middle class 25 23 S&P500: Price to earnings ratio 20.7x Tech-savvy population 21 19 Nikkei 225: 20.2x President-elect Subianto has 17 stated an 8% annual GDP 15 growth target 13 Indonesia SE Com
Slide 29: Pakuwon Jati: the Westfield of Indonesia
Pakuwon Jati: the Westfield of Indonesia What does the company do? RP Indonesia real estate developer Stable business underpinned by mall rental income What’s the market missing? We were able to establish a position at an attractive valuation when their condo sales were weak Drivers of value a
Slide 30: Questions & Answers
Questions & Answers Platinum Investment Management Limited ABN 25 063 565 006 AFSL 221935
Slide 31: Thank you for joining our webinar
Thank you for joining our webinar Platinum Investment Management Limited ABN 25 063 565 006 AFSL 221935
Slide 32: Disclaimer
Disclaimer This presentation has been prepared by Platinum Investment Management Limited ABN 25 063 565 006, AFSL 221935, trading as Platinum Asset Management (“Platinum”). Platinum is the responsible entity and issuer of units in the Platinum Trust® Funds (the "Funds", each a “Fund”). The Platinum
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