Platinum International Fund ETF Quoted Managed Hedge Fund · ASX:PIXX
Platinum International Fund ETF Quoted Managed Hedge Fund — Platinum Investment Management — Fund in Focus Webinar (November 2023)
19 slides from Platinum International Fund ETF Quoted Managed Hedge Fund's conference presentation, Nov 9, 2023
Slide 1: Platinum European Fund – Fund in Focus Webinar
Platinum European Fund Fund in Focus Webinar Thursday 9 November 2023 Platinum Investment Management Limited ABN 25 063 565 006 AFSL 221935
Slide 2: Why invest with Platinum?
Why invest with Platinum? High 30 year conviction track and index record agnostic Platinum’s Independent Multi- advantages thinking generational away from fund the “noise” manager 34 investment professionals enables thorough research Source: Platinum. This is a stylised representation of a complex p
Slide 3: We seek to produce strong absolute returns
We seek to produce strong absolute returns Fundamental, bottom-up long bias equity long/short strategies, seeking best risk/reward across region, sectors and themes Investment considerations – four key tenets Price is a key driver The best investment of returns. Price decisions are often matters! un
Slide 4: We seek to protect the downside
We seek to protect the downside We view risk as the prospect of losing our clients’ capital Diversified In-depth research Longs Laser-like focus on fundamental valuation Identifying and targeting heat in certain areas i.e. excessive valuation Short Selling Identifying and targeting structura
Slide 5: European Co-Portfolio Managers working together for 8yrs
European Co-Portfolio Managers working together for 8yrs In addition to drawing on the whole investment team Nik Dvornak Co-Portfolio Manager of the Platinum European Fund and Platinum International Fund Joined Platinum in October 2006 Previous experience includes quantitative and economic ana
Slide 6: 25 years experience investing in Europe
25 years experience investing in Europe Launched in June 1998 Invests in companies within the European region, including European companies listed on exchanges outside the region Adheres to Platinum’s investment approach; index agnostic, seeks neglect, seeks to manage downside risk Very dive
Slide 7: Agenda
Agenda 1. The current state of Europe 2. The Platinum European Fund positioning 3. In-depth look at regional and global champions 4. Q&A 7
Slide 8: The current state of Europe
The current state of Europe Macroeconomic environment Political climate 1. The economy is slowing 1. Russia / Ukraine war 2. China rebound has disappointed 2. Domestic politics increasingly 3. Energy supply vulnerability fragmented Valuation = at all time highs! 8 Source: Platinum and Factset
Slide 9: Relatively low invested position: waiting to pounce!
Relatively low invested position: waiting to pounce! Fund exposure 31 Oct 2013 – 31 Oct 2023 Fund net exposure 31 Oct 2013 – 31 Oct 2023 100% 100% 90% 90% Long exposure Total net 80% 91.4% 80% exposure 62.8% 70% 70% Net exposure 62.8% 60% 60% Average net exposure 79.0% 50% 50% 40% 40% 30% 30% 20% 20
Slide 10: MSCI AC Europe vs PEF – industry exposure
MSCI AC Europe vs PEF – industry exposure 30% 28% 25% 21% 20% 18% 16% 15% 15% 12% 11% 9% 10% 7% 7% 7% 7%6% 5% 6% 4% 4% 5% 2% 3% 3% 2% 1% 1% 0% 1% 0% MSCI AC Europe Index Platinum European Fund (Long Book) Platinum European Fund (Short Book) Source: MSCI AC Europe Index factsheet as at 31 October 202
Slide 11: MSCI AC Europe vs PEF – industry exposure
MSCI AC Europe vs PEF – industry exposure Platinum’s ~28% financials exposure is well diversified Platinum’s ~21% Industrials exposure is well diversified Scale economies, 3% Underappreciat Consumer ed financials, banks, 8% 9% Turnarounds, 2% Travel, 10% Turnarounds, 3% Industrial growers, 6% Networ
Slide 12: Portfolio snapshot, as at 31 October 2023
Portfolio snapshot, as at 31 October 2023 Turnarounds Networks Central Europe Industrial Growers ~14% ~10% Consumer ~10% ~10% Underappreciated Carbon Transition Scale Economies Digital Leaders Financials ~9% ~9% ~9% ~7% 12 Source: Company websites. 16 companies listed comprised ~52% of Platinum Euro
Slide 13: Ryanair: the airline achieving economies of scale
Ryanair: the airline achieving economies of scale What does the company do? World’s third largest low-cost airline What’s the market missing? Sold off when travel was non-existent during COVID Market still underestimating level of growth and cost advantages of a low cost airline LCC ex-fuel co
Slide 14: Universal Music: the digital leader
Universal Music: the digital leader What does the company do? Owns the largest catalogue of recorded music and publishing rights What’s the market missing? How is AI going to affect the business? Relevance / disruption by technology Drivers of value and growth? Price increases by the streami
Slide 15: bioArctic: helping an ageing population
bioArctic: helping an ageing population What does the company do? Working on neurodegenerative diseases such as Alzheimers and Parkinson What’s the market missing? Every major drug targeting these diseases has failed Academic debate about the causal relationship between dementia and Beta Amylo
Slide 16: 3 key takeaways
3 key takeaways 1. The risks in Europe are elevated and valuations don’t reflect that. This is why active management is essential 2. Platinum is focused on selective opportunities in Europe and has a relatively low invested position, we’re ready to pounce! 3. Our portfolio is home to some truly firs
Slide 17: The Investment Specialist team is here to help
The Investment Specialist team is here to help Dean McLelland Olivia Salmon 0404 832 853 0459 583 625 mclelland@platinum.com.au salmon@platinum.com.au invest@platinum.com.au
Slide 18: We are here to help – The Journal
We are here to help – The Journal www.platinum.com.au/Insights-Tools/The-Journal Topical videos: “Platinum’s Back on the Road” “A Reality Check for Tech?” “Power Semiconductors Powering Our Lives” Fund in Focus Series (webinar recordings): Platinum International Brands Platinum Global Transition Fun
Slide 19: 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") is the responsible entity and issuer of units in the Platinum European Fund (“Fund”). The Platinum Trust Product Disclosure State
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