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PTM, PLATINUM ASSET MANAGEMENT
nipper
post Posted: Jul 15 2019, 09:44 AM
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W
QUOTE
Platinum's funds under management have gone from $26.6B in April to $24.8B in June.

Bell Potter downgraded its rating to "sell" and cited a number of concerns for the fund manager.

Citi analysts had broadly the same analysis, with a target price of $4.20.

Analysts are worried that investors may continue to desert ASX-listed fund manager Platinum Asset Management, as its flagship funds struggles to meet its benchmark and its monthly outflows hit a two-year high.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
blacksheep
post Posted: Jul 5 2018, 05:06 PM
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In Reply To: nipper's post @ Jul 4 2018, 11:59 PM

A bit more from MF

QUOTE
Yesterday nearly 7 million Platinum Asset Management Limited (ASX: PTM) shares changed hands (around 7x the daily average of 1 million) after Credit Suisse reportedly slapped an “underperform” rating on the fund manager and a $5.25 “price target”.

Most of the broker calls or research you see reported in the local business media is happily publicised as it is all issued by the “sell side” of the local financial services industry i.e. the research arms of brokerages or investment banks that provide advice to retail clients and trade execution services in return for fees.

That’s not to say the research or opinions are not honestly held and often valid or correct, it’s just that in relying on it the only certainty is that you will end up paying trading fees.

The “buy side” i.e. asset managers themselves like Platinum or Perpetual Limited (ASX: PPT) also have large teams of research analysts, but keep their research close to their chests primarily because they want to keep their trading activities or views secret as the large volumes they trade can make it difficult to achieve the best market price.

Occasionally a buy side manger may provide research to high net worth or other institutional clients it runs money for, but this is largely to impress them with the depth of their investment processes as much as anything else.

Buy side managers also pay brokerage fees themselves every time they trade, rather then earn them when their clients trade.

Sometimes “sell side” brokerages, investment banks and research houses will provide their research to powerful buy side clients for free (in what’s known as a soft commission) in the expectation that the buy side fund managers will then use their brokerages to trade large volumes of a stock that they will have to pay fees on.

It’s this practice among others related to soft commissions that has come under attack by regulators in Europe under the MiFID II directive that demands commissions like research are unbundled in order to protect the best interests of the buy side manager’s clients who are the investors or unit holders in the funds.

After all the regulator’s job is to protect the best interests of investors, which means it should seek to ensure buy side managers obtain best execution or the best market price available at the time with their sell side brokers.

In Australia the regulator is also reportedly moving to force sell side brokers to unbundle commissions more clearly, which is placing pressure on the fee-earning potential of the industry.

In fact the cozy relationship between brokers and the dealing rooms of buy side fund managers has long been controversial as both are powerful enough to significantly move the market in stock prices – as we’ve seen Domino’s and Platinum this week.

Historically for example in Europe buy side managers may have acted on sell side research before it became public to get a little head start, while a sell side broker may get a Christmas lunch tip about a buy side manager’s upcoming intentions.

The bottom line for retail investors is that they’re often the last to know about the flows of institutional money unless they’re paying substantial fees, which is just another good reason to think twice before acting on publicised sell-side research
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: nipper  
 
nipper
post Posted: Jul 4 2018, 11:59 PM
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Platinum Asset Management Limited (ASX: PTM) plunged up to 9% this morning even though the global equities manager failed to provide any news to the market. The stock is falling on the back of weakness in international markets triggered by the determination of U.S. President Trump to renegotiate trade tariffs with China, Canada, and European countries among others. Higher trade barriers are likely to lead to a global slowdown as gross domestic product growth is linked to nations’ ability to freely trade with each other. Over the medium term you don’t get share price growth ,,....
motley floss



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Jul 4 2018, 09:58 PM
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PTM and MFG both downgraded by several brokers today - PTM down 8.86%,@ $5.35
https://www.shortman.com.au/stock?q=ptm
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: May 30 2018, 10:07 PM
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Tax Hero - article by Michael West - shows...
QUOTE
Australia’s number one corporate taxpayer is Platinum Asset Management. Founded and controlled by legendary investor Kerr Neilson, Platinum pays more tax, dollar-for-dollar of income, than any other large company in this country.


But Platinum is not the biggest taxpayer in Australia in sheer dollar terms
https://www.michaelwest.com.au/top-40-tax-heroes/

Kerr Neilson: the case for corporate tax cuts is weak
https://www.michaelwest.com.au/kerr-neilson...x-cuts-is-weak/



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Feb 23 2018, 12:46 PM
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In Reply To: nipper's post @ May 17 2017, 08:55 AM

QUOTE
view on why Platinum the asset management firm, is a short. And, so far, on the money;
http://www.morphicasset.com/blog/platinum-...agement-the-end
and wrong, if price action in the subsequent 12 months is to be believed (17 May '17: $4.40, abut as low as it went; closed yesterday $7.82)

Now that Kerr Neilson's succession plan (5 year gestation) is executed, the PTM shareprice sold down to $6.70, on expectation that there will be funds' outflow,
QUOTE
The market has wiped $600 million off the value of Platinum Asset Management in response to founder and billionaire Kerr Neilson's decision to step down as chief executive and name Andrew Clifford as his successor. Mr Neilson will be an executive director of the company and remain a full-time investor. He wants to spend more time mentoring Platinum's investment team, he said on Friday, a day after the decision was made public.

As part of the succession strategy, Clay Smolinski will share responsibility for the flagship Platinum International Fund with Mr Clifford, who will juggle the CEO role with his long-term position of chief investment officer.

"We're very well placed in the Australian retail market," Mr Neilson said, reflecting that growing Platinum from its inception in 1994 was more challenging than he thought it would be. ...

Commenting on his plans beyond the July 1 CEO handover, Mr Neilson said: "I will continue to work here full time and what I'm going to try to do is specialise a little more, spend time with the investment team and try to mentor some of the newer comers.

Read more: http://www.afr.com/markets/kerr-neilson-su...6#ixzz57tasHiVd




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 


nipper
post Posted: May 17 2017, 08:55 AM
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a view on why Platinum the asset management firm, is a short. And, so far, on the money;

http://www.morphicasset.com/blog/platinum-...agement-the-end



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Apr 29 2017, 03:32 PM
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Platinum Asset Management says it will drop the fees on its suite of managed funds and launch a pair exchange traded managed funds as it seeks to reverse hundreds of million of dollars of outflows.

In a note to the ASX, Platinum said it would lower the standard management costs on the Platinum Trust funds and Platinum Global Fund from 1.5 per cent to 1.35 per cent per annum; it has also introduced a unique option for investors to opt for a lower management fee and a higher performance fee, or a flat, higher management fee .

Platinum said the overall fee reduction would shave $24 million, or 9 per cent, off its annualised revenues in 2018, absent of any fees generated from the new products or additional inflows that may result in the lower fees.

The fund has suffered steady outflows with assets under management declining from $28 billion a year ago to $23 billion. The company's shares slid 6.5 per cent in trading following the announcement to $4.66, the lowest level in four years. The stock has fallen 40 per cent since the start of 2016.
The $23 billion fund founded by Kerr Neilson had become a target of short-selling hedge funds which bet that the fund manager was among the most vulnerable to a shift towards low-cost investing because of its below benchmark performance and lack of investment in sales and marketing.

Platinum said in its statement that it "continues to provide investors with a differentiated offering in a world where many managers adhere to a passive or index driven style of management." "Platinum strongly believes in the 'true to label', active management of our clients' wealth, including active currency management and we aim to provide a level of risk protection alongside our stock picking strategies."

- inflows to index funds, esp in USA, have eaten away at the 'managed fund' model. Platinum, like many others, is caught in a tough set of circumstances. Also the 'talent' always wants a share of the pie (which is paid by investors). A couple of senior Platinum people hived off to set up Antipodes (as unliste dfund and also the klisted APL).

- can already buy Platinum as LICs via PMC and PAI; the former selling close to NTA while Asia is about 5% under



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
arty
post Posted: May 27 2014, 12:45 PM
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My midday scan says Platinum has found support and looks like moving back up.

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DYOR - I'm hoping for a pullback into the mid-30's for an entry.



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I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
JKSFOONG
post Posted: Jan 16 2013, 06:48 PM
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In Reply To: wren's post @ Jan 16 2013, 01:56 PM

rolleyes.gif Current information available on website.

biggrin.gif Current Unit prices & History. - performing well.
http://www.platinum.com.au/Platinum_trust_history.htm

king.gif Quarterly reports - Directions, invested positions and predictions.
http://www.platinum.com.au/Quarterly_reports.htm


://http://www.platinum.com.au/Quarterl...00099"]


Websites with NZ photos. Click on links below to view ....
https://sites.google.com/site/casualtravellerpicsauckland https://sites.google.com/site/casualtravell...ckland/penguins
https://sites.google.com/site/casualtravell...ral-performance
https://sites.google.com/site/casualtravell.../champagne-pool




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Appropriate returns = Satisfy individual goals & systematic and non systematic risks.
DCF after tax returns = SP + div => reflects probable EPS changing events.
=> Seek opportunities arising from economic, political, technology & demographic changes.
=> Seek attractive companies valuation and discount gearing & non systematic risks.
=> Aware of market sentiments, exuberant, volatility, liquidity & opportunity costs.
 
 


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