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PMC, PLATINUM CAPITAL LIMITED
nipper
post Posted: Apr 8 2021, 03:26 PM
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Platinum Capital, as a LIC, has been trading a few percentage points below NTA for quite a while. Not corrosively bad, but the gap never seems to be closed.

Today, for capital management reasons, the company has announced it will ... extend its on-market share buy-back for up to 10 per cent of PMCs issued share capital for a further period of up to 12 months.
QUOTE
The purpose of extending the share buy-back period and therefore the notice, is to enable PMC, as part of its ongoing capital management policy, to buy-back its shares (without having to lodge a new notice at least 14 days prior to any proposed buy-back transaction) should the PMC share price trade at a significant discount to its underlying value. No target price has been set.
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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: Aug 23 2020, 10:27 AM
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In Reply To: nipper's post @ Aug 22 2020, 08:55 PM

and of course, as an investment house that has a Value tilt in its approach, Platinum are squirming a bit as Growth, especially tech, challenges heir model.


Current Platinum boss Andrew Clifford has a few things to say (5 min vid):
QUOTE
Markets have rebounded strongly from their March lows, despite entering one of the deepest economic downturns in history. But that's not the whole story.
There are two very different markets; a speculative market in growth stocks and the rest. With 30+ years investment experience, CEO and CIO, Andrew Clifford explains why he believes there is a need for caution.


https://www.sharecafe.com.au/2020/08/20/spe...se-for-concern/



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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: tombeet  
 
nipper
post Posted: Aug 22 2020, 08:55 PM
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Preliminary Final report out:

Overall investment return was negative 3.5% for the year ended 30 June 2020, as measured by its pre tax net tangible asset backing per share. The negative return from the Company's investment portfolio resulted in a net loss after tax of $10.1 million for the 2020 financial year.


The Company's investment performance during the 2020 financial year can be broken into two distinct periods:
... The six month period from 1 July 2019 to 31 December 2019, during which the Company portfolio delivered an investment return of 7.2%.
... The six month period from 1 January 2020 to 30 June 2020, during which Company investment return was negative 10.0%. The cautious positioning resulted in significantly reduced investment returns during this period, mostly attributable to losses on its short positions.

The Company declared a fully franked 2020 final dividend of 3 cents per share. This brings the full year fully franked dividend to 6 cents per share representing a grossed up yield of 6.9% based on the closing share price of $1.25, demonstrating the value of the Licensed Investment Company Structure and the Company's dividend smoothing strategy.



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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: Aug 20 2018, 10:51 AM
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Platinum continues to astound me as to dividend strength - excellent yield for international ops

PMC announced 6c ff to make it 10c for the FY; while little sister PAI, Platinum Asia, only listed for 2 years has also come in 6c ff








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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: Aug 28 2017, 03:23 PM
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What is the Platinum International Fund (Quoted Managed Fund), ASX: PIXX?
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PIXX will be an ASX quoted version of our existing flagship fund, the Platinum International Fund. PIXX will feed into the Platinum International Fund, giving you access to Platinum International Fund's portfolio composition, portfolio managers and investment strategies. The returns of PIXX may vary slightly from the returns of the Platinum International Fund due to different cash holdings, and gains and losses arising as a result of PIXX's market making activities.

How do quoted actively managed funds such as the Platinum International Fund (Quoted Managed Fund) differ to an ETF or LIC?
QUOTE
Actively managed quoted funds such as PIXX have a trust structure and are open-ended meaning the number of units on issue can grow or shrink based on investor demand. An ETF likewise has a trust structure and is open-ended but is not actively managed and instead tracks an index. LICs have a company structure and are closed ended meaning they do not receive daily capital inflows

Trading of Units on the ASX is expected to commence on 14 September 2017. Platinum International Fund (Quoted Managed Fund) (ASX code: PIXX). Buying and selling units works in the same way as for listed shares, as they:
  • can be bought and sold anytime during ASX trading hours
  • are priced on the ASX intraday, meaning you can view the price movements just as you would with shares
  • have no minimum investment amount
Am somewhat suspicious of market makers - not registered charities. So a few bips slippage, plus brokerage ... all for 2 day liquidity vs the paperwork route of the managed fund. PMC is an option as long as it is at/ below NTA. And you are buying into a $10bill fund

Also available for Platinum Asia Fund (the managed fund; or PAI - the LIC) - ASX code: PAXX



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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: Mar 3 2017, 08:57 PM
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PMC board of directors is pleased to offer eligible shareholders the opportunity to participate in a share purchase plan (SPP) at the lower of:
- $1.51, which was the price offered to investors under the Placement; or
- a 2.5% discount to the volume weighted average share price of the Company’s shares over the 5 trading days up to and including the closing date of the SPP offer



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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: Nov 2 2016, 11:24 AM
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Platinum Asia (PAI) was admitted to the official list of ASX on 17 September 2015, having raised approximately $292.9m and was established to provide investors with a convenient means of gaining exposure to the fast growing equities markets within the Asian Region ex Japan and to take advantage of the investment opportunities on offer in those countries which are undergoing deep transformation.

The official quotation of its securities commenced on 21 September 2015. The first 50% of the capital raised was invested within three days and another 24% was invested within three months. As at 30 June 2016, the portfolio was 86% invested, with the remaining 14% held in cash. At 28 October 2016, 87% has been invested. This leaves some room to take advantage of any further opportunities that may arise to add to our existing holdings or take new positions.

QUOTE
"The outlook is improving across the Asian region, given the progress made on reform and delivery of much needed infrastructure investments. The direction is positive, though there is no way of predicting the exact path that markets will take.

The Chinese authorities are committed to fixing up the system to deliver more steady and balanced growth. It is encouraging that over the last 40 years China has demonstrated time and time again its capacity to deal with bad debts, reform the system, and remove excess capacity in challenged industries to deliver a positive outcome.

India's economy is still small relative to China's, so the bull case for the Indian market is perhaps easier to grasp. We are positive about the country's economic prospects given its ongoing reform and the potential for a cyclical recovery. However, given the market's recent enthusiasm for the country, short-term setbacks are possible if there are disappointments.

We remain optimistic over prospective returns from our companies, as stock prices remain inexpensive in the context of their growth trajectories.




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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: Oct 27 2016, 10:31 AM
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QUOTE
The Platinum Capital Limited (PMC) portfolio is structured quite differently to that of a benchmark index. This is not unusual and is an outcome of the proven investment approach and process of our Investment Manager that has delivered well above average long-term results for shareholders of PMC. The price to be paid in following this investment process is that there
will be shorter term periods when returns are below par – 2015/16 was one of those years.

For the year ended 30 June 2016, our net asset value or NAV decreased by 7% pre-tax after fees and expenses, and assuming the reinvestment of dividends. In contrast, the benchmark Morgan Stanley Capital International All Country World Net Index in $A terms decreased by 1%. Locally, the 12 months return from the Australian All Ordinaries Accumulation Index was 2%.

Our portfolio suffered from its underweighting to the strongly performing US market and commensurate overweighting to the weaker Chinese, Japanese and European markets. The US market, which at 30 June 2016 comprised nearly 54% of the benchmark, delivered a 6%return, whilst the rest of the world decreased 7%. We were also underweight the strongly performing Consumer Staples sector which is slow-growing and regarded as overvalued.

Short term returns are volatile and it is far more instructive to look at longer term returns.

QUOTE
I am pleased to report that the Company is now building up its pool of available franking credits as a result of realised profits derived during the year and the associated tax payments.

The Company continues its policy of dividend smoothing and does its best to ensure that there are sufficient franking credits available to pay fully franked dividends in the future. The ability to generate fully franked dividends will continue to be dependent on the Company’s ability to generate realised profits and pay tax

QUOTE
At the 2015 AGM, shareholders passed a resolution that changed the management and performance fees payable by the Company to the Investment Manager, with effect on and from 1 January 2016.

This new fee structure is a much more contemporary and appropriate fee model and comprises a lower base management fee of 1.1% per annum of the Company’s portfolio value and a performance fee of 15% per annum of the amount by which the portfolio’s annual return exceeds the MSCI return
at AGM



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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: grevillia  
 
pete152
post Posted: Oct 30 2006, 03:11 PM
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What does every think of the share price? Is it a bit high? Or about right?
Cheers,
Peter



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www.gettrapped.com
 
mrcurly
post Posted: Oct 21 2004, 04:31 PM
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Platinum PMC quarterly report just released. Commentary by Kerr Neilson is excellent reading for an international market overview.

I hold Platinum unlisted trust units (Cheaper, no premium to asset backing) but always scour the PMC releases as they hit the stands before the trust reports.


 
 


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