Platinum Asset Management — International Fund

• Platinum International Fund Quarterly Report ↗ Platinum International Fund added LPL Financial and Netflix, increased Alphabet, American Express, London Stock Exchange Group, Nvidia and Uber, and trimmed HCA and Microsoft as prices moved against assessed fair value. The portfolio argues that Microsoft’s AI monetisation, Nvidia’s valuation and CRH’s irreplaceable aggregates network warrant continued scrutiny and selective positioning. September 2026 quarter CRH $65BMSFT $4TNVDA $4.6T +3
• The Platinum Trust Quarterly Report 30 June 2026 ↗ The Platinum International Fund attributes relative underperformance to omitted semiconductor names as AI-capex momentum displaced valuation discipline. It increased Nvidia and added to Intercontinental Exchange, sold Salesforce and CDW, and favoured Amazon, AerCap and other businesses viewed as undervalued or less exposed to AI disruption. Quarter ended 30 June 2026 453950 AER $27BAMZN $2.9T +7

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