Platinum International Fund: “Uber Technologies (UBER) is a ‘Battleground’ Company.”

Platinum Asset Management, an investment management company, released its Q4 2025 investor letter for “Platinum International Technology Fund”. A copy of the letter can be downloaded here. The fund was up 3% in the fourth quarter and 13.1% for calendar 2025, surpassing the benchmark return of 2.5% and 12.4%, respectively. U.S. Dollar depreciation negatively impacted Fund and Benchmark return in Australian dollar terms in 2025. The market was ‘risk-on’, with defensive sectors like Real Estate and Consumer Staples underperforming, while discretionary consumer businesses showed mixed...