Platinum International Fund’s Q4 2025 Investor Letter

Platinum Asset Management, an investment management company, released its Q4 2025 investor letter for “Platinum International Technology Fund”. 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 results. For 2026, the firm anticipates a similar investment environment as in 2025 and 2024, hoping to avoid extreme events like a Liberation Day. The firm expects ongoing macroeconomic trends and a focus on AI, while being cautious about potential adverse outcomes from unexpected areas. In addition, you can check the Portfolio’s top 5 holdings to find out its best picks for 2025.

A copy of Platinum International Fund’s Q4 2025 investor letter can be downloaded here.