Platinum World Portfolios - Health Sciences Fund

A truly diversified portfolio of companies from around the world and across the health care sector, the fund offers investors exposure to undervalued businesses in both developed and emerging markets. The health care industry includes (but is not limited to) biotechnology, pharmaceuticals, diagnostics, laboratory technologies, distributors of healthcare products, equipment and services, hospitals and nursing care, health insurance and information technology providers to such companies. The fund may also invest in securities of companies engaged in early stage research and development of new drugs or treatments.

Investment objective:

To provide capital growth over the long-term (generally 5 to 7 years) through investing 50% to 100% of the fund’s net asset value (at the time of investment) in undervalued securities of companies related to the health care sector which may be located anywhere in the world.

Key benefits:

Access to a manager with a proven investment philosophy and method for selecting undervalued stocks and a team of experienced investment professionals
Exposure to an actively managed, diversified equity portfolio that seeks to minimise losses during market downturns using risk management techniques
Actively managed currency exposures providing diversification and potentially reducing currency risk
Choice of share classes denominated in USD, EUR or GBP

Legal structure

Irish-domiciled UCITS. A sub-fund of Platinum World Portfolios PLC
Base currency

US Dollar
Financial year end

30 June
Distribution policy

Net income and capital gains are accumulated and reflected in the net asset value per share
Standard fee classes
- Investment management base fee¹: 1.40%
- Performance fee²: Nil
- Cap on all fees & expenses³: 1.65%
Performance fee classes
- Investment management base fee¹: 0.75%
- Performance fee²: 15%
- Cap on fees & expenses (excluding
  performance fee)³: 1.00%
Anti-dilution levy
- Entry: 0.25% of net subscription
- Exit: 0.25% of net redemption

Portfolio Manager(s)

Dr Bianca Ogden

Portfolio Manager

Bianca embarked on a career change in 2003 and joined Platinum as an investment analyst. Her rich knowledge base in molecular biology.. More

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Fund Overview

	Share Class A	Share Class B	Share Class D	Share Class E	Share Class F	Share Class G	Share Class H	Founders Share Class A	Founders Share Class B	Founders Share Class E	Founders Share Class F	Founders Share Class G	Founders Share Class H
ISIN	IE000NKIQD15	IE000UMHXMB1	IE0000SJFC91	IE000HU3QKX6	IE000NUURRK4	IE000YV5UM84	IE000ULXROS2	IE0005KVMPI8	IE000F5929D0	IE000169UDT5	IE000GD47814	IE000FFGKV00	IE000LZGKVA4
Currency	US Dollar	US Dollar	US Dollar	Euro	Euro	Pound Sterling	Pound Sterling	US Dollar	US Dollar	Euro	Euro	Pound Sterling	Pound Sterling
Minimum Initial Investment	US$500,000	US$100,000	US$100,000	€400,000	€80,000	£300,000	£60,000	US$1,000,000	US$1,000,000	€800,000	€800,000	£600,000	£600,000
Minimum Subsequent Investment	US$25,000	US$25,000	US$25,000	€20,000	€20,000	£20,000	£20,000	US$100,000	US$100,000	€80,000	€80,000	£60,000	£60,000
Minimum Holding	US$500,000	US$100,000	US$100,000	€400,000	€80,000	£300,000	£60,000	US$1,000,000	US$1,000,000	€800,000	€800,000	£600,000	£600,000
Anti-Dilution Levy (on entry or exit)	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%
Investment Management Fee
· Base Fee¹	0.75%	1.40%	1.40%	0.75%	1.40%	0.75%	1.40%	0.50%	0.95%	0.50%	0.95%	0.50%	0.95%
· Performance Fee²	15%	Nil	Nil	15%	Nil	15%	Nil	15%	Nil	15%	Nil	15%	Nil
Voluntary Cap on Total Fees & Expenses³	1.00%	1.65%	1.65%	1.00%	1.65%	1.00%	1.65%	0.75%	1.20%	0.75%	1.20%	0.75%	1.20%
Distribution Policy	Accumulating	Accumulating	Accumulating	Accumulating	Accumulating	Accumulating	Accumulating	Accumulating	Accumulating	Accumulating	Accumulating	Accumulating	Accumulating
Voting Rights	Yes	Yes	No	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Registered in the UK	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
UK Reporting Fund	Yes	Yes	No	No	No	Yes	Yes	Yes	Yes	No	No	Yes	Yes

As a percentage of the net asset value of the fund attributable to the relevant share class per annum.
As a percentage of the amount by which the fund outperforms an absolute return hurdle of 6%, after deduction of the base fee, but before deduction of any accrued performance fee. If the return on the fund in any year is less than the absolute return hurdle, the difference for that year will be carried forward and applied against the subsequent year’s return for the fund for the purpose of calculating a performance fee. The shortfall will be carried forward until a performance fee becomes payable. No performance fee can be paid unless all prior underperformance has been clawed back.
This voluntary cap represents, as a percentage of the net asset value of the fund attributable to each share class, the maximum amount that can be paid out of the fund to cover fees and expenses in a financial year, excluding performance fees, if any, that may be payable to the Investment Manager, but including any base fees and out-of-pocket expenses payable to the Investment Manager as well as any fees and expenses payable to the fund’s custodian and administrator. The Investment Manager has voluntarily undertaken to reduce or waive all or a portion of its investment management fee or to make other arrangements to reduce the fees and expenses of the fund to the extent necessary to ensure that the total fees and expenses in a financial year (excluding performance fees) do not exceed the stated levels. The Investment Manager may terminate or modify any such voluntary agreement at any time at its sole discretion upon thirty (30) days’ notice in writing to the shareholders of Platinum World Portfolios PLC.

Key Investment Policies

The following is a summary of the fund’s key investment policies and guidelines. Please carefully read the Prospectus and the Key Investor Information Documents (KIIDs) before making any investment decision.

Suggested time horizon	5 or more years
Geographic limits	None. The fund's investments are not subject to geographical limits and may be located in emerging markets.
Industry/sector limits	None.
Asset classes	The fund invests primarily in equity and equity-related securities that are listed or traded on regulated markets. The fund may invest up to 10% of its net asset value in unlisted securities. When undervalued securities cannot be identified, the fund may invest in cash, deposits and similar instruments. The fund may have exposure to bonds/debt securities through bond futures and convertible securities, but such exposure will not exceed 10% of the fund’s net asset value at the time of investment.
Number of securities in portfolio	Typically 30 to 100 securities that the Investment Manager believes to be undervalued.
Net equity exposure	Typically 50 – 100% of the fund’s net asset value.
Derivatives	The fund may use financial derivative instruments (e.g. futures, options, swaps) to increase returns and/or for the purpose of efficient portfolio management (e.g. to reduce risk exposure).
Leverage	The fund may be leveraged as a result of using derivatives (including for indirect short positions), but such leverage will not exceed 100% of the fund’s net asset value. The fund may borrow on a temporary basis up to 10% of its net asset value.
Short-selling	Subject to the limits on leverage, the fund may hold indirect short positions through the use of derivatives (primarily equity swap contracts). Typically 0 – 50% of the fund’s net asset value.
Currency	The fund’s currency exposures are actively managed with the aim of capturing the returns and minimising the risks arising from the fund’s exposure to foreign currency fluctuations, which can change the value of the equity investments measured in the fund’s reporting currency (USD). Platinum may manage the fund’s currency exposures using foreign exchange forwards, swaps, non-deliverable forwards, currency options and cash foreign exchange trades. The fund does not seek to undertake share class hedging for share classes E – H and founders share classes E - H which are denominated in a currency other than the fund’s base currency (USD). See Platinum’s risk management strategies for further details.

Performance

The investment returns shown are historical and no warranty can be given for future performance. Historical performance is not a reliable indicator of future performance. Due to the volatility in the fund's underlying assets and other risk factors associated with investing, investment returns can be negative, particularly in the short-term. Investment returns and share prices fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Fund performance changes over time and the return as of the time of your access to the information presented herein may be significantly lower than the historical returns displayed above.

Fund returns are calculated using the net asset value per share (which does not include the anti-dilution levy) attributable to the relevant share class of the fund. Where a particular share class is not denominated in USD, the net asset value per share in USD, being the fund’s base currency, is converted into the denomination currency of that share class using the prevailing spot rate. Fund returns represent the combined income and capital returns attributable to the relevant share class of the fund over the specified period. They are net of the accrued fees and expenses attributable to the relevant share class, are pre-tax, and assume the accumulation of the net income and capital gains attributable to the relevant share class.

Source: Platinum Investment Management Limited for fund returns.

The investment returns depicted in this graph are cumulative on the applicable minimum initial investment invested in the specified period share class over the specified. Fund returns are calculated using the net asset value per share (which does not include the anti-dilution levy) attributable to the specified share class of the fund. Where that particular share class is not denominated in USD, the net asset value per share in USD, being the fund’s base currency, is converted into the denomination currency of the specified share class using the prevailing spot rate. Fund returns represent the combined income and capital returns attributable to the specified share class over the specified period. They are net of the accrued fees and expenses attributable to the specified share class, are pre-tax, and assume the accumulation of the net income and capital gains attributable to the specified share class.
The fund does not invest by reference to the weightings of any index or benchmark. The fund's underlying assets are chosen through the bottom-up investment process of Platinum Investment Management Limited
The investment returns shown are historical and no warranty can be given for future performance. Historical performance is not a reliable indicator of future performance. Due to the volatility in the fund's underlying assets and other risk factors associated with investing, investment returns can be negative, particularly in the short-term. Investment returns and share prices fluctuate with market conditions, and investors may have a gain or loss when shares are sold. Fund performance changes over time and the return as of the time of your access to the information presented herein may be significantly lower than the historical returns displayed above.
Source: Platinum Investment Management Limited for fund returns.

Price History

The following prices (net asset value per share) pertain to the various share classes available for investing in the Platinum World Portfolios - International Fund. The share classes differ with respect to important attributes, such as currency of denomination, fees, voting rights as well as their availability and tax reporting status in specific jurisdictions.

Please refer to the Fund Overview for a summary of those differences, and please carefully read the Prospectus and the Key Investor Information Documents (KIIDs) before making any investment decision. The Prospectus contains further details on each share class as well as the initial subscription price (subject to any anti-dilution levy) applicable to those share classes that have not been activated (and, therefore, for which no price is displayed below).

The data presented herein are historical and are not intended as a forecast or guarantee of the future price or net asset value of the fund or any of the share classes. Share prices (net asset value per share) fluctuate with market conditions, and investors may have a gain or loss when shares are sold.
Information on this webpage does not, and is not intended to, constitute an offer or a solicitation to subscribe for, redeem or convert shares in Platinum World Portfolios PLC or any of its sub-funds in any jurisdiction in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.

Fund Documents

Constitution of Platinum World Portfolios PLC

Remuneration Policy of Platinum World Portfolios PLC

Portfolio Snapshot

Industry Breakdown¹

Sector	Long %	Short %	Net %
Biotechnology	28.9	-	28.9
Pharmaceuticals	23.9	-	23.9
Life Sciences Tools & Services	5.2	-	5.2
Electronic Equipment Instruments & Components	1.1	-	1.1
Health Care Equipment & Supplies	0.6	-	0.6
Chemicals	0.6	-	0.6

Top 10 Positions³

Stock	Country	Industry	%
Bayer AG	Germany	Health Care	3.8
Galapagos NV	Belgium	Health Care	2.2
Gilead Sciences Inc	United States of America	Health Care	2.3
Hutchmed China Ltd	China	Health Care	2.4
Sanofi SA	United States of America	Health Care	3.2
Takeda Pharmaceutical Co	Japan	Health Care	4.4
UCB SA	Belgium	Health Care	2.2
Prometheus Biosciences	United States of America	Health Care	2.2
Icosavax Inc	United States of America	Health Care	2.1
Exscientia Plc	United Kingdom	Health Care	2.9
		Total	27.7

Disposition of Assets²

	Long %	Short %	Net %	Currency%
Asia-Pacific	9.3	-	9.3	9.3
Australia	0.9	-	0.9	0.9
China	4.0	-	4.0	4.0
Japan	4.4	-	4.4	4.4
Europe	19.7	-	19.7	22.9
Belgium	4.5	-	4.5	-
Denmark	1.5	-	1.5	1.5
France	1.0	-	1.0	-
Germany	5.7	-	5.7	-
Netherlands	1.2	-	1.2	-
Spain	1.6	-	1.6	-
Sweden	1.0	-	1.0	1.0
United Kingdom	3.3	-	3.3	3.3
Euro	-	-	-	17.1
North America	31.3	-	31.3	67.9
United States of America	31.3	-	31.3	67.9
Sub-Total	60.2	-	60.2	100.0
Cash	39.8	-	39.8	-
Total	100.0	-	100.0	100.0

Long - 49 stocks

Top 10 Positions³

Stock	Country	Industry	%
Bayer AG	Germany	Health Care	3.8
Galapagos NV	Belgium	Health Care	2.2
Gilead Sciences Inc	United States of America	Health Care	2.3
Hutchmed China Ltd	China	Health Care	2.4
Sanofi SA	United States of America	Health Care	3.2
Takeda Pharmaceutical Co	Japan	Health Care	4.4
UCB SA	Belgium	Health Care	2.2
Prometheus Biosciences	United States of America	Health Care	2.2
Icosavax Inc	United States of America	Health Care	2.1
Exscientia Plc	United Kingdom	Health Care	2.9
		Total	27.7

All data as at [28 February 2023] .

“Long %” represents the Fund’s exposures to the relevant sectors as a percentage of the Fund’s NAV through direct securities holdings and long derivatives of stocks and indices. “Net %” represents the Fund’s exposures to the relevant sectors as a percentage of the Fund’s NAV through direct securities holdings and both long and short derivatives of stocks and indices.
“Long %” represents the Fund’s exposures to the relevant regions as a percentage of NAV through direct securities holdings and long stock/index derivatives. “Net %” represents the Fund’s exposures to the relevant regions as a percentage of NAV through direct securities holdings and both long and short stock/index derivatives. “Currency %” represents the Fund’s effective net exposures to the relevant currencies as a percentage of NAV through securities holdings, cash, forwards and derivatives.
The “Top 10 Positions” table shows the Fund’s top 10 long equity positions as a percentage of the Fund's NAV, taking into account direct securities holdings and long stock derivatives.

Updates & Reports

02/28/2023 28 Feb 2023
01/31/2023 31 Jan 2023

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02/28/2023 28 Feb 2023
01/31/2023 31 Jan 2023

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02/28/2023 28 Feb 2023
01/31/2023 31 Jan 2023

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02/28/2023 28 Feb 2023
01/31/2023 31 Jan 2023

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12/31/2022 31 Dec 2022

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12/31/2022 31 Dec 2022

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12/31/2022 31 Dec 2022

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