Platinum International Fund and L1 Capital International

In this short video, David Steinthal, CIO of L1 Capital International, outlines his investment approach, the proposed changes and what they mean for investors. Key sections discussed include:

• David Steinthal’s Experience and strategy overview (starts from 0:42)
• Portfolio outcomes (3:00)
• Investment Style and Quality Focus (4:27)
• Portfolio Composition (6:45)
• Risk Management strategies (9:28)
• Continuity and Changes in Portfolio Management (11:25)
• Summary of Investment Strategy (12:49)

* For further information, please refer to the Supplementary Product Disclosure Statement (SPDS) dated 21 August 2025 previously sent out and available here for additional information.

What is changing?                                                                                   

If the merger with L1 Capital proceeds:

• L1 Capital International Pty Ltd (L1 Capital International) will become the new investment manager of the Platinum International Fund and the Platinum Global Fund (Long Only) (Platinum Funds).
• David Steinthal, Chief Investment Officer of L1 Capital International, will become the Portfolio Manager for both funds.

Important: These proposed changes do not involve merging the Platinum Funds with the L1 Capital International Fund. Each fund will continue to operate as a separate investment vehicle.

Why L1 Capital International?

L1 Capital International is one of Australia’s most highly regarded and strongly performing International equities managers.

L1 Capital International has delivered top-quartile investment returns, achieving 20.1% p.a. over the past 3 years and 17.2% p.a. over the past 5 years (net of fees). The investment team conducts rigorous bottom-up, fundamental research, which is consistent with Platinum’s approach.

Since launching the L1 Capital International Strategy in March 2019, David and his team have delivered strong and consistent returns across all time periods, demonstrating their ability to perform through diverse market conditions, while maintaining a clear focus on protecting clients’ capital.

Source: Morningstar Direct as at 31 July 2025. All performance numbers are quoted net of fees in AUD. L1 Capital International Strategy is represented by the L1 Capital international Fund – Daily Class which converted to the L1 Capital International (Unhedged) Active ETF on 22 November 2023. Platinum International Fund – C Class and Platinum Global (Long only) Fund – Class C are shown. Past performance should not be taken as an indicator of future performance.<

With the proposed change, the Platinum Funds will continue to operate as separate funds but will be managed by the L1 Capital International team.

L1 Capital International focuses on investing in around 25 high quality companies with strong valuation appeal.  L1 Capital International invests in leading global companies that are generally listed in developed markets, offering diverse regional and sector investment exposure.

Importantly, there is strong continuity of approach. Both Platinum and L1 Capital International have always focused on:

• Detailed, bottom-up company research
• Benchmark-agnostic portfolio construction
• Disciplined downside risk assessment

A seamless transition is planned, with some of Platinum’s investment analysts joining L1 Capital International to add additional resourcing and continuity for Platinum investors.