Platinum leads international charge
One of the most common themes in the international equities sector over the past four years has been the success of one particular manager —Platinum Asset Management. Last year, Platinum and its derivative funds offered byMLCandWestpacmade up three of the top 10 best performing managers.
In theannus horribilisof 2002, it was a Platinum fund (Platinum International Brands) that topped the performance list, returning 6.7 per cent. Similarly, Platinum topped performance in 2001 and came in at number two in 2000.
This performance was reflected elsewhere, with the Platinum International Fund topping both inflows and FUM lists in 2002 and 2003 after consistent growth in 2000 and 2001.
According toAssirt, in falling global markets Platinum has constantly been a standout performer, and one that the market has recognised and investors have strongly supported.
Assirt says while managers with very distinct styles have had it fairly easy over the last few years, in the end it will come down to stock selection — which luckily for Platinum is one of its drawcards. But if its dream run is to continue, Platinum will have to be wary of letting success go to its head. If fund flows continue at the current rate, the manager’s ability to short could suffer, according to Assirt.
Another recurring theme in international equities over the past four years is the continuing broad-based support for brands, withBTas one example, andColonial First Stateas another.
One manager whose funds were consistently supported by advisers over the four-year period wasCredit Suisse Asset Management, with inflows and FUM remaining strong despite an absence from the top 10 performance list.
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