Platinum Global Dividend
November 2006
FUND OVERVIEW
Platinum Global Dividend features high potential returns with carefully managed risk and no leverage.
The strategy includes investing in the shares of companies globally that pay high dividends. It is an absolute return strategy designed
to outperform traditional equity investments and pay high cash dividends annually with less risk.
HIGHLIGHTS
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„
„
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Invests in global companies that consistently pay high dividends.
Asia focus
Combination of high dividend income (4%-6% p.a.*) plus capital appreciation (7%-20% p.a.*)
Consistent total return in all market conditions.
No leverage
Risk control from rigorous bottom up research & stock picking
Diversified & balanced portfolio - both geographically and in industry sectors
PLATINUM GLOBAL DIVIDEND
Cumulative Growth*
TOP HOLDINGS
%
Chroma ATE Inc
Supalai Public Company Ltd
San Shing Fastech Corp
Paul Y. Engineering Group LT
China Merchants Hldgs Pac LT
Daishin Securities Co Ltd-PF
Greatek Electronic Inc
City Pacific Ltd
Pranda Jewelery Pub Co Ltd
YNH Property BHD
Underlying Fund Vs. MSCI World: March 2001 – November 2006
4.1
4.1
4.0
3.9
3.6
3.4
3.3
3.3
3.2
3.2
Feb-01
350
325
300
275
250
225
200
175
150
125
100
75
50
Aug-01
Feb-02
Aug-02
Feb-03
Aug-03
Feb-04
Aug-04
Feb-05
Aug-05
Feb-06
Aug-06
Platinum Global Dividend (underlying fund $)
Platinum Global Dividend (underlying fund $) Dividend Adjusted (estimated return)
MSCI World Index
MONTHLY PERFORMANCE*
Underlying
Manager
Net of Fees
2001
Dividends
2002
Dividends
2003
Dividends
2004
Dividends
2005
Dividends
2006
Dividends
JAN
1.73
4.29
1.84
3.42
0.88
5.75
2.67
2.16
3.31
2.32 *
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
YEAR
MSCI World
Index
-0.37
5.96
9.61
-1.58
0.18
-7.36
1.55
4.20
2.76
1 3. 7%
-11.8%
7.25
7.52
9.87
3.38
-2.69
4.32
-5.47
-3.21
4.27
0.71
21 . 1
-21.1
3.41
1.75
0.47
12.83
5.29
9.30
6.21
8.10
-0.64
4.22
72. 9
30.8
4.11
-1.44
-3.25
-7.28
0.85
0.66
3.35
2.95
7.09
-0.21
7.8
12.8
4.82
-1.03
-2.32
-0.50
-0.01
-0.60
2.15
0.08
3.17
2.22
1 2. 4
7.6
4.02
2.25
4.66
-4.23
-1.51
-1.06
3.54
-6.82
6.83
4.01
7.54
0.57
6.40
1.33
4.58
-2.48
5.61
0.68
-0.38
3.69
2.56e
12.8
15.7
23. 9
5.3
FEB
Results prior to Sept 2005 reflect those of the underlying manager. Past performance is not indicative of future results.
Average Annual Return
*Underlying Manager
RISK STATISTICS
FUND INFORMATION
M S C I Wo rl d
I nde x
Platinum
Global Dividend
(Underlying Fund)
TOTAL WINNING MONTHS
42
TOTAL LOSING MONTHS
27
22
1. 5 6
2.14
WIN / LOSE RATIO
47
27. 8 9 %
225.41%
13 . 4 2%
13.78%
8 . 27%
6.02%
- 0. 38
-0.98
SHARPE RATIO (Vol)
0. 42
1.70
SHARPE RATIO (Downside Vol)
0. 6 9
3.89
MAXIMUM SINGLE "UP DRAW"
8. 64%
12.83%
- 3 5 . 14 %
-13.45%
TOTAL RETURN
VOLATILTY
DOWNSIDE VOLATILITY
DOWNSIDE RATIO (Max DD / Vol)
MAXIMUM CUMULATIVE "DRAW DOWN"
ALPHA Monthly
BETA ESTIMATE
R-SQUARED
CORRELATION
1.58%
0.51
0.25
49.71%
Currencies
Minimum subscription
Sponsor
Investment manager
Investment advisor
Auditor
Custodian
Administrator
Domicile
Exchange listed
Initial sales charge
Management fee
Performance fee
Liquidity
$ US Dollar, € Euro or £ Sterling
$50,000, €50,000 or £40,000
Platinum Capital Management Ltd
Platinum Trading Management Ltd
James P Morton/Daniel Nye/George Garafas
KPMG
Fortis (Isle Of Man) Nominees Ltd
Fortis Prime Fund Solutions (IOM) Ltd
Cayman Islands
Luxembourg Stock Exchange
None
1.5% per annum
15% of Net Profit, high water mark
Monthly on 30 days notice
*Results of the underlying investment advisor. Prior to 2004 all dividends were paid in US cents per share since the underlying investment advisor began with a NAV of US$1 per share.
Beginning in 2004 all dividends paid in US dollars per share, as since the underlying investment advisor began with a NAV of US$100 per share. The comments and opinions expressed in this
report reflect those of the underlying investment advisor to which Platinum Global Dividend Fund Limited currently invests and may not be the views and opinions of Platinum Capital
Management Limited and or its affiliates.
Platinum G lobal D ividend
November 2006
NOVEMBER 2006
Platinum Global Dividend returned +2.56%e for November while the MSCI World Index returned +2.27% for the same period.
The majority of holdings performed well. Particularly pleasing was strong growth at Nice Information in Korea. China Merchants, the Chinese toll road
company, Longcheer, the manufacturer of mobile handsets in China and Pranda Jewelry in Thailand all had good third quarter reports. There were
positive developments in order flow at Electrotech, the Malaysian electronics manufacturer and at Merck Indonesia, the listed subsidiary of the global
drug company, both of which showed an impressive rebound in earnings. There was further good news of record backlogs at Paul-Y Engineering, the
construction company based in Hong Kong.
There were a few setbacks but this was more than compensated for by positive developments elsewhere in the portfolio. In particular NV Multi, the
Malaysian funeral home operator, despite reporting record quarterly returns, earnings fell back noticeably after a recent good run. One negative
surprise was the Canadian Government's decision to end the foreseeable tax status of non real estate investment trusts. The law that has been
passed effectively brings in retroactive legislation removing the existing preferences by 2011. Change had been anticipated in terms of prohibition of
new trusts but nobody had anticipated that the government would eliminate the preferential position of existing trusts. The sector dropped
significantly with billions wiped off market values. Platinum Global Dividend had one large holding in the sector. That fell 20% as a result.
A conference in Shanghai allowed the fund manager to catch up on what is happening in China and to meet with a number of top fund managers and
investors from around the world. China continues to grow at an astonishing pace and the transformation of cities like Shanghai, is modern capitalism
at its most successful. In two areas where China has lagged, things may change. Pollution is a problem that the authorities can no longer ignore.
Expect massive expenditure on environmental improvements that will not only affect industry but also every aspect of Chinese economic life. To
underline the commitment it should be noted that the man responsible for Environmental Affairs, formerly a Vice Minister, has been promoted to full
ministerial rank.
Secondly the Chinese appear to be getting serious about patents. Counterfeiting continues as a very big problem and patents do not get protected
properly. It has been stated the minister in charge has been allocated 500,000 people to study the problem and come up with solutions to protect
intellectual property. This is not only due to international pressure but arises from the recognition that Chinese industry needs to move up the valued
added curve and will not do so unless intellectual property can be safeguarded.
Lastly a law that was apparently passed in 1994 has recently come into force. This relates to the ability of entrepreneurs to set up companies. Since
early 2006 a company can consist of a single employee with capital as little as US$4,000: a breakthrough in terms of developing the service
economy. Not that China was short of SME's, with nearly 4 million registered as of 2005; but this opens up entrepreneurs and is likely to stimulate
another wave of domestic growth.
GEOGRAPHICAL DISTRIBUTION
Others
3%
North America
9%
Taiwan
15%
Australasia
5%
UK
5%
South Korea
8%
Rest of South East Asia
17%
Hong Kong
12%
Singapore
13%
Thailand
13%
Platinum Global Dividend
Distribution of Returns
Platinum Global Dividend
Monthly Volatility
Underlying Fund: Since Inception March 2001
Underlying Fund vs MSCI World Index: March 2001 – November 2006
Feb-01
15%
Jun-01
Oct-01
Feb-02
Jun-02
Oct-02 Feb-03
Jun-03
Oct-03
Feb-04 Jun-04
Oct-04
Feb-05 Jun-05
Oct-05
Feb-06
Jun-06
Oct-06
< -10%
-8% to
-10%
-6% to
-8%
-4% to
-6%
-2% to
-4%
-2% to
0%
0% to
+2%
+2% to
+4%
+4% to
+6%
+6% to
+8%
+8% to
+10%
+10% to
+12%
+12% to
+16%
+16% to
+18%
0%
0%
>18%
35%
30%
10%
30%
25%
5%
22%
20%
22%
0%
15%
-5%
10%
-10%
Platinum Global Dividend (underlying fund $)
MSCI World Index
5%
6%
4%
0%
-15%
0%
3%
4%
4%
3%
1%
0%
PLATINUM CAPITAL MANAGEMENT LIMITED
Kingsbury House 15-17 King Street St. James's
London SW1Y 6QU United Kingdom
Tel +44 (0)20 7024 9840
Fax +44 (0)20 7403 5605
w w w. p l a t i n u m f u n d s . n e t
CUSIP
$ KYG712661035
€ KYG712661118
£ KTG712661290
0%
ISIN
SEDOL
Luxembourg
Clearstream
G71266 10 3
G71266 11 1
G71266 12 9
BOFRLY6
BOFRLW4
BOFRLX5
23726807
23726688
23726394
[email protected]
Authorised and regulated by the Financial Services Authority
*The comments and opinions expressed in this report reflect those of the underlying investment advisor to which Platinum Global Dividend Fund Limited currently invests and may not be
the views and opinions of Platinum Capital Management Limited and or its affiliates. NOTE: This document is issued by Platinum Capital Management Ltd, for information purposes only.
No representation is being made that any investment Fund/s described within this document will or is likely to achieve profits or losses similar to those shown. Past performance is no
guide to future results. This document does not constitute an offer to sell or a solicitation of an offer to buy shares in Platinum Funds. Subscription for shares in any Platinum Fund/s can
only be made by completing the application form that accompanies the Offering Memorandum. Neither Platinum nor the administrator accept any liability from investors who rely upon
any other information with regard to any Platinum Fund/s. Investment allocation scenarios shown are for example only and are subject to change and may also vary from time to time.
Changes in foreign exchange rates may have an adverse effect on the value or price of the investment. All trading fund programmes are denominated in US$ and all management and
performance fees as described in the Offering Memorandum have been deducted from their historic track records. The track records and performance data shown is based on the actual
audited results published by the underlying investment advisor/s within the fund, which were in existence at the time of creation. Trading of Platinum Global Dividend Fund Ltd., began in
August 2005. (underlying investment advisor/funds - March 2001). Any comparisons between different funds have been made on a Net Asset Value basis, whereas any comparisons with
an index have been made on an offer to offer basis. The directors of the Platinum Fund/s believe that this approach is fair and not misleading. The directors believe that such comparative
data has been obtained from reliable sources. NOTE: All trademarks are recognised. The MSCI World Index is a registered trademark of Morgan Stanley Capital International Group. The
investment Fund/s described within the document are not subject to FSA Regulation. Platinum Global Dividend Fund Ltd., is registered with the Cayman Islands Monetary Authority (CIMA).
The investment Fund/s and services offered or described within this document are marketed worldwide exclusively through Platinum Capital Management Ltd, a company incorporated in
England and Wales registered No. 3829996 and is authorised and regulated in the United Kingdom by the Financial Services Authority (FSA). © 2006
PGLO1106