Investors pulled money out of Platinum’s funds even after a banner year for its stock pickers. Analysts are taking note.
Global fund manager Platinum’s strong returns in 2022 have failed to stem investor redemptions, but analysts are forecasting that funds under management may steady in 2023.told the Australian Securities Exchange that investors had pulled $166 million from its managed funds and that earned performance fees was insignificant for the period.
In 2022, the Platinum International fund beat its benchmark by 16 per cent over a one-year period in which most of its peers delivered lacklustre returns. The Barrenjoey analysts, however, said the damage had been done over the years. After a 40 per cent decline in funds under management from its peak in 2015 the asset manager lacked scale, which meant even small outflows hurt it.
The broker retains an underweight rating on Platinum based on expected outflows and falling operating margins, and cut its price target from $1.30 to $1.20.Credit Suisse analysts said they expected the international fund to be ahead of its benchmark over three years by the end of the month, which it said could pave the way for an improvement in flows.
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