News: PTM Platinum Asset Management Says As At Jan-End, Funds Under Management Was A$18,655 Million, page-2

Without great analysis, the Jan 2023 FUM report, fund outflows and individual fund performances are consistent with the positioning of each fund and the current PTM counter cyclical market positioning.

On the negative side, it is unreasonable to expect any manager to consistently generate returns in excess of FUM outflows over a sustained period. While in Jan 2023 PTM funds were collectively able to significantly outperform the outflows, they need to stop the bleeding and restore inflows to genuinely turn the worm back in their favour.

Clearly, they are not at that point yet, but they have made up a lot of ground from the heavy FUM bleed of the last 6 months.

I like the fact that Iris Energy has doubled in price in the last month reversing a savage downturn it PTMs investment portfolio that will run through the 31.12.22 P & L. Iris is enjoying a revival on the back of the US Treasury/bitcoin liquidity bonanza coming mother Yellen.

All in all I think the market will see the Jan 2023 position as a positive, and "shorts" may be sweating a little tonight. Given the 25% SP gain in the last few months, long term holders should take heart that PTM has beaten its index over 1,2 and 3 years and closing the gap very quickly on the 5 year performance table. Being long China is helping, shorts in Jan not so much.

PAI is going gangbusters and I am confident it will see fund inflows from those who believed China was "uninvestible" 6 months ago and been terribly wrong. Their release from the draconian COVID lockdowns of 2022 will see a rush of money and spending in all directions, especially domestically, giving a bit of a bump to Platinum fund holdings, you would think.

I continue to believe that, as we saw in the west, the post COVID sugar hit will be temporary and cause as many problems later in 2023/early 2024 as benefits. We'll see.I sit very comfortably now with a very very significant stake in PTM just a whisker short of break even.

The recovery has occurred 6 months ahead of my expectation. For that I am grateful as I ponder Newmont's pitch for NCM, another early and unexpected surprise.As 2023 has started off with a market believing in "goldilocks", I enjoy the many current opportunities to take money off the table. The global debt pile and rising interest in my view, as with PTM, is going to haunt the world later this year or early next.

I want to be cashed up and a 3%+ "risk free" return while I wait is allowing me to sleep pretty soundly if things go pear shaped. If they don't my long positions across a range of non-bank sectors gets a nice ride as well.

That is my equivalent to the PIF 65%/35% barbell investment weighting. If it is good enough for Platinum to hold cash, and they are demonstrably very good contrarian investors, it is certainly good enough for me.

GLTASH