The Plato Global Alpha Fund (the ‘Fund’) aims to outperform the MSCI World Net Returns Unhedged Index by 4% p.a. (after fees) over the medium-long term. The Fund uses an all-weather investment style that seeks to deliver consistent alpha over the cycle.
Plato Global Alpha Fund - Monthly Report
31 MAY 2025
About the Fund
Monthly Commentary
In May, the Plato Global Alpha Fund delivered a return of 6.99% (after fees) outperforming the MSCI World benchmark by 1.68%. Since inception, the Fund has achieved an annualised return of 23.52% after fees, outperforming the benchmark by 12.34% per annum and delivering positive relative performance in 93% of rolling quarters. Our upside capture ratio stands at 127%, while the downside capture is just 65%, underscoring our strong risk-adjusted performance. Year to date, the Fund is up 8.97% while the MSCI World is up 0.97%. The Fund’s performance is now ranked 1st out of 262 funds in the Morningstar World Large Cap universe on both an absolute and risk-adjusted basis since inception and has grown to $675 million in assets under management.
Equity markets were buoyed by the US-China tariff roll back on May 12th and revenue beats by Nvidia, Meta Platforms, and AMD. Since Trump backtracked on global tariffs on April 8th, the bulls are firmly in control and the MSCI World Growth index has trounced the MSCI World Value index by 12.37%. Meanwhile, JP Morgan CEO Jamie Dimon cautioned that the bond market could “crack” under pressure as the U.S. House passed a massive tax cut bill. Moody’s downgraded U.S. debt from Aaa to Aa1 pushing 30-year yields above 5%. US Renewables, China Supply Chain and Heavily Shorted baskets performed very well, while GLP-1 exposed, Expensive Defensives, and Onshoring baskets lagged. The constant changes in market leadership reinforce our diversified approach that is not reliant on any one thematic or style. The strategy continues to deliver strong results, balancing upside potential with disciplined risk management.
Companies mentioned are illustrative only and not a recommendation to buy or sell any particular security.
INFORMATION RATIO AND BETA TO MSCI WORLD
UPSIDE AND DOWNSIDE CAPTURE
Source: Plato Investment Management. Past performance is not a reliable indicator of future performance.
NET PERFORMANCE AS AT 31 MAY 2025
1Plato Global Alpha Fund. Fund returns are after applicable fees, costs and taxes. Past performance is not a reliable indicator of future performance. 2 Benchmark is the MSCI World Net Returns Unhedged Index. 3 Inception is 1st September 2021.
FUND FACTS:
| wdt_ID | CLASS LIST | APIR | ARSN | INCEPTION | INVESTMENT MINIMUM | MANAGEMENT FEE | PERFORMANCE FEE |
|---|---|---|---|---|---|---|---|
| 1 | CLASS A | WHT1465AU | 654 914 048 | 1 September 2021 | 15,000 | 0.85 | 15 |
Performance fee is 15% of the Fund’s outperformance (net of management fees), relative to its Benchmark Return, multiplied by the NAV of the Fund.
Management Fee is 0.85% p.a. of the NAV of the Fund.
PORTFOLIO STATISTICS
ACTIVE SECTOR EXPOSURES (%)
REGION EXPOSURE BREAKDOWN (%)
ACTIVE COUNTRY EXPOSURES (%)
TOP 5 TOTAL RETURN CONTRIBUTORS LAST 12 MONTHS (%)
BOTTOM 5 TOTAL RETURN CONTRIBUTORS LAST 12 MONTHS (%)
TOP 5 ACTIVE LONG EQUITY HOLDINGS (%)
TOP 5 SHORT EQUITY HOLDINGS (%)
Past performance is not a reliable indicator of future performance. Companies shown are illustrative only and not a recommendation to buy or sell any particular security. Source: Plato Investment Management.
About the Fund Managers
DR DAVID ALLEN
Head of Long Short Strategies
Formerly, Dr. Allen was Managing Director and Head of Research at JP Morgan Asset Management in London. In 2014, Dr. Allen won the EuroHedge UCITS Fund of the Year. He also managed the JPM Europe Equity Plus (€5bn) and JPM Europe Equity Absolute Alpha (€1bn.) funds.
He holds a PhD from Cambridge in Quantitative Finance.
CHARLES LOWE
Senior Quantitative Analyst
Formerly, Charles was at Macquarie for 12 years, most recently as a Division Director in their Quant Hedge Funds team. Prior to joining Macquarie, Charles worked as an analyst at Commonwealth Bank of Australia, and subsequently Freehills.
Charles holds a Bachelor of Commerce degree from the University of New South Wales, with an Actuarial Studies major.
PLATFORM AVAILABILITY
FUND RATINGS
DISCLAIMER
This communication is prepared by Plato Investment Management Limited (‘Plato’) (ABN 77 120 730 136, AFSL 504616) as the investment manager of the Plato Global Alpha Fund (ARSN 654 914 048) (‘the Fund’). Pinnacle Fund Services Limited (‘PFSL’) (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Fund. PFSL is not licensed to provide financial product advice. PFSL is a wholly-owned subsidiary of the Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22 100 325 184). The Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the Fund are available via the links below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Fund.
Link to the Product Disclosure Statement
Link to the Target Market Determination
For historic TMD’s please contact Pinnacle client service Phone 1300 010 311 or Email service@pinnacleinvestment.com
This communication is for general information only. It is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. It has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. Past performance is for illustrative purposes only and is not indicative of future performance.
Whilst Plato, PFSL and Pinnacle believe the information contained in this communication is reliable, no warranty is given as to its accuracy, reliability or completeness and persons relying on this information do so at their own risk. Subject to any liability which cannot be excluded under the relevant laws, Plato, PFSL and Pinnacle disclaim all liability to any person relying on the information contained in this communication in respect of any loss or damage (including consequential loss or damage), however caused, which may be suffered or arise directly or indirectly in respect of such information. This disclaimer extends to any entity that may distribute this communication.
Any opinions and forecasts reflect the judgment and assumptions of Plato and its representatives on the basis of information available as at the date of publication and may later change without notice. Any projections contained in this presentation are estimates only and may not be realised in the future.
Unauthorised use, copying, distribution, replication, posting, transmitting, publication, display, or reproduction in whole or in part of the information contained in this communication is prohibited without obtaining prior written permission from Plato. Pinnacle and its associates may have interests in financial products and may receive fees from companies referred to during this communication.
The Lonsec Rating (Plato Global Alpha Fund assigned May 2024) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Plato product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at: www.lonsec.com.au/investment-product-ratings.
The Zenith Investment Partners (‘Zenith’) (ABN 27 103 132 672, AFSL 226872) rating (assigned November 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.
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“Opinion is the medium between knowledge and ignorance”
Plato (427-347 BC)
“Opinion is the medium between knowledge and ignorance”
Plato (427-347 BC)
