Platinum Asset Management chief investment officer Andrew Clifford says the surge in valuations of the so-called Magnificent Seven stocks has made it tough for the firm’s funds to keep pace with global indices.
The ASX-listed fund manager – which has tended to own relatively fewer stocks in the United States market relative to the benchmark – has underperformed the market, prompting clients to pull billions of dollars from its funds.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com