Platinum Asset Management’s Clay Smonlinski is the Co Portfolio Manager of the Platinum International Fund, in this video he discusses the divergence of equity market valuations across global markets at present.
Key Points in the video :
- The valuation divergence within the global equity market is accelerating and has dramatically accelerated since 2017
- We witnessed such valuation divergences during the tech bubble
- High growth stocks with a degree of safety are being priced on high valuations
- Software as a service stocks (SAAS) are priced on 20-25 times sales with no profits
- The question remains as to when will the market reward a value approach again
- A value based approached won out during the tech bubble, GFC and European sovereign crisis.
For more information about the fund, its performance and top ten holdings click here.
Clay Smolinski, BCom (Murdoch)
Graduating as dux of Finance from university and a brief stint as an accountant at Grant Thornton gave Clay the grounding to deconstruct financial statements. But it is his avid reading habit and a curiosity about how businesses work that guided Clay onto the path of a self-taught investor and landed him a job as an analyst at Platinum in 2006.
Clay began managing the Platinum European Fund in 2009 and was assigned to manage the global portfolio of the Platinum Unhedged Fund in 2014. Clay took over from Kerr the portfolio management responsibilities for the Platinum Global Fund (mFund) and MLC Platinum Global Fund from 1 July 2018, and co-manages with Andrew Clifford the flagship Platinum International Fund, the Platinum International Fund (Quoted Managed Hedge Fund), and the Platinum World Portfolios – International Fund.
