Platinum punished by big tech stocks, but cost controls push up shares

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.