Platinum International Brands Fund’s Views on Birkenstock (BIRK)

Group 1 - Platinum International Brands Fund reported a 1% return in Q3 2025, underperforming the MSCI AC World Index which returned 6% [1] - The fund's performance was impacted by a capital shift towards AI stocks and declining consumer confidence in the US, affecting the consumer brands industry [1] - Despite challenges, the fund continues to view brand-based businesses as attractive investment opportunities [1] Group 2 - Birkenstock Holding plc (NYSE:BIRK) had a one-month return of 8.45%, but its shares have decreased by 21.63% over the past 52 weeks, closing at $42.61 with a market capitalization of $7.836 billion on December 08, 2025 [2] - Historically, Birkenstock was a stagnant family-owned business with a rich heritage, but it has undergone significant changes in the last decade [3] - Birkenstock is not among the 30 most popular stocks among hedge funds, with 40 hedge fund portfolios holding its stock at the end of Q3, down from 46 in the previous quarter [4]