Platinum International Fund: “Uber Technologies (UBER) is a ‘Battleground’ Company.”

Group 1: Fund Performance - Platinum International Technology Fund achieved a 3% increase in Q4 2025 and a 13.1% increase for the entire year, outperforming the benchmark returns of 2.5% and 12.4% respectively [1] - The depreciation of the U.S. Dollar negatively impacted both the Fund and Benchmark returns when measured in Australian dollars for 2025 [1] - The market environment was characterized as 'risk-on', with defensive sectors like Real Estate and Consumer Staples underperforming, while discretionary consumer businesses had mixed results [1] Group 2: Investment Outlook - The firm anticipates a similar investment environment for 2026 as seen in 2025 and 2024, aiming to avoid extreme events [1] - Ongoing macroeconomic trends and a focus on AI are expected to influence investment strategies, while caution is advised regarding potential adverse outcomes from unexpected areas [1] Group 3: Uber Technologies, Inc. Insights - Uber Technologies, Inc. is highlighted as a key stock in the Fund, with a market capitalization of $143.88 billion, but its stock experienced a one-month return of -8.45% and a 52-week loss of 4.22% [2] - Uber, Jacobs Solutions, and Microsoft each detracted from the Fund's quarterly returns by between 0.5% and 0.8%, but the Fund maintains a long-term positive outlook on these businesses [3] - Uber is considered a 'battleground' company, leading in ridesharing and meal delivery, while also engaging with companies developing autonomous vehicle strategies [4][5]