Fund Performance - Platinum International Technology Fund achieved a 3% return in Q4 2025 and a 13.1% return 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 [1] Market Environment - The market was characterized as 'risk-on', with defensive sectors such as Real Estate and Consumer Staples underperforming, while discretionary consumer businesses showed mixed results [1] - For 2026, the firm anticipates a similar investment environment as in 2025 and 2024, aiming to avoid extreme events [1] Company Focus - Jacobs Solutions Inc. (NYSE:J) is highlighted as a key stock, providing infrastructure and advanced facilities, with a market capitalization of $14.74 billion [2] - The stock of Jacobs Solutions Inc. experienced a one-month return of -10.14% and a 52-week gain of 3.37% [2] Investment Outlook - Jacobs Solutions Inc., along with Microsoft and Uber, detracted from the Fund's quarterly returns by between 0.5% and 0.8% each, but the company is viewed positively for the long term [3] - The engineering services industry is facing potential disruption from AI, but Jacobs Solutions is expected to be a net beneficiary of the AI revolution, with management actively investing in AI to enhance efficiencies [4][5]

Group 1 - L1 Capital International Fund focuses on investing in high-quality companies with favorable cashflow-based valuations, emphasizing the importance of valuation analysis for AI-focused investments [1] - The fund achieved a return of 2.2% in Q4 2025, net of fees, compared to a benchmark return of 2.5% [1] - For the year 2025, the fund's return was 9.8% net of fees, while the benchmark index returned 12.4% [1] Group 2 - Jacobs Solutions Inc. is highlighted as a leading provider of infrastructure and advanced facilities, with a market capitalization of $16.506 billion [2] - The stock of Jacobs Solutions Inc. closed at $139.00 per share on January 14, 2026, with a one-month return of 4.76% and a 52-week gain of 1.52% [2] - The company is viewed as a net beneficiary in the engineering services industry amidst AI disruptions, with management actively investing in AI [3] - A competitor's misleading statements regarding AI's impact on the industry led to unjustified share price weakness, prompting an increase in L1 Capital's position in Jacobs Solutions [3] - Jacobs Solutions acquired minority interests in subsidiary PA Consulting, with the acquisition price being modestly below expectations, positively impacting the base case valuation [3]