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]

Core Insights - Lyft's market remains underpenetrated with a potential of $160 billion in personal vehicle trips, indicating significant growth opportunities despite concerns of market maturity [1] - The company reported record performance in 2025, including active riders, driver hours, gross bookings, profitability, and free cash flow, attributed to improved marketplace health and increased rider frequency [3][6] - Lyft's strategy includes expanding partnerships and acquisitions, such as FREENOW and TBR Global Chauffeuring, to enhance its service offerings and enter new markets [2][6] Performance Highlights - Lyft exited 2025 with record active riders and driver hours, driven by platform improvements and portfolio expansion [4][6] - The company completed approximately $500 million in its inaugural share buyback and announced a new $1 billion buyback program, prioritizing liquidity and growth investments [5][16] - Lyft's focus on margin expansion includes improving platform health, efficiency in incentives, and a shift towards higher-value modes [17] Strategic Initiatives - Lyft is expanding into higher-value modes and business travel, aiming for approximately 50% year-over-year growth in this segment [8] - The FREENOW acquisition allows Lyft to enter nine European countries, enhancing its international presence and business-user focus [6][13] - Lyft is partnering with autonomous vehicle players like Waymo and Baidu to explore synergies and improve service offerings [14][15] Market Dynamics - The company addressed a perceived slowdown in organic ride volume growth, attributing it to heavy promotional activities rather than structural issues [10] - Lyft expects gross bookings to grow faster than rides in the first half of the year, driven by portfolio diversification and contributions from high-value modes [11] - California's insurance reform has been beneficial, allowing Lyft to pass savings to riders and support long-term growth [12] Future Outlook - Lyft's 2027 target includes approximately $25 billion in gross bookings, with a focus on adding active riders and increasing service frequency [9] - The company is committed to innovation and product differentiation, emphasizing its unique offerings in a competitive market [7] - Lyft's management expresses confidence in the company's resilience and growth opportunities over the coming years [18]

Core Viewpoint - Uber has underperformed the stock market since its 2019 IPO, but there are indications that this trend may change as the company continues to grow and innovate in a rapidly expanding market [2][8]. Group 1: Market Position and Growth - Uber dominates approximately 75% of the ridesharing market in the United States and operates in around 15,000 cities across more than 70 countries [3][4]. - The global ridesharing market is projected to grow at a compound annual growth rate (CAGR) of over 18%, reaching $788 billion by 2035, providing a significant tailwind for Uber [4]. - Uber's revenue is growing at a rate of 20% year over year, with nearly $50 billion in annual revenue, and it has converted 17.4% of its revenue into free cash flow over the past four quarters [6]. Group 2: Financial Metrics and Valuation - Uber's stock has increased by 25% over the past year, but it currently trades at a price-to-earnings (P/E) ratio of just over 19 times 2026 earnings estimates, indicating a low valuation for a company with strong growth [8]. - The company is expected to have earnings of $4.25 per share in 2026, with a conservative assumption of a 20% CAGR for earnings growth [15]. Group 3: Competitive Landscape and Future Plans - Concerns exist regarding the rise of self-driving vehicles and autonomous ridesharing services, which could impact Uber's business model, as compensating human drivers is a significant expense [9][10]. - Uber is actively pursuing partnerships, such as with Nvidia, to develop self-driving technology and plans to build an autonomous fleet of 100,000 vehicles starting in 2027 [11]. - If Uber successfully implements its autonomous plans, the stock could potentially trade at a price as high as $294, representing over a 250% gain over three years [16].

Core Viewpoint - Ridesharing companies like Lyft are experiencing significant popularity and convenience, leading to a surge in stock prices in 2025, prompting investor interest in potential growth for 2026 and beyond [1] Company Summary - Lyft's stock has increased by 2.00% as of December 3, 2025, indicating positive market sentiment towards the company [1] Industry Summary - The ridesharing industry continues to thrive, with consumer preference leaning towards the convenience offered by companies like Lyft, suggesting a robust market outlook [1]

Core Insights - Palantir Technologies reported record quarterly results that exceeded analysts' expectations and raised its full-year revenue outlook for the third consecutive quarter, yet its stock price declined due to concerns about overvaluation [2][5]. Group 1: Company Performance - Palantir's quarterly results were significantly better than expected, leading to an increase in its full-year revenue outlook [2][5]. - Despite strong performance, Palantir's stock led declines in the Nasdaq, indicating market skepticism about its valuation [2][5]. Group 2: Market Context - Major U.S. equity indexes, including the Dow Jones Industrial Average, S&P 500, and Nasdaq, experienced losses, with Palantir being a notable contributor to the tech sector's decline [1][5]. - Other companies like Uber Technologies and Denny's also experienced significant stock movements, with Uber's stock falling due to a weak EBITDA forecast and Denny's stock rising following an acquisition announcement [3].

Core Viewpoint - A significant shift in investor sentiment towards Lyft is evident, driven by a recent stock gain and increased bullish options activity, reflecting a transformation in the company's financial health [1][2]. Financial Performance - Lyft has transitioned from a cash-burning growth model to one focused on sustainable profitability, validated by its second quarter 2025 results [2]. - In Q2 2025, Lyft generated $329.4 million in free cash flow, totaling $993 million over the past twelve months, marking the fourth consecutive quarter of positive free cash flow [4]. - The company repurchased $200 million of its stock in Q2 2025, indicating strong cash generation and a commitment to returning value to shareholders [5]. Profitability and Efficiency - Adjusted EBITDA grew 26% year-over-year to $129.4 million in Q2 2025, with the Adjusted EBITDA margin expanding to 2.9% of Gross Bookings, up from 2.6% the previous year [8]. - Improved operational controls and a decline in marketplace incentives on a per-ride basis demonstrate Lyft's commitment to profitability [9]. Growth Strategy - Lyft's core business remains strong, with gross bookings rising 12% to $4.5 billion, rides increasing 14% to 234.8 million, and active riders growing 10% to 26.1 million [12]. - The all-stock acquisition of FREENOW expands Lyft's total addressable market without depleting cash reserves, while partnerships in autonomous vehicles signal long-term growth potential [10]. Corporate Governance - A significant corporate governance overhaul was announced, eliminating the dual-class share structure and establishing a one-share, one-vote system, enhancing accountability and investor confidence [11][13]. - The market's positive reaction to this governance change reflects confidence in Lyft's financial stability and future direction [14]. Investment Thesis - Lyft has demonstrated a combination of sustained profitability, disciplined operations, and a shareholder-friendly governance structure, rewriting its investment thesis [15]. - The company has shifted from a speculative growth narrative to a cash-generating business model, providing a solid foundation for future growth [16].