With all the negativity towards Platinums funds (other than Platinum Asia) - especially the hedging issues they seem to have with the Platinum International fund ... I thought I might have a closer look at the new Platinum Unhedged fund which opened to the public a couple of months back (March 2007 I think). Normally I wouldn't consider such a new fund without any track record - but I was browsing through the Platinum website and noticed that the unit price history for the fund was a lot longer than I expected !! On closer inspection it appears that this fund has actually been trading for well over 2 years now - it started back at the end of January 2005 !!! Anyway - I decided to run it through my system and build a chart for it ... it has performed better than I expected (for an international fund), and certainly far better than the Platinum International fund has in the past 12 months / 2 years. I've attached charts for both below. FY returns for the two funds: Platinum Unhedged vs Platinum International 2005/06: 42.08% vs 25.46% 2006/07: 13.08% vs 5.57% Quarter-by-quarter returns: Platinum Unhedged vs Platinum International 2005Q2: -4.11% vs -2.69% 2005Q3: 13.79% vs 11.27% 2005Q4: 14.10% vs 10.75% 2006Q1: 14.52% vs 8.11% 2006Q2: -3.70% vs -5.26% 2006Q3: 3.77% vs 1.77% 2006Q4: 2.02% vs -0.57% 2007Q1: 0.72% vs 0.65% 2007Q2: 6.46% vs 3.19% To better understand the differences between the two funds - I suggest you look at the quarterly reports ... in particular, the March report has a real example of the differences in strategy: http://www.platinum.com.au/images/pufqtr_0307.pdf http://www.platinum.com.au/images/pufqtr_0607.pdf Personally I think they are a little over-exposed to the US and Japan, but I'm certainly no expert ... at least they currently have some exposure (2%) to the Australian market, which I think is something the Platinum International fund lacks (I'm not sure whether they have a non-Australia mandate). ... anyway just thought I'd post these interesting findings. I've certainly added the fund to my watchlist - although it's not quite good enough to make my shortlist yet ... although it would currently rank 4th in my shortlist of funds and shows a buy signal - although I won't consider it yet (Navra is still easily outperforming it due to the strong Australian market).