Platinum Asset Management (Platinum) is unlikely to earn performance fees this financial year, as the company remains cautious due to market volatility.
"Since November 2007, the world's stock markets have been adjusting downward, with record high levels of volatility," Platinum group chairman Michael Cole said.
"No stock has been immune to these wild gyrations. Indeed [Platinum] has seen daily movements in its own share price of plus 10 per cent and minus 10 per cent - one would be normally happy to see the former over the course of a year.
"For the 2009 financial year, we remain cautious and recognise that markets remain highly volatile. As indicated in the annual report, it is most likely nil performance fees will be earned in the current year."
In 2008, Platinum earned $28.7 million in performance fees, compared to $37.6 million in 2007.
However, Platinum is becoming increasingly excited about the choice of companies available to buy across the world, Cole said, citing Platinum International Fund's September report.
The report showed the fund favoured Denso, a component and system supplier for energy efficient and hybrid vehicles.
The product's top holdings were software giant Microsoft and Japanese financial services firm Mitsubishi UFJ Financial.
Platinum's International Fund has returned 12.94 per cent for the last 10 years to September 30, 2008. The MSCI returned just 1.4 per cent per year in the same timeframe.
Platinum will also focus on developing its global distribution, and creating diversity in its client base, Cole said.
