ASX 200 investors are dumping Platinum Asset Management Ltd (ASX: PTM) shares today, at one point driving them down to an all-time low.
The Platinum share price plummeted to $1.87 this morning, the lowest level the company has traded at since it was listed in 2007. By contrast, the S&P/ASX 200 Index (ASX: XJO) is up 0.52% today. Platinum shares have since gained a little ground and are now trading 15% lower at $1.90.
At the time of writing, 13.56 million shares in the ASX 200 investment manager have already changed hands. That's more than quadruple the company's 30-day average of 3.14 million shares traded per day.
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What's going on with this ASX 200 share?
It appears ASX investors may be disappointed with Platinum's latest funds under management report. Released yesterday, the report shows net outflows of approximately $222 million in funds in March.
This includes approximately $162 million in net outflows from the Platinum Trust Funds.
Platinum now has 19.44 billion in funds under management.
Adding insult to injury is a broker note out of Credit Suisse downgrading Platinum shares from neutral to underperform.
According to reporting in The Australian, the broker recommends that ASX investors sell. It has cut its price target for the ASX 200 share to $1.90.
Platinum share price recap
This ASX 200 share is having a rough time of it in 2022. The Platinum share price is down 32% year to date. This is in stark contrast to the ASX 200 benchmark, which is down 1.4%.
The past 12 months have been no better with the shares down 62% compared to an ASX 200 gain of 7%.
The Australian-based investment manager describes its investing strategy as contrarian and long-term. According to the website, the team looks "beyond short-term market turbulence… to seek out 'unfashionable' companies whose actual worth is greater than the value implied in their present share price".
