Convertible-Based Absolute Return Strategy
Targeting an absolute return over 12-month rolling periods
Inception DateDecember 2018
US$340mAUM
AUM 30.06.2026
Holdings
As at 06/30/2026
Strategy Overview
Investment Objective
The Strategy's investment objective is to generate a positive absolute return over rolling 12-month periods, in all market conditions. There is no guarantee the Strategy will achieve this objective over any given period.
Investment Philosophy
- Target 8-12% net returns with limited downside and with a return volatility of circa 6%
- Our approach is global at the outset, with allocation of capital being unconstrained and opportunity driven
- Typically, we own convertible bonds and hedge them, when appropriate, with synthetic short equity positions. This approach results in a portfolio that is predominantly hedged but one that we believe is superior to a long/short equity portfolio
- Our investment process consists of credit analysis, convertible/convexity analysis and equity analysis – with a clear focus on identifying short- and medium-term catalysts
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Key Facts
- Team of five sector specialists based in London and Providence, RI
- The team has 95+ years of combined industry experience
- Typically 50-100 positions (long convertible, short stock), grouped into five categories
- Ability to hedge credit exposures and interest rates
- Absolute Return seeking strategy – no benchmark constraints
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Strategy Availability
- UCITS Fund
- Separate Account
Management
David Keetley
Fund Manager
Stephen McCormick
Fund Manager
Jake Collins, CFA
Head of Credit & Convertible Research
Michael Provvisionato
Investment Analyst
David Keetley
David joined Polar Capital in October 2010 to establish the global convertibles team and is co-manager of the Global Convertible Fund and the Global Absolute Return Fund.
David is an experienced convertible bond specialist, having spent 36 years in the asset class in both investment banking and investment management. Before joining Polar Capital in October 2010 to establish the Convertible team, he was joint CEO of Vicis Capital (UK) Ltd which he joined in 2006 to set up and manage the international convertible portfolio of the New York-based hedge fund. David started his career at Salomon Brothers International and moved to Baii (a subsidiary of BNP Paribas) in 1987, where he first started managing convertibles. He joined Schroders in 1996 and Citigroup in 2000 following the Citi takeover of Schroder Investment Bank.
- BSc (Hons) in Civil Engineering, University of Glasgow
- Fellow of the Chartered Institute for Securities and Investment
- 30 years
Source & Copyright: CITYWIRE. David Keetley has been awarded an AA rating by Citywire for his 3 year risk-adjusted performance for the period 30/06/2023 - 30/06/2026.
FE Alpha Manager Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. © 2023 FE. All rights reserved.
Stephen McCormick
Stephen joined Polar Capital in October 2010 and is co-manager of the Global Convertible Fund and the Global Absolute Return Fund.
Prior to moving into convertible trading, Stephen was a research analyst at Tucker Anthony. In 1993 he became a partner in Forum Capital Markets, eventually joining Paine Webber in 1994 where he went on to manage their convertible department until 1998. He was a senior member of the convertible sales team at Morgan Stanley before establishing and managing Valmiki Capital Management in 2005. The following year, he moved to Moore Capital where he, as a member of a three-person team, managed a $1bn global long/short equity portfolio before joining Vicis Capital to manage the US convertible bond portfolio in 2008.
- BSc in Finance, Providence College, Rhode Island
- 30 years
Source & Copyright: CITYWIRE. Stephen McCormick has been awarded an AA rating by Citywire for his 3 year risk-adjusted performance for the period 30/06/2023 - 30/06/2026.
FE Alpha Manager Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. © 2023 FE. All rights reserved.
Jake Collins, CFA
Jake joined Polar Capital in October 2013 following a summer internship during which he created materials to help in the initial days of marketing the Polar Capital Global Convertible Fund. He joined as an Investment Analyst and was subsequently promoted to Senior Investment Analyst in 2022 and Head of Credit and Convertible Research in 2025.
- BSc (1st Class Hons) in Mathematics, University of DurhamMSc (Merit) in Finance and Investment, University of Durham
- CFA Charterholder
- 12 years
Michael Provvisionato
Michael joined Polar Capital as an Investment Analyst in the Convertible Bond Team in July 2022. He completed a four-month internship with the team earlier in the year, carrying out ESG and sustainability research as the Funds transitioned to be SFDR Article 8 compliant. He graduated magna cum laude in Finance from Providence College, Rhode Island, in summer 2022.
- BSc (magna cum laude) in Finance, Providence College, Rhode Island
- 4 years
Risk Considerations
Risks:
- Capital is at risk and there is no guarantee the Strategy will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Strategy.
- Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested.
- The value of a Strategy’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Strategy’s Prospectus for details of all risks.
- The Strategy may enter into a derivative contract. The Strategy’s use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as failure amongst market participants.
- The use of derivatives will result in the Strategy being leveraged (where market exposure and the potential for loss exceeds the amount the Strategy has invested) and in these market conditions the effect of leverage will magnify losses. The Strategy makes extensive use of derivatives.
- If the currency of the share class is different from the local currency in the country in which you reside, the figures shown on this webpage may increase or decrease if converted into your local currency.
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Convertible-Based Absolute Return Strategy Strategy (the “Strategy”) is a strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in English, French and German. The prospectus is available in English.
Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
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Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.
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Country Specific Disclaimers: When considering an investment into the Strategy, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.
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Strategy Performance
As at 30 June 2026
Growth of $10,000
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Quarter-end performance (as at June 30, 2026)
| 1 Year | 3 Years | 5 Years | Since Inception (31/12/2018)* | YTD | QX | |
|---|---|---|---|---|---|---|
| Gross | 17.67 | 14.65 | 9.61 | 10.77 | 6.44 | 5.69 |
| Net | 13.72 | 11.16 | 7.08 | 8.20 | 4.97 | 4.63 |
Periods over one year are annualised. *The Strategy was launched on 31 December 2018.
Historical annual returns (%)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Gross | 20.53 | 11.61 | 6.03 | 1.33 | 6.03 |
| Net | 15.81 | 8.78 | 4.22 | 0.21 | 4.25 |
The strategy performance data quoted here represents past performance, which is not indicative of future results. The chart illustrates the performance of a hypothetical $10,000 investment made in the strategy since inception (or chosen period). Figures include reinvestment of capital gains and dividends. The index performance figures are sourced from Bloomberg and are in USD terms.
Performance and Fees: Returns are presented both gross and net of fees. Net returns are calculated using a model fee which is the maximum management, performance & custodial fees that could be charged to a portfolio plus actual non-reclaimable withholding taxes and trading expenses on any underlying portfolio within the composite. Gross of fee returns are presented before actual management, performance & custodial fees but after all trading expenses and non-reclaimable withholding taxes. The current model fee is set to replicate actual management fees, custodial fees, performance fees, withholding taxes and all trading expenses on the account with the highest fees within the composite. The management fee is 1.00% - Institutional. The performance fee is 15% based on any returns the Strategy achieves above the high water mark. The composite returns presented represent past performance and is not a reliable indicator of future results, which may vary.
Composite Description: The Polar Capital Convertible-Based Absolute Return Composite includes all institutional portfolios that invest in a diversified portfolio of securities, primarily in the global convertible market. The objective of the Composite is to generate a positive absolute return over rolling 12-month periods, in all market conditions.There is no guarantee the Composite will achieve this objective over any given period.
Policies: Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.
GIPS Compliance and Verification Status: Polar Capital LLP claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Polar Capital LLP has been independently verified for the periods 01 January 2009 through 31 December 2025. The verification reports are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. A list of composite descriptions and a list of broad distribution pooled funds are available upon request.
For further information on the strategy presented, please contact us at investor-relations@polarcapitalfunds.com.
Risk Considerations
Risks:
- Capital is at risk and there is no guarantee the Strategy will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Strategy.
- Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested.
- The value of a Strategy’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Strategy’s Prospectus for details of all risks.
- The Strategy may enter into a derivative contract. The Strategy’s use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as failure amongst market participants.
- The use of derivatives will result in the Strategy being leveraged (where market exposure and the potential for loss exceeds the amount the Strategy has invested) and in these market conditions the effect of leverage will magnify losses. The Strategy makes extensive use of derivatives.
- If the currency of the share class is different from the local currency in the country in which you reside, the figures shown on this webpage may increase or decrease if converted into your local currency.
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Convertible-Based Absolute Return Strategy Strategy (the “Strategy”) is a strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in English, French and German. The prospectus is available in English.
Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
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Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.
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Risk: Factors affecting Strategy performance may include changes in market conditions (including currency risk) and interest rates, as well as other economic, political, or financial developments. The Strategy’s investment policy allows for it to enter into derivatives contracts. Leverage may be generated through the use of such financial instruments and investors must be aware that the use of derivatives may expose the Strategy to greater risks, including, but not limited to, unanticipated market developments and risks of illiquidity, and is not suitable for all investors. Past performance is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Polar Capital may also receive a performance fee based on the appreciation in the NAV per share and accordingly the performance fee will increase with regard to unrealised appreciation, as well as realised gains. The performance fee may create an incentive for Polar Capital to make investments for Polar Capital Funds plc which are riskier than would be the case in the absence of a fee based on the performance of Polar Capital Funds plc.
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Country Specific Disclaimers: When considering an investment into the Strategy, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.
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Portfolio Exposure
As at June 30, 2026
Total Number of Positions
| Long | 68 | |
| Short | 58 |
Market Capitalisation Exposure (%)
| Mega (> US$ 20bn) | 37.4 | |
| Large (US$ 5bn to 20bn) | 38.2 | |
| Medium (US$500m to 5bn) | 24.4 | |
| Small (<US$500m) | 0.0 |
Capital Structure (%)
| Long (LMV) | 133.8 |
| Short (SMV) | -64.0 |
| Net | 69.8 |
Top 5 Positions (Net Exposure by LMV) (%)
| Sirius Minerals 2 5% 05/2027 | 8.9 |
| Helios Towers 2.875% 03/2027 | 5.0 |
| CATL / GS 0% 05/2029 | 4.1 |
| Etsy 0.125% 10/2026 | 4.0 |
| Samsung / GS 0% 01/2029 | 3.6 |
| Total |
Net Equity Exposure (%)14.7
Modified Duration1.52
Sector Exposure (%)Top Long & Short
| Long | Short | Net | ||
|---|---|---|---|---|
| Healthcare | 8.1 | -3.7 | 4.4 | |
| Materials | 7.6 | -4.5 | 3.1 | |
| Industrial | 7.0 | -4.6 | 2.4 | |
| IT | 28.1 | -25.7 | 2.4 | |
| Consumer Discretionary | 4.1 | -2.4 | 1.7 | |
| Telecom | 4.0 | -3.1 | 0.9 | |
| Real Estate | 0.3 | 0.0 | 0.3 | |
| Transportation | 2.2 | -2.1 | 0.1 | |
| Financial | 2.8 | -2.8 | 0.0 | |
| Energy | 3.3 | -3.6 | -0.4 | |
Geographic Exposure (%)Top Long & Short
| Long | Short | Net | ||
|---|---|---|---|---|
| US | 33.8 | -28.4 | 5.4 | |
| Europe | 10.1 | -7.3 | 2.7 | |
| Asia ex Japan | 5.5 | -3.2 | 2.2 | |
| Japan | 11.3 | -9.1 | 2.2 | |
| Canada | 3.8 | -1.9 | 1.9 | |
| Other Markets | 2.9 | -2.5 | 0.5 | |
Note: Totals may not sum due to rounding.
It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.
Risk Considerations
Risks:
- Capital is at risk and there is no guarantee the Strategy will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Strategy.
- Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested.
- The value of a Strategy’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Strategy’s Prospectus for details of all risks.
- The Strategy may enter into a derivative contract. The Strategy’s use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as failure amongst market participants.
- The use of derivatives will result in the Strategy being leveraged (where market exposure and the potential for loss exceeds the amount the Strategy has invested) and in these market conditions the effect of leverage will magnify losses. The Strategy makes extensive use of derivatives.
- If the currency of the share class is different from the local currency in the country in which you reside, the figures shown on this webpage may increase or decrease if converted into your local currency.
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Convertible-Based Absolute Return Strategy Strategy (the “Strategy”) is a strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in English, French and German. The prospectus is available in English.
Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
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Holdings: Portfolio data is “as at” the date indicated and should not be relied upon as a complete or current listing of the holdings (or top holdings) of the Strategy. The holdings may represent only a small percentage of the aggregate portfolio holdings, are subject to change without notice, and may not represent current or future portfolio composition. Information on particular holdings may be withheld if it is in the Strategy’s best interest to do so. A historic complete list of the portfolio holdings may be made available upon request. It should not be assumed that recommendations made in the future will be profitable or will equal performance of the securities. A list of all recommendations made within the immediately preceding 12 months is available upon request. This webpage is designed to provide updated information to institutional investors to enable them to monitor the Strategy. No other persons should rely upon it. The information provided on this webpage should not be considered a recommendation to purchase or sell any particular security.
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Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.
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Allocations: The Strategy allocation percentages set forth in this document are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the same comparable risks and returns. Please see the private placement memorandum for a description of the investment allocations as well as the risks associated therewith. Please note that the Strategy may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Strategy is dependent on the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return to the Strategy while minimizing its risk. The actual investments in the Strategy may or may not be the same or in the same proportion as those shown herein.
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Country Specific Disclaimers: When considering an investment into the Strategy, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.
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Consideration of UN SDG 8: Decent Work and Economic Growth
The Convertible-Based Absolute Return Strategy considers the alignment of its investments with the United Nations Sustainable Development Goal 8 1, which promotes sustained, inclusive and sustainable economic growth, full and productive employment for all, efficient use of resources and protection against environmental degradation.
Below please find a summary of our 3 stage process to promote responsible and sustainable corporate behaviour.
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1. UN SDGs refers to the United Nations Sustainable Development Goals as described here: The 17 Goals | Sustainable Development (un.org).
Stage 1 - Exclusions
Applying norms-based and negative screens
The Global Absolute Return Fund’s investment universe is subject to the following two exclusion criteria:
1. Norms-based screening
This ensures that potential investee companies that are involved in controversial practices are excluded from investment. We take into account the UN’s Global Compact, International Labour Organisation and Human Rights violations in this process.
2. Exclusions
We also exclude companies we believe have a negative impact on the world by virtue of their business activities. We exclude companies that derive over a certain percentage of their revenues from the following activities.
Thermal coal production and distribution
Tobacco production and distribution
Adult entertainment
It should be noted that exclusions do not apply to short positions.
Stage 2 – Alignment Framework
Seeking positive alignment to our ESG framework
The framework considers the alignment of companies issuing convertible bonds with the United Nations Sustainable Development Goal 8: Decent Work and Economic Growth. We see a strong parallel between the aims of SDG Goal 8 and the essential characteristics of the Strategy’s investment selection process.
We have identified eight sustainability indicators, listed below. We analyse potential investments against these eight indicators and determine either alignment or mis-alignment. From this analysis we are able to determine the quantum of alignment and so calculate an alignment score. We are then able to construct a portfolio ensuring that the majority of the portfolio is positively aligned to our ESG framework.
Promotion of Economic Growth
Support companies generating positive economic impacts.
Drive Innovation, Progress and Productivity
Support companies driving developing technologies that improve economic productivity and labour productivity.
Job Creation and Entrepreneurship
Support companies whose activities improve labour market dynamics and contribute to breadth of economic performance.
Resource Efficiency and Environmental Protection
Support companies who are improving resource efficiencies and whose activities do not contribute to environmental degradation.
Equality of Opportunity
Support companies providing equal opportunity and who do not contribute to exploitation of labor.
Access to Financial Services and Insurance
Support companies whose reach and intent enables lower cost or increased access to financial services.
Youth Unemployment
Support skills growth and wealth creation opportunities in the younger generation.
Sustainable Tourism
Support responsible travel that benefits, rather than exploits, the communities in which it occurs.
Stage 3 - Investment Integration
Sustainability inherent to our modelling process
Sustainability considerations play an integral role in our expectation of risk and opportunity of each prospective investment. This is manifested within our fundamental modelling process in three key ways; (i) the use of credit spreads to reflect the risk of near- and medium-term cash flow and repayment certainty, (ii) determining the appropriate weighted average cost of capital and (iii) making forward projections over our seven-year forecast horizon.
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Risk Considerations
Risks:
- Capital is at risk and there is no guarantee the Strategy will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Strategy.
- Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested.
- The value of a Strategy’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Strategy’s Prospectus for details of all risks.
- The Strategy may enter into a derivative contract. The Strategy’s use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as failure amongst market participants.
- The use of derivatives will result in the Strategy being leveraged (where market exposure and the potential for loss exceeds the amount the Strategy has invested) and in these market conditions the effect of leverage will magnify losses. The Strategy makes extensive use of derivatives.
- If the currency of the share class is different from the local currency in the country in which you reside, the figures shown on this webpage may increase or decrease if converted into your local currency.
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Convertible-Based Absolute Return Strategy Strategy (the “Strategy”) is a strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in English, French and German. The prospectus is available in English.
Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
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Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.
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Country Specific Disclaimers: When considering an investment into the Strategy, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.
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