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AUM 28.03.2024
Figures are representative and are used here for illustrative purposes only.
The Strategy’s investment objective is to achieve long term capital appreciation by primarily investing in a diversified portfolio of global equity securities which may be listed or traded on a Regulated Market.
The Investment Manager seeks to identify equity securities exposed to industrial and process automation, robotics, artificial intelligence (A.I.), and materials science, as well as businesses that the Investment Manager believes can be fundamentally transformed through the future adoption of these technologies.
The Strategy will aim to outperform the Index by investing in companies or shares the future growth potential of which the Investment Manager believes is being undervalued or underestimated, whilst aiming to reduce the volatility of the Strategy's returns by investing in a diversified portfolio, typically with a low concentration in individual holdings. Investors should expect an ‘active’ investment approach to investing in global equities as part of which the Investment Manager will actively avoid those companies it believes may be weakened competitively by their failure to innovate or adapt. For the avoidance of doubt, investment in equity securities is not limited to the constituents of the Index.
Because of the 'bottom-up' active investment approach, the geographic sector and foreign exchange exposure of the portfolio is likely to vary considerably from the Index.
Prior to joining Polar Capital, he spent four years working as an investment analyst within the emerging markets & Asia team at Aviva Investors, where he was responsible for the technology, media and telecom sectors. Prior to that, he worked as a quantitative analyst and risk manager for the emerging market debt team at Pictet Asset Management. He started his career as a financial engineer at Algorithmics, now owned by IBM, in 2005.
Prior to joining Polar Capital, Ben began his career in fund management at CMI, as a global technology analyst. He moved to Aberdeen Asset Managers in 1998 where he spent four years as a senior technology manager.
Nick was previously head of technology at AXA Framlington where he was lead fund manager of the AXA Framlington Global Technology Fund and the AWF Framlington Global Technology Fund between August 2001 and July 2007. Both funds were rated five stars by S&P and received several S&P and Lipper performance awards. Nick graduated with a BSc (Hons) in Economics from University of Hull.
Prior to joining Polar, Fatima spent 18 months working at Citigroup Asset Management with a focus on consumer products and pharmaceuticals.
Alastair joined Polar Capital in June 2019 as a Fund Manager. Prior to joining Polar Capital, Alastair co-managed the Arbrook American Equities Fund. Between 2014 and 2018 he launched and then managed the Neptune Global Technology Fund and managed the Neptune US Opportunities Fund. Prior to Neptune, Alastair was a technology analyst at Herald Investment Management.
Prior to joining Polar Capital, Paul helped manage a private investment fund between 2010 and 2012. Paul is responsible for a number of thematic areas, including game software and automotive technologies.
Nick joined Polar Capital in June 2019 as an analyst on the Polar Capital Technology team. Prior to joining Polar Capital, Nick worked at Neptune Investment Management as the Assistant Fund Manager on the US Opportunities growth fund. Prior to that he worked in academia at the University of Oxford.
Patrick joined Polar Capital as an Operations Executive, where he provided operational support to all fund management teams at Polar, including the Technology team. During this time Patrick successfully achieved the CFA charter, and subsequently, after a successful 8 months seconded to the technology team, Patrick joined on a full-time basis in May 2021 as an investment analyst with a focus on small and mid-cap companies.
Fred joined Polar Capital in July 2023 as an Investment Analyst in the Technology team. Prior to joining Polar Capital, he worked at Janus Henderson investors as a Portfolio Analyst on the Global Technology Leaders and Sustainable Future Technologies strategies.
Lina joined Polar Capital in September 2023 as an Investment Analyst in the Technology team. Prior to joining Polar Capital, Lina worked at Exane BNP Paribas as an Equity Research Analyst.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Artificial Intelligence 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 website 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 Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. 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.
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.
Benchmark: The Strategy is actively managed and uses the MSCI ACWI Net TR Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Strategy invests. The performance of the Strategy is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found at https://www.msci.com/acwi. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.
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.
As artificial intelligence (AI) enters the mainstream, the potential for this technology to cause widespread and profound social and economic disruption also grows. As a result, there is enormous scope for AI to have a positive impact on the world around us, including helping to address many prevalent environmental and social challenges. Our approach aims to take into account the wide range of ESG risks present in the technology sector, whilst positively aligning the portfolio with what we have identified as three key ESG characteristics that technology and AI can help to promote.
The Artificial Intelligence Strategy’s initial investment universe is subject to the following two exclusion criteria. Stock ideas which do not adequately align with these standards are unsuitable for investment and are not considered any further for inclusion into the portfolio.
This ensures that potential investee companies that are involved in controversial practices are excluded from investment. We take into account a number of different international conventions as part of this process, such as the UN’s Global Compact.
We also exclude companies we believe have a negative impact on the world by virtue of their business activities. We exclude companies that are involved in controversial weapons production, or that derive more than 5% of their revenues from the following activities:
We evaluate each holding’s alignment – measured through the percentage of revenue or future revenue (based on R&D) - to three key environmental and social characteristics that the Strategy promotes.
Companies whose products and services contribute to the development and improvement of both physical and digital infrastructure, in pursuit of sustainable growth.
Companies who enhance the wellbeing and lives of individuals through innovative platforms and services.
Companies who enhance the wellbeing and lives of individuals through innovative platforms and services.
We use third party ESG analysis reports as part of a wider assessment, investigating areas where an individual company scores poorly, checking that the information used to assign the score is accurate and timely, and taking a view on the materiality of the issue or controversy.
We conduct our own research, making use of company filings, sustainability reports, sell-side research and news reports.
Core to our process is that our ESG research is carried out by the same analysts responsible for the fundamental and financial assessment of portfolio companies. We believe ESG to be intrinsic to the investment opportunity in every company, and therefore they should be considered alongside one another. A company’s ESG profile can be as relevant to its investment profile as its competitive position, the differentiation of its underlying technology or any other characteristic.
We engage where it is useful and can add value to our investment process and/or where we can use our influence to effect change. We also undertake more ESG-led engagements with companies where ESG issues have become more material.
These conversations are used to build a deeper understanding of the competitive environment, technology risks, ESG factors and political or macroeconomic influences, and in some cases to try to positively influence company behaviour.
Examples of issues that we have engaged on include:
We also exercise our shareholder rights to vote at companies’ AGM’s on a wider range of ESG issues. Analysts are responsible for voting all proxies. We subscribe to ISS’s Proxy services, and record when and why we vote against either ISS or management (which requires lead Portfolio Manager approval).
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Artificial Intelligence 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 website 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 Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. 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.
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.
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.
Invalid Dates
Update chart| 1 Year | 3 Years | 5 Years | Since Inception (06/10/2017)* | YTD | QX | |
|---|---|---|---|---|---|---|
| Gross | 37.56 | 7.73 | 16.71 | 14.15 | 14.45 | 14.45 |
| Net | 36.36 | 6.77 | 15.23 | 12.77 | 14.26 | 14.26 |
| Index | 23.15 | 6.95 | 10.90 | 9.38 | 8.14 | 8.14 |
Periods over one year are annualised. *The Strategy was launched on 06 October 2017.
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Gross | 39.09 | -32.87 | 17.64 | 42.34 | 41.51 |
| Net | 37.79 | -33.46 | 16.59 | 39.05 | 39.61 |
| Index | 22.20 | -18.36 | 18.54 | 16.25 | 26.60 |
**MSCI ACWI Net TR Index
The strategy performance data quoted here represents past performance, which is not indicative of future results. The chart illustrates the performance of a hypothetical $10,000 investment made in the strategy since inception (or chosen period). Figures include reinvestment of capital gains and dividends. The index performance figures are sourced from Bloomberg and are in US$ 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 0.75% - Institutional. The performance fee is 10% of outperformance of the MSCI ACWI Net TR Index. The composite returns presented represent past performance and is not a reliable indicator of future results, which may vary.
Composite Description: The Polar Capital Artificial Intelligence Composite includes all institutional portfolios that primarily invest in a diversified portfolio of global equity securities which may be listed or traded on a Regulated Market. The objective of the Composite is to achieve long term capital appreciation.
Policies: Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.
Benchmark Information: The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries. With 2,962 constituents, the index covers approximately 85% of the global investable equity opportunity set.
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 2022. 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.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Artificial Intelligence 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 website 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 Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. 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.
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.
Benchmark: The Strategy is actively managed and uses the MSCI ACWI Net TR Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Strategy invests. The performance of the Strategy is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found at https://www.msci.com/acwi. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.
Performance: The performance shown has been calculated to account for the deduction of fees and expenses and includes the reinvestment of dividends and capital gain distributions. £ or GBP/US$/JPY/EUR/CHF = Currency abbreviations of: British Pound sterling/US Dollar/Japanese Yen/Euro/Swiss Franc, respectively.
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.
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.
| NVIDIA | 6.6 |
| Microsoft | 5.0 |
| Amazon | 4.1 |
| Micron Technology | 3.2 |
| Disco | 3.0 |
| Advanced Micro Devices | 3.0 |
| RELX | 2.6 |
| Wal-Mart Stores | 2.4 |
| Wolters Kluwer | 2.4 |
| Schneider Electric SE | 2.3 |
| Total |
| Mega Cap (>US$50bn) | 63.8 | |
| Large Cap (US$10 - 50bn) | 23.9 | |
| Mid Cap (US$1 - 10bn) | 11.7 | |
| Small Cap (<US$1bn) | 1.4 | |
| Cash | -0.9 |
| US & Canada | 53.0 | |
| Europe | 25.4 | |
| Japan | 12.2 | |
| Asia Pac (ex-Japan) | 9.0 | |
| Middle East & Africa | 1.2 | |
| Cash | -0.9 | |
| Strategy | Relative | ||
|---|---|---|---|
| Information Technology | 46.9 | 23.2 | |
| Industrials | 19.6 | 8.8 | |
| Communication Services | 11.3 | 3.7 | |
| Real Estate | 0.0 | -2.1 | |
| Utilities | 0.0 | -2.5 | |
| Energy | 1.8 | -2.8 | |
| Materials | 0.7 | -3.6 | |
| Consumer Staples | 2.4 | -4.0 | |
| Consumer Discretionary | 6.6 | -4.4 | |
| Health Care | 4.3 | -6.8 | |
| Financials | 7.3 | -8.7 | |
| Cash | -0.9 | -0.9 | |
Note: Totals may not sum due to rounding.
The portfolios shown are for illustration only.
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.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Artificial Intelligence 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 website 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 Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. 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.
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.
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.
Benchmark: The Strategy is actively managed and uses the MSCI ACWI Net TR Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Strategy invests. The performance of the Strategy is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found at https://www.msci.com/acwi. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.
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.
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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