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AUM 28.03.2024
The Strategy’s investment objective is to achieve long term capital growth. The Strategy seeks to achieve its objective by investing in a broad range of shares from companies in emerging markets (developing countries) excluding China, or from companies which generate a significant amount of their business from emerging market countries.
The Strategy seeks to achieve its objective by investing in a broad range of shares from companies in emerging markets (developing countries) excluding China, or from companies which generate a significant amount of their business from emerging market countries.
The Investment Manager’s investment approach focuses primarily on fundamental bottom-up stock selection with top-down macro-economic research and analysis.
The Investment Manager seeks to identify growth opportunities by looking at global growth expectations, demand drivers, supply drivers (including those which impact changes in supply), macroeconomic trends (such as social demographic trends, monetary and fiscal policy, government models, and competitiveness) and factors impacting company valuations to establish a dynamic understanding of the economic backdrop to the investment universe. The Investment Manager’s research efforts are directed towards detailed analysis of a company’s specific strategic position and opportunities within its industry with a view to establishing its potential for future Economic Value Add (“EVA”). The Investment Manager looks to identify companies with the capability to generate a high, and growing level, of EVA in the future (identified over the medium to long term investment horizon). Having established a company’s opportunity for growth, its competitive position and its potential to create EVA, the Investment Manager uses a proprietary valuation model to identify its expected level of future EVA creation and its expected market value in relation to its current price. The Investment Manager’s process incorporates quantitive and qualitative analysis of environmental, societal and governance policies, performance, practices and impacts. The Investment Manager uses quantitive analysis (exclusionary screening) to avoid companies involved in activities deemed unacceptable or controversial from an environmental, societal and governance perspective, and uses qualitative methods (external research and internal analysis) to identify companies which can demonstrate continual improvement from an environmental, societal and governance perspective.
Prior to joining Polar Capital, Jorry worked at various firms including Nordea Investment Management, Danske Capital, F&C Investment Management, New Star Asset Management and BankInvest Asset Management.
From February 2010, she worked at Newton Investment Management where, since September 2014, she was an investment manager on the emerging markets and Asian equity team. Before this, she was an investment manager on their European and global equity teams. Naomi began her career as an associate at Praefinium Partners Investment Management in 2007 before moving to the financial consultancy arm of the Capita Group in 2009.
Her specific area of interest and expertise is managing portfolios with an ESG focus.
Jasper joined Polar Capital in June 2023 as a Portfolio Manager in the Emerging Markets & Asia team. He previously worked for six years at Federated Hermes in London as an Associate Director on their Global Emerging Markets team. Prior to this, Jasper worked for two years as an Analyst at Aberdeen Asset Management in London and completed a summer internship at Arisaig Partners in Singapore.
Peter joined Polar Capital in April 2018. Prior to joining Polar Capital, Peter worked for Nordea Asset Management as an analyst on their Emerging Markets team and prior to his tenure at Nordea Asset Management he worked as a junior sell side analyst for Jyske Bank in their corporate bonds team.
Aatman has provided investment research and advisory services on Indian equities to Polar Capital’s Emerging Markets and Asia team since April 2023. Previously, he was the co-portfolio manager of the Nordea Asian Stars Fund, having joined the firm in 2019, before which he worked with East Capital in Sweden, focussing on frontier markets. He is based in Mumbai, India.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Emerging Market ex-China Stars 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 Emerging Markets ex China Net Total Return 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 http://www.msci.com/. 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.
| TSMC | 9.6 |
| Samsung Electronics | 8.2 |
| Reliance Industries | 5.1 |
| Ivanhoe Mines | 4.0 |
| Phoenix Mills | 3.7 |
| MakeMyTrip | 3.6 |
| ICICI Bank | 3.2 |
| Grupo Financiero Banorte SAB | 3.0 |
| eMemory Technology | 2.8 |
| SK Hynix | 2.7 |
| Total |
| Large Cap (>US$10bn) | 52.3 | |
| Mid Cap (US$1 - 10bn) | 42.0 | |
| Small Cap (<US$1bn) | 4.2 |
| Strategy | Relative | ||
|---|---|---|---|
| Information Technology | 36.7 | 36.7 | |
| Financials | 17.0 | 17.0 | |
| Consumer Discretionary | 8.5 | 8.5 | |
| Real Estate | 8.3 | 8.3 | |
| Industrials | 7.6 | 7.6 | |
| Materials | 6.5 | 6.5 | |
| Energy | 5.1 | 5.1 | |
| Consumer Staples | 4.7 | 4.7 | |
| Health Care | 3.2 | 3.2 | |
| Communication Services | 1.1 | 1.1 | |
| Strategy | Relative | ||
|---|---|---|---|
| India | 23.0 | 23.0 | |
| South Korea | 18.4 | 18.4 | |
| Taiwan | 18.2 | 18.2 | |
| Brazil | 8.8 | 8.8 | |
| Mexico | 8.6 | 8.6 | |
| Canada | 4.0 | 4.0 | |
| Argentina | 2.9 | 2.9 | |
| Viet Nam | 2.9 | 2.9 | |
| Indonesia | 2.7 | 2.7 | |
| Uruguay | 2.5 | 2.5 | |
| Saudi Arabia | 2.2 | 2.2 | |
| Kazakhstan | 1.6 | 1.6 | |
| United Arab Emirates | 1.4 | 1.4 | |
| Jersey | 0.7 | 0.7 | |
| Singapore | 0.6 | 0.6 | |
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 Emerging Market ex-China Stars 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 Emerging Markets ex China Net Total Return 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 http://www.msci.com/. 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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