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AUM 28.03.2024
Figures are representative and are used here for illustrative purposes only.
The Strategy aims to generate long-term capital growth by investing in the shares of Japanese companies, or companies that generate a significant amount of their business in Japan. The Strategy will apply a 'value' based stock picking approach, investing in a concentrated portfolio of large, medium and small capitalisation companies.
The Strategy will apply a 'value' based stock picking approach, investing in a concentrated portfolio of large, medium and small capitalisation companies that exercise a significant part of their economic activities in Japan or are organised under the laws of Japan.
Prior to joining Polar Capital, Gerard worked in the Japanese equity team at Schroder Investment Management.
He holds a BSc (1st Class Hons) in applied accounting and is a chartered accountant and a CFA charter holder.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Japan Value 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 TOPIX 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.jpx.co.jp/english/markets/indices/topix. 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.
Our approach to ESG is designed to effectively evaluate potential investee companies against a large number of indicators from across the three overarching Environmental, Social and Governance categories, on both a current and future basis.
Along with the Strategy’s exclusions and engagement process, we have implemented a holistic approach to integrating sustainability, with the aim of building a portfolio of companies that demonstrate strong environmental and social characteristics.
The Japan Value Strategy’s initial investment universe is subject to the following two exclusion criteria. Stock ideas which do not suitably align with either of these 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 consider a number of different international conventions as part of this process, such as the UN’s Global Compact.
We also exclude companies we believe may 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 a certain percent of their revenues from the following activities.
We assess potential investments against a range of ESG indicators, looking at both their current practices as well as future anticipated changes. Following evaluation against this framework, companies are scored across three weighted categories, then combined to reach a final score between 3-15.
Companies that score below six are deemed to have not met the required standards and are excluded from investment. We will also normally exclude companies that score in the bottom quarter of the governance assessment.
Considering the overall environmental impact of a company, its environmental goals and targets and its performance against these.
Assessing the social practices of investee companies on factors such as organisational culture, stakeholder engagement and diversity.
Looking at factors such as Board effectiveness, ownership and shareholder structure, management alignment and remuneration, as well employee relations and tax compliance.
Where a company scores poorly on one or more of the ESG framework categories, we may engage further with them.
How we engage:
We will always vote in the best interests of clients, and for long-term value generation. We aim to vote on 100% of our holdings and are not afraid to vote against management where we believe that is necessary.
Polar Capital uses Institutional Shareholder Services (ISS) to assist with proxy voting. Stewardship is a very important part of our fiduciary duty, and we see ourselves as stewards of our clients’ capital. Find out more here.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Japan Value 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.
| Sumitomo Mitsui Financial | 4.1 |
| Mitsubishi UFJ Financial | 3.7 |
| Daiwa Industries | 3.2 |
| Dai-ichi Life Insurance | 3.2 |
| SK Kaken | 3.1 |
| Medikit | 3.0 |
| Suzuki Motor | 2.8 |
| Ushio | 2.7 |
| Rohm | 2.6 |
| Toyota Industries | 2.5 |
| Total |
| Strategy | Index | |
|---|---|---|
| Large (Topix 100) | 18.4 | 66.8 |
| Medium (Topix mid 400) | 23.7 | 25.2 |
| Small (Topix small) | 55.2 | 8.0 |
| Strategy | Relative | ||
|---|---|---|---|
| Services | 12.2 | 7.7 | |
| Banks | 11.7 | 4.4 | |
| Information & Communication | 11.3 | 4.1 | |
| Precision Instruments | 4.4 | 2.2 | |
| Machinery | 7.6 | 2.0 | |
| Air Transportation | 2.4 | 2.0 | |
| Glass & Ceramics Products | 1.8 | 1.2 | |
| Metal Products | 1.5 | 1.0 | |
| Insurance | 3.2 | 0.5 | |
| Electric Power & Gas | 1.7 | 0.3 | |
| Securities & Commodity Futures | 0.0 | -0.9 | |
| Iron & Steel | 0.0 | -0.9 | |
| Other Financing Business | 0.0 | -1.2 | |
| Construction | 0.0 | -2.1 | |
| Real Estate | 0.0 | -2.1 | |
| Electric Appliances | 15.1 | -2.3 | |
| Land Transportation | 0.0 | -2.5 | |
| Pharmaceutical | 1.5 | -2.8 | |
| Foods | 0.0 | -3.1 | |
| Retail Trade | 0.0 | -4.2 | |
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 Japan Value 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 TOPIX 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.jpx.co.jp/english/markets/indices/topix. 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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