International Small Company Strategy
Small companies, big opportunities
Inception DateSeptember 2024
IndexMSCI ACWI ex USA Small Cap Index
As at 09/30/2025
Strategy Overview
Investment Objective
The Strategy’s investment objective is to achieve long term capital growth. The Strategy seeks to achieve its investment objective by investing in a portfolio of equity securities of small companies, those with a market capitalisation of $5 billion U.S. dollars or less at the time of initial investment, primarily located outside the U.S.
Investment Philosophy
The Strategy seeks to achieve its investment objective by investing at least 80% of its net assets in a portfolio of equity securities and equity related securities of small companies, those with a market capitalisation of $5 billion U.S. dollars or less at the time of initial investment, which includes micro-cap companies. In addition, the Strategy will invest primarily in companies located outside the U.S, which may at times include investment in companies located in emerging markets.
The Investment Manager believes investing in companies with growing revenues and rising return on capital will generate attractive long-term returns. The Investment Manager expects to build a portfolio of international small companies with the potential to grow into formidable leaders within their industry. The Investment Manager’s investment approach focuses primarily on fundamental bottom‑up stock selection.
The Investment Manager applies a two‑thesis approach when selecting companies for the portfolio. Firstly, the Investment Manager evaluates the “fundamental potential” of a company by looking at the potential for growth, economic sustainability and successful execution of the company’s management strategy. Secondly, the Investment Manager analyses a company’s “price potential” over a five‑to‑ten‑year evaluation period, using valuation of a company’s shares derived from discounted cash flow scenario analysis. Proprietary risk measures seek to provide portfolio safeguards in an effort to support downside risk.
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Key Facts
- Focused on small, international companies with the potential to become more formidable versions of themselves
- Best ideas, benchmark-agnostic portfolio of Wealth-creating, Alpha-generating Compounders (WACs)
- A disciplined, iterative investment process geared towards discovering WACs via deep due diligence
- Cohesive research team of generalists aligned with clients, aiming to drive long-term portfolio performance
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Strategy Availability
- Mutual Fund
- Separate Account
Management
Dan Boston
Lead Portfolio Manager, Researcher
Maxine Mazan, CFA
Researcher
Lydia Yuan, CFA
Researcher
Dan Boston
Dan joined Polar Capital in September 2024 as Head of the Global Small Company team and Lead Manager on the Polar Capital International Small Company Strategy.
Prior to joining Polar Capital, Dan worked at Brown Capital Management, where he led the International Small Company strategy, which managed $3.5bn across a mutual fund and various managed accounts.
- BSc in Accountancy, Brigham Young University; MBA, Yale School of Management
- 20 years
Maxine Mazan, CFA
Maxine Mazan joined Polar Capital in September 2024 as a Researcher in the Global Small Company Team. She joined from JO Hambro Capital Management where she spent three years as an Investment Analyst. Prior to this, from 2014 she worked at Federated Hermes, latterly as an investment analyst with the Hermes Impact Opportunities Team.
- MA in International Relations, Edinburgh University; MSc in Applied Neuroscience, King’s College London; MPhil Management, Cambridge University
- 10 years
Lydia Yuan, CFA
Lydia Yuan joined Polar Capital in October 2024 as a Researcher in the Global Small Company Team. She joined from Oppenheimer where she was an Equity Research Associate specializing in the global industrial sector. Prior to this, she spent nearly four years as an Equity Research Associate, working as a generalist across multiple sectors including industrials, healthcare and consumer, at Harding Loevner.
Lydia is a Chartered Financial Analyst and a CFA Institute Charterholder. She was a Research Assistant at the University of Chicago Booth School of Business under Professor Ben Brooks.
- BA in Economics, University of Chicago
- CFA Charterholder
- 6 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 International Small Company Strategy (the “Strategy”) is a Strategy of the Polar Capital International Small Company Fund, Mutual Fund. This website does not seek to make any recommendation to but 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 and offering documents of the Polar Capital International Small Company Fund. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com.
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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Benchmark: The Strategy is actively managed and uses the MSCI ACWI ex USA Small Cap 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.
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Portfolio Exposure
As at September 30, 2025
Top 10 Positions (%)
| Innoscripta SE | 7.5 |
| Alpha Purchase | 4.1 |
| Apotea Sverige AB | 4.0 |
| SmartCraft ASA | 3.8 |
| WAG Payment Solutions | 3.7 |
| Wise | 3.6 |
| Boku | 3.5 |
| E Ink Holdings | 3.3 |
| One Career | 3.1 |
| Neuren Pharmaceuticals | 3.0 |
| Total |
Market Capitalisation Exposure* (%)
| Large Cap (>$20bn) | 2.2 | |
| Mid Cap ($5bn - $20bn) | 8.1 | |
| Small Cap ($1bn - $5bn) | 40.1 | |
| Micro Cap (<$1bn) | 49.0 |
*Weighted average market cap exposure $2.4bn
Custom Sector Exposure (%)
| Technology | 28.6 | |
| Business Services | 23.0 | |
| Healthcare | 16.4 | |
| Consumer | 13.7 | |
| Infrastructure | 11.6 | |
| Production | 6.1 | |
| Cash | 0.6 | |
Geographic Exposure (%)
| Japan | 16.8 | |
| Sweden | 15.9 | |
| United Kingdom | 11.0 | |
| Germany | 10.7 | |
| Australia | 8.2 | |
| Norway | 6.0 | |
| South Korea | 5.4 | |
| Denmark | 4.5 | |
| Czech Republic | 3.7 | |
| United States | 3.5 | |
| Taiwan | 3.3 | |
| Switzerland | 3.1 | |
| Canada | 2.3 | |
| Mexico | 1.3 | |
| Poland | 1.2 | |
| Italy | 1.0 | |
| Netherlands | 0.9 | |
| Finland | 0.8 | |
| Cash | 0.6 | |
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 International Small Company 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.
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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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Benchmark: The Strategy is actively managed and uses the MSCI ACWI ex USA Small Cap 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.
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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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