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AUM 31.03.2026
Figures are representative and are used here for illustrative purposes only.
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.
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.
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 Fund.
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.
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.
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.
Meeka joined Polar Capital in October 2025 as a Research Associate in the Global Small Company Team. She joined from Permira where she spent 4+ years as an Investment Analyst focusing on high-growth technology companies. Meeka began her career at Holland & Knight, and then to HealthEdge Investment Partners, a healthcare-focused private equity firm.
Risks:
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.
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 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.
Invalid Dates
Update chart| 1 Year | 3 Years | 5 Years | Since Inception (30/09/2024)* | YTD | QX | |
|---|---|---|---|---|---|---|
| Gross | -7.45 | - | - | -9.71 | -14.50 | -14.50 |
| Net | -8.46 | - | - | -10.70 | -14.73 | -14.73 |
| Index** | 27.82 | - | - | 12.18 | -0.48 | -0.48 |
Periods over one year are annualised. *The Strategy was launched on 30 September 2024.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Gross | 4.44 | - | - | - | - |
| Net | 3.30 | - | - | - | - |
| Index** | 29.26 | - | - | - | - |
**MSCI ACWI ex USA Small Cap 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 composite returns presented represent past performance and is not a reliable indicator of future results, which may vary.
Composite Description: The Polar Capital International Small Company Composite includes all institutional portfolios that primarily invest in a diversified 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. The objective of the Composite is to achieve long term capital growth.
Policies: Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.
Benchmark Information: The MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 4,062 constituents, the index covers approximately 14% of the global equity opportunity set outside the US.
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.
Risks:
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.
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 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.
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.
| Data Patterns India | 5.3 |
| Exosens | 5.2 |
| INVISIO AB | 5.2 |
| Exail Technologies SA | 4.7 |
| WAG Payment Solutions | 4.5 |
| Astra Microwave Products | 3.9 |
| Corp Inmobiliaria Vesta SAB de | 3.9 |
| Steyr Motors AG | 3.9 |
| Innoscripta SE | 3.8 |
| One Career | 2.6 |
| Total |
| Large Cap (>$20bn) | 0.0 | |
| Mid Cap ($5bn - $20bn) | 2.5 | |
| Small Cap ($1bn - $5bn) | 42.6 | |
| Micro Cap (<$1bn) | 54.0 |
*Weighted average market cap exposure $1.58bn
| Infrastructure | 24.7 | |
| Technology | 24.1 | |
| Business Services | 16.1 | |
| Production | 14.1 | |
| Healthcare | 12.0 | |
| Consumer | 8.1 | |
| Cash | 0.9 | |
| Sweden | 13.6 | |
| Japan | 11.7 | |
| France | 9.9 | |
| India | 9.2 | |
| United Kingdom | 8.7 | |
| Germany | 6.1 | |
| Denmark | 5.4 | |
| Australia | 4.9 | |
| Czech Republic | 4.5 | |
| South Korea | 4.4 | |
| Mexico | 3.9 | |
| Austria | 3.9 | |
| Norway | 3.2 | |
| Switzerland | 2.3 | |
| Italy | 2.1 | |
| United States | 2.0 | |
| Taiwan | 1.2 | |
| Canada | 1.0 | |
| Cash | 0.9 | |
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.
Risks:
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.
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 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.
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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