AUM 31.03.2026
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.
He has been manager of the Polar Capital Japan Value Fund, formerly Japan Alpha Fund, since its launch in 2012.
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.
Invalid Dates
Update chart| 1 Year | 3 Years | 5 Years | 10 Years | YTD | QX | |
|---|---|---|---|---|---|---|
| Gross | 38.96 | 27.14 | 20.01 | - | 3.34 | 3.34 |
| Net | 37.57 | 25.87 | 18.69 | - | 3.06 | 3.06 |
| Index** | 34.65 | 23.26 | 15.11 | - | 3.64 | 3.64 |
Periods over one year are annualised. *The Strategy was launched on July 29, 2016.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Gross | 35.98 | 20.35 | 29.63 | 11.79 | 16.04 |
| Net | 34.45 | 19.00 | 28.30 | 10.52 | 14.78 |
| Index** | 25.46 | 11.22 | 28.26 | -2.45 | 12.74 |
**TOPIX Total Return
The strategy performance data quoted here represents past performance, which is not indicative of future results. The chart illustrates the performance of a hypothetical ¥1,000,000 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 JPY 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 1.00% - Institutional. The performance fee is 10% of outperformance of the TOPIX Total Return 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 Japan Value Composite includes all institutional portfolios that invest primarily in the shares of Japanese companies, or companies that generate a significant amount of their business in Japan. 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: TOPIX is a market benchmark with functionality as an investable index, covering an extensive proportion of the Japanese stock market. TOPIX is a free-float adjusted market capitalization-weighted index. TOPIX shows the measure of current market capitalization assuming that market capitalization as of the base date (January 4, 1968) is 100 points. This is a measure of the overall trend in the stock market, and is used as a benchmark for investment in Japan stocks.
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 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.
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.
| Seven & I Holdings Co | 3.4 |
| Murata Manufacturing Co | 3.2 |
| Sysmex Corp | 3.1 |
| Paltac | 2.9 |
| Nidec | 2.7 |
| Sumco Corp | 2.6 |
| Suzuki Motor | 2.6 |
| Argo Graphics | 2.5 |
| Yahoo Japan | 2.5 |
| Rohm | 2.4 |
| Total |
| Strategy | |
|---|---|
| Large (Topix 100) | 14.1 |
| Medium (Topix mid 400) | 30.3 |
| Small (Topix small) | 50.8 |
| Strategy | Relative | ||
|---|---|---|---|
| Services | 10.4 | 7.2 | |
| Information & Communication | 13.0 | 6.8 | |
| Retail Trade | 9.1 | 4.9 | |
| Electric Appliances | 21.7 | 4.4 | |
| Chemicals | 7.3 | 2.6 | |
| Precision Instruments | 4.3 | 2.3 | |
| Metal Products | 2.6 | 2.2 | |
| Other Products | 3.3 | 1.1 | |
| Securities & Commodity Futures | 1.6 | 0.6 | |
| Fishery, Agriculture & Forestry | 0.0 | -0.1 | |
| Machinery | 4.6 | -1.7 | |
| Land Transportation | 0.0 | -2.1 | |
| Nonferrous Metals | 0.0 | -2.3 | |
| Wholesale Trade | 6.6 | -2.4 | |
| Construction | 0.0 | -2.5 | |
| Foods | 0.0 | -2.9 | |
| Transportation Equipments | 3.3 | -3.0 | |
| Insurance | 0.0 | -3.6 | |
| Pharmaceutical | 0.0 | -4.0 | |
| Banks | 4.6 | -6.0 | |
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 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.
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.
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