AUM 31.03.2026
Figures are representative and are used here for illustrative purposes only.
The Strategy's objective is to achieve long term capital appreciation by primarily investing in a diversified portfolio of equity securities listed in the UK.
The Portfolio Managers believe that outstanding investment results can be generated through company specific, proprietary research and modelling rather than predicting what is in store for the economy or market as a whole. The investment process is entirely bottom up through the application of a replicable process to each company in the investment universe. The stock holdings often differ significantly from the Strategy's benchmark, the FTSE All Share Index. The Portfolio Managers apply a value philosophy, looking to uncover stocks trading at a temporary discount to their intrinsic value. The Portfolio Managers do not believe that company size matters and adopts a multi-cap investment approach, taking advantage of the best investment opportunities in the UK large, mid and small cap space.
Previously, George co-founded Matterley Asset Management in 2008 and was co-manager of the group’s Undervalued Assets Fund. Before founding Matterley, George was a Director of Equity Sales at Credit Suisse.
Previously, Georgina was a lead analyst for the Undervalued Assets Fund at Matterley Asset Management. Georgina holds a double first in Biological Anthropology and Natural Sciences from Jesus College, Cambridge and is a CFA charterholder.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital UK 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 FTSE All-Share Total Return Index (Midday) as a performance target. 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.ftse.com/products/indices/uk. 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 (31/01/2017)* | YTD | QX | |
|---|---|---|---|---|---|---|
| Gross | 16.44 | 12.57 | 6.73 | 7.03 | -3.57 | -3.57 |
| Net | 15.95 | 11.85 | 5.92 | 6.17 | -3.53 | -3.53 |
| Index** | 22.18 | 13.36 | 11.02 | 7.60 | 2.66 | 2.66 |
Periods over one year are annualised. *The Strategy was launched on 31 January 2017.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Gross | 19.48 | 15.24 | 11.15 | -17.36 | 21.25 |
| Net | 18.04 | 14.97 | 10.12 | -18.00 | 20.12 |
| Index** | 23.88 | 9.43 | 7.69 | 0.74 | 17.78 |
**FTSE All-Share Total Return Index (Midday)
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 GBP 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 performance fee was 10% of outperformance of the FTSE All-Share Total Return Index (Midday) until 31 July 2025, when the performance fee for the strategy was removed. Subsequent net returns are calculated with the performance fee set to 0%. The composite returns presented represent past performance and is not a reliable indicator of future results, which may vary.
Composite Description: The Polar Capital UK Value Composite includes all institutional portfolios that invest primarily in a diversified portfolio of equity securities listed in the UK. The objective of the Composite is to achieve long term capital appreciation.
Policies: Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.
Benchmark Information: The FTSE All-Share Index represents the performance of all eligible companies listed on the London Stock Exchange's (LSE) main market, which pass screening for size and liquidity. The index captures 98% of the UK's market capitalisation.
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 UK 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 FTSE All-Share Total Return Index (Midday) as a performance target. 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.ftse.com/products/indices/uk. 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.
| GSK Plc | 4.1 |
| Marks & Spencer Group | 4.0 |
| Premier Foods | 4.0 |
| HSBC Holdings | 3.9 |
| Morgan Sindall Group | 3.8 |
| Rio Tinto Plc | 3.8 |
| Cranswick | 3.8 |
| Standard Chartered | 3.7 |
| SigmaRoc | 3.7 |
| Barclays | 3.3 |
| Total |
| Large (>£4bn) | 47.6 | |
| Mid (£600m to £4bn) | 47.3 | |
| Small (<£600m) | 3.2 | |
| Cash | 1.9 |
| Banks | 18.4 | |
| Materials | 14.9 | |
| Capital Goods | 11.5 | |
| Food, Beverage & Tobacco | 9.6 | |
| Financial Services | 8.8 | |
| Equity Real Estate Investment Trusts (REITs) | 7.0 | |
| Consumer Staples Distribution & Retail | 6.7 | |
| Consumer Durables & Apparel | 4.7 | |
| Pharmaceuticals, Biotechnology & Life Sciences | 4.1 | |
| Transportation | 3.9 | |
| Insurance | 2.3 | |
| Consumer Services | 2.1 | |
| Commercial & Professional Services | 2.0 | |
| Household & Personal Products | 0.6 | |
| Other | 1.4 | |
| Cash | 1.9 | |
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 UK 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 FTSE All-Share Total Return Index (Midday) as a performance target. 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.ftse.com/products/indices/uk. 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.
An environmental, social and governance revolution is occurring, and the result is an ever-widening gap in performance between the ESG winners and losers. We believe that ESG analysis is now vital in assessing how a company can navigate our rapidly changing world and the challenges that it faces.
We fully integrate consideration of ESG factors into our investment process, considering it essential in assessing a company’s long-term ability to grow and for the UK Value Strategy to deliver on its objective of capital growth. Our framework applies an EVA Sustainability Score to every company that we invest in; this score ultimately impacts stock selection, portfolio weightings and our engagement with the company.
We use a combination of qualitative and quantitative inputs, such as sustainability reports, company websites and meetings, annual reports and accounts, Bloomberg and MSCI Climate Change Metrics to score investee companies on six ESG factors.
Scores in each of these areas are then weighted accordingly and combined to reach a final EVA Sustainability Score between 0-10. This score then impacts further activities in three specific ways; exclusions, positioning sizing and engagement.
Companies not reducing carbon emissions will face rising cost of capital and impacts to their valuations.
A focus on short term profits due to poor governance or corporate culture can be highly damaging in the longer term.
Doing more with less can drive down costs and increase a company’s competitive advantage.
Governments and regulators are under increasing pressure to implement measures including bans, quotas and taxes.
Is driving shifts in consumption. Purchasing decisions are increasingly impacted by environmental and social issues.
Provide an opportunity to exploit growing revenue streams. Trend chasing can also lead to poor capital allocation delivering lower returns on invested capital.
Companies which do not pass minimum thresholds within specific ESG factors are excluded from investment.
Companies must meet a minimum threshold of 1 within our EVA Sustainability Scoring framework. Thermal coal and oil producers without credible alignment to the Paris Agreement and a clear transition pathway are automatically excluded.
Companies are required to pass our ‘Safety Check’ in relation to this issue.
Companies must meet a minimum threshold of 1 within our EVA Sustainability Scoring framework. Tobacco is excluded by virtue of having solely negative ESG impacts.
Our EVA Sustainability Score is not looked at in isolation. It is designed to enable us to systematically integrate consideration of ESG risks and opportunities directly into the Strategy’s investment process. Each company’s score ultimately impacts stock selection and stock weightings within the portfolio.
A company’s overall EVA Sustainability Score would contribute to the ‘division’ which a holding is assigned to within the portfolio. This would then determine the position sizing of a company within the Strategy, with those in the higher division attracting a higher weight. As the largest driver of a company’s overall EVA Sustainability Score, Carbon Score has the largest impact on position sizing.
We write bespoke individual letters to all holdings with our ESG agenda on each of the six key ESG topic areas. A company’s score within sub-categories drives specific engagement actions with particular focus on three areas:
Companies without carbon reduction targets are requested to implement them. Those with reduction targets are encouraged to commit to Net Zero.
We outline our views on balance sheet strength. Companies are encouraged to have 100% independent remuneration committees and audit and to have a pathway to 33% of women on their Board.
Companies without waste reduction policies and targets are encouraged to have them.
We have found that we make a more meaningful impact when we as fund managers directly engage with management teams, being transparent about our agenda, specific about what we are after and being positive where appropriate. We continuously monitor outstanding engagement topics and where we have engaged repeatedly with no meaningful progress, we will escalate our concerns.
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.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital UK 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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