European Growth Strategy
Inception DateMay 2010
IndexMSCI Europe Net Total Return Index
US$601mAUM
AUM 30.09.2024
Holdings
As at 09/30/2024
Strategy Overview
Investment Objective
The Strategy's investment objective is to achieve capital appreciation through selective investment in European equities.
Investment Philosophy
Bottom-up stock selection process, across all market capitalisations, targeting unrecognised growth, turnaround or recovery situations and valuation anomalies producing a concentrated portfolio. The Strategy integrates ESG considerations into the investment process.
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Key Facts
- Benchmark unconstrained, typically contains 50-70 conviction ideas
- Fundamentally-driven analysis and bottom-up stock selection
- Bias towards high quality growth stocks but with a strong valuation discipline
- Invests across all market capitalisations, with a tilt towards mid-small caps
- ESG considerations integrated within the investment process
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Strategy Availability
- UCITS Fund
- Separate Account
Management
David Robinson
Lead Portfolio Manager
Eleanor Lee
Portfolio Manager
Jo Ann Chan
Analyst
David Robinson
David joined Dalton Strategic Partnership, which was acquired by Polar Capital in 2021, in 2005 and has managed the European Growth Strategy since its launch in May 2010. Prior to this, he was an analyst on the European Absolute Return strategy and managed a long-only segregated account from 2008.
- Degree in Modern History, New College, Oxford
- Qualified lawyer
- 19 years
Eleanor Lee
Eleanor joined Dalton Strategic Partnership, which was acquired by Polar Capital in 2021, in 2012 as an analyst in their European equity long/short team and has been the deputy portfolio manager and senior analyst on the European Growth Team since 2019 before becoming a Portfolio Manager in 2022. She has 15 years of investment experience covering European equities, starting her career as an analyst at T Rowe Price before moving with her team to build the European long-only fund at GAM. In 2015, she joined Cheyne Capital as a junior portfolio manager in their hedge fund business before re-joining Dalton in 2017 as a senior analyst in the company’s long-only European equity team.
- BSc in Economics, London School of EconomicsMSc in Finance, Imperial College
- CFA Charterholder
- 17 years
Jo Ann Chan
Jo Ann joined Dalton Strategic Partnership, which was acquired by Polar Capital in 2021, in September 2016 as an analyst for the European Growth Strategy. She has worked in the investment industry since 2012, when she joined GIC Asset Management, the sovereign wealth fund of Singapore. After completing a one-year graduate programme at GIC and a spell as a macro research and strategy associate within the company's fixed income division, she moved into the European equities department where she was an analyst responsible for investment research.
- BSc in Economics, London School of EconomicsMA in Mathematics of Finance, Columbia University in New York
- CFA Charterholder
- 12 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 European Growth 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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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 Europe Net 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.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, 2024
Top 10 Positions (%)
| ASML Holding | 4.1 |
| Robertet SA | 3.3 |
| JTC | 3.0 |
| CRH | 2.4 |
| Merck KGaA | 2.4 |
| ASR Nederland NV | 2.4 |
| Indra Sistemas SA | 2.4 |
| Cie Financiere Richemont | 2.2 |
| Linde | 2.2 |
| Volution Group | 2.2 |
| Total |
Market Capitalisation Exposure (%)
| Large (>€10bn) | 41.8 | |
| Medium (€3 to 10bn) | 30.9 | |
| Small (<€3bn) | 27.3 |
Sector Exposure (%)
| Industrials | 22.2 | |
| Financials | 16.0 | |
| Materials | 12.0 | |
| Information Technology | 11.8 | |
| Consumer Staples | 10.8 | |
| Consumer Discretionary | 8.6 | |
| Health Care | 7.7 | |
| Communication Services | 1.4 | |
| Energy | 0.7 | |
| Cash | 8.7 | |
Geographic Exposure (%)
| United Kingdom | 18.8 | |
| France | 14.1 | |
| Netherlands | 11.3 | |
| Spain | 9.4 | |
| Italy | 6.3 | |
| Germany | 5.7 | |
| Sweden | 4.7 | |
| Switzerland | 4.0 | |
| Ireland | 3.5 | |
| United States | 3.2 | |
| Belgium | 2.6 | |
| Austria | 2.5 | |
| Denmark | 2.2 | |
| Norway | 2.0 | |
| Portugal | 1.0 | |
| Cash | 8.7 | |
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 European Growth 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 Europe Net 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.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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