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AUM 30.09.2024
The Strategy's investment objective is long-term growth of capital.
The Strategy adopts a philosophy borrowed heavily from the school of value investing. The Portfolio Managers believe that due to market inefficiencies specific to the smaller quoted companies sector and the large choice of investment opportunities, it is always possible to identify companies that are trading at a large discount, or premium, to their intrinsic value. Particular emphasis is placed upon evaluating the underlying quality of a business franchise and its long-term prospects of maintaining or improving its market position and sustaining an above average level of profitability. Although the Portfolio Managers do not adopt a contrarian positioning as a matter of policy, they try to think independently and are at their most comfortable when they have conviction in a viewpoint that deviates from the prevailing consensus.
Michael joined Polar Capital in April 2003 as Operations Manager where he further developed and managed the trade support, investment compliance, performance and risk management functions. He joined the European team in October 2005 where he has focused on company research and idea generation. Prior to joining Polar Capital he gained five years' audit and accounting experience with Deloitte & Touche in the Cape Town, San Francisco and Dublin offices.
Ali joined Polar Capital in 2007 as part of the Operations team and subsequently from 2009 worked as a Macro Analyst for the Discovery Fund, responsible for global macroeconomic research and analysis with a particular focus on the G10 currency space. He then joined the European team in 2012 as an Investment Analyst with a focus on company research and financial modeling. Prior to joining Polar Capital, he was with HSBC as a graduate recruit in their Corporate, Investment Banking and Markets division.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital European Small Cap 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 MSCI Europe Small Cap Net Return EUR 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 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.
| Volution Group | 5.5 |
| IPSOS | 5.1 |
| Karnov Group AB | 4.9 |
| Kid ASA | 3.8 |
| Tate & Lyle | 3.7 |
| Gamma Communications | 3.2 |
| KSB AG Vorzug | 3.1 |
| Harworth Group | 2.8 |
| Premier Foods | 2.8 |
| Kongsberg Gruppen | 2.4 |
| Total |
| Large (> EUR 5bn) | 8.9 | |
| Medium (EUR 1bn to 5bn) | 46.5 | |
| Small (< EUR 1bn) | 44.5 |
| Industrials | 32.5 | |
| Consumer Staples | 16.5 | |
| Communication Services | 14.3 | |
| Information Technology | 7.9 | |
| Consumer Discretionary | 7.6 | |
| Materials | 6.7 | |
| Health Care | 3.8 | |
| Real Estate | 2.8 | |
| Utilities | 1.6 | |
| Energy | 1.6 | |
| Cash | 4.7 | |
| United Kingdom | 37.4 | |
| France | 9.1 | |
| Germany | 8.7 | |
| Sweden | 8.6 | |
| Norway | 8.2 | |
| Finland | 5.8 | |
| Spain | 4.6 | |
| Switzerland | 4.0 | |
| Greece | 1.8 | |
| Netherlands | 1.5 | |
| Bermuda | 1.3 | |
| Italy | 1.2 | |
| Belgium | 1.1 | |
| Luxembourg | 1.0 | |
| Poland | 0.8 | |
| Cash | 4.7 | |
Note: Totals may not sum due to rounding.
The portfolios shown are for illustration only.
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 European Small Cap 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 MSCI Europe Small Cap Net Return EUR 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 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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