International Small Company Strategy
Small companies, big opportunities
Inception DateSeptember 2024
IndexMSCI ACWI ex USA Small Cap Index
Strategy Overview
Investment Objective
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.
Investment Philosophy
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.
final
Key Facts
- International exposure to high growth opportunities
- Best ideas portfolio diversified across sectors and regions
- Disciplined investment process, looking for sustainable wealth creating companies
- Focussed on long-term performance, low portfolio turnover with conviction weighting
final
Strategy Availability
- Mutual Fund
- Separate Account
Management
Dan Boston
Lead Manager, Researcher
Maxine Mazan, CFA
Researcher
Lydia Yuan, CFA
Researcher
Dan Boston
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 Strategy.
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.
- BSc in Accountancy, Brigham Young University; MBA, Yale School of Management
- 19 years
Maxine Mazan, CFA
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.
- MA in International Relations, Edinburgh University; MSc in Applied Neuroscience, King’s College London; MPhil Management, Cambridge University
- 9 years
Lydia Yuan, CFA
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.
- BA in Economics, University of Chicago
- CFA Charterholder
- 5 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 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.
final
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.
final
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 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.
final
