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AUM 30.04.2020
The Fund aims to achieve long-term capital appreciation by investing in a diversified portfolio of securities of North American companies.
The Polar Capital North American team carries out long term stock analysis, focusing on both quality and value, with portfolio construction being primarily driven by bottom-up fundamentals. A bottom-up approach combined with typically 40-60 holdings tends to result in high active share.
The dual emphasis on quality and value stems from the notion that there are three sources of potential return to shareholders; operational growth, capital return (in the form of dividends or share buy-backs) and valuation appreciation. In addition, there are two sources of margin of safety that we seek in any investment; a fundamental margin of safety (i.e. reducing a risk of owning a business where fundamentals become impaired via an emphasis on sustainable business value creation) and a valuation margin of safety (i.e. reducing the risk of a de-rating of the stock’s valuation via a disciplined approach to valuation). It is the Fund Managers’ belief that by focusing on quality and value these sources of potential return, as well as the double margin of safety can be maximised. Furthermore, we feel that the Fund’s approach mitigates and can exploit the most common investment mistake made by value investors - that of investing in value traps; as well as that made by growth investors of overpaying for growth.
FE Crown Fund Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. All rights reserved.
Prior to joining Polar Capital, Andrew spent seven years at Threadneedle where he managed the highly rated US$2.5bn Threadneedle American Fund as well as a number of global funds. Andrew began his investment career in 1997 as an analyst on the American and UK Smaller Caps teams at Baillie Gifford before becoming fund manager of the award winning American Fund.
Prior to joining Polar Capital, Richard spent nine years at Threadneedle where he managed more than US$4.5bn of institutional mandates on the North American Equities team and led the Global Industrial Sector Research Group. Richard began his investment career in 1999 as an Analyst on the US Equities team at Merrill Lynch Investment Managers.
Prior to joining Polar Capital, Colm spent over 3 years as a global equity analyst at Seven Pillars Capital Management. Before that, he worked as an Economist for the Bank of England where he was responsible for analysis of banks and banking systems.
Prior to Polar Capital, he was a Partner at Atlantic Equities where he conducted sell-side equity research specialising in the US transportation and machinery sectors.
Please click on each country to see share class availability
Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. North American Fund (the “Fund”) is a sub-fund 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 document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund 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.polarcapital.co.uk. 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 Fund is actively managed and uses the MSCI North America 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 Fund invests. The performance of the Fund 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 www.mscibarra.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: It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment. Please be aware that not every sub-fund of Polar Capital Funds plc or share class is available in all jurisdictions.
The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.
Invalid Dates
Update chart| Since Launch | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Cumulative | Annualised | |
| US$ Class I | 12.45 | -16.21 | -16.18 | -10.92 | 8.45 | 29.76 | - | 128.50 | 10.25 |
| Index | 13.08 | -9.84 | -9.72 | -0.26 | 25.91 | 45.74 | - | 148.19 | 11.34 |
Source: Northern Trust International Fund Administration Services (Ireland) Ltd, monthly percentage growth, US$ and has been calculated to account for the deduction of fees. Fund performance does not take account of any commissions or costs incurred by investors when subscribing for or redeeming shares. The US$ Class I was launched on 14 November 2011. The index performance figures are sourced from Bloomberg and are in US$ terms. These figures refer to the past. Investments in funds are subject to risk. Past performance is not a reliable indicator of future returns. The money invested in a fund can increase and decrease in value and past performance is not a reliable indicator that you will get back the full amount invested. The performance calculation is based on US$. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.
| 12 months to | 30.04.20 | 30.04.19 | 30.04.18 | 28.04.17 | 29.04.16 |
|---|---|---|---|---|---|
| US$ Class I | -10.92 | 7.10 | 13.67 | 20.61 | -0.80 |
| Index | -0.26 | 12.25 | 12.45 | 16.69 | -0.81 |
Please click on each country to see share class availability
Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. North American Fund (the “Fund”) is a sub-fund 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 document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund 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.polarcapital.co.uk. 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 Fund is actively managed and uses the MSCI North America 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 Fund invests. The performance of the Fund 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 www.mscibarra.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.
Performance: The performance shown has been calculated to account for the deduction of fees and expenses and includes the reinvestment of dividends and capital gain distributions. £ or GBP/US$/JPY/EUR/CHF = Currency abbreviations of: British Pound sterling/US Dollar/Japanese Yen/Euro/Swiss Franc, respectively.
Risk: Factors affecting fund performance may include changes in market conditions (including currency risk) and interest rates, as well as other economic, political, or financial developments. The Fund’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 Fund 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: It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment. Please be aware that not every sub-fund of Polar Capital Funds plc or share class is available in all jurisdictions.
The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.
| Amazon | 6.2 |
| Alphabet | 4.9 |
| Microsoft | 4.0 |
| 3.4 | |
| Berkshire Hathaway | 3.4 |
| Visa | 3.2 |
| Anthem | 3.0 |
| Marsh & McLennan | 2.8 |
| Fiserv | 2.7 |
| Johnson & Johnson | 2.6 |
| Total |
| Anthem | 2.8 |
| Marsh & McLennan | 2.7 |
| ICON | 2.5 |
| Berkshire Hathaway | 2.5 |
| Fiserv | 2.4 |
| Fund | Index | |
|---|---|---|
| Mega Cap (>US$50bn) | 53.0 | 67.5 |
| Large Cap (US$10 - 50bn) | 21.4 | 27.5 |
| Mid Cap (US$5 - 10bn) | 8.2 | 4.1 |
| Small Cap (<US$5bn) | 12.2 | 1.0 |
| Fund | Relative | ||
|---|---|---|---|
| Insurance | 8.4 | 5.8 | |
| Diversified Financials | 8.6 | 4.2 | |
| Retailing | 9.9 | 2.7 | |
| Healthcare Equipment & Services | 8.7 | 2.5 | |
| Pharma, Biotech & Life Sciences | 9.8 | 1.6 | |
| Consumer Durables & Apparel | 2.4 | 1.3 | |
| Food & Staples Retailing | 2.8 | 1.2 | |
| Commercial & Professional Services | 1.7 | 0.7 | |
| Telecommunication Services | 2.7 | 0.7 | |
| Media & Entertainment | 8.8 | 0.4 | |
| Automobiles & Components | 0.0 | -0.8 | |
| Food, Beverage & Tobacco | 2.0 | -1.6 | |
| Consumer Services | 0.0 | -1.6 | |
| Household & Personal Products | 0.0 | -1.8 | |
| Materials | 0.0 | -2.6 | |
| Real Estate | 0.0 | -3.0 | |
| Utilities | 0.0 | -3.2 | |
| Energy | 0.6 | -3.3 | |
| Technology Hardware & Equipment | 3.1 | -3.5 | |
| Banks | 1.3 | -3.5 | |
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.
Please click on each country to see share class availability
Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. North American Fund (the “Fund”) is a sub-fund 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 document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund 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.polarcapital.co.uk. 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 fund. 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 fund’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 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. This document is designed to provide updated information to professional investors to enable them to monitor the Fund. No other persons should rely upon it. The information provided in this document 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 Fund is actively managed and uses the MSCI North America 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 Fund invests. The performance of the Fund 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 www.mscibarra.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 Fund may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Fund is dependent on the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return to the Fund while minimizing its risk. The actual investments in the Fund may or may not be the same or in the same proportion as those shown herein.
Country Specific Disclaimers: It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment. Please be aware that not every sub-fund of Polar Capital Funds plc or share class is available in all jurisdictions.
The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.
Please click on each country to see share class availability
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: It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment. Please be aware that not every sub-fund of Polar Capital Funds plc or share class is available in all jurisdictions.
The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.
| Bloomberg | ISIN | SEDOL | OCF | ||
|---|---|---|---|---|---|
| US$ Class I | PNAMRIU ID | IE00B531PK96 | B531PK9 | 0.75% | - |
| GBP Class I | PNAMRIS ID | IE00B6TRWB82 | B6TRWB8 | 0.75% | - |
| EUR Class I | PNAMRIE ID | IE00B6TT5J34 | B6TT5J3 | 0.75% | - |
| GBP Class I Hedged | PNAMIHS ID | IE00B615SX48 | B615SX4 | 0.75% | - |
| EUR Class I Hedged | PNAMIHE ID | IE00B5NRXC53 | B5NRXC5 | 0.75% | - |
| CHF Class I Hedged | PNAMICH ID | IE00BWB8WR78 | BWB8WR7 | 0.75% | - |
| GBP Class R Hedged | PNAMRHS ID | IE00B40F2B74 | B40F2B7 | 1.35% | - |
| EUR Class R Hedged | PNAMRHE ID | IE00B5NJSL59 | B5NJSL5 | 1.35% | - |
| US$ Class R | PNAMRRU ID | IE00B5KSKH55 | B5KSKH5 | 1.35% | - |
| GBP Class R | PNAMRRS ID | IE00B6TTF483 | B6TTF48 | 1.35% | - |
| EUR Class R | PNAMRRE ID | IE00B57DPG76 | B57DPG7 | 1.35% | - |
OCF is correct as at the date of the latest published KIID.
| Polar Capital Funds plc - North American Fund | 549300E1985KCB4EO849 |
| Polar Capital Funds plc | AC04XZR030XL8IH7BK98 |
| Polar Capital LLP | 4YW3JKTZ3K1II2GVCK15 |
Please click on each country to see share class availability
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: It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment. Please be aware that not every sub-fund of Polar Capital Funds plc or share class is available in all jurisdictions.
The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.
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