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AUM 31.05.2022
The Fund's investment objective is to generate a positive absolute return over rolling 12-month periods, in all market conditions. There is no guarantee the Fund will achieve this objective over any given period.
David is an experienced convertible bond specialist, having spent 35 years in the asset class in both investment banking and investment management. Before joining Polar Capital in October 2010 to establish the Convertible team, he was joint CEO of Vicis Capital (UK) Ltd which he joined in 2006 to set up and manage the international convertible portfolio of the New York-based hedge fund. David started his career at Salomon Brothers International and moved to Baii (a subsidiary of BNP Paribas) in 1987, where he first started managing convertibles. He joined Schroders in 1996 and Citigroup in 2000 following the Citi takeover of Schroder Investment Bank.
Prior to moving into convertible trading, Stephen was a research analyst at Tucker Anthony. In 1993 he became a partner in Forum Capital Markets, eventually joining Paine Webber in 1994 where he went on to manage their convertible department until 1998. He was a senior member of the convertible sales team at Morgan Stanley before establishing and managing Valmiki Capital Management in 2005. The following year, he moved to Moore Capital where he, as a member of a three-person team, managed a $1bn global long/short equity portfolio before joining Vicis Capital to manage the US convertible bond portfolio in 2008.
David began his career at Barclays Capital in London where he set up and ran their US convertible bond proprietary trading book. Here, in addition to trading and managing the portfolio, David was also in charge of all US-based proprietary convertible research. In 2007 he moved to CQS, then a US$7bn multi-asset hedge fund, to co-run their US convertible bond positions. David has also interned as an economic researcher for the United Nations in their Department of Economic and Social Affairs where, during his time, he authored a report on fostering equity market development in emerging economies as part of the agency’s Financing for Development initiative.
Uttkarsh joined Polar Capital in 2016 as an experienced convertible bond professional having spent over 23 years managing capital and risk, driving markets and building investment related businesses.
Uttkarsh partnered with Greenway Capital to formulate cross-capital structure investment processes and develop the necessary fund related infrastructure. Prior to joining Greenway Capital, Uttkarsh managed $1billion plus convertible bond portfolios and built market-making desks with principal capacity for Tier 1 Investment banks.
During his internship, Jake created a detailed hypothetical track record in preparation of the launch of the UCITS Global Convertible Fund. Since joining, he spends most of his time undertaking fundamental credit, convertible and equity research across all regions and 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. Global Absolute Return 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 English, French and German. 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 Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, 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.
Spain The Fund is registered in Spain with the Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 771.
Invalid Dates
Update chart| Since Launch | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Cumulative | Annualised | |
| USD Class I Acc | -0.69 | -1.25 | -1.86 | 0.38 | 25.03 | - | - | 28.36 | 7.58 |
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 USD Class I Acc was launched on 31 December 2018. 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 | 31.05.22 | 28.05.21 | 29.05.20 | 31.05.19 | 31.05.18 |
|---|---|---|---|---|---|
| USD Class I Acc | 0.38 | 21.70 | 2.36 | - | - |
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. Global Absolute Return 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 English, French and German. 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.
Performance/Investment Process/Risk: Performance is shown net of fees and expenses and includes the reinvestment of dividends and capital gain distributions. Factors affecting fund performance may include changes in market conditions (including currency risk) and interest rates and in response to 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. Those in possession of this document must read the Fund’s Prospectus for further information on the use of derivatives. Past performance is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Investments are not insured by the FDIC (or any other state or federal agency), or guaranteed by any bank, and may lose value. No investment process or strategy is free of risk and there is no guarantee that the investment process or strategy described herein will be profitable. The fund does not use a benchmark to measure performance and instead the fund has a high water mark. The performance fee as at the Payment Date for the shares shall be equal in aggregate to 15% of the amount by which the Net Asset Value per Share of the share class exceeds the Net Asset Value per Share of the share class at the end of any previous relevant period in which a performance fee was paid after the payment of such performance fee (or the initial issue price if higher) (a “Highwater Mark”) multiplied by the weighted average number of the Shares in issue on each Dealing Day since the last performance fee was paid. The initial issue price of (£/$/€) 100 shall be taken as the starting price for the calculation of the first performance fee payable. The first performance fee period will be the period commencing on the Business Day immediately following the close of the Initial Offer Period and ending on the Payment Date.
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 Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, 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.
Spain The Fund is registered in Spain with the Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 771.
| Long | 50 | |
| Short | 48 |
| Large (>US$5bn) | 60.8 | |
| Medium (US$500m to 5bn) | 38.1 | |
| Small (<US$500m) | 1.2 |
| Long (LMV) | 133.3 |
| Short (Equity) | -66.3 |
| Gross | 199.6 |
| Vertex Energy 6.25% 10/2027 | 5.5 |
| BP 1% 04/23 | 5.1 |
| Siemens / JP Morgan 0% 02/24 | 4.8 |
| Merck 0.6% / BofA 05/27 | 4.3 |
| Deutsche Post 0.05% 06/2025 | 4.1 |
| Total |
| Long | Short | Net | ||
|---|---|---|---|---|
| Energy | 9.9 | -7.2 | 2.7 | |
| IT | 8.6 | -6.5 | 2.1 | |
| Utilities | 1.2 | -0.3 | 0.9 | |
| Telecom | 4.9 | -4.1 | 0.8 | |
| Industrial | 9.8 | -9.2 | 0.6 | |
| Transportation | 1.0 | -0.5 | 0.5 | |
| Consumer Discretionary | 8.0 | -7.6 | 0.4 | |
| Materials | 3.5 | -3.6 | 0.0 | |
| Financial | 2.6 | -3.0 | -0.4 | |
| Consumer Staples | 3.2 | -3.9 | -0.7 | |
| Healthcare | 11.5 | -13.1 | -1.5 | |
| Long | Short | Net | ||
|---|---|---|---|---|
| Europe | 27.1 | -24.3 | 2.8 | |
| US | 36.9 | -34.7 | 2.2 | |
| Other Markets | 0.3 | 0.0 | 0.3 | |
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 since launch 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. Global Absolute Return 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 English, French and German. 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.
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 Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, 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.
Spain The Fund is registered in Spain with the Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 771.
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. Global Absolute Return 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 English, French and German. 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.
Forecasts: References to future returns are not promises or estimates of actual returns Polar Capital may achieve, and should not be relied upon. The forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. Forecasts are based upon subjective estimates and assumptions about circumstances and events that may not yet have taken place and may never do so.
Statements/Opinions/Views: All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital. This material does not constitute legal or accounting advice; readers should contact their legal and accounting professionals for such information. All sources are Polar Capital unless otherwise stated.
Country Specific Disclaimers Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, 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.
Spain The Fund is registered in Spain with the Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 771.
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 Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, 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.
Spain The Fund is registered in Spain with the Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 771.
| Bloomberg | ISIN | SEDOL | OCF | ||
|---|---|---|---|---|---|
| EUR Class I Acc Hedged | PCGAIHE ID | IE00BDTYJC81 | BDTYJC8 | 1.09% | - |
| GBP Class I Acc Hedged | PCGAIHG ID | IE00BDTYJD98 | BDTYJD9 | 1.09% | - |
| USD Class I Acc | PCGARIU ID | IE00BDTYJB74 | BDTYJB7 | 1.09% | - |
| JPY Class I Acc Hedged | POGARIH ID | IE000WUZP0D2 | BNHSYX8 | 1.09% | - |
| EUR Class S Acc Hedged | PCGASHE ID | IE00BDTYJG20 | BDTYJG2 | 0.84% | - |
| GBP Class S Acc Hedged | PCGASHG ID | IE00BDTYJH37 | BDTYJH3 | 0.84% | - |
| USD Class S Acc | PCGARSU ID | IE00BDTYJF13 | BDTYJF1 | 0.84% | - |
| JPY Class S Acc Hedged | POGARSH ID | IE0002M0T4M6 | BNHSYZ0 | 0.84% | - |
| Polar Capital Funds plc - Global Absolute Return Fund | 549300FZYEYEQXKDUP14 |
| 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 Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, 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.
Spain The Fund is registered in Spain with the Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 771.
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