Fund Overview

Investment Objective

The Fund aims to generate long-term capital growth by investing in the shares of Japanese companies, or companies that generate a significant amount of their business in Japan. The Fund will apply a 'value' based stock picking approach, investing in a concentrated portfolio of large, medium and small capitalisation companies.

Investment Philosophy

The Fund will apply a 'value' based stock picking approach, investing in a concentrated portfolio of large, medium and small capitalisation companies that exercise a significant part of their economic activities in Japan or are organised under the laws of Japan.

Key Facts

Team of two industry and investment specialists
Typically 45‑55 positions
No benchmark or tracking error constraints
Fundamentally-driven analysis and stock selection

Fund Managers & Analysts

Gerard Cawley, CFA

Fund Manager

Chris Smith, CFA

Co-manager

Gerard Cawley, CFA

Gerard joined Polar Capital in January 2005 and is Head of the Polar Capital Japan Team.

He has been manager of the Polar Capital Japan Value Fund, formerly Japan Alpha Fund, since its launch in 2012.

Prior to joining Polar Capital, Gerard worked in the Japanese equity team at Schroder Investment Management.

Academic qualificationsBA in Business Studies, Dublin City University Business School
Professional qualificationsCFA Charterholder
Industry experience22 years

Source & Copyright: CITYWIRE. Gerard Cawley has been awarded a Plus rating by Citywire for his 3 year risk-adjusted performance for the period 31/03/2020 - 31/03/2023.

Chris Smith, CFA

Chris Smith is co-manager of the Japan Value Fund. He joined Polar Capital in January 2012 as a Japanese equity analyst, prior to which he gained five years’ experience working in accountancy.

He holds a BSc (1st Class Hons) in applied accounting and is a chartered accountant and a CFA charter holder.

Academic qualificationsBSc (1st Class Hons) in Applied Accounting
Professional qualificationsChartered Accountant and a CFA Charterholder
Industry experience11 years

Source & Copyright: CITYWIRE. Chris Smith has been awarded a Plus rating by Citywire for his 3 year risk-adjusted performance for the period 31/03/2020 - 31/03/2023.

Related Insights

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Chris Smith, Gerard Cawley

23 Mar 2023

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The evolving factors forging opportunities in Japan

Chris Smith

8 Feb 2023

Japan

Japan’s pathway to change is a marathon not a sprint

Chris Smith, Gerard Cawley

11 Aug 2022

Japan

Japanese equities: A positive backdrop with both short and long-term drivers

Chris Smith

1 Jul 2022

Countries in which this fund is available

Please click on each country to see share class availability

Risks:

Capital is at risk and there is no guarantee the Fund will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Fund.
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 fund’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 Fund’s Prospectus for details of all risks.
The Fund may enter into a derivative contract. The Fund’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 Fund being leveraged (where market exposure and the potential for loss exceeds the amount the Fund has invested) and in these market conditions the effect of leverage will magnify losses. The Fund 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 in this document may increase or decrease if converted into your local currency.

Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Japan Value 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 TOPIX 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 http://www.jpx.co.jp/english/markets/indices/topix. 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 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.

Source & Copyright: ©2023 Morningstar. All Rights Reserved. Rating representative of the S Yen Share Class, as at 28/02/2023. Ratings may vary between share classes. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about the Morningstar Rating or Morningstar Analyst rating, including its methodology, please go to: http://corporate1.morningstar.com/AnalystRating/.

Performance (%)

Change

Cumulative Performance (%)

								Since Launch
	1m	3m	YTD	1yr	3yrs	5yrs	10yrs	Cumulative	Annualised
JPY Class S Dist	3.91	7.37	10.26	22.11	60.89	28.66	114.55	236.99	12.27
Index	2.70	5.43	10.10	11.34	50.96	30.73	120.76	250.09	12.68

Source: Northern Trust International Fund Administration Services (Ireland) Ltd, monthly percentage growth, JPY and has been calculated to account for the deduction of fees. Performance data takes account of fees paid by the fund but does not take account of any commissions or costs you may pay to third parties when subscribing for or redeeming shares or any taxes or securities account charges that you may pay on your investment in the fund. Such charges will reduce the performance of your investment. A 5% subscription fee can be charged at the Investment Managers discretion. The JPY Class S Dist was launched on 31 October 2012. The index performance figures are sourced from Bloomberg and are in JPY 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 JPY. 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.

All Institutional share classes of the Japan Value Fund were changed to S share classes as at 29 December 2016.

On 12 January 2018 the Polar Capital Japan Alpha Fund was renamed the Polar Capital Japan Value Fund. The Polar Capital Japan Value strategy change occurred as at 29 July 2016. Investors can review the Fund’s prospectus for further information and a full explanation of the strategy for the Fund.

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
JPY Class S Dist	68.84	2.47	9.59	-1.46	26.76	-16.32	22.40	-12.23	15.24	10.96
Index	54.41	10.27	12.06	0.31	22.23	-15.97	18.12	7.39	12.74	-2.45

12 months to	26.04.19	30.04.20	30.04.21	28.04.22	28.04.23
JPY Class S Dist	-5.98	-14.95	26.29	4.33	22.11
Index	-6.78	-7.10	32.34	2.45	11.34

Fund Performance Scenario

Market developments in the future cannot be accurately predicted. The scenarios shown are only an indication of some of the possible outcomes based on recent returns. Actual returns could be lower.

Investment €10,000£10,000CHF10,000¥1,000,000$10,000

Scenarios		1 year	3 years	5 years*
Stress scenario	What you might get back after costs	291,402.23	337,208.41	236,266.24
	Average return each year (%)	-70.86	-30.40	-25.07
Unfavourable scenario	What you might get back after costs	639,048.28	805,571.52	822,752.65
	Average return each year (%)	-36.10	-6.95	-3.83
Moderate scenario	What you might get back after costs	1,038,428.10	1,113,241.90	1,273,732.65
	Average return each year (%)	3.84	3.64	4.96
Favourable scenario	What you might get back after costs	1,603,994.02	1,801,145.18	2,249,704.02
	Average return each year (%)	60.40	21.67	17.60

Scenarios	1 year	3 years	5 years*
Stress scenario
What you might get back after costs	291,402.23	337,208.41	236,266.24
Average return each year (%)	-70.86	-30.40	-25.07
Unfavourable scenario
What you might get back after costs	639,048.28	805,571.52	822,752.65
Average return each year (%)	-36.10	-6.95	-3.83
Moderate scenario
What you might get back after costs	1,038,428.10	1,113,241.90	1,273,732.65
Average return each year (%)	3.84	3.64	4.96
Favourable scenario
What you might get back after costs	1,603,994.02	1,801,145.18	2,249,704.02
Average return each year (%)	60.40	21.67	17.60

*Recommended holding period

This table shows the money you could get back over the next 5 years, under different scenarios, assuming that you invest €10,000£10,000CHF10,000¥1,000,000$10,000.

The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products.

The scenarios presented are an estimate of future performance based on evidence from the past on how the value of this investment varies and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the investment/product.

The stress scenario shows what you might get back in extreme market circumstances and it does not take into account the situation where we are not able to pay you.

The figures shown include the costs of the Fund, but do not include any Policy Charge to be paid (up to €2,250£2,250CHF2,250¥250,000$2,250 per annum) or costs that you pay to your advisor or distributor. There is no Policy Charge if the aggregate investments you have within the life insurance policy is over €25,000,000£25,000,000CHF25,000,000¥2,500,000,000$25,000,000.

The figures do not take into account your personal tax situation, which may also affect how much you get back.

Market developments in the future cannot be accurately predicted. The scenarios shown are only an indication of some of the possible outcomes based on recent returns. Actual returns could be lower.

Countries in which this fund is available

Please click on each country to see share class availability

Risks:

Capital is at risk and there is no guarantee the Fund will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Fund.
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 fund’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 Fund’s Prospectus for details of all risks.
The Fund may enter into a derivative contract. The Fund’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 Fund being leveraged (where market exposure and the potential for loss exceeds the amount the Fund has invested) and in these market conditions the effect of leverage will magnify losses. The Fund 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 in this document may increase or decrease if converted into your local currency.

Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Japan Value 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 TOPIX 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 http://www.jpx.co.jp/english/markets/indices/topix. 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 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.

Top 10 Positions (%)

SK Kaken	5.3
Daiwa Industries	4.7
Sumitomo Mitsui Financial	4.6
Suzuki Motor	3.9
Toshiba	3.3
Medikit	3.2
Secom Co	3.2
Forum Engineering	2.9
Minebea	2.8
Tokio Marine Holdings	2.7
Total

Market Capitalisation Exposure (%)

	Fund	Index
Large (Topix 100)	21.5	63.3
Medium (Topix mid 400)	24.1	27.8
Small (Topix small)	52.4	9.0

	Fund	Relative
Services	14.6	9.5
Machinery	9.5	4.1
Air Transportation	3.0	2.5
Banks	8.5	2.5
Chemicals	8.3	2.2
Transportation Equipment	9.3	2.0
Rubber Products	2.7	1.9
Glass & Ceramics Products	2.1	1.4
Metal Products	1.7	1.2
Electric Power & Gas	2.1	0.8
Iron & Steel	0.0	-0.9
Retail Trade	3.7	-0.9
Other Financing Business	0.0	-1.1
Wholesale Trade	4.9	-1.4
Construction	0.0	-2.1
Information & Communication	6.3	-2.3
Land Transportation	0.0	-3.1
Foods	0.0	-3.7
Pharmaceutical	1.0	-4.6
Electric Appliances	10.5	-7.2

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.

Countries in which this fund is available

Please click on each country to see share class availability

Risks:

Capital is at risk and there is no guarantee the Fund will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Fund.
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 fund’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 Fund’s Prospectus for details of all risks.
The Fund may enter into a derivative contract. The Fund’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 Fund being leveraged (where market exposure and the potential for loss exceeds the amount the Fund has invested) and in these market conditions the effect of leverage will magnify losses. The Fund 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 in this document may increase or decrease if converted into your local currency.

Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Japan Value 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 TOPIX 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 http://www.jpx.co.jp/english/markets/indices/topix. 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 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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Investment Insights

Countries in which this fund is available

Please click on each country to see share class availability

Risks:

Capital is at risk and there is no guarantee the Fund will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Fund.
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 fund’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 Fund’s Prospectus for details of all risks.
The Fund may enter into a derivative contract. The Fund’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 Fund being leveraged (where market exposure and the potential for loss exceeds the amount the Fund has invested) and in these market conditions the effect of leverage will magnify losses. The Fund 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 in this document may increase or decrease if converted into your local currency.

Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Japan Value 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.

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.

Benchmark: The Fund is actively managed and uses the TOPIX 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 http://www.jpx.co.jp/english/markets/indices/topix. 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 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.

Fund Literature

Key Fund Literature

Prospectus

01 Dec 2022

Circular MA Amendment Appointment of ManCo (Spanish)

06 May 2021

Notice to Shareholders

27 Mar 2023

Reportable Income - Polar Capital Funds plc

31 Dec 2021

Polar Capital Funds plc - Summary of Investor Rights

02 Aug 2021

Countries in which this fund is available

Please click on each country to see share class availability

Risks:

Capital is at risk and there is no guarantee the Fund will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Fund.
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 fund’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 Fund’s Prospectus for details of all risks.
The Fund may enter into a derivative contract. The Fund’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 Fund being leveraged (where market exposure and the potential for loss exceeds the amount the Fund has invested) and in these market conditions the effect of leverage will magnify losses. The Fund 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 in this document may increase or decrease if converted into your local currency.

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.

Codes & Fees

Institutional I shares
Retail shares

	Bloomberg	ISIN	SEDOL	OCF
JPY Class I Dist	PCJAIJY ID	IE00BYMD0W65	BYMD0W6	1.19%	-
GBP Class I Dist	POJAVIG ID	IE00BYW63T38	BYW63T3	1.19%	-
GBP Class I Dist Hedged	POJAIGH ID	IE00BFX4HT11	BFX4HT1	1.19%	-
USD Class I Dist Hedged	POJAIUH ID	IE00BFX4HR96	BFX4HR9	1.19%	-
USD Class I Dist	POJAVIU ID	IE00BYW63S21	BYW63S2	1.19%	-
EUR Class I Dist	POJAVIE ID	IE00BYW63V59	BYW63V5	1.19%	-
EUR Class I Dist Hedged	POJAIEH ID	IE00BFX4HW40	BFX4HW4	1.19%	-
CHF Class I Dist Hedged	POJVIHC ID	IE00BK63DF82	BK63DF8	1.19%	-
USD Class R Dist	PCJARUI ID	IE00B3KK5164	B3KK516	1.54%	-
USD Class R Dist Hedged	PCJARUH ID	IE00B88DDG32	B88DDG3	1.54%	-
JPY Class R Dist	PCJARJI ID	IE00B88S7N36	B88S7N3	1.54%	-
GBP Class R Dist	POJVLRS ID	IE00BK63S973	BK63S97	1.54%	-
GBP Class R Dist Hedged	PCJARBH ID	IE00B4WY8142	B4WY814	1.54%	-
EUR Class R Dist	POJVLRE ID	IE00BK63S866	BK63S86	1.54%	-
EUR Class R Dist Hedged	PCJAREH ID	IE00B7G7VV19	B7G7VV1	1.54%	-
CHF Class R Dist Hedged	POJVRHC ID	IE00BK63DD68	BK63DD6	1.54%	-

OCF is correct as at the date of the latest published KIID.

Minimum investment

No minimum investment

Annual management fee

1.00%

Performance fee

10%

Performance fee based on outperformance of index.

Countries in which this fund is available

Please click on each country to see share class availability

Risks:

Capital is at risk and there is no guarantee the Fund will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Fund.
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 fund’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 Fund’s Prospectus for details of all risks.
The Fund may enter into a derivative contract. The Fund’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 Fund being leveraged (where market exposure and the potential for loss exceeds the amount the Fund has invested) and in these market conditions the effect of leverage will magnify losses. The Fund 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 in this document may increase or decrease if converted into your local currency.

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.

Polar Capital Funds plc - Japan Value Fund	549300M1VVCT6ODJ5Z19
Polar Capital Funds plc	AC04XZR030XL8IH7BK98
Polar Capital LLP	4YW3JKTZ3K1II2GVCK15

Regional

Thematic & Sector

Alternative

Investment Trusts

Japan Value Fund

A value-driven approach focussed on Japanese equities

Fund Overview

Investment Objective

Investment Philosophy

Key Facts

Fund Managers & Analysts

Gerard Cawley, CFA

Chris Smith, CFA

Gerard Cawley, CFA

Gerard joined Polar Capital in January 2005 and is Head of the Polar Capital Japan Team.

Chris Smith, CFA

Chris Smith is co-manager of the Japan Value Fund. He joined Polar Capital in January 2012 as a Japanese equity analyst, prior to which he gained five years’ experience working in accountancy.

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Countries in which this fund is available

Fund Performance

Cumulative Performance (%)

Calendar Year Performance (%)

Discrete Annual Performance (%)

Fund Performance Scenario

Investment €10,000£10,000CHF10,000¥1,000,000$10,000

Countries in which this fund is available

Portfolio Exposure

Top 10 Positions (%)

Market Capitalisation Exposure (%)

Sector Exposure (%)Top Overweights & Underweights Relative to Index

Countries in which this fund is available

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Fund Literature

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Regulatory Documents

Tax & Distribution Reporting

Report & Accounts

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Further Literature

Dealing Forms

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Codes & Fees

Legal Entity Identifier (LEI)

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