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AUM 31.05.2022
The Fund’s investment objective is to achieve capital appreciation through selective investment in European equities.
Bottom-up stock selection process, across all market capitalisations, targeting unrecognised growth, turnaround or recovery situations and valuation anomalies producing a concentrated portfolio. The Fund integrates ESG considerations into the investment process.
David joined Dalton Strategic Partnership, which was acquired by Polar Capital in 2021, in 2005 and has managed the Melchior European Opportunities Fund since its launch in May 2010. Prior to this, he was an analyst on the Melchior European Absolute Return strategy and managed a long-only segregated account from 2008.
Eleanor joined Dalton Strategic Partnership, which was acquired by Polar Capital in 2021, in 2012 as an analyst in their European equity long/short team and has been the deputy portfolio manager and senior analyst on the Melchior European Opportunities Team since 2019. She has 13 years of investment experience covering European equities, starting her career as an analyst at T Rowe Price before moving with her team to build the European long-only fund at GAM. In 2015, she joined Cheyne Capital as a junior portfolio manager in their hedge fund business before re-joining Dalton in 2017 as a senior analyst in the company’s long-only European equity team.
Jo Ann joined Dalton Strategic Partnership, which was acquired by Polar Capital in 2021, in September 2016 as an analyst for the European Opportunities Fund. She has worked in the investment industry since 2012, when she joined GIC Asset Management, the sovereign wealth fund of Singapore. After completing a one-year graduate programme at GIC and a spell as a macro research and strategy associate within the company’s fixed income division, she moved into the European equities department where she was an analyst responsible for investment research.
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. Melchior European Opportunities Fund (the “Fund”) is a sub-fund of Melchior Selected Trust (MST) which is an investment company organised under the laws of the Grand Duchy of Luxembourg as a Société d'Investissement à Capital Variable (SICAV). It is governed by Part I of the 2010 Law and qualifies as a UCITS within the meaning of Article 1 (2) of the UCITS Directive. Polar Capital LLP is the investment manager of the Melchior Selected Trust. ONE fund management S.A. Registered Address: 4 rue Peternelchen, Cubus C3, L-2370 Howald, Luxembourg, acts as the management company and is regulated by the Commission de Surveillance du Secteur Financier (“CSSF”). 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 Europe 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 http://www.msci.com/. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.
Country Specific Disclaimers 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 MST 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 MST or share class is available in all jurisdictions.
Spain The Fund is registered in Spain with the Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 771.
Source & Copyright: ©2022 Morningstar. All Rights Reserved. Rating representative of the I1 EUR Share Class, as at 29/04/2022. 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/.
Going beyond the financial objectives of the fund, our aim is to be a responsible stakeholder across every element of our integrated investment process. We engage with investee companies to promote transparency and best practise, look after the interests of other stakeholders, and encourage collaboration and openness.
We seek to manage and reduce the environmental impact of our business activities, in particular to minimise waste and maximise resources – something we also encourage of the companies that we invest in. Ultimately, we seek not only a return on investment but an opportunity to make a positive contribution to society.
Incorporating ESG issues is consistent with the key tenants of the Strategy’s investment philosophy. Since inception in 2006, we have always sought to:
We believe that a falling share price can send a powerful signal to a company’s management to effect a change in strategy, which is why we may occasionally take short positions in companies with poor or deteriorating scores on ESG issues. If this contributes to a weakening share price, then we believe this can act as a signal to a board to improve the company’s behaviour to the benefit of society.
We take our proxy voting rights seriously.
In order to implement our voting policy, the Firm uses both ProxyEdge and ISS (an industry lending shareholder service platform).
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Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Melchior European Opportunities 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.
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 MST 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 MST or share class is available in all jurisdictions.
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 | |
| EUR Class B Acc | -4.28 | -6.68 | -16.03 | -4.53 | 23.20 | 25.37 | - | 38.53 | 4.75 |
| Index | -0.78 | -0.54 | -6.63 | 3.00 | 27.91 | 28.32 | - | 28.93 | 3.69 |
Source: Edmond de Rothschild Asset Management (Luxembourg), monthly percentage growth, EUR 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 EUR Class B Acc was launched on 27 May 2015. The index performance figures are sourced from Bloomberg and are in EUR 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 EUR. 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 |
|---|---|---|---|---|---|
| EUR Class B Acc | -4.53 | 34.07 | -3.75 | -4.12 | 6.15 |
| Index | 3.00 | 29.67 | -4.24 | -0.66 | 0.99 |
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. Melchior European Opportunities Fund (the “Fund”) is a sub-fund of Melchior Selected Trust (MST) which is an investment company organised under the laws of the Grand Duchy of Luxembourg as a Société d'Investissement à Capital Variable (SICAV). It is governed by Part I of the 2010 Law and qualifies as a UCITS within the meaning of Article 1 (2) of the UCITS Directive. Polar Capital LLP is the investment manager of the Melchior Selected Trust. ONE fund management S.A. Registered Address: 4 rue Peternelchen, Cubus C3, L-2370 Howald, Luxembourg, acts as the management company and is regulated by the Commission de Surveillance du Secteur Financier (“CSSF”). 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 Europe 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 http://www.msci.com/. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.
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 MST which are riskier than would be the case in the absence of a fee based on the performance of MST.
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 MST 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 MST or share class is available in all jurisdictions.
Spain The Fund is registered in Spain with the Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 771.
| Roche | 4.3 |
| ASML Holding | 3.9 |
| Merck KGaA | 3.7 |
| ASR Nederland NV | 3.3 |
| Laboratorios Farmaceuticos Rovi | 2.9 |
| Nestle | 2.8 |
| Kongsberg Gruppen | 2.4 |
| Robertet SA | 2.3 |
| FinecoBank Banca Fineco SpA | 2.2 |
| Ferguson | 2.2 |
| Total |
| Large (>€10bn) | 40.2 | |
| Medium (€3 to 10bn) | 30.9 | |
| Small (<€3bn) | 28.9 |
| Industrials | 22.1 | |
| Financials | 13.8 | |
| Healthcare | 13.7 | |
| Consumer Discretionary | 11.5 | |
| Information Technology | 10.9 | |
| Materials | 9.7 | |
| Consumer Staples | 9.1 | |
| Communication Services | 2.8 | |
| Real Estate | 2.4 | |
| Cash | 4.0 | |
| United Kingdom | 23.0 | |
| Switzerland | 14.3 | |
| Netherlands | 11.8 | |
| Spain | 8.8 | |
| Germany | 8.5 | |
| France | 7.2 | |
| Sweden | 5.0 | |
| Italy | 4.8 | |
| Belgium | 2.6 | |
| Norway | 2.4 | |
| Finland | 2.2 | |
| Ireland | 1.5 | |
| Austria | 1.3 | |
| Denmark | 1.3 | |
| Portugal | 1.3 | |
| Cash | 4.0 | |
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. Melchior European Opportunities Fund (the “Fund”) is a sub-fund of Melchior Selected Trust (MST) which is an investment company organised under the laws of the Grand Duchy of Luxembourg as a Société d'Investissement à Capital Variable (SICAV). It is governed by Part I of the 2010 Law and qualifies as a UCITS within the meaning of Article 1 (2) of the UCITS Directive. Polar Capital LLP is the investment manager of the Melchior Selected Trust. ONE fund management S.A. Registered Address: 4 rue Peternelchen, Cubus C3, L-2370 Howald, Luxembourg, acts as the management company and is regulated by the Commission de Surveillance du Secteur Financier (“CSSF”). 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 Europe 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 http://www.msci.com/. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.
Allocations: The strategy allocation percentages set forth in this document are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the same comparable risks and returns. Please see the private placement memorandum for a description of the investment allocations as well as the risks associated therewith. Please note that the 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 MST 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 MST or share class is available in all jurisdictions.
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 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 MST 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 MST or share class is available in all jurisdictions.
Spain The Fund is registered in Spain with the Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 771.
| Bloomberg | ISIN | SEDOL | Annual Management Fee | ||
|---|---|---|---|---|---|
| EUR Class B Acc | MSEOPB1 LX | LU1231252237 | BXC8723 | 1.65% | - |
| EUR Class CS Acc | - | LU2085698996 | - | 0.85% | - |
| EUR Class I Acc | MSOPBEU LX | LU0289523259 | B4325G1 | 0.85% | - |
| EUR Class P Acc | MSEUP1E LX | LU0952580347 | BXC8712 | 0.85% | - |
| USD Class I Acc Hedged | MSOPBUS LX | LU0289527912 | B42L0S6 | 0.85% | - |
| GBP Class I Acc Hedged | MSOPDGB LX | LU0289524653 | B1Z4RK2 | 0.85% | - |
| Melchior Selected Trust - Melchior European Opportunities Fund | 549300DUHA7ST16HD406 |
| 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 MST 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 MST or share class is available in all jurisdictions.
Spain The Fund is registered in Spain with the Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 771.
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