Fund Overview

Investment Objective

The Fund aims to achieve both income and long term capital growth through a portfolio of emerging market equities.

Investment Philosophy

The Fund Manager’s investment approach combines bottom-up stock selection with top-down macroeconomic research and analysis, including an innovative sector overlay designed to help identify the long-term secular drivers of the market. While top-down analysis provides useful indicators of the countries and sectors most likely to outperform, stock selection remains the key driver of portfolio construction and a key source of alpha.

The Fund Manager looks at global growth expectations, macroeconomic trends, government models, risk aversion, currency and the valuation environment to establish a dynamic understanding of the economic backdrop of the investment universe.

Key Facts

The team has 40+ years of combined industry experience
Typically 50‑80 positions
No benchmark or tracking error constraints
Fundamentally-driven analysis and stock selection

Fund Managers & Analyst

William Calvert

Lead Fund Manager

Sam Wightman

Fund Manager

William Calvert

William joined Polar Capital in October 2010 as a fund manager to establish the Emerging Markets investment team. Prior to joining Polar Capital, William spent thirteen years at AXA Framlington, where he was head of the emerging markets desk, working on both dedicated emerging markets portfolios and as part of the global investment team.

William was portfolio manager for the AXA Framlington Emerging Markets Fund from 2004 until his departure. He joined AXA Framlington from LCF Edmond de Rothschild Securities where he was part of the country fund broking team. Prior to this, he was a fund manager with Citibank, Municipal Mutual Insurance and English Association.

Academic qualificationsBSc in Economics, University of Bristol
Industry experience34 years

Sam Wightman

Sam joined Polar Capital in August 2013 and is a Fund Manager for the Polar Capital Emerging Markets team.

Prior to joining Polar Capital, Sam joined PWC in 2008 and became a senior associate in 2010 providing assurance services to FTSE 100 clients.

Academic qualificationsBA in Economics and Business Studies, Newcastle University
Professional qualificationsCFA Charterholder, Chartered accountant with the ICAEW (ACA) and Investment Management Certificate (IMC)
Industry experience7 years

Related Insights

Countries in which this fund is available

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. Emerging Markets Income Fund (the “Fund”) is a sub-fund of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Benchmark: The Fund is actively managed and uses the MSCI Emerging Market Net Total Return Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found www.mscibarra.com. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

Country Specific Disclaimers: It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment. Please be aware that not every sub-fund of Polar Capital Funds plc or share class is available in all jurisdictions.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Source & Copyright: ©2021 Morningstar. All Rights Reserved. Rating representative of the I USD Acc Share Class, as at 28/02/2021. 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
US$ Class I Acc	1.46	4.20	4.20	49.19	8.86	44.39	36.31	38.90	3.27
Index	-1.51	2.29	2.29	58.39	20.88	76.77	43.15	47.06	3.85

Source: Northern Trust International Fund Administration Services (Ireland) Ltd, monthly percentage growth, US$ and has been calculated to account for the deduction of fees. Fund performance does not take account of any commissions or costs incurred by investors when subscribing for or redeeming shares. The US$ Class I Acc was launched on 20 January 2011. The index performance figures are sourced from Bloomberg and are in US$ terms. These figures refer to the past. Investments in funds are subject to risk. Past performance is not a reliable indicator of future returns. The money invested in a fund can increase and decrease in value and past performance is not a reliable indicator that you will get back the full amount invested. The performance calculation is based on US$. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.

12 months to	31.03.21	31.03.20	29.03.19	29.03.18	31.03.17
US$ Class I Acc	49.19	-24.62	-3.21	15.79	14.55
Index	58.39	-17.69	-7.28	24.76	17.22

Countries in which this fund is available

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. Emerging Markets Income Fund (the “Fund”) is a sub-fund of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Benchmark: The Fund is actively managed and uses the MSCI Emerging Market Net Total Return Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found www.mscibarra.com. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

Performance: The performance shown has been calculated to account for the deduction of fees and expenses and includes the reinvestment of dividends and capital gain distributions. £ or GBP/US$/JPY/EUR/CHF = Currency abbreviations of: British Pound sterling/US Dollar/Japanese Yen/Euro/Swiss Franc, respectively.

Risk: Factors affecting fund performance may include changes in market conditions (including currency risk) and interest rates, as well as other economic, political, or financial developments. The Fund’s investment policy allows for it to enter into derivatives contracts. Leverage may be generated through the use of such financial instruments and investors must be aware that the use of derivatives may expose the Fund to greater risks, including, but not limited to, unanticipated market developments and risks of illiquidity, and is not suitable for all investors. Past performance is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Polar Capital may also receive a performance fee based on the appreciation in the NAV per share and accordingly the performance fee will increase with regard to unrealised appreciation, as well as realised gains. The performance fee may create an incentive for Polar Capital to make investments for Polar Capital Funds plc which are riskier than would be the case in the absence of a fee based on the performance of Polar Capital Funds plc.

Country Specific Disclaimers: It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment. Please be aware that not every sub-fund of Polar Capital Funds plc or share class is available in all jurisdictions.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Top 10 Positions (%)

TSMC	6.0
Samsung Electronics	4.4
Delta Electronics	3.1
China Mobile	3.0
China Merchants Bank	3.0
KB Financial Group	2.8
Ping An Insurance	2.7
China Construction Bank	2.7
Globaltrans Investment	2.4
DB Insurance	2.3
Total

Market Capitalisation Exposure (%)

	Fund	Index
Large Cap (>US$10bn)	48.8	79.9
Mid Cap (US$1 - 10bn)	49.7	20.1
Small Cap (<US$1bn)	1.5	0.0

	Fund	Relative
Financials	25.9	7.7
Industrials	9.5	5.2
Utilities	4.6	2.6
Energy	6.1	1.3
Real Estate	3.0	0.8
Materials	7.3	-0.8
Communication Services	10.2	-1.6
Healthcare	1.5	-3.0
Consumer Staples	2.3	-3.3
Information Technology	17.6	-3.3
Consumer Discretionary	10.4	-7.3

	Fund	Relative
South Korea	18.7	5.4
Russian Federation	7.7	4.7
Romania	3.0	2.9
India	12.0	2.3
Indonesia	3.5	2.3
Kazakhstan	2.0	2.0
Czech Republic	1.2	1.1
United Arab Emirates	1.6	1.1
Poland	1.7	1.1
Mexico	2.8	1.0
South Africa	4.0	0.2
Chile	0.0	-0.6
Philippines	0.0	-0.6
Qatar	0.0	-0.7
Thailand	0.9	-1.0
Malaysia	0.0	-1.4
Taiwan	11.2	-2.5
Saudi Arabia	0.0	-2.8
Brazil	1.0	-3.4
China	25.4	-12.5

Note: Totals may not sum due to rounding.

It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.

Countries in which this fund is available

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. Emerging Markets Income Fund (the “Fund”) is a sub-fund of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Holdings: Portfolio data is “as at” the date indicated and should not be relied upon as a complete or current listing of the holdings (or top holdings) of the fund. The holdings may represent only a small percentage of the aggregate portfolio holdings, are subject to change without notice, and may not represent current or future portfolio composition. Information on particular holdings may be withheld if it is in the fund’s best interest to do so. A historic complete list of the portfolio holdings may be made available upon request. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. This document is designed to provide updated information to professional investors to enable them to monitor the Fund. No other persons should rely upon it. The information provided in this document should not be considered a recommendation to purchase or sell any particular security.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Benchmark: The Fund is actively managed and uses the MSCI Emerging Market Net Total Return Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found www.mscibarra.com. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

Allocations: The strategy allocation percentages set forth in this document are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the same comparable risks and returns. Please see the private placement memorandum for a description of the investment allocations as well as the risks associated therewith. Please note that the Fund may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Fund is dependent on the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return to the Fund while minimizing its risk. The actual investments in the Fund may or may not be the same or in the same proportion as those shown herein.

Country Specific Disclaimers: It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment. Please be aware that not every sub-fund of Polar Capital Funds plc or share class is available in all jurisdictions.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

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Fund Literature

Proposed Fund Merger
After more than 30 years in the industry, of which the past 10 have been at Polar Capital, William has notified the company of his intention to retire. He joined Polar Capital in October 2010 and has managed the Emerging Markets Income Fund since its inception in January 2011. Subject to shareholder and Central Bank approval, Polar Capital plans to merge the Emerging Markets Income Fund into the Polar Capital Emerging Market Stars Fund, another sub-fund of Polar Capital Funds Plc. The Emerging Market Stars Fund is top decile in its peer group over two years and since launch¹ (Further information on the Fund is here). If approved, the merger is proposed to take place this quarter. In the meantime, William will stay with the company and continue to manage the portfolio as normal. All shareholders can of course choose to redeem their shares in the Emerging Markets Income Fund on any dealing day in the interim if they wish.

1. Source: Refinitiv Lipper, based on USD I ACC Share Class, as at 29 January 2021.

Key Fund Literature

Notice to Shareholders

11 Mar 2021

Notice to Shareholders (German)

11 Mar 2021

Notice to Shareholders (Spanish)

11 Mar 2021

Reportable Income - Polar Capital Funds plc

Countries in which this fund is available

Please click on each country to see share class availability

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Country Specific Disclaimers: It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment. Please be aware that not every sub-fund of Polar Capital Funds plc or share class is available in all jurisdictions.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Codes & Fees

Institutional shares
Retail shares

	Bloomberg	ISIN	SEDOL	OCF
US$ Class I Acc	PCEMIUA ID	IE00B4Z35Y04	B4Z35Y0	1.02%	-
US$ Class I Dist	PCEMIUD ID	IE00B4TTVL32	B4TTVL3	1.02%	-
GBP Class I Acc	PCEMIBA ID	IE00B58P1Y20	B58P1Y2	1.02%	-
GBP Class I Dist	PCEMIBD ID	IE00B4V5ND50	B4V5ND5	1.02%	-
EUR Class I Acc	PCEMIEA ID	IE00B54LVH70	B54LVH7	1.02%	-
EUR Class I Dist	PCEMIED ID	IE00B4ZHXX73	B4ZHXX7	1.02%	-
US$ Class R Acc	PCEMRUA ID	IE00B4VVWP88	B4VVWP8	1.52%	-
US$ Class R Dist	PCEMRUD ID	IE00B5282553	B528255	1.52%	-
GBP Class R Acc	PCEMRBA ID	IE00B4YDSX18	B4YDSX1	1.52%	-
GBP Class R Dist	PCEMRBD ID	IE00B51D4337	B51D433	1.52%	-
EUR Class R Acc	PCEMREA ID	IE00B4WZTL41	B4WZTL4	1.52%	-
EUR Class R Dist	PCEMRED ID	IE00B53D4F35	B53D4F3	1.52%	-

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

Minimum investment

US$

or its foreign currency equivalent.

Annual management fee

0.75%

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

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Country Specific Disclaimers: It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment. Please be aware that not every sub-fund of Polar Capital Funds plc or share class is available in all jurisdictions.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Polar Capital Funds plc - Emerging Markets Income Fund	549300LQ6AR6F9BE5U19
Polar Capital Funds plc	AC04XZR030XL8IH7BK98
Polar Capital LLP	4YW3JKTZ3K1II2GVCK15

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Thematic & Sector

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Emerging Markets Income Fund

Generating income from stock-picking in emerging markets

Fund Overview

Investment Objective

Investment Philosophy

Key Facts

Fund Managers & Analyst

William Calvert

Sam Wightman

William Calvert

Sam Wightman

Sam joined Polar Capital in August 2013 and is a Fund Manager for the Polar Capital Emerging Markets team.

Related Insights

Countries in which this fund is available

Fund Performance

Cumulative Performance (%)

Discrete Annual Performance (%)

Countries in which this fund is available

Portfolio Exposure

Top 10 Positions (%)

Market Capitalisation Exposure (%)

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

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

Countries in which this fund is available

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Fund Literature

Key Fund Literature

Fact Sheet History

Regulatory Documents

Tax & Distribution Reporting

Report & Accounts

Corporate Documents

Further Literature

Dealing Forms

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Codes & Fees

Legal Entity Identifier (LEI)

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Terms and Conditions

Regional

Thematic & Sector

Alternative

Investment Trusts