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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 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.
Please click on each country to see share class availability
Risks:
Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and related securities or financial instruments. Any opinions expressed may change. This website does not contain information material to the investment objectives or financial needs of the recipient. This website is not advice on legal, taxation or investment matters. Tax treatment depends on personal circumstances. Investors must rely on their own examination of the fund or seek advice. Investment may be restricted in other countries and as such, any individual who receives this website must make themselves aware of their respective jurisdiction and observe any restrictions.
A decision may be taken at any time to terminate the marketing of the Fund in any EEA Member State in which it is currently marketed. Shareholders in the affected EEA Member State will be given notification of any decision and provided the opportunity to redeem their interests in the Fund, free of any charges or deductions, for at least 30 working days from the date of the notification.
Investment in the Fund is in shares of the Fund and not in the underlying investments of the Fund. Further information about fund characteristics and any associated risks can be found in the Fund’s Key Information Document or Key Investor Information Document (“KID” or “KIID”), the Prospectus, the Articles of Association and the Annual and Semi-annual Reports. Please refer to these documents before making any final investment decisions. These documents are available free of charge by contacting Investor-Relations@polarcapitalfunds.com or at www.polarcapital.co.uk. The KID is available in the languages of all EEA member states in which the Fund is registered for sale; the Prospectus, Annual and Semi-Annual Reports and KIID are available in English.
Your decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its Prospectus. For more information, please see the Fund’s prospectus or visit www.polarcapital.co.uk.
ESG and sustainability characteristics are further detailed on the Fund’s website https://www.polarcapital.co.uk/gb/professional/ESG-and-Sustainability/Responsible-Investing/.
A summary of investor rights associated with investment in the Fund is available here.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open-ended investment company with variable capital and with segregated liability between its sub-funds) incorporated in Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, rue Peternelchen, L-2370 Howald, Luxembourg.
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 Please be aware that not every sub-fund of MST or share class 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 nor the 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.
Source & Copyright: ©2025 Morningstar, Inc. All Rights Reserved. Rating representative of the I EUR Acc Share Class, as at 31/10/2025. The information contained herein: (1) is proprietary to Morningstar; (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. This rating is 10% Analyst-Driven and based on Data Coverage of 96%. For more detailed information about the Morningstar's Medalist rating, including its methodology, please go to: https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx. For disclosure and detailed information about this fund please request the full Morningstar Managed Investment Report from investor-relations@polarcapitalfunds.com.
Morningstar Medalist Rating The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirect-ly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
Invalid Dates
Update chart| Since Launch | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Cumulative | Annualised | |
| EUR Class I Acc | 3.38 | 4.77 | 13.46 | 14.12 | 36.25 | 57.07 | 86.47 | 311.92 | 9.56 |
| Index | 2.56 | 5.39 | 15.23 | 15.88 | 49.47 | 91.46 | 96.73 | 234.08 | 8.09 |
Source: Northern Trust Global Services SE (Luxembourg), monthly percentage growth, EUR 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 EUR Class I Acc was launched on 04 May 2010. 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.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| USD Class I Acc | 12.11 | -3.98 | 34.81 | -15.92 | 25.71 | 9.85 | 21.05 | -24.77 | 13.20 | -0.66 |
| Index | -2.85 | -0.68 | 25.84 | -14.69 | 23.60 | 5.25 | 16.38 | -14.79 | 19.44 | 1.80 |
| 12 months to | 31.10.25 | 31.10.24 | 31.10.23 | 31.10.22 | 29.10.21 |
|---|---|---|---|---|---|
| EUR Class I Acc | 14.12 | 18.16 | 1.04 | -19.27 | 42.79 |
| Index | 15.88 | 19.19 | 8.22 | -9.70 | 41.86 |
Please click on each country to see share class availability
Risks:
Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and related securities or financial instruments. Any opinions expressed may change. This website does not contain information material to the investment objectives or financial needs of the recipient. This website is not advice on legal, taxation or investment matters. Tax treatment depends on personal circumstances. Investors must rely on their own examination of the fund or seek advice. Investment may be restricted in other countries and as such, any individual who receives this website must make themselves aware of their respective jurisdiction and observe any restrictions.
A decision may be taken at any time to terminate the marketing of the Fund in any EEA Member State in which it is currently marketed. Shareholders in the affected EEA Member State will be given notification of any decision and provided the opportunity to redeem their interests in the Fund, free of any charges or deductions, for at least 30 working days from the date of the notification.
Investment in the Fund is in shares of the Fund and not in the underlying investments of the Fund. Further information about fund characteristics and any associated risks can be found in the Fund’s Key Information Document or Key Investor Information Document (“KID” or “KIID”), the Prospectus, the Articles of Association and the Annual and Semi-annual Reports. Please refer to these documents before making any final investment decisions. These documents are available free of charge by contacting Investor-Relations@polarcapitalfunds.com or at www.polarcapital.co.uk. The KID is available in the languages of all EEA member states in which the Fund is registered for sale; the Prospectus, Annual and Semi-Annual Reports and KIID are available in English.
Your decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its Prospectus. For more information, please see the Fund’s prospectus or visit www.polarcapital.co.uk.
ESG and sustainability characteristics are further detailed on the Fund’s website https://www.polarcapital.co.uk/gb/professional/ESG-and-Sustainability/Responsible-Investing/.
A summary of investor rights associated with investment in the Fund is available here.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open-ended investment company with variable capital and with segregated liability between its sub-funds) incorporated in Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, rue Peternelchen, L-2370 Howald, Luxembourg.
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 Please be aware that not every sub-fund of MST or share class 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 nor the 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 click on each country to see share class availability
Risks:
Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and related securities or financial instruments. Any opinions expressed may change. This website does not contain information material to the investment objectives or financial needs of the recipient. This website is not advice on legal, taxation or investment matters. Tax treatment depends on personal circumstances. Investors must rely on their own examination of the fund or seek advice. Investment may be restricted in other countries and as such, any individual who receives this website must make themselves aware of their respective jurisdiction and observe any restrictions.
A decision may be taken at any time to terminate the marketing of the Fund in any EEA Member State in which it is currently marketed. Shareholders in the affected EEA Member State will be given notification of any decision and provided the opportunity to redeem their interests in the Fund, free of any charges or deductions, for at least 30 working days from the date of the notification.
Investment in the Fund is in shares of the Fund and not in the underlying investments of the Fund. Further information about fund characteristics and any associated risks can be found in the Fund’s Key Information Document or Key Investor Information Document (“KID” or “KIID”), the Prospectus, the Articles of Association and the Annual and Semi-annual Reports. Please refer to these documents before making any final investment decisions. These documents are available free of charge by contacting Investor-Relations@polarcapitalfunds.com or at www.polarcapital.co.uk. The KID is available in the languages of all EEA member states in which the Fund is registered for sale; the Prospectus, Annual and Semi-Annual Reports and KIID are available in English.
Your decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its Prospectus. For more information, please see the Fund’s prospectus or visit www.polarcapital.co.uk.
ESG and sustainability characteristics are further detailed on the Fund’s website https://www.polarcapital.co.uk/gb/professional/ESG-and-Sustainability/Responsible-Investing/.
A summary of investor rights associated with investment in the Fund is available here.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open-ended investment company with variable capital and with segregated liability between its sub-funds) incorporated in Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, rue Peternelchen, L-2370 Howald, Luxembourg.
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 sub-fund of MST or share class 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 nor the 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.
| 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% | custom_note |
| USD Class I Acc | MSOPBUS LX | LU0289527912 | B42L0S6 | 0.85% | - |
| GBP Class I Acc | MSOPDGB LX | LU0289524653 | B1Z4RK2 | 0.85% | - |
*For investors that qualify as Institutional Investors within the meaning of Article 174 of the 2010 Law.
| Melchior Selected Trust - Melchior European Opportunities Fund | 549300DUHA7ST16HD406 |
| Polar Capital LLP | 4YW3JKTZ3K1II2GVCK15 |
Please click on each country to see share class availability
Risks:
Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and related securities or financial instruments. Any opinions expressed may change. This website does not contain information material to the investment objectives or financial needs of the recipient. This website is not advice on legal, taxation or investment matters. Tax treatment depends on personal circumstances. Investors must rely on their own examination of the fund or seek advice. Investment may be restricted in other countries and as such, any individual who receives this website must make themselves aware of their respective jurisdiction and observe any restrictions.
A decision may be taken at any time to terminate the marketing of the Fund in any EEA Member State in which it is currently marketed. Shareholders in the affected EEA Member State will be given notification of any decision and provided the opportunity to redeem their interests in the Fund, free of any charges or deductions, for at least 30 working days from the date of the notification.
Investment in the Fund is in shares of the Fund and not in the underlying investments of the Fund. Further information about fund characteristics and any associated risks can be found in the Fund’s Key Information Document or Key Investor Information Document (“KID” or “KIID”), the Prospectus, the Articles of Association and the Annual and Semi-annual Reports. Please refer to these documents before making any final investment decisions. These documents are available free of charge by contacting Investor-Relations@polarcapitalfunds.com or at www.polarcapital.co.uk. The KID is available in the languages of all EEA member states in which the Fund is registered for sale; the Prospectus, Annual and Semi-Annual Reports and KIID are available in English.
Your decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its Prospectus. For more information, please see the Fund’s prospectus or visit www.polarcapital.co.uk.
ESG and sustainability characteristics are further detailed on the Fund’s website https://www.polarcapital.co.uk/gb/professional/ESG-and-Sustainability/Responsible-Investing/.
A summary of investor rights associated with investment in the Fund is available here.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open-ended investment company with variable capital and with segregated liability between its sub-funds) incorporated in Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, rue Peternelchen, L-2370 Howald, Luxembourg.
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 sub-fund of MST or share class 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 nor the 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.
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