Fund Overview

Investment Objective

The Fund’s investment objective is to provide long term capital growth. The Fund seeks to achieve its objective by investing in a portfolio of companies worldwide that support, through their technology solutions and services, the decarbonisation and transformation of the global transportation sector.

Investment Philosophy

The Investment Manager’s investment philosophy is based on their conviction that sustainable companies providing highly competitive technology solutions and services for the decarbonisation and transformation of the global transportation sector will deliver sustainable shareholder value in the long term, outperforming their peers.

The Polar Capital Smart Mobility Strategy follows a structured and disciplined investment process, integrating material sustainability factors in each step of the investment process. The objective is to generate superior returns by investing in attractively valued companies compared to their long-term earnings potential whilst minimizing the risk factors linked to unsustainable business practices. The stock selection is a result of a thorough fundamental analysis including material sustainability factors, taking into account additional factors like sub-cluster attractiveness as well as valuation discrepancies compared to consensus views. The overall result is a high conviction portfolio of companies addressing different sub-segments of the overall investment theme value chain, while offering at the same time a high level of diversification.

Key Facts

Experienced, highly specialised thematic investment team
Access to a multi-decade investment theme supported by multiple structural tailwinds
Globally diversified portfolio positioned to benefit from the transformation of the mobility sector
Sustainability at the heart of the investment thesis and outcomes

Key Fund Literature

Morningstar Managed Investment Report

31 Dec 2025

Thiemo Lang

Senior Portfolio Manager / Team Head

Thomas Guennegues

Senior Analyst

Guenther Hollfelder

Senior Analyst

Junwei Hafner-Cai

Senior Analyst

Stefanie Rath

Product Specialist

Thiemo Lang

Thiemo is Head of the Sustainable Thematic Equity Team and Senior Portfolio Manager of the Polar Capital Smart Energy and Smart Mobility strategies. Before joining Polar Capital in September 2021, Thiemo was the Head of Thematic Investing Energy/Mobility/Materials of Robeco Switzerland Ltd, Zurich, being the lead manager of the RobecoSAM Smart Energy and the Smart Mobility strategies. Prior to joining Robeco in 2007, Thiemo was Senior Portfolio Manager at Lombard Odier Darier Hentsch & Cie of the Infology Fund, where he was in charge of the sub-sectors semiconductors and “new technologies”. Thiemo began his investment career at his previous job at Activest/HypoVereinsbank, Munich in 1999. Being promoted to Portfolio Manager in 2002, he held the performance responsibility for the “Activest Lux NanoTech” fund. Before moving to the financial industry, Thiemo worked at Siemens as a development engineer. Thiemo holds a PhD from the Grenoble Institute of Technology in Optics/Photonics, and an engineering degree (Diploma of Electronics) from the University of Stuttgart.

Academic qualificationsPhD in Optics/Photonics, Grenoble Institute of TechnologyDiploma of Electronics, University of Stuttgart
Industry experience26 years

Thomas Guennegues

Thomas Guennegues joined Polar Capital in September 2021 as a Senior Analyst on the Polar Capital Smart Energy and Polar Capital Smart Mobility strategies. As an analyst Thomas has more than ten years of experience in the area of thematic investing. Before joining Polar Capital, Thomas was an Equity Analyst from 2010 within Robeco's thematic product range dedicated to the RobecoSAM Smart Energy and Smart Mobility strategies. In his position, he covered companies active in the areas of renewables, electric equipment and e-mobility. The integration of ESG criteria in the fundamental analysis was an integral part. Thomas gained practical technical experience during his employment at PSA Peugeot Citroën as a Fluid Dynamics Engineering Consultant and as a visiting scholar at Stanford University. Thomas holds an Engineering degree and a Master's degree in Fluid Mechanics from the University ISAE-SUPAERO. He is a CFA Charterholder.

Academic qualificationsEngineering degree and Master's degree in Fluid Mechanics, University ISAE-SUPAERO
Professional qualificationsCFA Charterholder
Industry experience16 years

Guenther Hollfelder

Guenther Hollfelder joined Polar Capital in September 2021 as a Senior Analyst on the Polar Capital Smart Energy and Polar Capital Smart Mobility strategies. Guenther has more than 20 years of experience as an equity analyst covering the technology sector. From January 2019 to August 2021 he worked as a buy-side analyst at Robeco in Zurich dedicated to the RobecoSAM Smart Energy and Smart Mobility strategies. Previously, Guenther was a sell-side equity analyst at Baader-Helvea (2012-2018) and HypoVereinsbank (2001-2009) in Munich and Head of the Semiconductor & Technology Hardware research team at UniCredit in London (2009-2012). Before this Guenther has worked as a trainee for two years at Infineon Technologies in Munich and Cupertino, CA. He holds a MSc from Montpellier Business School in France and a Diploma in Business (elective in information systems & applied computer sciences) from the University of Bamberg in Germany. Guenther is a CFA Charterholder.

Academic qualificationsMSc, Montpellier Business SchoolDiploma in Business (elective in information systems and applied computer sciences), University of Bamberg
Professional qualificationsCFA Charterholder
Industry experience25 years

Junwei Hafner-Cai

Junwei joined Polar Capital in September 2021 as a Senior Analyst on the Polar Capital Smart Energy and Polar Capital Smart Mobility strategies. Prior to joining Polar Capital, Junwei was the lead portfolio manager of the RobecoSAM Global Gender Equality Impact Equities Fund and the deputy portfolio manager of the RobecoSAM Global SDG (Sustainable Development Goals) Equities Fund where she focused on companies whose businesses and products contribute positively to environmental and social objectives. Before being promoted to the portfolio manager role, Junwei was a senior equity analyst covering thematic research and the lead analyst for the RobecoSAM Sustainable Equities Water Fund where she was responsible for companies that provide technology and solutions to the water value chain and the environmental protection sector. She has spent more than 12 years in the area of sustainable investing, of which the integration of material ESG criteria in the valuation of companies and active ownership were an integral part. Prior to joining Robeco Switzerland Ltd, Zurich, in 2010, Junwei held various portfolio management roles at EFG International and Wegelin & Co. Junwei holds a Bachelor’s degree in Business, major in Banking & Finance from Nanyang Technological University in Singapore and is a Certified International Investment Analyst (CIIA).

Academic qualificationsBachelor's degree in Business (major in Banking and Finance), Nanyang Technological University
Professional qualificationsCertified International Investment Analyst (CIIA)
Industry experience22 years

Stefanie Rath

Stefanie Rath joined Polar Capital in October 2021 as a Product Specialist. Before joining Polar Capital, Stefanie was a Client Portfolio Manager responsible for Robeco’s thematic and impact equity strategies. As such, she served as the interface between portfolio managers, global sales representatives and various other stakeholders. Consequently, she was the direct point of contact for various kinds of product related queries. Among other tasks her job included daily interactions with wholesale and institutional clients to provide them with timely portfolio updates, taking the latest market developments into account and participation in webinars and roadshows. Before she joined Robeco Switzerland Ltd, Zurich, in 2019 she was employed at Goldman Sachs Asset Management as a member of the Third Party Distribution Team. Her career in the investment industry started in 2013 when Stefanie joined the wealth management department at Raiffeisen Capital in Vienna. Stefanie holds a Master's degree in Finance from Grenoble Ecole de Management (London campus) and a Bachelor's degree from the University of Denver.

Academic qualificationsMaster's degree in Finance, Grenoble Ecole de Management (London campus)Bachelor's degree, University of Denver
Industry experience12 years

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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 before investing.

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 as there is no guarantee in place.

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 invests in the shares of companies and share prices can rise or fall due to several factors affecting global stock markets.
The Fund uses derivatives which carry the risk of reduced liquidity, substantial loss, and increased volatility in adverse market conditions, such as failure amongst market participants.
The Fund invests in assets denominated in currencies other than the Fund's base currency. Changes in exchange rates may have a negative impact on the Fund's investments. If the share class currency is different from the currency of the country in which you reside, exchange rate fluctuations may affect your returns when converted into your local currency.
The Fund invests in emerging markets where there is a greater risk of volatility due to political and economic uncertainties, restrictions on foreign investment, currency repatriation and currency fluctuations. Developing markets are typically less liquid which may result in large price movements to the Fund.
The Fund invests in a relatively concentrated number of companies and industries based in one sector. This focused strategy can produce high gains but can also lead to significant losses. The Fund may be less diversified than other investment funds.

Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell any 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 an investment in the 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 Investor Document or Key Investor Information Document (“KID” or “KIID”), the Prospectus (and relevant Fund Supplement), 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 at Polar Capital Funds plc, Georges Court, 54-62 Townsend Street, Dublin 2, Ireland, via email 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.

The Fund promotes environmental and/or social characteristics and is classified as an Article 9 fund under the EU’s Sustainable Finance Disclosure Regulation (“SFDR”). For more information, please see the Fund Supplement and Prospectus or by visiting www.polarcapital.co.uk.

ESG and sustainability characteristics are further detailed on the investment manager’s website: https://www.polarcapital.co.uk/ESG-and-Sustainability/Responsible-Investing/.

A summary of investor rights associated with investment in the Fund can be found here. This document is provided and approved by both Polar Capital LLP and Polar Capital (Europe) SAS.

Polar Capital LLP is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom, and the Securities and Exchange Commission (“SEC”) in the United States. Polar Capital LLP’s registered address is 16 Palace Street, London, SW1E 5JD, United Kingdom.

Polar Capital (Europe) SAS is authorised and regulated by the Autorité des marchés financiers (AMF) in France. Polar Capital (Europe) SAS’s registered address is 18 Rue de Londres, Paris 75009, France.

Polar Capital LLP is a registered Investment Advisor with the SEC. Polar Capital LLP is the investment manager and promoter of Polar Capital Funds plc – an open-ended investment company with variable capital and with segregated liability between its sub-funds – incorporated in Ireland, authorised by the Central Bank of Ireland and recognised by the FCA. FundRock Management Company (Ireland) Limited acts as management company and is regulated by the Central Bank of Ireland. Registered Address: Percy Exchange, 8/34 Percy Place, Dublin 4, Ireland.

Polar Capital (Switzerland) AG is the investment manager of the Fund and is authorised and regulated by the Swiss Financial Market Supervisory Authority (“FINMA”). Registered address Klausstrasse 4, 8008, Zurich, Switzerland. FundRock Management Company (Ireland) Limited acts as management company and is regulated by the Central Bank of Ireland. Registered Address: Percy Exchange, 8/34 Percy Place, Dublin 4, Ireland.

For UK investors: The Fund is recognised in the UK under the Overseas Funds Regime (OFR) but it is not a UK-authorised Fund. UK investors should be aware that they may not be able to refer a complaint against its Management Company or its Depositary to the UK’s Financial Ombudsman Service. Any claims for losses relating to the Management Company or the Depositary will not be covered by the Financial Services Compensation Scheme, in the event that either entity should become unable to meet its liabilities to investors. For information on the complaint process to the Management Company, please see the Country Supplement for this fund available at https://www.polarcapital.co.uk/

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 ACWI Net TR Index as a performance target. 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 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.

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: ©2026 Morningstar, Inc. All Rights Reserved. Rating representative of the I USD Acc Share Class, as at 31/01/2026. 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 55% Analyst-Driven and based on Data Coverage of 88%. 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 Rating^TM 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.

A thematic approach to transforming the mobility sector

Sustainability factors are fully integrated throughout the whole investment process, from identifying the initial universe through to portfolio construction, monitoring, and engagement.

Core to our belief is that sustainable companies with solid business fundamentals have a long-term competitive edge. We seek exposure to the entirety of the smart mobility value chain, from batteries and hydrogen fuel cells, through to autonomous driving technologies, electric vehicle manufacturers and mobility infrastructure, providing investors with comprehensive access to this long-term investment theme.

ESG Policy Documents

SFDR Level 2 Website Disclosure

24 Mar 2025

SFDR: Refers to the EU Sustainable Finance Disclosure Regulation.

Exclusions

Applying exclusion criteria

The Fund’s initial investment universe is subject to exclusion criteria which focus on eliminating companies involved in controversial behaviours or controversial products from its investment universe, such as tobacco, military contracting, controversial weapons, firearms, alcohol, gambling and adult entertainment. This includes norm-based exclusions on social or environmental issues, including controversies that violate the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles of Business and Human Rights.

Controversial behaviours/ product exclusions

Violations of UN Global Compact Principles

Controversial Weapons

Firearms

Tobacco

Alcohol

Military Contracting

Gambling

Adult Entertainment

ESG Integration

Analysis of sustainable factors

The team then conduct in-depth sector and company specific material ESG analysis, using their own ESG methodology. This is supported by a variety of sources, including third-party data providers, publicly available company information, meetings with management, expert and consultants’ networks, and scientific and industry journals.

ESG factors that are considered throughout the investment process include:

E

Resource use (energy, water, land)
Greenhouse gas (GHG) emissions
Hazardous waste, volatile organic compounds emissions
Climate-related targets
Product stewardship (life cycle assessment, low carbon and low environmental impact product)
Activities negatively impacting biodiversity-sensitive areas

S

Labour practice Indicators
- Diversity
- Health & safety
- Compensation practices
Human capital development & retention
Human rights
Stakeholders management (community, clients)

G

Board independence, diversity & quality
Shareholder rights, ownership structure
Management remuneration structure
Business ethics (Corruption, bribery, anti-competitive behaviour)
Tax compliance
Economic consideration
- Supply chain management
- Product Innovation

EV Technologies

Batteries

Electric Powertrain

Hydrogen Fuel Cells

EV Manufacturing

EV Manufacturers

EV Suppliers

Process Equipment & Software

Autonomous Driving

Connectivity

Sensor Technologies & AI

Autonomous Driving Solutions

Mobility Infrastructure

Public Transport & Vehicle Sharing

Smart Grid & Charging

Green Hydrogen & Sustainable Fuels

Investment Integration

A thematic investment approach

The Polar Capital Smart Mobility team seek out compelling opportunities across four key thematic investment clusters, giving investors exposure to all areas of the smart mobility value chain. Technological change and innovation, as well as wider sustainability trends, drive idea generation across these four clusters.

Key to strong performance is stock selection, which is driven entirely by fundamental research at every stage of the investment process. The team look to identify strong businesses, with solid fundamentals trading at attractive valuations.

Engagement

Active, responsible ownership

Once invested, we actively monitor all holdings for ongoing ESG risks and controversies. This leads us to frequent engagement with companies over a variety of ESG issues.

We also take the issue of transparency seriously. That is why the Fund reports on its environmental footprint (CO2, water, and waste emissions) as well as the portfolio’s impact towards achieving the UN Sustainable Development Goals.

Management Remuneration

Ownership Structure

Supply Chains

Business Ethics

Environmental Policies

Greenhouse Gas Emissions

Product Stewardship

Tax Compliance

Labour Practice Indicators

Voting

Active stewards of our clients capital

Without exception we also exercise our shareholder rights to vote at companies’ AGM’s on a wider range of ESG issues. We have a robust annual review process in place, which involves reviewing proxies, assessing third-party proxy analysis and research.

Find out more about Polar Capital's voting


Items voted	728
Votable items	746
Ballots voted	56
Votable ballots	57
Meetings voted	56
Votable meetings	57

Vote Cast Statistics

	Votes FOR	607
	Votes AGAINST	113
	Votes ABSTAIN	0
	Votes WITHHOLD	7
	Votes on MSOP	40

All voting data as at 31 December 2025


USA	13
China	12
South Korea	5
France	4
Cayman Islands	3
Germany	3
Netherlands	3
Switzerland	3
Taiwan	3
Ireland	2
Japan	2
Australia	1
Belgium	1
Jersey	1
United Kingdom	1

Related Insights

Sustainable Thematic Equity

Humanoid robots: A strong helping hand with an appetite for power

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2 Oct 2025

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 before investing.

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 as there is no guarantee in place.

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 invests in the shares of companies and share prices can rise or fall due to several factors affecting global stock markets.
The Fund uses derivatives which carry the risk of reduced liquidity, substantial loss, and increased volatility in adverse market conditions, such as failure amongst market participants.
The Fund invests in assets denominated in currencies other than the Fund's base currency. Changes in exchange rates may have a negative impact on the Fund's investments. If the share class currency is different from the currency of the country in which you reside, exchange rate fluctuations may affect your returns when converted into your local currency.
The Fund invests in emerging markets where there is a greater risk of volatility due to political and economic uncertainties, restrictions on foreign investment, currency repatriation and currency fluctuations. Developing markets are typically less liquid which may result in large price movements to the Fund.
The Fund invests in a relatively concentrated number of companies and industries based in one sector. This focused strategy can produce high gains but can also lead to significant losses. The Fund may be less diversified than other investment funds.