Fund Overview

Investment Objective

The Fund's objective is to achieve long term capital appreciation by primarily investing in a diversified portfolio of equity securities listed in the UK.

Investment Philosophy

The Fund Managers believe that outstanding investment results can be generated through company specific, proprietary research and modelling rather than predicting what is in store for the economy or market as a whole. The investment process is entirely bottom up through the application of a replicable process to each company in the investment universe. The stock holdings often differ significantly from the Fund’s benchmark, the FTSE All Share Index. The Fund Managers apply a value philosophy, looking to uncover stocks trading at a temporary discount to their intrinsic value. The Fund Managers do not believe that company size matters and adopts a multi-cap investment approach, taking advantage of the best investment opportunities in the UK large, mid and small cap space.

Key Facts

Managed by experienced fund managers with a strong track record
Bottom up, stock by stock selection
Focus on undervalued companies
Flexibility to go across the market cap spectrum

Fund Managers

George Godber

Fund Manager

Georgina Hamilton, CFA

Fund Manager

George Godber

George joined Polar Capital in April 2017 to manage the Polar Capital UK Value Opportunities Fund with Georgina Hamilton. Prior to this, George managed the CF Miton UK Value Opportunities Fund and the Miton Undervalued Assets Fund at Miton Group.

Previously, George co-founded Matterley Asset Management in 2008 and was co-manager of the group’s Undervalued Assets Fund. Before founding Matterley, George was a Director of Equity Sales at Credit Suisse.

Academic qualificationsBSc in Economics, University of Bristol
Industry experience22 years

Georgina Hamilton, CFA

Georgina joined Polar Capital in October 2016 to set up the UK Value Team. Prior to this, she was with Miton Group where she managed the CF Miton UK Value Opportunities Fund and the Miton Undervalued Assets Fund.

Previously, Georgina was a lead analyst for the Undervalued Assets Fund at Matterley Asset Management. Georgina holds a double first in Biological Anthropology and Natural Sciences from Jesus College, Cambridge and is a CFA charterholder.

Academic qualificationsBSc (Double 1st Class Hons) in Biological Anthropology, University of Cambridge
Professional qualificationsCFA charterholder
Industry experience15 years

Related Insights

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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 a relatively concentrated number of companies and industries based in one country. 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, among other characteristics, environmental or social characteristics and is classified as an Article 8 fund under the EU's Sustainable Finance Disclosure Regulation (SFDR). For more information, please see the Prospectus and relevant Fund Supplement.

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 is available online at the above website, or by contacting the above email address. 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. Bridge Fund Management 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.

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 FTSE All-Share 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.ftse.com/products/indices/uk. 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 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: ©2023 Morningstar, Inc. All Rights Reserved. Rating representative of the I GBP Acc Share Class, as at 30/07/2023. 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 93%. 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.

Systemic integration of ESG into the investment process

An environmental, social and governance revolution is occurring, and the result is an ever-widening gap in performance between the ESG winners and losers. We believe that ESG analysis is now vital in assessing how a company can navigate our rapidly changing world and the challenges that it faces.

We fully integrate consideration of ESG factors into our investment process, considering it essential in assessing a company’s long-term ability to grow and for the UK Value Opportunities Fund to deliver on its objective of capital growth. Our framework applies an EVA Sustainability Score to every company that we invest in; this score ultimately impacts stock selection, portfolio weightings and our engagement with the company.

ESG Policy Documents

SFDR Level 2 Website Disclosure

01 Feb 2023

ESG Integration

Our EVA Sustainability Scoring

We use a combination of qualitative and quantitative inputs, such as sustainability reports, company websites and meetings, annual reports and accounts, Bloomberg and MSCI Climate Change Metrics to score investee companies on six ESG factors.

Scores in each of these areas are then weighted accordingly and combined to reach a final EVA Sustainability Score between 0-10. This score then impacts further activities in three specific ways; exclusions, positioning sizing and engagement.

Carbon

50%

Weighting

Companies not reducing carbon emissions will face rising cost of capital and impacts to their valuations.

Short Termism

20%

Weighting

A focus on short term profits due to poor governance or corporate culture can be highly damaging in the longer term.

Efficiency

10%

Weighting

Doing more with less can drive down costs and increase a company’s competitive advantage.

Regulation

10%

Weighting

Governments and regulators are under increasing pressure to implement measures including bans, quotas and taxes.

Customer Demand

5%

Weighting

Is driving shifts in consumption. Purchasing decisions are increasingly impacted by environmental and social issues.

Thematic Trends

5%

Weighting

Provide an opportunity to exploit growing revenue streams. Trend chasing can also lead to poor capital allocation delivering lower returns on invested capital.

Exclusions

Applying our scoring framework to exclusions

Companies which do not pass minimum thresholds within specific ESG factors are excluded from investment.

1. Carbon Score

Companies must meet a minimum threshold of 1 within our EVA Sustainability Scoring framework. Thermal coal and oil producers without credible alignment to the Paris Agreement and a clear transition pathway are automatically excluded.

2. Short Termism

Companies are required to pass our ‘Safety Check’ in relation to this issue.

3. Thematic Trends

Companies must meet a minimum threshold of 1 within our EVA Sustainability Scoring framework. Tobacco is excluded by virtue of having solely negative ESG impacts.

Position Sizing

Our EVA Sustainability Score is not looked at in isolation. It is designed to enable us to systematically integrate consideration of ESG risks and opportunities directly into the Fund’s investment process. Each company’s score ultimately impacts stock selection and stock weightings within the portfolio.

A company’s overall EVA Sustainability Score would contribute to the ‘division’ which a holding is assigned to within the portfolio. This would then determine the position sizing of a company within the Fund, with those in the higher division attracting a higher weight. As the largest driver of a company’s overall EVA Sustainability Score, Carbon Score has the largest impact on position sizing.

Engagement

Active engagement by the Fund Managers

We write bespoke individual letters to all holdings with our ESG agenda on each of the six key ESG topic areas. A company’s score within sub-categories drives specific engagement actions with particular focus on three areas:

Carbon Score

Companies without carbon reduction targets are requested to implement them. Those with reduction targets are encouraged to commit to Net Zero.

Short Termism

We outline our views on balance sheet strength. Companies are encouraged to have 100% independent remuneration committees and audit and to have a pathway to 33% of women on their Board.

Efficiency

Companies without waste reduction policies and targets are encouraged to have them.

We have found that we make a more meaningful impact when we as fund managers directly engage with management teams, being transparent about our agenda, specific about what we are after and being positive where appropriate. We continuously monitor outstanding engagement topics and where we have engaged repeatedly with no meaningful progress, we will escalate our concerns.

Voting

Supporting long-term value generation

We will always vote in the best interests of clients, and for long-term value generation. We aim to vote on 100% of our holdings and are not afraid to vote against management where we believe that is necessary.

Polar Capital uses Institutional Shareholder Services (ISS) to assist with proxy voting. Stewardship is a very important part of our fiduciary duty, and we see ourselves as stewards of our clients’ capital. Find out more here .


Items voted	1151
Votable items	1151
Ballots voted	70
Votable ballots	70
Meetings voted	69
Votable meetings	69

Vote Cast Statistics

	Votes FOR	1093
	Votes AGAINST	2
	Votes ABSTAIN	3
	Votes WITHHOLD	0
	Votes on MSOP	53

All voting data as at 30 June 2023


United Kingdom	60
Jersey	3
Bermuda	2
Luxembourg	2
Cyprus	1
Ireland	1

Related Insights

UK Value

UK equities: Out of exile?

Georgina Hamilton, George Godber

6 Sep 2023

UK Value

UK inflation likely to follow energy and food price falls – with a lag

George Godber

27 Jun 2023

UK Value

Is this a turning point for UK equities?

George Godber

15 May 2023

Polar Capital

SVB’s collapse: Exposure and Implications

13 Mar 2023

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 a relatively concentrated number of companies and industries based in one country. This focused strategy can produce high gains but can also lead to significant losses. The Fund may be less diversified than other investment funds.