'All Gaul is divided into three parts…'
– Caesar, Commentarii de Bello Gallico, Book I

So begins Caesar's account of his campaigns in Gaul in the first century BC. Given France's current political divisions, he could almost be writing today. Since the snap election of 2024, the French National Assembly has been split broadly between three blocs, with none able to command a majority. Budget negotiations have since brought down two prime ministers, and Sébastien Lecornu now leads a minority government that must secure parliamentary support for the 2027 budget.

This situation has not gone unnoticed by bond markets. French government bond (OAT) yields have risen materially in 2026. Year to date the yield on 10-year OATs has, for example, risen by 146 basis points (bps), reaching its highest level since the summer of 2002. This compares with average increases of 83bps across the G7 and 79bps across the former eurozone periphery (Portugal, Italy, Ireland, Greece and Spain). While France is evidently not alone in experiencing higher yields, it has suffered most. The underperformance is also evident in the spread over German Bunds. This has widened to c167bps, in excess of all the peripheral countries, and its highest level since the eurozone sovereign debt crisis of 2011-12.

OAT-Bund spread (%)
OAT-Bund Spread (Bps)
Source: Polar Capital, Bloomberg; October 2026

Why does it matter for French banks?

We need only cast our minds back to the eurozone sovereign debt crisis. At the time, banks held substantial amounts of sovereign debt, leaving them exposed to falling bond prices and higher funding costs. Governments, meanwhile, were increasingly called upon to support struggling banks, adding to their own fiscal pressures. With European companies heavily reliant on bank lending, the resulting contraction in credit weighed on economic activity and government finances. This self-reinforcing relationship became known as the sovereign-bank 'doom loop', or 'nexus'.

The classic sovereign-bank doom loop
The classic sovereign-bank doom loop
Source: BIS Working Papers No 1369, The evolving nexus: sovereigns, banks and NBFIs; July 20261

Could France experience something similar today?

There are reasons to think not. As Claudia Buch, Chair of the ECB's Supervisory Board, noted in May2, the sovereign-bank nexus has weakened considerably since the eurozone crisis, reflecting stronger bank balance sheets and reduced exposure to domestic sovereign debt. Euro area banks' domestic sovereign holdings, for example, have fallen from 39% of their total sovereign portfolios in 2014 to around 28% at the end of 2025. Total sovereign holdings have, however, recently increased again, partly reflecting the ECB's balance sheet normalisation since 2023.

Euro area sovereign bond holdings of euro area banks and home bias, relative to total assets Change in home bias by country, compared with historical average
(Q4 2014 to Q4 2025, EUR trillions, percentages)(Q1 to Q4 2025, percentages of total sovereign bond holdings)
Euro area banks’ sovereign bond holdingsEuro area banks’ sovereign bond holdings
Source: ECB, “The bank-sovereign nexus: securing progress by completing the banking union,” Speech by Claudia Buch (Chair of the Supervisory Board), May 2026. Data based on ECB supervisory calculations.

French banks also look relatively well positioned. According to the Banque de France’s June Financial Stability Report, French banks’ exposure to domestic sovereign debt accounted for just 2.1% of total assets as of 1Q26, compared with an average of 3.4% across the euro area, and 6.1% in Spain and 9.7% in Italy3.

Exposure to domestic sovereign debt across selected European banking systems
Exposure to domestic sovereign debt across selected European banking systems
Source: Banque de France, June Financial Stability Report. Note: Number in the brackets shows the number of credit institutions in each sample

Furthermore, Autonomous Research estimates that approximately 75% of disclosed French bank OAT holdings are accounted for at amortised cost (i.e. held to maturity), with a further 10% held in trading books. This leaves approximately 15% classified at fair value through other comprehensive income (FVOCI), where unrealised losses can affect regulatory capital. Consequently, Autonomous estimates that a 100bps widening in OAT–Bund spreads would reduce the CET1 ratios of BNP Paribas and Crédit Agricole by just 2bps each. For context, this spread has increased 54bps since early September.

Does this mean French banks are immune to sovereign stress?

No – while direct losses on OAT holdings appear manageable, other channels of potential impact remain.

The first is funding. Higher sovereign yields can increase wholesale funding costs, and reduce its availability, as illustrated during the eurozone sovereign debt crisis. While large French banks appear to have mostly completed their medium- and long-term issuance plans for 2026, they are still dependent on short-term wholesale funding. There is, however, currently little evidence of stress in these markets, while the Banque de France reports that French banks maintain strong liquidity positions. Access to ECB refinancing facilities also provides a further mitigation.

The second is ratings. Sovereign downgrades can feed through to bank ratings, with JP Morgan identifying Société Générale and BFCM senior preferred debt as particularly exposed to potential ratings pressure. While France avoided a downgrade from Moody's on Friday evening (rating was maintained at Aa3, negative outlook on 23 October), further rating decisions are upcoming, with S&P's next review due on 27 November (A+, stable). 

Finally, weak economic growth and political uncertainty could weigh on households and businesses, potentially increasing credit losses and asset quality.

Where do we stand?

French bank credit has underperformed European peers in recent weeks, with AT1s widening c80bps from early September, compared with 40bps for the broader market.

The Polar Capital Financial Credit Fund currently has no exposure to France, and we do not believe the widening in spreads represents an attractive opportunity.

JP Morgan research notes that French bank credit spreads are not pricing materially more country risk than they did following Macron's snap election announcement in 2024. While bank fundamentals remain resilient, the additional compensation for taking French risk therefore appears relatively modest given the sovereign sell-off and unresolved fiscal outlook.

The ECB is also unlikely to provide an immediate backstop. Its Transmission Protection Instrument (TPI) is subject to fiscal eligibility criteria, which are complicated by France's ongoing Excessive Deficit Procedure. While this does not rule out intervention, it suggests sovereign spreads could widen considerably further before the ECB steps in, adding to the case for caution.

We would, however, become more constructive if valuations offered greater compensation for these risks, or if there were clearer evidence of fiscal consolidation and stabilisation in sovereign spreads. With further rating actions, budget negotiations and the April 2027 presidential election ahead, we believe there is little reason to rush.

[1] BIS Working Papers No 1369: The evolving nexus: sovereigns, banks and NBFIs, July 2026

[2] The bank-sovereign nexus: securing progress by completing the banking union, Claudia Buch, May 2026

[3] Banque de France, June Financial Stability Report, p49

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 is exposed to Sustainability risks which are environmental, social and governance factors that could have an actual or potential material negative impact on the value of the Fund and its risk factors.
  • The Fund invests in fixed income securities, and prices can rise or fall due to several factors affecting global 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. Hedged share classes may have associated costs which may impact the performance of your investment.
  • There may be times where the issuer or guarantor of a fixed income security cannot meet its payment obligations or has their credit rating downgraded, resulting in potential losses for the Fund.
  • The Fund may invest 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.


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 document does not contain information material to the investment objectives or financial needs of the recipient. This document 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 document 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 Information 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 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.

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/.

Benchmark: The Fund is actively managed and uses ICE BofA Global Financial Index as a reference for performance measurement. 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 here. 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.

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.

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.

None

'All Gaul is divided into three parts…'
– Caesar, Commentarii de Bello Gallico, Book I

So begins Caesar's account of his campaigns in Gaul in the first century BC. Given France's current political divisions, he could almost be writing today. Since the snap election of 2024, the French National Assembly has been split broadly between three blocs, with none able to command a majority. Budget negotiations have since brought down two prime ministers, and Sébastien Lecornu now leads a minority government that must secure parliamentary support for the 2027 budget.

This situation has not gone unnoticed by bond markets. French government bond (OAT) yields have risen materially in 2026. Year to date the yield on 10-year OATs has, for example, risen by 146 basis points (bps), reaching its highest level since the summer of 2002. This compares with average increases of 83bps across the G7 and 79bps across the former eurozone periphery (Portugal, Italy, Ireland, Greece and Spain). While France is evidently not alone in experiencing higher yields, it has suffered most. The underperformance is also evident in the spread over German Bunds. This has widened to c167bps, in excess of all the peripheral countries, and its highest level since the eurozone sovereign debt crisis of 2011-12.

OAT-Bund spread (%)
OAT-Bund Spread (Bps)
Source: Polar Capital, Bloomberg; October 2026

Why does it matter for French banks?

We need only cast our minds back to the eurozone sovereign debt crisis. At the time, banks held substantial amounts of sovereign debt, leaving them exposed to falling bond prices and higher funding costs. Governments, meanwhile, were increasingly called upon to support struggling banks, adding to their own fiscal pressures. With European companies heavily reliant on bank lending, the resulting contraction in credit weighed on economic activity and government finances. This self-reinforcing relationship became known as the sovereign-bank 'doom loop', or 'nexus'.

The classic sovereign-bank doom loop
The classic sovereign-bank doom loop
Source: BIS Working Papers No 1369, The evolving nexus: sovereigns, banks and NBFIs; July 20261

Could France experience something similar today?

There are reasons to think not. As Claudia Buch, Chair of the ECB's Supervisory Board, noted in May2, the sovereign-bank nexus has weakened considerably since the eurozone crisis, reflecting stronger bank balance sheets and reduced exposure to domestic sovereign debt. Euro area banks' domestic sovereign holdings, for example, have fallen from 39% of their total sovereign portfolios in 2014 to around 28% at the end of 2025. Total sovereign holdings have, however, recently increased again, partly reflecting the ECB's balance sheet normalisation since 2023.

Euro area sovereign bond holdings of euro area banks and home bias, relative to total assets Change in home bias by country, compared with historical average
(Q4 2014 to Q4 2025, EUR trillions, percentages)(Q1 to Q4 2025, percentages of total sovereign bond holdings)
Euro area banks’ sovereign bond holdingsEuro area banks’ sovereign bond holdings
Source: ECB, “The bank-sovereign nexus: securing progress by completing the banking union,” Speech by Claudia Buch (Chair of the Supervisory Board), May 2026. Data based on ECB supervisory calculations.

French banks also look relatively well positioned. According to the Banque de France’s June Financial Stability Report, French banks’ exposure to domestic sovereign debt accounted for just 2.1% of total assets as of 1Q26, compared with an average of 3.4% across the euro area, and 6.1% in Spain and 9.7% in Italy3.

Exposure to domestic sovereign debt across selected European banking systems
Exposure to domestic sovereign debt across selected European banking systems
Source: Banque de France, June Financial Stability Report. Note: Number in the brackets shows the number of credit institutions in each sample

Furthermore, Autonomous Research estimates that approximately 75% of disclosed French bank OAT holdings are accounted for at amortised cost (i.e. held to maturity), with a further 10% held in trading books. This leaves approximately 15% classified at fair value through other comprehensive income (FVOCI), where unrealised losses can affect regulatory capital. Consequently, Autonomous estimates that a 100bps widening in OAT–Bund spreads would reduce the CET1 ratios of BNP Paribas and Crédit Agricole by just 2bps each. For context, this spread has increased 54bps since early September.

Does this mean French banks are immune to sovereign stress?

No – while direct losses on OAT holdings appear manageable, other channels of potential impact remain.

The first is funding. Higher sovereign yields can increase wholesale funding costs, and reduce its availability, as illustrated during the eurozone sovereign debt crisis. While large French banks appear to have mostly completed their medium- and long-term issuance plans for 2026, they are still dependent on short-term wholesale funding. There is, however, currently little evidence of stress in these markets, while the Banque de France reports that French banks maintain strong liquidity positions. Access to ECB refinancing facilities also provides a further mitigation.

The second is ratings. Sovereign downgrades can feed through to bank ratings, with JP Morgan identifying Société Générale and BFCM senior preferred debt as particularly exposed to potential ratings pressure. While France avoided a downgrade from Moody's on Friday evening (rating was maintained at Aa3, negative outlook on 23 October), further rating decisions are upcoming, with S&P's next review due on 27 November (A+, stable). 

Finally, weak economic growth and political uncertainty could weigh on households and businesses, potentially increasing credit losses and asset quality.

Where do we stand?

French bank credit has underperformed European peers in recent weeks, with AT1s widening c80bps from early September, compared with 40bps for the broader market.

The Polar Capital Financial Credit Fund currently has no exposure to France, and we do not believe the widening in spreads represents an attractive opportunity.

JP Morgan research notes that French bank credit spreads are not pricing materially more country risk than they did following Macron's snap election announcement in 2024. While bank fundamentals remain resilient, the additional compensation for taking French risk therefore appears relatively modest given the sovereign sell-off and unresolved fiscal outlook.

The ECB is also unlikely to provide an immediate backstop. Its Transmission Protection Instrument (TPI) is subject to fiscal eligibility criteria, which are complicated by France's ongoing Excessive Deficit Procedure. While this does not rule out intervention, it suggests sovereign spreads could widen considerably further before the ECB steps in, adding to the case for caution.

We would, however, become more constructive if valuations offered greater compensation for these risks, or if there were clearer evidence of fiscal consolidation and stabilisation in sovereign spreads. With further rating actions, budget negotiations and the April 2027 presidential election ahead, we believe there is little reason to rush.

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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 is exposed to Sustainability risks which are environmental, social and governance factors that could have an actual or potential material negative impact on the value of the Fund and its risk factors.
  • The Fund invests in fixed income securities, and prices can rise or fall due to several factors affecting global 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. Hedged share classes may have associated costs which may impact the performance of your investment.
  • There may be times where the issuer or guarantor of a fixed income security cannot meet its payment obligations or has their credit rating downgraded, resulting in potential losses for the Fund.
  • The Fund may invest 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.


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 document does not contain information material to the investment objectives or financial needs of the recipient. This document 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 document 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 Information 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 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.

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/.

Benchmark: The Fund is actively managed and uses ICE BofA Global Financial Index as a reference for performance measurement. 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 here. 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.

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.

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.