Emerging Market Stars

A long-term track record

Testament to the skill and experience of the team, the Polar Capital Emerging Market Stars Fund has begun to build a strong track record since launch over 6 years ago. The Fund is ranked in the top quartile of its peer group since inception2.

A leading investment team

1 year

3 years

Since Inception

Fund

Index

Relative

27.2%

-8.2%

26.1%

1.2%

28.2%

1.2%

-7.0%

12.0%

Past performance is not indicative or a guarantee of future returns. Source: Polar Capital, Bloomberg, US$ I Acc Share Class, 29 June 2018 to 30 September 2024. Net of fees. Benchmark: MSCI Emerging Markets Net Total Return Index (US$). The Fund was launched on 29 June 2018. Performance is shown Net of Fees. Totals may not sum due to rounding. 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.

40.2%

Home to the most dynamic, fastest-growing economies in the world, emerging markets continue to offer tremendous investment potential. This is especially so for active stockpickers able to not only identify the future star companies but to back them with real conviction.

Jorry Nøddekær, Lead Fund Manager Emerging Market Stars Fund

Download fund overview

From anticipated easing monetary conditions to supportive long-term structural shifts in global supply chains, the Polar Capital Emerging Markets & Asia team see many exciting reasons to be bullish on the asset class. The Polar Capital Emerging Market Stars Fund was launched in 2018 with the aim of achieving responsible returns in emerging markets. Hear more from Lead Portfolio Manager Jorry Nøddekær on why they believe that emerging markets are now reaching an inflection point, what the opportunity set looks like and how the team are putting together a diversified yet high conviction portfolio of exciting companies.

Identifying the stars of tomorrow

The Polar Capital Emerging Market Stars Fund combines detailed EVA research with fully integrated sustainability analysis to identify these future ‘Star’ companies. Lead Fund Manager Jorry Nøddekær has been incorporating ESG analysis into his research for the last 20 years and strongly believes that allocating capital towards real and long-term sustainable companies will lead to alpha generation and deliver outperformance. The Fund’s distinct process and integrated ESG analysis results in a highly differentiated portfolio focused on high conviction stock selection while still managing risk & liquidity.

Jasper Wright

– Jorry Nøddekær, Lead Fund Manager Emerging Market Stars Fund

Past performance is not indicative or a guarantee of future results. *Typical range 45-65 stocks. 1. Source: Polar Capital, Bloomberg, US$ I Acc Share Class, 29 June 2018 to 30 September 2024. Net of fees. Benchmark: MSCI Emerging Markets Net Total Return Index (US$). FE Alpha Manager Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. © 2024 FE. All rights reserved. © 2024 Morningstar, Inc. All Rights Reserved. Rating representative of the US$ I Acc Share Class, as at 05/07/2024. 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 100% Analyst Driven and based on Data Coverage of 100%. For more detailed information about 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.

Fund Highlights

Conviction portfolio c50 stocks, sustainable EVA creating companies*

Emerging markets, emerging opportunities

46.4%

32.3%

14.1%

5 years

Emerging markets are poised for an inflection point. Over the long term, signs point towards the forming of a new ‘multipolar world’, as world trade increasingly moves towards local currencies and away from the US dollar, underpinning a strong structural growth cycle for many developing economies. The Polar Capital Emerging Market Stars Fund invests in the future ‘Star’ companies that are positioned to benefit from this new multipolar world. A robust, repeatable investment process aims to identifiy those companies best placed to leverage their specific strategic positioning to significantly grow their Economic Value Added (EVA). These are the companies the team believe will generate sustainable shareholder value over the medium to long term.

Building an impressive track record Excess return of 12.0% since launch1

Proven investment process Honed over 20 years of achieving responsible returns

Highly specialised Strong team of five sector specialists with significant experience

Sustainability integrated Strong focus on material ESG issues, SFDR Article 8 fund

Analyst-Driven 100% Data Coverage 100%

View fact sheet

Performance indicators

Sharpe ratio

0.2

Sortino ratio

0.3

Alpha

1.5%

Information ratio (net of fees)

0.2

Past performance is not indicative or a guarantee of future results. 2. Source: Polar Capital, Lipper, US$ I Acc Share Class, 29 June 2018 to 30 September 2024. Net of fees. Benchmark: MSCI Emerging Markets Net Total Return Index (US$). Peer Group: Lipper Global: Equity Emerging Markets Global.

Jasper Wright Fund Manager

Naomi Waistell Senior Fund Manager

Jorry Nøddekær Lead Fund Manager

Jerry Wu Analyst

Peter Andersen Analyst

Andy Chen Head of China Research(Shanghai-based)

Aatman Ajmera Independent Research Consultant (Mumbai-based)

Fred Holt Investment Analyst

Professional qualifications

Passed CFA Level 1

Industry experience

10 years

Jasper joined Polar Capital in June 2023 as a Fund Manager in the Emerging Markets & Asia team. He previously worked for six years at Federated Hermes in London as an Associate Director on their Global Emerging Markets team. Prior to this, Jasper worked for two years as an Analyst at Aberdeen Asset Management in London and completed a summer internship at Arisaig Partners in Singaporen their European and global equity teams. Naomi began her career as an associate at Praefinium Partners Investment Management in 2007 before moving to the financial consultancy arm of the Capita Group in 2009. Her specific area of interest and expertise is managing portfolios with an ESG focus.

Jasper Wrighttell

BA in English literature, University College London (UCL) Executive MBA (focusing on sustainability management), Cambridge University MA in Shakespeare, UCL

Academic qualifications

17 years

Industry experience

Jorry joined Polar Capital in June 2018 to set up the Polar Capital emerging markets growth franchise. Prior to joining Polar Capital, Jorry worked at various firms including Nordea Investment Management, Danske Capital, F&C Investment Management, New Star Asset Management and BankInvest Asset Management.

Jorry Nøddekær

Jerry joined Polar Capital in June 2018. Prior to joining Polar Capital, Jerry was the fund manager of the Nordea Chinese Equity Fund and prior to his tenure at Nordea, Jerry was an equity analyst at Generation Investment Management specialising in China. Jerry has also worked for BlackRock as a fundamental equity research analyst based in London and the US, specialising in the global consumer and technology sectors. Further to this, Jerry is a native speaker of Mandarin and fluent in English.r and technology sectors. Further to this, Jerry is a native speaker of Mandarin and fluent in English.

Jerry Wu

BSc in Economics, Peking University MSc in Management, London Business School

Academic qualifications

CFA Charterholder

Professional qualifications

14 years

Industry experience

Peter joined Polar Capital in April 2018. Prior to joining Polar Capital, Peter worked for Nordea Asset Management as an analyst on their Emerging Markets team and prior to his tenure at Nordea Asset Management he worked as a junior sell side analyst for Jyske Bank in their corporate bonds team.

Peter Andersen

MSc in Economics and Management, Aarhus University

Academic qualifications

Passed CFA Level III

Professional qualifications

12 years

Industry experience

Andy joined Polar Capital in June 2018. Previously, Andy was a portfolio manager at Laxey Partners Ltd, having joined the firm in 2008. During his tenure at Laxey, Andy specialised in Chinese and China-related equities. Andy is a native speaker of Mandarin and fluent in English.

Andy Chen

BSc in Accounting and Finance, Lancaster University MPhil in Real Estate Finance, University of Cambridge

Academic qualifications

CFA Charterholder

Professional qualifications

16 years

Professional Qualifications

Aatman has provided investment research and advisory services on Indian equities to Polar Capital’s Emerging Markets and Asia team since April 2023. Previously, he was the co-portfolio manager of the Nordea Asian Stars Fund, having joined the firm in 2019, before which he worked with East Capital in Sweden, focussing on frontier markets. He is based in Mumbai, India.

Aatman Ajmera

Patrick joined Polar Capital as an Operations Executive, where he provided operational support to all fund management teams at Polar, including the Technology team. During this time Patrick successfully achieved the CFA charter, and subsequently, after a successful 8 months seconded to the technology team, Patrick joined on a full-time basis in May 2021 as an investment analyst with a focus on small and mid-cap companies.

Patrick Stuff, CFA

BSc in Economics, University of Warwick

Academic qualifications

CFA Charterholder

Professional qualifications

3 years

Industry experience

YTD

15.3%

16.9%

-1.6%

Academic qualifications

BSc in Economics, University of St Andrews

Universe quartile2

Patrick Stuff, CFA Investment Analyst

Fred joined Polar Capital in July 2023 as an Investment Analyst in the Technology team. Prior to joining Polar Capital, he worked at Janus Henderson investors as a Portfolio Analyst on the Global Technology Leaders and Sustainable Future Technologies strategies.

Fred Holt

BSc in Geology, University of Bristol MSc in Petroleum Geoscience, Imperial College London

Academic qualifications

Completed CFA Levels I and II

Professional qualifications

3 years

Industry experience

Fred Holt Investment Analyst

Aatman Ajmera Independent Research Consultant (Mumbai-based)

Lina joined Polar Capital in September 2023 as an Investment Analyst in the Technology team. Prior to joining Polar Capital, Lina worked at Exane BNP Paribas as an Equity Research Analyst.

Lina Ghayor

MSc in Management – Finance & Law, ESSEC Business School

Academic qualifications

Completed CFA Levels I and II

Professional qualifications

6 years

Industry experience

MSc in Economics and Finance, Aarhus University

Academic qualifications

24 years

Industry experience

CFA Charterholder

Professional qualifications

Sustainability integrated Strong focus on material ESG issues, SFDR Article 8 fund