Fund Highlights
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
Conviction portfolio
c50 stocks, sustainable EVA creating companies*
Building an impressive track record
Excess return of 9.5% since launch1
Proven investment process
Honed over 20 years of achieving responsible returns
Sustainability integrated
Strong focus on material ESG issues, SFDR Article 8 fund
Analyst-Driven 100%
Data Coverage 100%
Highly specialised
Strong team of six sector specialists with
significant experience
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 28 February 2025. Net of fees. SFDR: Refers to the EU Sustainable Finance Disclosure Regulation. Benchmark: MSCI Emerging Markets Net Total Return Index (US$). FE Alpha Manager Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. © 2022 FE. All rights reserved. © 2025 Morningstar, Inc. All Rights Reserved. Rating representative of the US$ I Acc Share Class, as at 28 November 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. 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.
A leading investment team
Jasper Wright
Fund Manager
Fred Holt
Investment Analyst
Aatman Ajmera
Independent Research Consultant (Mumbai-based)
Jerry Wu
Analyst
Jorry Nøddekær
Lead Fund Manager
Aatman Ajmera
Independent Research Consultant (Mumbai-based)
Andy Chen
Head of China Research
(Shanghai-based)
Patrick Stuff, CFA
Investment Analyst
Peter Andersen
Analyst
Palvir Bahia
Fund Manager
Jasper Wright
Peter Andersen
Andy Chen
Jerry Wu
Palvir Bahia
Jorry Nøddekær
Aatman Ajmera
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.
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.
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 Singapore.
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.
Palvir joined Polar Capital in 2025 as a Fund Manager in the Emerging Markets & Asia team. She joined from HALO Global Asset Management where she was a Co-Portfolio Manager focussing on Emerging Asian companies.
Prior to joining HALO in 2017, she worked at BlackRock Investment Management, from 2009, as an Equity Analyst in their Global Emerging Markets team. She joined from New Star Asset Management where she began her career as an Operations Assistant in 2004, leaving in 2009 as an Assistant Fund Manager, Asian equities.
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.
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.
Academic qualifications
Academic qualifications
Academic qualifications
Academic qualifications
Academic qualifications
Academic qualifications
BSc in Accounting and Finance, Lancaster University
MPhil in Real Estate Finance, University of Cambridge
MSc in Economics and Finance, Aarhus University
BSc in Mathematics, University of Wales
MSc in Financial Economics, University of Exeter
BSc in Economics, University of St Andrews
BSc in Economics, Peking University
MSc in Management, London Business School
MSc in Economics and Management, Aarhus University
Professional qualifications
Industry experience
Professional qualifications
Passed CFA Level III
Professional qualifications
Industry experience
25 years
Passed CFA Level 1
Industry experience
CFA Charterholder
16 years
Industry experience
20 years
Industry experience
12 years
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. © 2022 FE. All rights reserved.
Industry experience
10 years
14 years
- Chapters
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Emerging markets, emerging opportunities
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.
Performance indicators
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.
Universe quartile2
1
Sharpe ratio
0.1
Sortino ratio
0.1
Alpha
1.2%
Information ratio (net of fees)
0.1
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 28 February 2025. Net of fees. Benchmark: MSCI Emerging Markets Net Total Return Index (US$). Peer Group: Lipper Global: Equity Emerging Markets Global.
YTD
1 year
3 years
5 years
Since Inception
Home to the most dynamic, fastest-growing economies in the world, emerging markets continue to offer tremendous investment potential. This is especially so for active stockpickers able to not only identify the future star companies but to back them with real conviction.
Fund
-0.5%
5.7%
-3.5%
24.0%
30.1%
Index
2.3%
10.1%
1.4%
23.2%
20.6%
Relative
1.8%
-4.4%
-2.1%
0.8%
9.5%
Past performance is not indicative or a guarantee of future returns. Source: Polar Capital, Bloomberg, US$ I Acc Share Class, 29 June 2018 to 28 February 2025. 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.
– Jorry Nøddekær, Lead Fund Manager
Emerging Market Stars Fund