Melchior European Opportunities Fund
A pan European equities portfolio investing across the market cap spectrum
AUM 31.07.2024
Article 8: These funds promote environmental or social characteristics.
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AUM 31.07.2024
Article 8: These funds promote environmental or social characteristics.
The Fund’s investment objective is to achieve capital appreciation through selective investment in European equities.
Bottom-up stock selection process, across all market capitalisations, targeting unrecognised growth, turnaround or recovery situations and valuation anomalies producing a concentrated portfolio. The Fund integrates ESG considerations into the investment process.
David joined Dalton Strategic Partnership, which was acquired by Polar Capital in 2021, in 2005 and has managed the Melchior European Opportunities Fund since its launch in May 2010. Prior to this, he was an analyst on the Melchior European Absolute Return strategy and managed a long-only segregated account from 2008.
Eleanor joined Dalton Strategic Partnership, which was acquired by Polar Capital in 2021, in 2012 as an analyst in their European equity long/short team and has been the deputy portfolio manager and senior analyst on the Melchior European Opportunities Team since 2019 before becoming a Fund Manager in 2022. She has 15 years of investment experience covering European equities, starting her career as an analyst at T Rowe Price before moving with her team to build the European long-only fund at GAM. In 2015, she joined Cheyne Capital as a junior portfolio manager in their hedge fund business before re-joining Dalton in 2017 as a senior analyst in the company’s long-only European equity team.
Jo Ann joined Dalton Strategic Partnership, which was acquired by Polar Capital in 2021, in September 2016 as an analyst for the European Opportunities Fund. She has worked in the investment industry since 2012, when she joined GIC Asset Management, the sovereign wealth fund of Singapore. After completing a one-year graduate programme at GIC and a spell as a macro research and strategy associate within the company's fixed income division, she moved into the European equities department where she was an analyst responsible for investment research.
Please click on each country to see share class availability
Risks:
Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and 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.
This Fund promotes environmental and/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 Fund’s prospectus or by visiting www.polarcapital.co.uk.
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 concerns 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, 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 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.
Your decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its Prospectus. For more information, please see the Fund’s prospectus or visit www.polarcapital.co.uk.
ESG and sustainability characteristics are further detailed on the Fund’s website (https://www.polarcapital.co.uk/gb/professional/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.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open-ended investment company with variable capital and with segregated liability between its sub-funds) incorporated in Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, rue Peternelchen, L-2370 Howald, Luxembourg.
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 Europe Net 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.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 When considering an investment into the Fund, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital nor the Melchior Selected Trust shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment.
Source & Copyright: ©2024 Morningstar, Inc. All Rights Reserved. Rating representative of the I EUR Acc Share Class, as at 30/06/2024. 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 10% Analyst-Driven and based on Data Coverage of 96%. 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 RatingTM 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.
We look to invest in companies that are able to generate superior returns on a sustainable basis. It is our strong belief that such returns are unlikely to be sustainable if they are achieved at the expense of other stakeholders, whether they are customers, suppliers, employees or society more broadly, or at the expense of the government.
Sound corporate governance and the quality and capability of company management is a central consideration of our investment process and ESG philosophy. If a company’s governance does not work, then nothing else will in the long run. Robust corporate governance flows through to good environmental and social policies, as well as to accountability and capital allocation. In our experience, poor governance usually lies at the heart of corporate and ESG controversies. Engagement with company management and assessment of governance is a core part of our process.
As part of the investment process, we analyse the fundamentals of each investee company in the Fund, including analysis of ESG factors relevant to that company and an ongoing documentation of any material ESG issues encountered. Engagement is a core part of the investment process (see below), in which we seek to maintain an ongoing dialogue with the management teams of the Fund’s holdings and raise any material ESG issues with them.
Whilst we believe primarily in the importance of engaging with companies on ESG issues, we implement a number of exclusions that prohibit or restrict investment in certain activities and sectors.
This ensures that potential investee companies that are involved in controversial practices are excluded from investment. We take into account a number of different international conventions as part of this process, such as the UN’s Global Compact.
We also exclude companies we believe have a negative impact on the world by virtue of their business activities. We exclude companies that derive more than 5% of their revenues from the following activities, with a zero-tolerance policy towards the production and distribution of controversial weapons.
ESG is a core part of the investment process and is not outsourced; each company is subject to our ESG analysis. To support this process, the team employs a number of other external sources, such as a third party ESG data provider, corporate disclosures, Bloomberg data, sell-side research notes and third-party websites to enhance our research and to crosscheck our own internal analysis.
Sound corporate governance is the starting point of our analysis, and the quality and capability of company management is a central consideration of our ESG process.
In assessing corporate governance, we take into account several factors, notably:
We consider a broad range of social and environmental factors, including:
We take our stewardship responsibilities seriously and incorporate engagement as an integral part of the investment process. Wherever possible, we aim to meet and/or maintain a regular dialogue with company management as part of both the investment research and due diligence process as well as also the ongoing monitoring of our holdings.
As part of this engagement, we aim to:
We take our proxy voting rights seriously; voting is a core part of our engagement with our investments. Where we have concerns about particular items, we raise these directly with the company. Where we disagree with an item and do not receive a satisfactory response from the company, we are prepared to vote against the management recommendation.
Items voted | 934 | |
Votable items | 1042 | |
Ballots voted | 57 | |
Votable ballots | 61 | |
Meetings voted | 57 | |
Votable meetings | 61 | |
Votes FOR | 877 | |
Votes AGAINST | 56 | |
Votes ABSTAIN | 0 | |
Votes WITHHOLD | 0 | |
Votes on MSOP | 73 |
United Kingdom | 10 | |
France | 8 | |
Netherlands | 6 | |
Spain | 6 | |
Italy | 5 | |
Jersey | 4 | |
Switzerland | 4 | |
Belgium | 3 | |
Germany | 3 | |
Ireland | 3 | |
Austria | 2 | |
Portugal | 2 | |
Sweden | 2 | |
Denmark | 1 | |
Finland | 1 | |
Norway | 1 | |
Please click on each country to see share class availability
Risks:
Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and 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.
This Fund promotes environmental and/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 Fund’s prospectus or by visiting www.polarcapital.co.uk.
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 concerns 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, 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 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.
Your decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its Prospectus. For more information, please see the Fund’s prospectus or visit www.polarcapital.co.uk.
ESG and sustainability characteristics are further detailed on the Fund’s website (https://www.polarcapital.co.uk/gb/professional/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.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open-ended investment company with variable capital and with segregated liability between its sub-funds) incorporated in Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, rue Peternelchen, L-2370 Howald, Luxembourg.
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.
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 nor the Melchior Selected Trust shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment.
Invalid Dates
Update chartSince Launch | |||||||||
---|---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Cumulative | Annualised | |
EUR Class I Acc | 2.62 | 2.37 | 9.32 | 9.66 | 4.37 | 39.81 | 126.12 | 274.48 | 9.71 |
Index | 1.17 | 3.45 | 10.33 | 12.77 | 23.18 | 51.27 | 97.32 | 194.57 | 7.87 |
Source: Northern Trust Global Services SE (Luxembourg), monthly percentage growth, EUR and has been calculated to account for the deduction of fees. 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. The EUR Class I Acc was launched on 04 May 2010. The index performance figures are sourced from Bloomberg and are in EUR terms. These figures refer to the past. Investments in funds are subject to risk. Past performance is not a reliable indicator of future returns. The money invested in a fund can increase and decrease in value and past performance is not a reliable indicator that you will get back the full amount invested. The performance calculation is based on EUR. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|---|---|---|---|---|
USD Class I Acc | 0.88 | 12.11 | -3.98 | 34.81 | -15.92 | 25.71 | 9.85 | 21.05 | -24.77 | 13.20 |
Index | -6.25 | -2.85 | -0.68 | 25.84 | -14.69 | 23.60 | 5.25 | 16.38 | -14.79 | 19.44 |
12 months to | 31.07.24 | 31.07.23 | 29.07.22 | 30.07.21 | 31.07.20 |
---|---|---|---|---|---|
EUR Class I Acc | 9.66 | 3.32 | -7.87 | 36.66 | -1.98 |
Index | 12.77 | 10.63 | -1.26 | 32.13 | -7.05 |
Please click on each country to see share class availability
Risks:
Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and 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.
This Fund promotes environmental and/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 Fund’s prospectus or by visiting www.polarcapital.co.uk.
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 concerns 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, 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 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.
Your decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its Prospectus. For more information, please see the Fund’s prospectus or visit www.polarcapital.co.uk.
ESG and sustainability characteristics are further detailed on the Fund’s website (https://www.polarcapital.co.uk/gb/professional/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.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open-ended investment company with variable capital and with segregated liability between its sub-funds) incorporated in Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, rue Peternelchen, L-2370 Howald, Luxembourg.
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 Europe Net 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.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.
Performance: The performance shown has been calculated to account for the deduction of fees and expenses and includes the reinvestment of dividends and capital gain distributions. £ or GBP/US$/JPY/EUR/CHF = Currency abbreviations of: British Pound sterling/US Dollar/Japanese Yen/Euro/Swiss Franc, respectively.
Risk: Factors affecting fund performance may include changes in market conditions (including currency risk) and interest rates, as well as other economic, political, or financial developments. The Fund’s investment policy allows for it to enter into derivatives contracts. Leverage may be generated through the use of such financial instruments and investors must be aware that the use of derivatives may expose the Fund to greater risks, including, but not limited to, unanticipated market developments and risks of illiquidity, and is not suitable for all investors. Past performance is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Polar Capital may also receive a performance fee based on the appreciation in the NAV per share and accordingly the performance fee will increase with regard to unrealised appreciation, as well as realised gains. The performance fee may create an incentive for Polar Capital to make investments for MST which are riskier than would be the case in the absence of a fee based on the performance of MST.
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 nor the Melchior Selected Trust shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment.
ASML Holding | 4.5 |
Robertet SA | 3.4 |
JTC | 3.0 |
ASR Nederland NV | 2.7 |
Merck KGaA | 2.7 |
Indra Sistemas SA | 2.5 |
Cie Financiere Richemont | 2.5 |
CRH | 2.3 |
Kongsberg Gruppen | 2.3 |
Linde | 2.2 |
Total |
Large (>€10bn) | 41.8 | |
Medium (€3 to 10bn) | 33.1 | |
Small (<€3bn) | 25.1 |
Industrials | 21.1 | |
Financials | 17.1 | |
Information Technology | 12.4 | |
Consumer Staples | 12.2 | |
Materials | 11.8 | |
Health Care | 8.9 | |
Consumer Discretionary | 8.6 | |
Communication Services | 1.3 | |
Energy | 1.0 | |
Cash | 5.6 | |
United Kingdom | 19.1 | |
France | 14.6 | |
Netherlands | 11.8 | |
Spain | 9.9 | |
Germany | 6.8 | |
Italy | 6.4 | |
Switzerland | 6.2 | |
Sweden | 3.9 | |
Ireland | 3.1 | |
Austria | 2.8 | |
Belgium | 2.3 | |
Norway | 2.3 | |
United States | 2.2 | |
Denmark | 2.1 | |
Portugal | 1.0 | |
Cash | 5.6 | |
Note: Totals may not sum due to rounding.
It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.
Please click on each country to see share class availability
Risks:
Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and 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.
This Fund promotes environmental and/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 Fund’s prospectus or by visiting www.polarcapital.co.uk.
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 concerns 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, 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 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.
Your decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its Prospectus. For more information, please see the Fund’s prospectus or visit www.polarcapital.co.uk.
ESG and sustainability characteristics are further detailed on the Fund’s website (https://www.polarcapital.co.uk/gb/professional/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.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open-ended investment company with variable capital and with segregated liability between its sub-funds) incorporated in Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, rue Peternelchen, L-2370 Howald, Luxembourg.
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.
Holdings: Portfolio data is “as at” the date indicated and should not be relied upon as a complete or current listing of the holdings (or top holdings) of the fund. The holdings may represent only a small percentage of the aggregate portfolio holdings, are subject to change without notice, and may not represent current or future portfolio composition. Information on particular holdings may be withheld if it is in the fund’s best interest to do so. A historic complete list of the portfolio holdings may be made available upon request. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. This document is designed to provide updated information to professional investors to enable them to monitor the Fund. No other persons should rely upon it. The information provided in this document should not be considered a recommendation to purchase or sell any particular security.
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 Europe Net 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.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.
Allocations: The strategy allocation percentages set forth in this document are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the same comparable risks and returns. Please see the private placement memorandum for a description of the investment allocations as well as the risks associated therewith. Please note that the Fund may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Fund is dependent on the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return to the Fund while minimizing its risk. The actual investments in the Fund may or may not be the same or in the same proportion as those shown herein.
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 nor the Melchior Selected Trust shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment.
Please click on each country to see share class availability
Risks:
Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and 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.
This Fund promotes environmental and/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 Fund’s prospectus or by visiting www.polarcapital.co.uk.
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 concerns 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, 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 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.
Your decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its Prospectus. For more information, please see the Fund’s prospectus or visit www.polarcapital.co.uk.
ESG and sustainability characteristics are further detailed on the Fund’s website (https://www.polarcapital.co.uk/gb/professional/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.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open-ended investment company with variable capital and with segregated liability between its sub-funds) incorporated in Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, rue Peternelchen, L-2370 Howald, Luxembourg.
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.
Forecasts: References to future returns are not promises or estimates of actual returns Polar Capital may achieve, and should not be relied upon. The forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. Forecasts are based upon subjective estimates and assumptions about circumstances and events that may not yet have taken place and may never do so.
Statements/Opinions/Views: All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital. This material does not constitute legal or accounting advice; readers should contact their legal and accounting professionals for such information. All sources are Polar Capital unless otherwise stated.
Benchmark: The Fund is actively managed and uses the MSCI Europe Net 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.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 When considering an investment into the Fund, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital nor the Melchior Selected Trust shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment.
Please click on each country to see share class availability
Risks:
Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and 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.
This Fund promotes environmental and/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 Fund’s prospectus or by visiting www.polarcapital.co.uk.
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 concerns 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, 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 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.
Your decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its Prospectus. For more information, please see the Fund’s prospectus or visit www.polarcapital.co.uk.
ESG and sustainability characteristics are further detailed on the Fund’s website (https://www.polarcapital.co.uk/gb/professional/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.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open-ended investment company with variable capital and with segregated liability between its sub-funds) incorporated in Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, rue Peternelchen, L-2370 Howald, Luxembourg.
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.
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 nor the Melchior Selected Trust shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment.
Bloomberg | ISIN | SEDOL | Annual Management Fee | ||
---|---|---|---|---|---|
EUR Class B Acc | MSEOPB1 LX | LU1231252237 | BXC8723 | 1.65% | - |
EUR Class CS Acc | - | LU2085698996 | - | 0.85% | - |
EUR Class I Acc | MSOPBEU LX | LU0289523259 | B4325G1 | 0.85% | - |
EUR Class P Acc | MSEUP1E LX | LU0952580347 | BXC8712 | 0.85% | custom_note |
USD Class I Acc | MSOPBUS LX | LU0289527912 | B42L0S6 | 0.85% | - |
GBP Class I Acc | MSOPDGB LX | LU0289524653 | B1Z4RK2 | 0.85% | - |
*For investors that qualify as Institutional Investors within the meaning of Article 174 of the 2010 Law.
Melchior Selected Trust - Melchior European Opportunities Fund | 549300DUHA7ST16HD406 |
Polar Capital LLP | 4YW3JKTZ3K1II2GVCK15 |
Please click on each country to see share class availability
Risks:
Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and 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.
This Fund promotes environmental and/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 Fund’s prospectus or by visiting www.polarcapital.co.uk.
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 concerns 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, 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 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.
Your decision to invest in the Fund should take into account all the characteristics or objectives of the Fund as described in its Prospectus. For more information, please see the Fund’s prospectus or visit www.polarcapital.co.uk.
ESG and sustainability characteristics are further detailed on the Fund’s website (https://www.polarcapital.co.uk/gb/professional/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.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open-ended investment company with variable capital and with segregated liability between its sub-funds) incorporated in Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, rue Peternelchen, L-2370 Howald, Luxembourg.
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.
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 nor the Melchior Selected Trust shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment.
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