Emerging Market ex-China Stars Fund

A sustainable approach to investing in emerging markets for investors who wish to manage their own exposure to China

Launch Date30.06.2023
Base CurrencyUSD
DenominationsUSD/GBP/EUR
DomicileIreland
IndexMSCI Emerging Markets ex China Net Total Return Index
£8.09
GBP Class I Acc
NAV per share 06.05.2025
£1mAUM

AUM 31.03.2025

51Holdings
i
76.68%Active Share

Active Share is a measure of the percentage of stock holdings in a fund that differ from the benchmark index

i
Article 8SFDR Classification

Article 8: These funds promote environmental or social characteristics.

As at 31.03.2025
OverviewESGPerformancePortfolioCommentary & WebcastsLiteratureCodes & Fees

Fund Overview

Investment Objective

The Fund’s investment objective is to achieve long term capital growth. The Fund seeks to achieve its objective by investing in a broad range of shares from companies in emerging markets (developing countries) excluding China, or from companies which generate a significant amount of their business from emerging market countries.

Investment Philosophy

The Fund seeks to achieve its objective by investing in a broad range of shares from companies in emerging markets (developing countries) excluding China, or from companies which generate a significant amount of their business from emerging market countries.

The Investment Manager’s investment approach focuses primarily on fundamental bottom-up stock selection with top-down macro-economic research and analysis.

The Investment Manager seeks to identify growth opportunities by looking at global growth expectations, demand drivers, supply drivers (including those which impact changes in supply), macroeconomic trends (such as social demographic trends, monetary and fiscal policy, government models, and competitiveness) and factors impacting company valuations to establish a dynamic understanding of the economic backdrop to the investment universe. The Investment Manager’s research efforts are directed towards detailed analysis of a company’s specific strategic position and opportunities within its industry with a view to establishing its potential for future Economic Value Add (“EVA”). The Investment Manager looks to identify companies with the capability to generate a high, and growing level, of EVA in the future (identified over the medium to long term investment horizon). Having established a company’s opportunity for growth, its competitive position and its potential to create EVA, the Investment Manager uses a proprietary valuation model to identify its expected level of future EVA creation and its expected market value in relation to its current price. The Investment Manager’s process incorporates quantitive and qualitative analysis of environmental, societal and governance policies, performance, practices and impacts. The Investment Manager uses quantitive analysis (exclusionary screening) to avoid companies involved in activities deemed unacceptable or controversial from an environmental, societal and governance perspective, and uses qualitative methods (external research and internal analysis) to identify companies which can demonstrate continual improvement from an environmental, societal and governance perspective.

Key Facts

  • Team of dedicated sector specialists
  • Fundamentally-driven analysis and stock selection
  • ESG-based analysis incorporated as part of the investment process
  • Typically 40-70 positions
Analyst-Driven55%Data Coverage88%

Key Fund Literature

Fund Managers & Analysts

None

Jorry Nøddekær

Fund Manager
None

Palvir Bahia

Analyst
None

Jasper Wright

Analyst
None

Peter Andersen

Analyst
Aatman Ajmera

Aatman Ajmera

Independent Research Consultant (Mumbai based)

Jorry Nøddekær

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.

  • MSc in Economics and Finance, Aarhus University
  • 25 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.

Palvir Bahia

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.

  • BSc in Mathematics, University of Wales and an MSc in Financial Economics, University of Exeter.
  • 20 years

Jasper Wright

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.

  • BSc in Economics, University of St Andrews
  • Passed CFA Level 1
  • 10 years

Peter Andersen

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.

  • MSc in Economics and Management, Aarhus University
  • Passed CFA Level III
  • 12 years

Aatman Ajmera

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.

    Related Insights

    None
    Emerging Markets & Asia

    Companies not politicians are shining the light at the end of the LatAm tunnel

    Jasper Wright
    26 Mar 2025
    None
    Emerging Markets & Asia

    The five key drivers for emerging markets

    Jorry Nøddekær
    1 Jul 2024
    None
    Emerging Markets & Asia

    Resilient emerging markets set for new stage of growth

    Jorry Nøddekær
    21 Jun 2024

    Get the latest insights sent straight to your inbox

    Countries in which this fund is available

    Please click on each country to see share class availability

    Austria
    Denmark
    Finland
    Germany
    Guernsey
    Ireland
    Norway
    Sweden
    United Kingdom

    Risks:

    • Capital is at risk and there is no guarantee the Fund will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Fund before investing.
    • Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested as there is no guarantee in place.
    • The value of a fund’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Fund’s Prospectus for details of all risks.
    • The Fund invests in the shares of companies and share prices can rise or fall due to several factors affecting global stock markets.
    • The Fund uses derivatives which carry the risk of reduced liquidity, substantial loss, and increased volatility in adverse market conditions, such as failure amongst market participants.
    • The Fund invests in assets denominated in currencies other than the Fund's base currency. Changes in exchange rates may have a negative impact on the Fund's investments. If the share class currency is different from the currency of the country in which you reside, exchange rate fluctuations may affect your returns when converted into your local currency.
    • The Fund invests in 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 website does not contain information material to the investment objectives or financial needs of the recipient. This website is not advice on legal, taxation or investment matters. Tax treatment depends on personal circumstances. Investors must rely on their own examination of the fund or seek advice. Investment may be restricted in other countries and as such, any individual who receives this website must make themselves aware of their respective jurisdiction and observe any restrictions.

    A decision may be taken at any time to terminate the marketing of the Fund in any EEA Member State in which it is currently marketed. Shareholders in the affected EEA Member State will be given notification of any decision and provided the opportunity to redeem their interests in the Fund, free of any charges or deductions, for at least 30 working days from the date of the notification.

    Investment in the Fund is an investment in the shares of the Fund and not in the underlying investments of the Fund. Further information about fund characteristics and any associated risks can be found in the Fund’s Key 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. Bridge Fund Management Limited acts as management company and is regulated by the Central Bank of Ireland. Registered Address: Percy Exchange, 8/34 Percy Place, Dublin 4, Ireland.

    Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

    Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

    Benchmark: The Fund is actively managed and uses the MSCI Emerging Markets ex China 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 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 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.

    The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

    Source & Copyright: ©2025 Morningstar, Inc. All Rights Reserved. Rating representative of the I USD Acc Share Class, as at 28/02/2025. 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 55% Analyst-Driven and based on Data Coverage of 88%. 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.