AI data centres are arguably the most significant driver of rising electricity demand, with transport, buildings and humanoid robots adding to the pressure on power systems over the longer term. Against this backdrop, Thiemo Lang explains why the Energy Efficiency investment cluster is the Fund's largest allocation and how it is positioned across the electrification value chain, from power semiconductors to optical networking.


What are currently the main drivers of rising energy demand and the trend towards electrification?

AI data centres are currently one of the most significant drivers of rising electricity demand, particularly in the US. The rapid expansion of AI infrastructure requires not only significantly more computing power, but also the electricity supply, cooling and electrical infrastructure to support it. This is creating attractive investment opportunities across the entire value chain – from power semiconductors and cooling systems to more energy-efficient solutions for data processing and transmission, including optical connectivity.

Another important driver remains the electrification of the transportation sector. Over the medium to long term, we expect electric vehicles to largely replace vehicles with combustion engines, with electricity replacing petrol as the main source of energy. China shows how quickly this transition can progress. Around 60% of all newly registered buses in the country are already electric, while the figure for city buses is close to 100%. Electrification is also progressing rapidly in commercial vehicles.

In the buildings sector, the planned transition from gas heating to electric heat pumps will also increase electricity demand. Energy-intensive industries that still rely heavily on fossil fuels today are also likely to become increasingly electrified over the medium term.

Finally, humanoid robots are likely to become a very significant driver of electricity demand over the longer term. As these autonomous systems become more widespread and sophisticated, their energy requirements will be critical to their economic viability.

What role do short-term geopolitical developments play for the theme of smart energy?

Geopolitical developments certainly create additional market volatility. The same applies to economic policy decisions involving subsidies, trade restrictions or supply chains for critical raw materials. However, our Fund focuses primarily on companies whose growth is driven by long-term structural trends and which are therefore less dependent on individual policy measures.

Recent developments in the Middle East and their impact on global energy markets have once again highlighted the risks of a high dependence on fossil fuel imports. In Europe, for example, the AccelerateEU initiative aims to reduce dependence on fossil fuels and accelerate investment in clean, domestically produced energy, electrification and energy infrastructure.

For us, it is important that the investment case does not depend on any particular political scenario. The need for a secure, affordable and efficient electricity supply is structural. Geopolitical developments may influence the pace of investment in certain areas, but they also underline the need to expand and diversify global energy supply efficiently.

Clean energy generation makes up only a very small part of the portfolio, while energy efficiency is the largest allocation. Why is that? What do you mean by energy efficiency, and which companies and technologies fall into this area?

Clean Power Generation does indeed account for only a small share of our portfolio today, as we currently see more attractive investment opportunities in other investment clusters. Our investment universe is divided into four clusters: Clean Power Generation, Energy Transmission & Distribution, Energy Conversion & Storage, and Energy Efficiency. This allows us to invest across the entire electrification value chain rather than being limited to individual technologies.

We currently have more than 50% of the portfolio invested in Energy Efficiency. This covers all end markets in which electricity is consumed, with a particular focus on areas where we see the greatest potential for energy savings and innovation. The energy efficiency of data centres is currently a key focus for us. For example, we invest in companies developing new and more efficient power supply architectures for server racks. Optical networking technologies are also becoming increasingly important within AI data centres. As AI clusters grow, ever larger volumes of data need to be transferred between processors, memory and other components efficiently and with minimal delay. Traditional copper connections are increasingly reaching their physical limits. This is supporting a shift towards optical connections, which provide greater bandwidth while also improving energy efficiency. We believe this represents a multi-year investment opportunity.

Energy conversion and storage accounts for around 25% of the portfolio. Which new or particularly promising innovations do you currently see in this area? How do you expect the market to develop?

Within Energy Conversion, we invest in companies that provide power semiconductors used, for example, to convert direct current into alternating current or to adjust voltage levels. These are broadly diversified semiconductor companies serving a wide range of end markets, including IT, automotive, industrial applications and consumer products.

At present, these companies are seeing their strongest growth potential in AI data centres. Even small improvements in efficiency can generate significant energy savings when applied at scale. New semiconductor materials such as silicon carbide and gallium nitride enable faster switching speeds, lower energy losses and more compact systems. We expect the power semiconductor companies in our portfolio to grow revenues by around 10–15% per year over the medium term.

Battery storage systems also remain an important part of ensuring a reliable electricity supply. We continue to expect robust growth in global storage capacity in 2026. Key drivers include growing requirements for grid stability, rising electricity demand from AI data centres, and additional revenue opportunities for storage operators through participation in electricity markets.

The Fund was launched on 30 September 2021 and has since grown to assets under management of almost €800m. How has the portfolio developed over the past five years, and what is your outlook for the next five?

The first five years have confirmed the strength of the underlying drivers of electrification. On the demand side, this has included the rapid growth of AI data centres. At the same time, the trend has continued to receive regulatory support against a backdrop of significant geopolitical change. In such a dynamic environment, our active management approach, based on fundamental analysis and diversification across the entire value chain, has proved very valuable.

Focusing on companies with strong balance sheets, technological leadership and exposure to new structural growth drivers has been critical in navigating volatility while maintaining the Fund’s long-term thematic focus.

Over the next five years, we expect the global trend towards electrification to accelerate further. AI data centres will continue to put significant pressure on power generation capacity and grid infrastructure. The necessary investment in electricity grids and high-performance data networks is likely to remain an important theme for many years. This is particularly the case as the expansion of AI data centres has so far been heavily concentrated in the US, and we expect investment to become increasingly global.

It will also be interesting to see whether nuclear power, which has recently experienced something of a renaissance, can maintain its momentum. Its ability to provide baseload power is well suited to the round-the-clock electricity requirements of data centres. Advanced reactor designs incorporate passive safety systems, while modular solutions could help reduce manufacturing and installation costs over the longer term.

Outside the US, the electrification of transport and buildings will remain important growth drivers, particularly in Europe and Asia. This includes electric vehicles as well as heat pumps and heating, ventilation and air-conditioning systems.

The major unknown is how quickly physical AI – in the form of humanoid robots, autonomous vehicles and other intelligent mobile devices – will develop, and how much additional electricity demand this will create. What is clear is that energy efficiency will be critical to making physical AI products economically competitive.

Given the wide range of growth drivers, our investment universe is likely to become even broader in the future. However, our focus will remain on technology and infrastructure providers that enable the generation, transmission and storage of electricity and, above all, its efficient use across a growing range of end markets.

Risks:

  • Capital is at risk and there is no guarantee the Fund will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Fund before investing.
  • Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested as there is no guarantee in place.
  • The value of a fund’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Fund’s Prospectus for details of all risks.
  • The fund is exposed to Sustainability risks which are environmental, social and governance factors that could have an actual or potential material negative impact on the value of the Fund and its risk factors.
  • The Fund invests in 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.
  • The Fund invests in a relatively concentrated number of companies and industries based in one sector. This focused strategy can produce high gains but can also lead to significant losses. The Fund may be less diversified than other investment funds.


Important Information
: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell any related securities or financial instruments. Any opinions expressed may change. This document does not contain information material to the investment objectives or financial needs of the recipient. This document is not advice on legal, taxation or investment matters. Tax treatment depends on personal circumstances. Investors must rely on their own examination of the fund or seek advice. Investment may be restricted in other countries and as such, any individual who receives this document must make themselves aware of their respective jurisdiction and observe any restrictions.

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

Investment in the Fund is an investment in the shares of the Fund and not in the underlying investments of the Fund. Further information about fund characteristics and any associated risks can be found in the Fund’s Key Information Document or Key Investor Information Document (“KID” or “KIID”), the Prospectus (and relevant Fund Supplement), the Articles of Association and the Annual and Semi-Annual Reports. Please refer to these documents before making any final investment decisions.  Investment in the Fund concerns shares of the Fund and not in the underlying investments of the Fund. 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 environmental and/or social characteristics and is classified as an Article 9 fund under the EU’s Sustainable Finance Disclosure Regulation (“SFDR”). For more information, please see the Fund Supplement and Prospectus or by visiting www.polarcapital.co.uk.

ESG and sustainability characteristics are further detailed on the investment manager’s websites. - https://www.polarcapital.co.uk/ESG-and-Sustainability/Responsible-Investing/.

A summary of investor rights associated with investment in the Fund can be found here.

This document is provided and approved by both Polar Capital LLP and Polar Capital (Europe) SAS.

Polar Capital LLP is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom, and the Securities and Exchange Commission (“SEC”) in the United States. Polar Capital LLP’s registered address is 16 Palace Street, London, SW1E 5JD, United Kingdom.

Polar Capital (Europe) SAS is authorised and regulated by the Autorité des marchés financiers (AMF) in France. Polar Capital (Europe) SAS’s registered address is 18 Rue de Londres, Paris 75009, France.

Polar Capital LLP is a registered Investment Advisor with the SEC. Polar Capital LLP is the investment manager and promoter of Polar Capital Funds plc – an open-ended investment company with variable capital and with segregated liability between its sub-funds – incorporated in Ireland, authorised by the Central Bank of Ireland and recognised by the FCA. FundRock Management Company (Ireland) Limited acts as management company and is regulated by the Central Bank of Ireland. Registered Address: Percy Exchange, 8/34 Percy Place, Dublin 4, Ireland.

For UK investors: The Fund is recognised in the UK under the Overseas Funds Regime (OFR) but it is not a UK-authorised Fund. UK investors should be aware that they may not be able to refer a complaint against its Management Company or its Depositary to the UK’s Financial Ombudsman Service. Any claims for losses relating to the Management Company or the Depositary will not be covered by the Financial Services Compensation Scheme, in the event that either entity should become unable to meet its liabilities to investors. For information on the complaint process to the Management Company, please see the Country Supplement for this fund available at https://www.polarcapital.co.uk/.

Polar Capital (Switzerland) AG is the investment manager of the Fund and is authorised and regulated by the Swiss Financial Market Supervisory Authority (“FINMA”). Registered address Klausstrasse 4, 8008, Zurich, Switzerland. FundRock Management Company (Ireland) Limited acts as management company and is regulated by the Central Bank of Ireland. Registered Address: Percy Exchange, 8/34 Percy Place, Dublin 4, Ireland.

Benchmark: The Fund is actively managed and uses the MSCI ACWI Net TR Index. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found here. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

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

Country Specific Disclaimers: Please be aware that not every share class of every fund is available in all jurisdictions. 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, Polar Capital Funds PLC or Polar Capital (Switzerland) AG shall be held liable for, and accept no liability for, the use or misuse of this document.

None

AI data centres are arguably the most significant driver of rising electricity demand, with transport, buildings and humanoid robots adding to the pressure on power systems over the longer term. Against this backdrop, Thiemo Lang explains why the Energy Efficiency investment cluster is the Fund's largest allocation and how it is positioned across the electrification value chain, from power semiconductors to optical networking.


What are currently the main drivers of rising energy demand and the trend towards electrification?

AI data centres are currently one of the most significant drivers of rising electricity demand, particularly in the US. The rapid expansion of AI infrastructure requires not only significantly more computing power, but also the electricity supply, cooling and electrical infrastructure to support it. This is creating attractive investment opportunities across the entire value chain – from power semiconductors and cooling systems to more energy-efficient solutions for data processing and transmission, including optical connectivity.

Another important driver remains the electrification of the transportation sector. Over the medium to long term, we expect electric vehicles to largely replace vehicles with combustion engines, with electricity replacing petrol as the main source of energy. China shows how quickly this transition can progress. Around 60% of all newly registered buses in the country are already electric, while the figure for city buses is close to 100%. Electrification is also progressing rapidly in commercial vehicles.

In the buildings sector, the planned transition from gas heating to electric heat pumps will also increase electricity demand. Energy-intensive industries that still rely heavily on fossil fuels today are also likely to become increasingly electrified over the medium term.

Finally, humanoid robots are likely to become a very significant driver of electricity demand over the longer term. As these autonomous systems become more widespread and sophisticated, their energy requirements will be critical to their economic viability.

What role do short-term geopolitical developments play for the theme of smart energy?

Geopolitical developments certainly create additional market volatility. The same applies to economic policy decisions involving subsidies, trade restrictions or supply chains for critical raw materials. However, our Fund focuses primarily on companies whose growth is driven by long-term structural trends and which are therefore less dependent on individual policy measures.

Recent developments in the Middle East and their impact on global energy markets have once again highlighted the risks of a high dependence on fossil fuel imports. In Europe, for example, the AccelerateEU initiative aims to reduce dependence on fossil fuels and accelerate investment in clean, domestically produced energy, electrification and energy infrastructure.

For us, it is important that the investment case does not depend on any particular political scenario. The need for a secure, affordable and efficient electricity supply is structural. Geopolitical developments may influence the pace of investment in certain areas, but they also underline the need to expand and diversify global energy supply efficiently.

Clean energy generation makes up only a very small part of the portfolio, while energy efficiency is the largest allocation. Why is that? What do you mean by energy efficiency, and which companies and technologies fall into this area?

Clean Power Generation does indeed account for only a small share of our portfolio today, as we currently see more attractive investment opportunities in other investment clusters. Our investment universe is divided into four clusters: Clean Power Generation, Energy Transmission & Distribution, Energy Conversion & Storage, and Energy Efficiency. This allows us to invest across the entire electrification value chain rather than being limited to individual technologies.

We currently have more than 50% of the portfolio invested in Energy Efficiency. This covers all end markets in which electricity is consumed, with a particular focus on areas where we see the greatest potential for energy savings and innovation. The energy efficiency of data centres is currently a key focus for us. For example, we invest in companies developing new and more efficient power supply architectures for server racks. Optical networking technologies are also becoming increasingly important within AI data centres. As AI clusters grow, ever larger volumes of data need to be transferred between processors, memory and other components efficiently and with minimal delay. Traditional copper connections are increasingly reaching their physical limits. This is supporting a shift towards optical connections, which provide greater bandwidth while also improving energy efficiency. We believe this represents a multi-year investment opportunity.

Energy conversion and storage accounts for around 25% of the portfolio. Which new or particularly promising innovations do you currently see in this area? How do you expect the market to develop?

Within Energy Conversion, we invest in companies that provide power semiconductors used, for example, to convert direct current into alternating current or to adjust voltage levels. These are broadly diversified semiconductor companies serving a wide range of end markets, including IT, automotive, industrial applications and consumer products.

At present, these companies are seeing their strongest growth potential in AI data centres. Even small improvements in efficiency can generate significant energy savings when applied at scale. New semiconductor materials such as silicon carbide and gallium nitride enable faster switching speeds, lower energy losses and more compact systems. We expect the power semiconductor companies in our portfolio to grow revenues by around 10–15% per year over the medium term.

Battery storage systems also remain an important part of ensuring a reliable electricity supply. We continue to expect robust growth in global storage capacity in 2026. Key drivers include growing requirements for grid stability, rising electricity demand from AI data centres, and additional revenue opportunities for storage operators through participation in electricity markets.

The Fund was launched on 30 September 2021 and has since grown to assets under management of almost €800m. How has the portfolio developed over the past five years, and what is your outlook for the next five?

The first five years have confirmed the strength of the underlying drivers of electrification. On the demand side, this has included the rapid growth of AI data centres. At the same time, the trend has continued to receive regulatory support against a backdrop of significant geopolitical change. In such a dynamic environment, our active management approach, based on fundamental analysis and diversification across the entire value chain, has proved very valuable.

Focusing on companies with strong balance sheets, technological leadership and exposure to new structural growth drivers has been critical in navigating volatility while maintaining the Fund’s long-term thematic focus.

Over the next five years, we expect the global trend towards electrification to accelerate further. AI data centres will continue to put significant pressure on power generation capacity and grid infrastructure. The necessary investment in electricity grids and high-performance data networks is likely to remain an important theme for many years. This is particularly the case as the expansion of AI data centres has so far been heavily concentrated in the US, and we expect investment to become increasingly global.

It will also be interesting to see whether nuclear power, which has recently experienced something of a renaissance, can maintain its momentum. Its ability to provide baseload power is well suited to the round-the-clock electricity requirements of data centres. Advanced reactor designs incorporate passive safety systems, while modular solutions could help reduce manufacturing and installation costs over the longer term.

Outside the US, the electrification of transport and buildings will remain important growth drivers, particularly in Europe and Asia. This includes electric vehicles as well as heat pumps and heating, ventilation and air-conditioning systems.

The major unknown is how quickly physical AI – in the form of humanoid robots, autonomous vehicles and other intelligent mobile devices – will develop, and how much additional electricity demand this will create. What is clear is that energy efficiency will be critical to making physical AI products economically competitive.

Given the wide range of growth drivers, our investment universe is likely to become even broader in the future. However, our focus will remain on technology and infrastructure providers that enable the generation, transmission and storage of electricity and, above all, its efficient use across a growing range of end markets.

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Risks:

  • Capital is at risk and there is no guarantee the Fund will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Fund before investing.
  • Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested as there is no guarantee in place.
  • The value of a fund’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Fund’s Prospectus for details of all risks.
  • The fund is exposed to Sustainability risks which are environmental, social and governance factors that could have an actual or potential material negative impact on the value of the Fund and its risk factors.
  • The Fund invests in 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.
  • The Fund invests in a relatively concentrated number of companies and industries based in one sector. This focused strategy can produce high gains but can also lead to significant losses. The Fund may be less diversified than other investment funds.


Important Information
: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell any related securities or financial instruments. Any opinions expressed may change. This document does not contain information material to the investment objectives or financial needs of the recipient. This document is not advice on legal, taxation or investment matters. Tax treatment depends on personal circumstances. Investors must rely on their own examination of the fund or seek advice. Investment may be restricted in other countries and as such, any individual who receives this document must make themselves aware of their respective jurisdiction and observe any restrictions.

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

Investment in the Fund is an investment in the shares of the Fund and not in the underlying investments of the Fund. Further information about fund characteristics and any associated risks can be found in the Fund’s Key Information Document or Key Investor Information Document (“KID” or “KIID”), the Prospectus (and relevant Fund Supplement), the Articles of Association and the Annual and Semi-Annual Reports. Please refer to these documents before making any final investment decisions.  Investment in the Fund concerns shares of the Fund and not in the underlying investments of the Fund. 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 environmental and/or social characteristics and is classified as an Article 9 fund under the EU’s Sustainable Finance Disclosure Regulation (“SFDR”). For more information, please see the Fund Supplement and Prospectus or by visiting www.polarcapital.co.uk.

ESG and sustainability characteristics are further detailed on the investment manager’s websites. - https://www.polarcapital.co.uk/ESG-and-Sustainability/Responsible-Investing/.

A summary of investor rights associated with investment in the Fund can be found here.

This document is provided and approved by both Polar Capital LLP and Polar Capital (Europe) SAS.

Polar Capital LLP is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom, and the Securities and Exchange Commission (“SEC”) in the United States. Polar Capital LLP’s registered address is 16 Palace Street, London, SW1E 5JD, United Kingdom.

Polar Capital (Europe) SAS is authorised and regulated by the Autorité des marchés financiers (AMF) in France. Polar Capital (Europe) SAS’s registered address is 18 Rue de Londres, Paris 75009, France.

Polar Capital LLP is a registered Investment Advisor with the SEC. Polar Capital LLP is the investment manager and promoter of Polar Capital Funds plc – an open-ended investment company with variable capital and with segregated liability between its sub-funds – incorporated in Ireland, authorised by the Central Bank of Ireland and recognised by the FCA. FundRock Management Company (Ireland) Limited acts as management company and is regulated by the Central Bank of Ireland. Registered Address: Percy Exchange, 8/34 Percy Place, Dublin 4, Ireland.

For UK investors: The Fund is recognised in the UK under the Overseas Funds Regime (OFR) but it is not a UK-authorised Fund. UK investors should be aware that they may not be able to refer a complaint against its Management Company or its Depositary to the UK’s Financial Ombudsman Service. Any claims for losses relating to the Management Company or the Depositary will not be covered by the Financial Services Compensation Scheme, in the event that either entity should become unable to meet its liabilities to investors. For information on the complaint process to the Management Company, please see the Country Supplement for this fund available at https://www.polarcapital.co.uk/.

Polar Capital (Switzerland) AG is the investment manager of the Fund and is authorised and regulated by the Swiss Financial Market Supervisory Authority (“FINMA”). Registered address Klausstrasse 4, 8008, Zurich, Switzerland. FundRock Management Company (Ireland) Limited acts as management company and is regulated by the Central Bank of Ireland. Registered Address: Percy Exchange, 8/34 Percy Place, Dublin 4, Ireland.

Benchmark: The Fund is actively managed and uses the MSCI ACWI Net TR Index. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found here. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

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

Country Specific Disclaimers: Please be aware that not every share class of every fund is available in all jurisdictions. 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, Polar Capital Funds PLC or Polar Capital (Switzerland) AG shall be held liable for, and accept no liability for, the use or misuse of this document.