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AUM 29.10.2021
To achieve longer term capital growth, without undue risk through diversified investment in equities of companies, or using derivatives to generate exposure to such equities, which are listed on a stock exchange in the European region or of companies that have their registered office, or carry out a predominant portion of their economic activity in the European region.
The Fund seeks to maximise returns by purchasing shares (or financial instruments giving exposure to them) of companies perceived to be undervalued. Conversely, it seeks to generate returns by “shorting” companies perceived to be overvalued. This is achieved through the use of derivatives (financial instruments whose value is linked to the expected future price movements of the underlying assets).
Leonard joined Dalton Strategic Partnership, which was acquired by Polar Capital in 2021, in 2006 to launch the Melchior European Absolute Return Strategy. He started his career as an equity trader for Goldman Sachs in 1998 before moving to GLG in 2003, where he was co-manager of the GLG European Opportunity Fund.
Glen is an analyst with the Melchior European Absolute Return team. He joined from Newton Investment Management where he was lead manager on the Newton Growth and Newton Income funds. Prior to this he spent nine years at Fidelity where he managed the Fidelity UK Aggressive Fund.
Hemant Agrawal joined Polar Capital in 2021 as an analyst on the European team. He started his investment career in 2004 as a European equity analyst with research firm CFRA before moving to the buy-side in 2010. He has subsequently gained experience at Barrington Partners, Fidelity Worldwide Investment and, most recently, Anavon Capital. Before his investing career, Hemant worked in business consulting with American Express as well as a stint as a credit analyst with Mashreq Bank.
Please click on each country to see share class availability
Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Melchior European Absolute Return Fund (the “Fund”) is a sub-fund of Melchior Selected Trust (MST) which is an investment company organised under the laws of the Grand Duchy of Luxembourg as a Société d'Investissement à Capital Variable (SICAV). It is governed by Part I of the 2010 Law and qualifies as a UCITS within the meaning of Article 1 (2) of the UCITS Directive. Polar Capital LLP is the investment manager of the Melchior Selected Trust. Edmond de Rothschild Asset Management (Luxembourg) Registered Office: 4 rue Robert Stumper, L-2557 Luxembourg, act as the management company and is regulated by the Commission de Surveillance du Secteur Financier (“CSSF”). This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.
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 It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor MST 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 be aware that not every sub-fund of MST or share class is available in all jurisdictions.
It is our strong belief that companies generate the most consistent long-term value for shareholders when they consider other stakeholders, whether they are customers, suppliers, employees or the local community and the environment more generally.
That is why we integrate an understanding of environmental, social and governance factors (ESG) throughout our investment process. For us, robust corporate governance is fundamental given that a company’s environmental and social performance often derives from leadership at the top.
Incorporating ESG issues is consistent with the key tenants of the Strategy’s investment philosophy. Since inception in 2006, we have always sought to:
We believe that a falling share price can send a powerful signal to a company’s management to effect a change in strategy, which is why we may occasionally take short positions in companies with poor or deteriorating scores on ESG issues. If this contributes to a weakening share price, then we believe this can act as a signal to a board to improve the company’s behaviour to the benefit of society.
Although we are not activist investors, we believe that engagement and dialogue with executive management is essential to understand their business fully as well as improve their sustainability performance and corporate behaviour. As part of our fundamental analysis, we seek to engage with any company to which we have exposure.
Once we have taken a position in a company, we will aim to maintain an active dialogue with management on ESG issues and raise any concerns with them. If they are not properly addressed, we will review the investment. On the long side, we will generally not invest in companies that are unwilling to engage with us, and regard that as a relevant factor on the short side as well.
We take our proxy voting rights seriously.
In order to implement our voting policy, the Firm uses both ProxyEdge and ISS (an industry lending shareholder service platform).
Please click on each country to see share class availability
Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Melchior European Absolute Return Fund (the “Fund”) is a sub-fund of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.
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 It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor MST 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 be aware that not every sub-fund of MST or share class is available in all jurisdictions.
Invalid Dates
Update chart| Since Launch | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Cumulative | Annualised | |
| EUR Class I1 | 0.18 | 1.12 | -0.76 | -2.98 | 0.09 | -2.72 | -7.91 | 7.37 | 0.61 |
Source: Edmond de Rothschild Asset Management (Luxembourg), monthly percentage growth, EUR and has been calculated to account for the deduction of fees. Fund performance does not take account of any commissions or costs incurred by investors when subscribing for or redeeming shares. The EUR Class I1 was launched on 02 February 2010. 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.
| 12 months to | 29.10.21 | 30.10.20 | 31.10.19 | 31.10.18 | 31.10.17 |
|---|---|---|---|---|---|
| EUR Class I1 | -2.98 | -2.03 | 5.30 | 5.06 | -7.49 |
Please click on each country to see share class availability
Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Melchior European Absolute Return Fund (the “Fund”) is a sub-fund of Melchior Selected Trust (MST) which is an investment company organised under the laws of the Grand Duchy of Luxembourg as a Société d'Investissement à Capital Variable (SICAV). It is governed by Part I of the 2010 Law and qualifies as a UCITS within the meaning of Article 1 (2) of the UCITS Directive. Polar Capital LLP is the investment manager of the Melchior Selected Trust. Edmond de Rothschild Asset Management (Luxembourg) Registered Office: 4 rue Robert Stumper, L-2557 Luxembourg, act as the management company and is regulated by the Commission de Surveillance du Secteur Financier (“CSSF”). This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.
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.
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 It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor MST 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 be aware that not every sub-fund of MST or share class is available in all jurisdictions.
| Sbanken ASA | 4.4 |
| boohoo.com | 3.5 |
| Vivendi SA | 3.4 |
| Nestle | 2.9 |
| Merck KGaA | 2.7 |
| Robertet SA | 2.7 |
| ASML Holding NV | 2.6 |
| ASR Nederland NV | 2.4 |
| Laboratorios Farmaceuticos Rovi | 2.4 |
| FinecoBank Banca Fineco SpA | 2.3 |
| Total |
| Large (> EUR 5bn) | 48.0 | |
| Medium (EUR 1bn to 5bn) | 50.8 | |
| Small (< EUR 1bn) | 1.2 |
| Long | 90.1 |
| Short | -65.2 |
| Gross | 155.4 |
| Net | 24.9 |
| Long | Short | Net | ||
|---|---|---|---|---|
| Financials | 17.0 | 0.0 | 17.0 | |
| Consumer Discretionary | 19.7 | -2.9 | 16.8 | |
| Industrials | 18.9 | -6.1 | 12.8 | |
| Health Care | 13.2 | -0.8 | 12.3 | |
| Consumer Staples | 7.1 | 0.0 | 7.1 | |
| Real Estate | 3.3 | 0.0 | 3.3 | |
| Basic Materials | 3.2 | 0.0 | 3.2 | |
| Utilities | 1.7 | 0.0 | 1.7 | |
| Technology | 4.2 | -4.3 | -0.1 | |
| Futures & Options | 0.0 | -63.1 | -63.1 | |
| Long | Short | Net | ||
|---|---|---|---|---|
| Switzerland | 13.5 | -2.3 | 11.2 | |
| United Kingdom | 14.9 | -4.1 | 10.8 | |
| Spain | 10.3 | 0.0 | 10.3 | |
| Netherlands | 7.9 | -0.6 | 7.3 | |
| France | 7.5 | -1.7 | 5.7 | |
| Norway | 5.2 | 0.0 | 5.2 | |
| Finland | 4.8 | 0.0 | 4.8 | |
| Ireland | 4.3 | 0.0 | 4.3 | |
| Sweden | 2.9 | 0.0 | 2.9 | |
| Portugal | 1.7 | 0.0 | 1.7 | |
| Other | 15.4 | -28.2 | -12.8 | |
| European Futures | 0.0 | -40.4 | -40.4 | |
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
Important Information: This document is provided for the sole use of the intended recipient and is not a financial promotion. Melchior European Absolute Return Fund (the “Fund”) is a sub-fund of Melchior Selected Trust (MST) which is an investment company organised under the laws of the Grand Duchy of Luxembourg as a Société d'Investissement à Capital Variable (SICAV). It is governed by Part I of the 2010 Law and qualifies as a UCITS within the meaning of Article 1 (2) of the UCITS Directive. Polar Capital LLP is the investment manager of the Melchior Selected Trust. Edmond de Rothschild Asset Management (Luxembourg) Registered Office: 4 rue Robert Stumper, L-2557 Luxembourg, act as the management company and is regulated by the Commission de Surveillance du Secteur Financier (“CSSF”). This document has been prepared by Polar Capital for informational purposes only for the sole use of the intended recipient. It does not seek to make any recommendation to buy or sell any particular security (including shares in the Fund) or to adopt any specific investment strategy. This document does not contain information material to an investor’s decision to invest in the Fund. Shares in the Fund are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapital.co.uk. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.
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.
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 It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor MST 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 be aware that not every sub-fund of MST or share class is available in all jurisdictions.
Please click on each country to see share class availability
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 It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor MST 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 be aware that not every sub-fund of MST or share class is available in all jurisdictions.
| Bloomberg | ISIN | SEDOL | Annual Management Fee | ||
|---|---|---|---|---|---|
| EUR Class I1 | MELEUB1 LX | LU0476438642 | B5WG7J8 | 1.50% | - |
| EUR Class L1 | - | LU2085695208 | - | 1.00% | - |
| GBP Class I7 Hedged | MELEURD LX | LU0476439020 | B5VK9P1 | 1.50% | - |
| GBP Class H Hedged | MELEURH LX | LU0572597879 | B592F62 | 1.75% | - |
| GBP Class C Hedged | MELEURC LX | LU0476438998 | - | 2.00% | - |
| JPY Class I3 Hedged | MELEB3H LX | LU0706247375 | B72W4Q6 | 1.50% | - |
| Melchior Selected Trust - Melchior European Absolute Return Fund | 549300YJQTLHX02YJP47 |
| Polar Capital LLP | 4YW3JKTZ3K1II2GVCK15 |
Please click on each country to see share class availability
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 It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor MST 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 be aware that not every sub-fund of MST or share class is available in all jurisdictions.
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