Performance
Qtr | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception | |
---|---|---|---|---|---|---|---|
Class I Income Net | 4.99 | 9.65 | 14.25 | 1.95 | 6.29 | 8.31 | 7.83 |
MSCI AC Asia Pacific ex Japan | 6.11 | 9.38 | 13.72 | -1.53 | 4.08 | 7.27 | 6.71 |
2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Class I Income Net | 7.46 | -6.72 | 5.24 | 13.44 | 13.42 | -8.33 | 16.70 | 33.23 | -3.28 | 7.28 | 8.74 | 7.03 |
MSCI AC Asia Pacific ex Japan | 1.33 | -7.05 | -2.05 | 18.68 | 14.68 | -8.63 | 25.11 | 27.39 | -4.18 | 9.21 | 1.48 | 4.89 |
All performance is calculated in GBP. For Financial Professional Use Only. The figures shown relate to past performance. Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up, and investors may not get back the original amount invested. The Fund was previously managed by Somerset Capital Management; Polen Capital UK LLP were appointed as sub-advisers for the Fund with effect from 1st February 2024. The Portfolio Managers also joined Polen Capital UK LLP, on 1st February 2024. The Portfolio Managers have been managing the Fund since inception. There is a risk of an investor losing all or part of their investment in the Fund. Current performance may be lower or higher. Periods over one-year are annualised. Performance figures shown are net of fees for the GBP Class I Income unit class, which carry an annual investment management fee of 0.75%, with an annual Ongoing Charge based on the financial year ending 31 December of 1.00%. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units. Additional benchmark information is available at the end of the page.
Class I Income Net | MSCI AC Asia Pacific ex Japan | |
---|---|---|
Alpha | 1.62 | - |
Beta | 0.92 | 1.00 |
Sharpe Ratio | 0.49 | 0.39 |
Upside Capture | 92.98% | - |
Downside Capture | 86.80% | - |
Information Ratio | 0.24 | - |
Standard Deviation | 13.50% | 13.64% |
*Since inception. As of 30-Jun-2024. All performance is calculated in GBP.
*Since inception. As of 30-Jun-2024. All performance is calculated in GBP.
All performance is calculated in GBP. For Financial Professional Use Only. The figures shown relate to past performance. Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up, and investors may not get back the original amount invested. The chart pictured above depicts how an investment of £10,000 would have grown from inception to current quarter-end based on the actual performance of the strategy over the same period.
Portfolio
Taiwan Semiconductor Manufacturing Co Ltd | 6.94 |
---|---|
Lotes Co Ltd | 6.10 |
CNOOC Ltd | 5.33 |
KB Financial Group Inc | 4.38 |
ASE Technology Holding Co Ltd | 4.15 |
Samsung Electronics Co Ltd | 3.62 |
HCL Technologies Ltd | 3.24 |
SITC International Holdings Co Ltd | 3.17 |
Weichai Power Co Ltd | 2.76 |
Sieyuan Electric Co Ltd | 2.60 |
Total | 42.29 |
As of 30-Jun-2024.
Holdings are subject to change. The top holdings, as well as other data, are as of the period indicated and should not be considered a recommendation to purchase, hold, or sell any particular security. There is no assurance that any of the securities noted will remain in a portfolio at the time you view this webpage. It should not be assumed that any of the holdings discussed were or will prove to be profitable or that the investment recommendations or decisions we make in the future will be profitable. For a complete list of all securities held in this Fund in the prior year, contact [email protected].
Weighted Average Market Cap | $20.10B |
---|---|
Polen Long Term EPS Growth Estimate | 13.60% |
Net Debt/Equity ex lease | 0.10% |
P/E Forward (12m) | 11.30x |
Return on Invested Capital | 10.10% |
Active Share | 83.40% |
As of 30-Jun-2024.
In an effort to avoid distorting aggregate portfolio characteristics, the weighted average portfolio calculations exclude an individual financial ratio that has a negative denominator or an outlier value (e.g., greater than 100x or 100%, less than 0%) which we view as not representative of the ongoing underlying economics of the business, likely due to transitory issues or GAAP accounting limitations. Additional information is available upon request.
Information Technology | 32.39 |
---|---|
Industrials | 21.71 |
Financials | 13.81 |
Consumer Discretionary | 8.68 |
Energy | 6.64 |
Materials | 4.90 |
Real Estate | 3.33 |
Health Care | 3.13 |
Communication Services | 3.10 |
Cash | 2.32 |
As of 30-Jun-2024. Source: Bloomberg, GICS (Global Industry Classification Standard). For the avoidance of doubt the portfolio characteristics are based on the underlying assets of the Fund. This information along with all other information in the Fund is not intended to be construed or understood in any way to equate to the expected or projected future performance/returns of the Fund. The Investment Manager may at any time determine to divest from some or all of the holdings in the Fund and invest in other assets. The information contained is not a guarantee or indication of the future performance/returns of the Fund. As a result, there is a risk of an investor losing all or part of their investment in the Fund.
Fund Information
Liquidity | Daily |
---|---|
Launch Date | 05-03-2012 |
Number Of Holdings | 40-60 |
Benchmark | MSCI AC Asia Pacific ex Japan |
Management Company | Apex Fundrock Ltd. |
Custodian | Northern Trust Investor Services Limited |
Investment Manager / Distributor | Polen Capital UK LLP |
Dealing Hours | 8:30 – 4:30 (GMT) |
Accounting Year-End | 31 December |
An investment in the Fund concerns the acquisition of units in the Fund and not in any underlying asset of the Fund. As a result, units held in the Fund do not confer any interest or unit in any particular part of the assets of the Fund. The value of the investment in the Fund can reduce as well as increase and, therefore, the return onthe investment in the Fund will be variable. Income may fluctuate in accordance with market conditions and taxation arrangements. This material does not constitute a recommendation or advice by Polen Capital UK LLP of any kind.
Risk Indicator
What Are the Risks and What Could I Get in Return?
![Risk Scale 5/7](/sites/default/files/styles/1600_wide/public/2023-09/UCITS-Risk-Scale-5.png?itok=ZTn_u-Of)
The risk indicator assumes you keep the product for five years.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium to high-risk class. This rates the potential losses from future performance at a medium to high level, and poor market conditions will likely impact our capacity to pay you. Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases.
Main risks materially relevant to the product that are not taken into account in the summary risk indicator relate to: Effects of Initial Fund Charge or Redemption Charge, Suspension of Dealings in Units, Charges Taken from Capital, Equity Investments Volatility, Exchange Rates, Income Fluctuation, Cancellation Rights, Liquidity, Inflation, Securities Lending and Security Financing Transactions Risks, Derivatives Use, Cyber Security, Pandemics and Public Health Issues, and Political Risks. Please refer to the Prospectus, the Supplement and Key Investor Information documents available on this website for further information on risks.
This information pertains to the Class I Income GBP (ISIN: GB00B7BZB324) and it may differ from other unit classes.
For more information about fees and expenses related to the fund, please see the section entitled “Fees and Expenses” in the Prospectus, the Supplement and Key Investor Information documents available on this website.
Unit Class | Currency | Distribution Policy | CUSIP | Bloomberg | ISIN | Investment Management Fee | KIID Ongoing Charge* | Minimum Investment |
---|---|---|---|---|---|---|---|---|
Institutional | USD | Acc | - | - | GB00BRRF0X96 | 0.75% | 1.00% | $5 mil. |
Institutional | USD | Dist | - | - | GB00BRRF0Y04 | 0.75% | 1.00% | $5 mil. |
Institutional | GBP | Inc | - | LIOAIII LN | GB00B7BZB324 | 0.75% | 1.00% | £5 mil. |
Institutional | GBP | Acc | - | - | GB00BNBQW452 | 0.75% | 1.00% | £5 mil. |
Investor | USD R | Inc | - | LIOAIRI LN | GB00B7GXM507 | 1.50% | 1.00% | $1,000 |
Investor | GBP A | Inc | - | LIOAIAI LN | GB00B6RLLV55 | 1.00% | 1.25% | £1,000 |
For Financial Professional Use Only. The difference at any one time between the sale and repurchase price of units in the Fund means that the investment should be viewed as medium to long term. Entry fees charged will lower returns. The ongoing charges figures shown here are based on expenses for the year ending 31st December 2023. This figure may vary from year-to-year and the Fund's annual report for each financial year will include details on the exact charges made. It excludes all portfolio transaction charges and performance fees. Please consult the Prospectus for a comprehensive explanation of all fees. As noted in the Fund Prospectus, the trust is dual priced and the value of the property of the Fund shall be determined in accordance with the Financial Conduct Authority Rules.
Materials
Prospectus & Related Documents
Polen Capital UK Limited Liability Partnership is registered in England with company number OC428634 and has its registered office at 1st Floor Offices, 15 – 18 Austin Friars, EC2N 2HE, United Kingdom. Polen Capital UK LLP is authorised and regulated in the United Kingdom by the Financial Conduct Authority (the “FCA”) in the conduct of its investment business, under reference number 925147. You can check this information on the FCA Register by visiting www.fca.org.uk/register. The FCA can also be contacted at 12 Endeavour Square, London, E20 1JN.
Polen Capital UK LLP is registered with the UK Information Commissioner’s Office as Data Controllers and endeavour to follow all the guidelines and rules set out in the General Data Protection Regulation (GDPR).
The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren’t able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk.
All performance data on this page are in GBP currency. Changes in exchange rates may have an adverse effect on the value, price, or income of the product. Whilst the Company aims to ensure the accuracy of the data contained in the page, it is provided for information purposes only. It should not be relied on as the basis for making an investment decision.
Past performance is no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units.
The MSCI AC Asia ex Japan Index is a benchmark representing Asia regional (excluding Japan) equity market performance. The index is maintained by Morgan Stanley Capital International. The volatility and other material characteristics of the indices referenced may be materially different from the performance achieved by an individual investor. In addition, an investor’s holdings may be materially different from those within the index. Indices are unmanaged and one cannot invest directly in an index. The performance of an index does not reflect any transaction costs, management fees, or taxes.
Definitions:
Alpha: is the excess return of an investment relative to the return of the benchmark.
Beta: the measure of systemic risk of a portfolio in comparison to the market as a whole.
Downside Capture: is a statistical measure of overall performance relative to a benchmark during declining markets.
Information Ratio: a measurement of portfolio returns relative to a given benchmark.
Sharpe Ratio: a ratio of the return on an investment relative to its risk.
Standard Deviation: measurement of the dispersion or volatility of investment returns relative to its mean or average.
Upside Capture: is a statistical measure of overall performance relative to a benchmark during rising markets.
Active Share: Active share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index.
GICS Sectors: The Global Industry Classification Standard (GICS) is a system for categorizing every public company by economic sector and industry group.
P/E Forward: denotes the weighted harmonic average of all the P/E’s of the securities in the fund’s portfolio.
Polen Long Term EPS Growth Estimate: a Polen Capital estimate of projected long-term earnings growth rates (Earnings Growth is not a measure of future performance).
Net Debt/Equity ex Lease: is a measure of a company's financial leverage calculated by dividing its net liabilities by stockholders' equity, excluding leases.
Return on Invested Capital: assesses a company’s efficiency at allocating the capital and is measured by operating profit after taxes divided by investment capital.
Risk-Adjusted Return: a calculation of the profit or potential profit from an investment that considers the degree of risk that must be accepted in order to achieve it.
Weighted Average Market Cap: a weighted average of the price of each security multiplied by the number of shares outstanding all the securities in the portfolio.
Risk factors you should consider before investing: The value of investments and any income will fluctuate and investors may not get back the full amount invested. Where the Fund’s Investment Manager has expressed views and opinions in this fact sheet, these may change. Changes in exchange rates may have an adverse effect on the value, price, or income of the product. Whilst the Company aims to ensure the accuracy of the data contained in the factsheet, it is provided for information purposes only. It should not be relied on as the basis for making an investment decision. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing as described in the Company’s Prospectus.
The Fund invests in foreign markets which involve risks such as social and political instability, market illiquidity, currency fluctuations and limited regulation. Additionally, investing in emerging market countries may be less liquid and more volatile than securities markets in more developed markets or in companies that are less well-established and substantially smaller. These companies may often experience significant price volatility and potential lack of liquidity due to low trading volume of their securities. Substantial risks are involved in trading in OTC markets and there is no guarantee that the Fund will be able to realize the fair value of such securities due to their tendency to have limited liquidity and comparatively high price volatility. Investments in financial derivative instruments including futures, forward contracts and options may be highly volatile and have limited liquidity which could result in major losses to the Fund. Certain derivative instruments in which the Fund may invest are foreign exchange rate sensitive and could amplify risks.
The Fund is considered to be actively managed in reference to the MSCI AC Asia Pacific ex Japan Index (the “Benchmark”) by virtue of the fact that it uses the Benchmark for performance comparison purposes. Certain of the Fund’s securities may be components of and may have similar weightings to the Benchmark. However, the Benchmark is not used to define the portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmark.
None of the shares may be offered or sold in the U.S. or to any U.S. person (as such term is defined in Rule 902(k) under the Securities Act).
UK Investors: Investors should read the prospectus, key investor information document, the memorandum and articles of association as well as the annual and semi-annual reports of the Company before investing, copies of which are available free of charge from the fund’s UK Facilities Agent, Polen Capital UK LLP, 1st Floor, 15-18 Austin Friars, London EC2N 2HE, United Kingdom, Tel: 442080570457, email: [email protected].
This webpage is a marketing communication. Please see the Prospectus for additional information on the investment policy, objectives, and strategy of the Fund.
The management company of MI Polen Capital Asia Income Fund is Apex Fundrock Ltd, Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY, United Kingdom. Apex Fundrock Ltd is authorised and regulated by the Financial Conduct Authority. Please note that the management company may de-notify arrangements made for marketing as regards units of the Fund in a Member State of the EU in respect of which it has made a notification.
Apex Fundrock Ltd has not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended (1933 Act). No units may be offered or sold, directly or indirectly in the United States or to any U.S. person unless the securities are registered under the 1933 Act, or an exemption from the registration requirements of the 1933 Act is available. A “U.S. person” is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business. In the United States, this material may be distributed only to a person who is a “distributor,” or who is not a “U.S. person,” as defined by Regulation S under the U.S. Securities Act of 1933 (as amended).
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