Polar Capital Global Absolute Return Fund

Investment rationale

The fund is designed to seek a positive absolute return over rolling 12-month periods, including in both rising and falling markets, by investing across convertible securities, fixed income securities, company shares and financial derivatives. With a summary risk indicator of 3 out of 7 and a recommended holding period of 5 years, it is positioned as a medium- to long-term investment rather than a short-term cash alternative. It is intended for investors with an informed or experienced level of investment knowledge who can accept the risk of losing some or all of their original investment and who want sustainable characteristics. Its use of global multi-asset exposure, synthetic long and short positions, and potentially significant derivatives exposure makes it a distinct, specialist holding rather than a simple broad-market core allocation.

2026-07-07

How the strategy works

The objective is to achieve a positive absolute return over rolling 12-month periods. The fund invests predominately in a globally diversified portfolio of convertible securities, fixed income securities, company shares and financial derivatives; convertible securities typically embed derivatives and/or leverage, and the convertible and corporate fixed income securities will be rated B- or above by a credit ratings agency or a comparable rating as determined by the fund manager. The fund may be significantly invested in financial derivative instruments, may take synthetic long and short positions, and may use short positions to protect investors’ capital; leverage is not expected to exceed 350% of net asset value. The fund is actively managed and is not managed in reference to a benchmark, the fund currency and share class currency are both USD, there is no intention to pay dividends on this accumulation share class, and the recommended holding period is 5 years.

2026-07-07

Investment philosophy

• The portfolio is built predominantly from a globally diversified set of convertible securities, fixed income securities, company shares and financial derivatives.

• Convertible securities typically include embedded derivatives and/or leverage, and convertible and corporate fixed income holdings must be rated B- or above by a credit ratings agency, or have a comparable rating determined by the fund manager.

• The fund may, at any one time, be significantly invested in financial derivative instruments and can establish synthetic long and short positions.

• Synthetic long and short positions may be used to achieve leverage, which can multiply gains or losses, while synthetic short positions may also be used to protect investors’ capital when required.

• Leverage is not expected to exceed 350% of the fund’s net asset value, and the strategy is run without reference to a benchmark.

2026-07-07

Distinctive features

The fund stands out through its absolute return objective over rolling 12-month periods and its ability to aim for positive returns in both rising and falling markets. It combines globally diversified exposure across convertible securities, fixed income securities, equities and derivatives, rather than relying on a single asset class. Its toolkit includes synthetic long and short positions and the ability to use short exposure to protect capital, while leverage is not expected to exceed 350% of net asset value. It also promotes environmental and/or social characteristics and is classified as an Article 8 fund under the EU Sustainable Finance Disclosure Regulation.

2026-07-07

Risks

The fund has a summary risk indicator of 3 out of 7, a medium-low risk class, but it does not provide capital protection and investors could lose some or all of their investment. Market risk is present because returns depend on future market performance and the objective of positive returns over rolling 12-month periods is not guaranteed. Derivatives and leverage risk are material because the fund may be significantly invested in financial derivative instruments, may use synthetic long and short positions, and leverage can multiply gains or losses, with expected leverage not to exceed 350% of net asset value. Credit risk is relevant because the strategy invests in convertible securities and corporate fixed income securities, though these are limited to B- or above or comparable as determined by the fund manager; currency risk also applies where an investor’s own currency differs from USD, and there is no compensation scheme if the fund is terminated or wound up.

2026-07-07

Asset manager

The management company is FundRock Management Company (Ireland) Limited, which is the PRIIP manufacturer and is authorised in Ireland and regulated by the Central Bank of Ireland. The investment manager is Polar Capital LLP, identified as the product manufacturer, and it is authorised in the UK and regulated by the Financial Conduct Authority. The fund itself is a sub-fund of Polar Capital Funds plc, an umbrella-type open-ended investment company with variable capital and segregated liability between funds, incorporated in Ireland. Northern Trust International Fund Administration Services (Ireland) Limited is the administrator and Northern Trust Fiduciary Services (Ireland) Limited is the depositary, both based in Dublin.

2026-07-07