Total return: distributions reinvested. In USD, the currency of the share class shown. Fund history to 28.09.2026. Benchmark history to 28.09.2026. Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
1M
3M
6M
YTD
2025
2024
2023
1Y
3Y
5Y
Volatility
Sharpe R.
Max DD
FundISIN IE00BDTYJF13, currency USD, retail share class
0.63
0.11
1.05
3.96
15.92
9.13
4.35
9.34
11.35
7.10
4.81
1.32
-2.30
BenchmarkUSD 3-month deposit + 4%
0.65
1.94
3.92
5.22
8.59
9.60
9.42
8.09
8.91
8.00
–
–
–
Differencefund minus benchmark, in percentage points
-0.02
-1.83
-2.87
-1.25
7.33
-0.47
-5.07
1.25
2.44
-0.90
–
–
–
Within the list: OpenList — Alternatives
Compared with the alternative funds on OpenList — Alternatives (25 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
This fund
Group median
Position
Return 1Y
9.34
9.40
14 of 25
Return 3Y p.a.
11.35
11.35
13 of 25
3Y p.a. over its own benchmark
2.44
2.46
14 of 25
Volatility 3Y
4.81
5.42
10 of 25
Sharpe ratio 3Y
1.32
1.34
15 of 25
Max drawdown 3Y
-2.30
-3.40
7 of 25
Management fee
0.75%
1.01%
6 of 23 (2 without a value)
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
WSP commentary
Draft commentary, machine-generated from the fund's key information document (PRIIPs) dated 07.07.2026, not yet reviewed by WSP.
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.
Investment strategy
The stated 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.
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.
• Risk limits disclosed in the document include an expectation that leverage will not exceed 350% of the fund’s net asset value, and the strategy is run without reference to a benchmark.
The 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. The document also names Northern Trust International Fund Administration Services (Ireland) Limited as administrator and Northern Trust Fiduciary Services (Ireland) Limited as depositary, both based in Dublin.
Strengths
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, alongside an expected leverage cap of 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.
Risks
The fund has a summary risk indicator of 3 out of 7, described as 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.
WSP report
Ask WSP which research is available for this fund and what it covers.
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years. Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle – means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero. Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's key information document (PRIIPs) dated 07.07.2026, not yet reviewed by WSP.
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.
Investment strategy
The stated 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.
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.
• Risk limits disclosed in the document include an expectation that leverage will not exceed 350% of the fund’s net asset value, and the strategy is run without reference to a benchmark.
The 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. The document also names Northern Trust International Fund Administration Services (Ireland) Limited as administrator and Northern Trust Fiduciary Services (Ireland) Limited as depositary, both based in Dublin.
Strengths
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, alongside an expected leverage cap of 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.
Risks
The fund has a summary risk indicator of 3 out of 7, described as 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.