The Fund’s investment objective is to deliver strong long term risk adjusted returns to achieve both income and capital growth by investing in securities of issuers that are incorporated, have their headquarters, or exercise a significant part (greater than 20%) of their economic activities in European markets/countries.
The Fund Manager’s investment philosophy is based on taking advantage of entrenched behavioural inefficiencies. The team views time horizon to be the key source of market inefficiency. This is driven by two key factors – an excessive focus on short-term noise and failure to properly value the duration of excess returns and profits.
The investment approach is to invest in good companies that are out of favour for short-term reasons. Competition for capital is key within the concentrated portfolio approach. There are few truly mispriced stocks – these must be identified and held with conviction. The team only own stocks they view as attractive.
- Clear investment philosophy focused on compounding power of dividend yield and growth
- Typically 30‑50 positions
- Disciplined, consistent, transparent and repeatable investment process
- Bottom up stock selection with long term horizon
Fund Manager & Analysts
Nick Davis, CFA
Nick Davis, CFA
Nick joined Polar Capital in September 2014 to set up the European Income team.
Prior to this, he was with Threadneedle where he managed the Threadneedle European Fund and Pan European Equity Dividend Fund, both of which were top quartile performers since inception. Nick was also deputy fund manager of the Threadneedle European Select Fund. Previously, he was a sell-side analyst at Sanford Bernstein and a chartered accountant with Deloitte.
- BA (Hons) in Economics with French, University of Durham
- Member of the Institute of Chartered Accountants in England and Wales. Investment Management Certificate (IMC) and CFA charterholder
- 11 years
Daniel joined Polar Capital in June 2013. He works as an equity analyst with the European Income team and has passed CFA level III.
- BSc (Joint Hons) in Computer Science and Management, University of Nottingham MSc in Accounting and Finance, London School of Economics and Political Science
- Currently studying for the Chartered Alternative Investment Analyst (CAIA), Passed CFA Level III
- 5 years
Raniyah joined Polar Capital in May 2018. She works as an analyst with the European Income team.
- BA Hons (First Class) from Trinity College, University of Cambridge
- Currently studying towards CFA level I
Cumulative Performance (%)
|EUR Class I Acc||-2.80||-4.56||-3.49||-3.49||3.58||-||-||21.50||4.99|
Discrete Annual Performance (%)
Top 10 Positions (%)
|Royal Dutch Shell||4.3|
|British American Tobacco||3.6|
Market Capitalisation Exposure (%)
|Medium (€3 to 10bn)||11.9|
Fact Sheet History
Tax & Distribution Reporting
Report & Accounts