The Fund’s investment objective is to generate both income and long term capital growth by investing in a diversified portfolio of securities, primarily in the global convertible market.
- Target asymmetric, risk-adjusted returns
- Invest globally, geography and benchmark agnostic
- Clear focus on limiting drawdowns and identifying re-rating catalysts
- Maintain portfolio liquidity
The Fund Manager targets superior risk-adjusted returns based on extensive fundamental research and convertible bond analysis. The Fund has a focus on downside protection, income generation, and balanced upside equity participation.
Investment decisions rely heavily upon fundamental credit and equity research, using both quantitative analysis (Convertible bond modelling, company balance sheet & income statement analysis and peer group analysis) and qualitative analysis (Third party research, management meetings and review of economic fundamentals and sector trends).
- Team of 5 sector specialists based in London and Connecticut
- The team has 100+ years of combined industry experience
- Typically 50‑80 positions with geographic and sector diversification
- Fundamentally-driven convertible analysis. No benchmark constraints
- Ability to hedge interest rates
FE Crown Fund Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. All rights reserved.
Fund Managers & Analysts
Jake Collins, CFA
David joined Polar Capital in October 2010 to establish the global convertibles team and is co-manager of the Global Convertible Fund.
David began his career at Salomon Brothers International in London and New York. In 1987 he joined BNP-Baii, then the leading London convertible house, to become a convertible bond portfolio manager. In 1996 he moved to take a more senior role at Schroders, within the convertible bond sales, trading and origination team. Following the sale of the investment banking division of Schroders to Citigroup in 2000, he was asked to co-form the Citi/Schroder convertible hedge team which, as a part of the Citi CB team became the No1-ranked convertible origination and trading team in London. Two years later he returned to the buy side and managed the Zelengora Capital (Paloma) European convertible bond portfolio before, in 2004 establishing and managing the ORN Capital convertible bond fund. In 2006 he joined New York-based hedge fund Vicis Capital to establish and manage their international convertible portfolio and develop their London business. From August 2007, David led Vicis Capital (UK) as co-CEO, which at its peak had AUM of $5.8bn.
- BSc (Hons) in Civil Engineering, University of Glasgow
- Fellow of the Chartered Institute for Securities and Investment
- 33 years
Stephen joined Polar Capital in October 2010 and is co-manager of the Global Convertible Fund.
Prior to moving into convertible trading, Stephen was a research analyst at Tucker Anthony. In 1993 he became a partner in Forum Capital Markets, eventually joining Paine Webber in 1994 where he went on to manage their convertible department until 1998. He was a senior member of the convertible sales team at Morgan Stanley before establishing and managing Valmiki Capital Management in 2005. The following year, he moved to Moore Capital where he, as a member of a three-person team, managed a $1bn global long/short equity portfolio before joining Vicis Capital to manage the US convertible bond portfolio in 2008.
- BSc in Finance, Providence College, Rhode Island
- 33 years
David joined Polar Capital in 2011 and leads the credit and convertible bond research for the Global Convertible Fund.
David began his career at Barclays Capital in London where he set up and ran their US convertible bond proprietary trading book. Here, in addition to trading and managing the portfolio, David was also in charge of all US-based proprietary convertible research. In 2007 he moved to CQS, then a US$7bn multi-asset hedge fund, to co-run their US convertible bond positions. David has also interned as an economic researcher for the United Nations in their Department of Economic and Social Affairs where, during his time, he authored a report on fostering equity market development in emerging economies as part of the agency’s ‘Financing for Development’ initiative.
- BA (magna cum laude) in Economics, Bowdoin College, Maine MA in International Economic Policy, Columbia University MBA, Columbia University
- 16 years
Uttkarsh joined Polar Capital in 2016 as an experienced convertible bond professional having spent over 20 years managing capital and risk, driving markets and building investment related businesses.
Uttkarsh partnered with Greenway Capital to formulate cross-capital structure investment processes and develop the necessary fund related infrastructure. Prior to joining Greenway Capital, Uttkarsh managed $1billion plus convertible bond portfolios and built market-making desks with principal capacity for Tier 1 Investment banks.
- BSc in Computer Science, Finance and Information Systems, Boston College
- Passed CFA Level II
- 20 years
Jake Collins, CFA
Jake joined Polar Capital in 2013 having completed a two month internship with the team during the summer.
During his internship, Jake created a detailed hypothetical track record in preparation of the launch of the UCITS Global Convertible Fund. Since joining, he spends most of his time undertaking fundamental credit, convertible and equity research across all regions and sectors.
- BSc (1st Class Hons) in Mathematics, University of Durham MSc (Merit) in Finance and Investment, University of Durham
- CFA Charterholder
- 5 years
Cumulative Performance (%)
|US$ Class I Acc||-1.56||0.53||6.08||-0.90||14.42||12.86||-||32.50||4.80|
Discrete Annual Performance (%)
Top 5 Positions (Net Exposure by LMV) (%)
|Elm Bv (Swiss Re) 3.25% 06/2024||4.2|
|CSG Systems Internationa 4.25% 03/2036||4.0|
|Dermira Inc 3% 05/2022||2.9|
|BASF 0.925% 03/2023||2.7|
|UniCredit/Aabar Investments 0.5% 2020||2.7|
Leverage (LMV/AUM) 90.55%
Market Cap Underlying Stocks (%)
|Medium (US$500m to 5bn)||32.8|
|0 to 3 Years||29.0|
|3 to 5 Years||35.5|
|5 to 7 Years||20.1|
|7 to 10 Years||4.3|
|10 to 20 Years||6.6|