Polen China Growth Fund

  • Active Share


    As of 31-Dec-2023

  • Inception Date


Investment Objective

Our China Growth strategy aims for long-term capital growth through investment in an actively managed portfolio, primarily invested in common stock of companies that have either the predominant part of their assets in, their revenues derived from, or substantial business in, the People’s Republic of China (“PRC”), Hong Kong and/or Taiwan.


Top 10 Holdings (% of Portfolio)
Tencent Holdings Ltd 9.14
AIA Group Ltd 8.26
Hong Kong Exchanges & Clearing Ltd 7.09
BYD Co Ltd 5.00
Shenzhen Inovance Technology Co Ltd 4.87
Haier Smart Home Co Ltd 4.80
Shandong Sinocera Functional Material Co Ltd 4.16
Trip.com Group Ltd 3.67
Hefei Meiya Optoelectronic Technology Inc 3.47
Tencent Music Entertainment Group 3.39
Total 53.85
As of 31-Dec-2023
Portfolio Characteristics
Weighted Average Market Cap $19.20B
Polen Long Term EPS Growth Estimate 15.30%
Net Debt/Equity ex lease -0.20%
P/E Forward (12m) 15.40x
Return on Invested Capital 10.70%
Active Share 83.50%

For the avoidance of doubt, the portfolio characteristics are based on the underlying company attributes of the portfolio. This information along with all other information on the website is not intended to be construed or understood in any way to equate to the expected or projected future performance/returns of the portfolio or any Polen portfolio.

As of 31-Dec-2023

GICS Sector Exposure (% of Portfolio)
Consumer Discretionary 23.36
Financials 17.55
Industrials 13.20
Communication Services 12.52
Consumer Staples 9.79
Information Technology 6.07
Health Care 6.04
Materials 4.16
Utilities 3.03
Real Estate 2.73
Cash 1.55
As of 31-Dec-2023

Fund Information

Fund Details
Liquidity Daily
Launch Date 28-Apr-2023
Number Of Holdings 25-40
Benchmark MSCI China All Shares Index
Management Company Amundi Ireland Ltd. (as of 8 October, 2021)
Custodian CACEIS Investor Services Bank S.A
Investment Manager Distributor Polen Capital Management, LLC
Cut Off 2pm (Irish Time)
Fund Umbrella Polen Capital Investment Funds plc
Registered For Sale Denmark, Estonia, Finland, Iceland, Ireland, Latvia, Lithuania, Norway, Sweden, United Kingdom
UK Reporting Status Yes
Accounting Year End 31-December
SFDR Classification Article 8

This Sub-Fund integrates ESG criteria into its investment process. For full details, please refer to the Pre-Contractual Annex, the Polen Sustainable Investment Policy, and the Polen Capital ESG Policy Statement. The decision of the investor to invest in the promoted Fund should consider all the characteristics or objectives of the Fund.
An investment in the Fund concerns the acquisition of shares in the Fund and not in any underlying asset of the Fund. As a result, shares held in the Fund do not confer any interest or share in any particular part of the assets of the Fund. The value of the investment in the Fund can reduce and increase; therefore, the return on the investment in the Fund will be variable. Income may fluctuate in accordance with market conditions and taxation arrangements.

Please see the Prospectus for further information on the SFDR classification of the Fund.

Risk Indicator

What Are the Risks and What Could I Get in Return?

Risk Scale 6/7

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 6 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level, and poor market conditions will likely impact our capacity to pay you.

Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. Other risks materially relevant to the product which are not taken into account in the summary risk indicator are: operational risk, counterparty risk, and securities risk.

The main risks of the fund are: market risk, sector risk, and equity risk. All investments involve risks. The risk information in this slide is intended to give an idea of the main risks associated with this fund. Any of these risks could negatively impact the value of the fund. Please refer to the Prospectus, the Supplement and Key Investor Information documents available on this website for further information on risks. 

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.

See all fund related documents here

Share Class Details
Shareclass Currency Distribution Policy CUSIP Bloomberg ISIN Investment Management Fee KIID Ongoing Charge*
Institutional USD Acc - POCCGUD IE000GE04GF7 1.00% 1.20%
Institutional GBP Acc - POCCGIA IE0001PT4D81 1.00% 1.20%
Institutional Distribution GBP Dis - POCCGIU IE000HMFZY00 1.00% 1.20%
Institutional Hedged GBP Acc - POCCGIG IE000TNNHTT9 1.00% 1.20%
Institutional Hedged EUR Acc - POCCGIE IE000XB8R4W8 1.00% 1.20%
Institutional Hedged CHF Acc - POCCGIC IE000UZPKXD6 1.00% 1.20%
Retail USD Acc - POCCGDS IE000WDO5IW6 1.75% 1.95%
Retail USD A Acc - POCCGAR IE000RRHXIA6 1.75% 1.95%
Retail USD C Acc - POCCGCR IE00097MEL26 2.00% 2.20%
Retail Hedged GBP Acc - POCCGRG IE0002KPL6I3 1.75% 1.95%
Retail Hedged EUR Acc - POCCGCE IE0003GTI1W1 1.75% 1.95%
Retail Hedged CHF Acc - POCCGRC IE0002E0X9B9 1.75% 1.95%

KIID Ongoing Charge is as of November 30, 2022 and may be higher or lower and where applicable, the KIID Ongoing Charge is equal to the Max Ongoing Charge because such share class has not yet launched. The ongoing charge cap excludes all portfolio transaction charges. Performance for the various share classes will be more or less depending on differences in fees and ongoing charges. Fees, charges and costs may increase or decrease as a result of currency exchange rate fluctuations.

The difference at any one time between the sale and repurchase price of share in the Fund means that the investment should be viewed as medium term to long term. Entry fees charged will lower returns. The ongoing charges figures shown here are based on expenses for the year ending 30 November 2022. 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.

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A summary of information about investors’ rights and collective redress mechanisms can be found in English in the Materials section on this website.

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].

All performance is calculated in U.S. Dollars. +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.

Active Share: Active share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index.    
Alpha: is the excess return of an investment relative to the return of the benchmark.    
Annual Turnover: percentage of the portfolio's holdings that have been replaced in a given year.    
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.    
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.   
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.  
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).    
Upside Capture: is a statistical measure of overall performance relative to a benchmark during rising markets.    
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.    
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.    
SFDR: Sustainable Finance Disclosure Regulation.  
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.  

The MSCI China All Shares Index is a market capitalization weighted equity index that measures the performance of the large and mid-cap segments of Chinese market. 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.

Neither past experience nor the current situation are necessarily accurate guides to future growth in value or rate of return.

The management company of Polen Capital China Growth Fund is Amundi Ireland Limited, 1 George’s Quay Plaza, George’s Quay, Dublin 2, Ireland. Amundi Ireland Limited is authorized and regulated by the Central Bank of Ireland. Please note that the management company may de-notify arrangements made for marketing as regards shares of the fund in a Member State of the EU in respect of which it has made a notification.

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.

Polen Capital Investment Funds Plc 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 shares 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).

The Fund is considered to be actively managed in reference to the MSCI China All Shares 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.

For more product-specific information, please refer to the Sustainable Investing section of the Prospectus available at PolenCapital.com. The Sub-Fund promotes environmental and/or social characteristics and invests in companies which follow good corporate governance practices. Please see the Prospectus and the Pre-Contractual Annex available on the Global Distributor website for further information on the SFDR classification of the fund. The decision of the investor to invest in the promoted fund should consider all the characteristics or objectives of the fund.

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].

The Sub-Fund (or Fund) promotes environmental and/or social characteristics and invests in companies which follow good corporate governance practices. Please see the Prospectus and the Pre-Contractual Annex available on the Global Distributor website for further information on the SFDR classification of the fund. The decision of the investor to invest in the promoted fund should consider all the characteristics or objectives of the fund.

This webpage is a marketing communication. Please see the Prospectus for additional information on the investment policy, objectives, and strategy of the Fund.