UCITS

Polen Emerging Markets Growth Fund

  • Inception Date

    30-Nov-2022

Investment Objective

Our Emerging Markets Growth strategy seeks to achieve long-term growth by building a concentrated portfolio of outstanding businesses with competitive advantages and the potential for sustained growth.

Performance

Performance (%)
1 Mo Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Institutional Class (Net) -1.51 0.70 0.70 5.87 - - - 6.04
MSCI Emerging Markets* 0.63 2.93 2.93 2.82 - - - 9.07
Performance (%)
2024 2023
Institutional Class (Net) 3.42 11.59
MSCI Emerging Markets (Net) 3.56 20.03

The performance data quoted represents past performance, does not guarantee future results, and there is a risk of an investor losing all or part of their investment in the Fund. Current performance may be lower or higher. Periods over one-year are annualized. Performance figures shown are net of fees for the USD I share class (Institutional), which carry an annual investment management fee of 1.20%, with an annual Ongoing Charge based on the financial year ending 31 December, 2023 of 1.20%. The performance data is net of fees and does not take account of the commissions and costs incurred on the issue and redemption of units. Additional benchmark information is available at the end of the page.

Inception: 30 November, 2022. The performance data quoted represents past performance, does not guarantee future results, and there is a risk of an investor losing all or part of their investment in the Fund. Current performance may be lower or higher. Periods over one year are annualized. Performance figures shown are net of fees for the USD I share class (Institutional), which carry an annual investment management fee of 1.20%, with an annual Ongoing Charge based on the financial year ending 31 December, 2023 of 1.20%. The performance data is net of fees and does not take account of the commissions and costs incurred on the issue and redemption of units. Additional benchmark information is available below.

*The Benchmark for the Fund changed on 24 January 2025 from the MSCI Emerging Markets ex-China Index to the MSCI Emerging Markets Index. As a result, the past performance of the Share Class shown for all periods (i) prior to 24 January 2025 is as against the old Benchmark and (ii) after 24 January 2025 is as against the new Benchmark.

Portfolio Statistics*
As of 31-Mar-2025
Polen Capital Emerging Markets Growth UCITS MSCI EM ex China MSCI EM Custom Index
Alpha -2.62 -
Beta 0.89 1.00
Sharpe Ratio 0.06 0.29
Upside Capture Ratio 78.53 100.00
Downside Capture Ratio 91.53 100.00
Information Ratio -0.44 -
Standard Deviation 13.63% 13.24%
*Since inception

Morningstar

Morningstar Sustainability Rating™ out of 1,782 Global Emerging Markets Equity funds as of 2025-02-28. Based on 94.75% of AUM. Data is based on long positions only.

The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Polen Capital compensates Morningstar with a subscription fee that enables Polen Capital to access Morningstar databases; however, Polen Capital does not specifically pay Morningstar to obtain the ratings set forth above. Global Emerging Markets Equity Category: The portfolios invest predominantly in equities of companies based across the Global Emerging region.

Polen Capital compensates Morningstar with a subscription fee that enables Polen Capital to access the Morningstar database; however, Polen Capital does not specifically pay Morningstar to obtain the ratings noted.

Portfolio

Top 10 Holdings (% of Portfolio)
As of 03-31-2025
Tencent Music Entertainment Group 6.68
Taiwan Semiconductor Manufacturing Co Ltd 6.30
Prosus NV 5.42
HDFC Bank Ltd 4.73
Dino Polska SA 4.13
InPost SA 3.80
PDD Holdings Inc 3.79
NetEase Inc 3.74
E Ink Holdings Inc 3.39
ANTA Sports Products Ltd 3.30
Total 45.28
Portfolio Characteristics
As of 03-31-2025
Weighted Average Market Cap $32.20B
Polen Long Term EPS Growth Estimate 18.20%
Net Debt/Equity ex lease 0.30%
P/E Forward (12m) 16.90x
Return on Invested Capital 15.20%
Active Share 84.40%

For the avoidance of doubt the portfolio characteristics are based on the underlying assets of the Fund. This information along with all other information provided is not intended to be construed or understood in any way to equate to the expected or projected future performance/returns of the Fund. The Investment Manager may at any time determine to divest from some or all of the holdings in the Fund and invest in other assets. The information contained herein is not a guarantee or indication of the future performance/returns of the Fund. As a result, there is a risk of an investor losing all or part of their investment in the Fund.

GICS Sector Exposure (% of Portfolio)
Consumer Discretionary 28.92
Financials 19.46
Information Technology 19.23
Industrials 11.46
Communication Services 10.42
Consumer Staples 5.65
Health Care 1.99
Energy 1.49
Cash 1.39
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by Polen Capital Management, LLC. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Fund Information

Fund Details
Liquidity Daily
Launch Date 30-11-2022
Number Of Holdings 25-40
Benchmark MSCI Emerging Markets (Net)
Management Company Amundi Ireland Ltd. (As of 30 November, 2022)
Custodian The Bank of New York Mellon SA/NV, Dublin Branch
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
Recomended Holding Period 5 Years
Performance Fees None

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?

Image
Risk Scale 4/7

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 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level, and poor market conditions could 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.

Main 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. Pease refer to the Prospectus and the PRIIPS KID  for further information on risks.

This information pertains to the USD Institutional Class (ISIN: IE0002R6ZAT2) and it may differ from other shareclasses. 

See all fund documents and resources

Share Class Details
Shareclass Currency Distribution Policy CUSIP Bloomberg ISIN Investment Management Fee KIID Ongoing Charge* Minimum Investment (USD)
Institutional USD Acc G7154S134 P0EMMUSI IE0002R6ZAT2 1.00% 1.20% -
Institutional GBP Acc P0EMGPI IE000VB8VJS2 1.00% 1.20% -
Institutional GBP UH Acc P0EMGBI IE000VY7KEP7 1.00% 1.20% -
Institutional EUR Acc IE00074ZAHN0 1.00% 1.20% -
Institutional CHF Acc P0EMGCH IE000YSWRWC8 1.00% 1.20% -
Institutional GBP UH Dist Inc P0EMGP0 IE0008CKCHT7 1.00% 1.20% -
Investor USD Acc G7154S233 P0EMMUSR IE000JG3I083 1.75% 1.95% -
Investor USD C Acc G7154S241 P0EMMCR IE000973WE94 2.00% 2.20% -
Investor GBP Acc P0EMGGB IE000DLA4TX3 1.75% 1.95% -
Investor EUR Acc P0EMGEU IE000RBM5XJ3 1.75% 1.95% -
Investor CHF Acc P0EMCHI IE0002YHMKR7 1.75% 1.95% -
Investor USD A3 Acc G7154S241 P0ENGAR IE000NW4CNT6 1.75% 1.95% -

Minimum investment: U.S.$250,000 for institutional shares, U.S.$1,000 for investor shares (or foreign currency equivalent). KID Ongoing Charge is as of December 31, 2024 and may be higher or lower and where applicable, the KID Ongoing Charge is equal to the Max Ongoing Charge because such share class has not yet launched. USD A shares carry an entry charge of up to 5%. All other shares have no entry charge. 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 31 December 2023. 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.

Portfolio Management

Materials

All documents & resources

Learn more about Polen's Emerging Markets Growth Strategies.

*Effective 24 January, 2025, the Polen Emerging Markets ex-China Growth Fund has been renamed the Polen Emerging Markets Growth Fund. The investment strategy was updated to include exposure to Chinese companies as part of its investment universe. In line with this update, the Fund’s benchmark has been changed from the MSCI Emerging Markets ex-China Index to the MSCI Emerging Markets Index, as we believe this better reflects the Fund’s new investment approach and opportunity set. These updates aim to broaden the Fund’s emerging markets investment opportunity set while maintaining its commitment to investing in high-quality, growth-oriented companies. For additional details, please refer to the Fund’s updated prospectus.

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

Amounts shown are expressed in USD unless otherwise indicated. All performance data is shown USD currency. 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.

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.

The MSCI Emerging Markets Index is a market capitalization weighted equity index that measures the performance of the large and mid-cap segments across emerging market countries. The index is maintained by Morgan Stanley Capital International. It is impossible to invest directly in an index. The performance of an index does not reflect any transaction costs, management fees, or taxes.

Alpha: is the excess return of an investment relative to the return of the benchmark.       
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.       
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.       
Upside Capture: is a statistical measure of overall performance relative to a benchmark during rising markets.  

Active Share: Active share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index.       
Annual Turnover: percentage of the portfolio's holdings that have been replaced in a given year.       
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.       
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).       
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.  
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.    
Risk-Adjusted Return: a calculation of the profit or potential profit from an investment that considers the degree of risk that must be accepted in order to achieve it.    
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 Morningstar Sustainability Rating calculation is a three-step process. First, each fund with at least 67% of assets covered by a company-level ESG score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset-weighted average of normalized company-level ESG scores with deductions made for controversial incidents by the issuing companies, such as environmental accidents, fraud, or discriminatory behavior. The Portfolio Sustainability Score ranges between O to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies that score well after normalization and controversy-level deductions are applied. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between O to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies that score well after normalization and controversy-level deductions are applied, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund’s Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%); Above Average (next 22.5%); Average (next 35%); Below Average (next 22.5%); and Low (lowest 10%). The Morningstar Sustainability Rating is depicted by global icons where High equals 5 globes and Low equals 1 globe. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. Portfolios receive a Morningstar Portfolio Sustainability Score and Sustainability Rating one month and six business days after their reported as-of date based on the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm and is not an affiliated company of Morningstar, Inc. Past performance does not guarantee future results.

©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The management company of Polen Capital Emerging Markets Growth Fund is KBA Consulting Management Limited, 35 Shelbourne Road, 4th Floor, Ballsbridge, Dublin 4, Ireland. KBA Consulting Management 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 on this webpage, these may change.

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.

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 Emerging Markets 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.

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].

Swiss Investors: This is an advertising document. The state of the origin of the fund is Ireland. In Switzerland, the representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the paying agent is NPB Neue Privat Bank AG, Limmatquai1 / am Bellevue, CH-8024 Zurich. The prospectus, the key information documents or the key investor information documents, the articles of association as well as the annual and semi-annual reports may be obtained free of charge from the representative.

Investors should note that, relative to the expectations of the Autoritē des Marches Financiers, this UCITS presents disproportionate communication on the consideration on non-financial criteria in its investment policy.

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.

Notice to HK Investors: In Hong Kong, this content is only being made available to persons falling within the “Professional Investors” category defined in the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (SFC).  By entering this site, you confirm that you fall within the Professional Investors category and you are accessing the website on your own initiative without any solicitation to do so by Polen Capital HK Limited or one of the funds described herein (each, a “Fund”) and that no law or regulation prohibits you from accessing the information on this website. The Fund is not authorized by the SFC and is not publicly offered to all investors in Hong Kong.