Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS
December 31, 2020 (Unaudited)
PORTFOLIO OF INVESTMENTS
December 31, 2020 (Unaudited)
COMMON STOCKS – 98.4% | Shares | Fair Value | ||
SEMICONDUCTOR MANUFACTURING – 18.7% | ||||
eMemory Technology Inc. (Taiwan) | 5,000 | $106,140 | ||
ITM Semiconductor Co. Ltd. (South Korea) (a) | 3,480 | 182,526 | ||
Koh Young Technology Inc. (South Korea) | 1,173 | 113,491 | ||
LandMark Optoelectronics Corp. (Taiwan) | 21,000 | 211,821 | ||
MediaTek Inc. (Taiwan) | 5,000 | 133,336 | ||
Seoul Viosys Co. Ltd. (South Korea) | 4,562 | 81,081 | ||
SK Hynix Inc. (South Korea) | 1,978 | 216,054 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 37,000 | 699,947 | ||
Win Semiconductors Corp. (Taiwan) | 10,000 | 123,434 | ||
$1,867,830 | ||||
INTERNET & CATALOG RETAIL – 18.3% | ||||
Alibaba Group Holding Ltd. (China) (a) | 2,788 | $648,851 | ||
Allegro.eu S.A. (Poland) (a),(b) | 3,500 | 79,356 | ||
B2W Cia Digital (Brazil) (a) | 8,700 | 126,695 | ||
JD.com Inc. (China) (a) | 3,352 | 294,641 | ||
Meituan (China) (a) | 6,700 | 252,211 | ||
MercadoLibre Inc. (Argentina) (a) | 134 | 224,479 | ||
Prosus N.V. (China) (a) | 1,887 | 203,756 | ||
$1,829,989 | ||||
INTERACTIVE MEDIA & SERVICES – 10.3% | ||||
Info Edge India Ltd. (India) | 1,689 | $110,178 | ||
Mail.Ru Group Ltd. (Russia) (a) | 3,260 | 85,437 | ||
NAVER Corp. (South Korea) | 538 | 145,028 | ||
Tencent Holdings Ltd. (China) | 8,500 | 611,607 | ||
Yandex N.V. (Russia) (a) | 1,035 | 72,015 | ||
$1,024,265 | ||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 8.6% | ||||
Samsung Electronics Co. Ltd. (South Korea) | 11,538 | $861,606 | ||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 8.4% | ||||
Longfor Group Holdings Ltd. (China) (b) | 17,500 | $102,366 | ||
Phoenix Mills (The) Ltd. (India) (a) | 24,247 | 257,304 | ||
Prestige Estates Projects Ltd. (India) | 46,361 | 169,052 | ||
Vincom Retail JSC (Vietnam) (a) | 63,260 | 86,202 | ||
Vinhomes JSC (Vietnam) (a),(b) | 30,420 | 117,947 | ||
Yoma Strategic Holdings Ltd. (Myanmar) (a) | 468,600 | 103,018 | ||
$835,889 |
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Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2020 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2020 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
ENTERTAINMENT – 5.8% | ||||
Bilibili Inc. (China) (a) | 1,477 | $126,608 | ||
iQIYI Inc. (China) (a) | 4,529 | 79,167 | ||
NetEase Inc. (China) | 1,887 | 180,718 | ||
Sea Ltd. (Taiwan) (a) | 954 | 189,894 | ||
$576,387 | ||||
INSURANCE – 5.4% | ||||
AIA Group Ltd. (Hong Kong) | 8,800 | $107,238 | ||
ICICI Prudential Life Insurance Co. Ltd. (India) (a),(b) | 12,487 | 85,328 | ||
Ping An Insurance Group Co. of China Ltd. (China) | 28,500 | 346,834 | ||
$539,400 | ||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.9% | ||||
Chroma ATE Inc. (Taiwan) | 20,000 | $119,891 | ||
Daejoo Electronic Materials Co. Ltd. (South Korea) (a) | 2,712 | 116,345 | ||
Samsung SDI Co. Ltd. (South Korea) | 267 | 154,739 | ||
$390,975 | ||||
BANKS – 3.0% | ||||
ICICI Bank Ltd. (India) (a) | 41,029 | $301,702 | ||
METALS & MINING – 2.3% | ||||
Ivanhoe Mines Ltd. (Canada) (a) | 42,236 | $227,621 | ||
OIL, GAS & CONSUMABLE FUELS – 2.1% | ||||
Reliance Industries Ltd. (India) | 7,873 | $214,216 | ||
DIVERSIFIED CONSUMER SERVICES – 1.9% | ||||
Afya Ltd. (Brazil) (a) | 4,185 | $105,880 | ||
Arco Platform Ltd. (Brazil) (a) | 2,463 | 87,412 | ||
$193,292 | ||||
APPLICATION SOFTWARE – 1.8% | ||||
Agora Inc. (China) (a) | 2,104 | $83,234 | ||
Glodon Co. Ltd. (China) | 8,300 | 100,628 | ||
$183,862 | ||||
THRIFTS & MORTGAGE FINANCE – 1.8% | ||||
Housing Development Finance Corp. Ltd. (India) | 5,189 | $181,802 |
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Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2020 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2020 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
ELECTRICAL EQUIPMENT – 1.2% | ||||
Ecopro BM Co. Ltd. (South Korea) | 730 | $114,604 | ||
HEALTH CARE TECHNOLOGY – 1.1% | ||||
Alibaba Health Information Technology Ltd. (China) (a) | 38,000 | $112,481 | ||
COMMUNICATIONS EQUIPMENT – 1.1% | ||||
KMW Co. Ltd. (South Korea) (a) | 1,454 | $108,100 | ||
IT SERVICES – 1.0% | ||||
21Vianet Group Inc. (China) (a) | 2,954 | $102,474 | ||
HEALTH CARE SUPPLIES – 0.9% | ||||
Microport Scientific Corp. (China) | 16,000 | $86,371 | ||
PROFESSIONAL SERVICES – 0.8% | ||||
51job Inc. (China) (a) | 1,079 | $75,530 | ||
TOTAL COMMON STOCKS–98.4% (Cost $9,840,387) | $9,828,396 | |||
TOTAL INVESTMENTS–98.4% (Cost $9,840,387) | $9,828,396 | |||
Other Assets and Liabilities, net – 1.6% | 156,371 | |||
NET ASSETS–100.0% | $9,984,767 |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
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