Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS
June 30, 2021 (Unaudited)
PORTFOLIO OF INVESTMENTS
June 30, 2021 (Unaudited)
COMMON STOCKS – 96.2% | Shares | Fair Value | ||
SEMICONDUCTOR MANUFACTURING – 19.3% | ||||
eMemory Technology Inc. (Taiwan) | 5,000 | $239,734 | ||
ITM Semiconductor Co. Ltd. (South Korea) | 3,593 | 158,815 | ||
Koh Young Technology Inc. (South Korea) | 3,513 | 74,215 | ||
LandMark Optoelectronics Corp. (Taiwan) | 24,000 | 228,154 | ||
MediaTek Inc. (Taiwan) | 5,000 | 172,431 | ||
Seoul Viosys Co. Ltd. (South Korea) | 6,802 | 100,250 | ||
SK Hynix Inc. (South Korea) | 2,803 | 316,371 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 36,000 | 775,369 | ||
$2,065,339 | ||||
INTERNET & CATALOG RETAIL – 16.5% | ||||
Alibaba Group Holding Ltd. (China) (a) | 22,072 | $625,826 | ||
B2W Cia Digital (Brazil) (a) | 9,700 | 129,221 | ||
JD.com Inc. (China) (a),(b) | 3,742 | 298,649 | ||
Meituan (China) (a),(c) | 7,500 | 309,384 | ||
MercadoLibre Inc. (Argentina) (a) | 143 | 222,764 | ||
Prosus N.V. (China) (a) | 1,881 | 184,277 | ||
$1,770,121 | ||||
INTERACTIVE MEDIA & SERVICES – 9.3% | ||||
Info Edge India Ltd. (India) | 1,109 | $73,433 | ||
NAVER Corp. (South Korea) | 486 | 180,340 | ||
Tencent Holdings Ltd. (China) | 8,600 | 647,516 | ||
Yandex N.V. (Russia) (a) | 1,355 | 95,866 | ||
$997,155 | ||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 7.5% | ||||
Samsung Electronics Co. Ltd. (South Korea) | 11,224 | $803,483 | ||
ENTERTAINMENT – 6.5% | ||||
Bilibili Inc. (China) (a),(b) | 969 | $118,063 | ||
NetEase Inc. (China) (b) | 1,779 | 205,030 | ||
Sea Ltd. (Taiwan) (a),(b) | 1,350 | 370,710 | ||
$693,803 | ||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 6.4% | ||||
Longfor Group Holdings Ltd. (China) (c) | 16,500 | $91,908 | ||
Phoenix Mills (The) Ltd. (India) (a) | 18,306 | 200,935 | ||
Prestige Estates Projects Ltd. (India) (a) | 43,660 | 170,142 | ||
Vincom Retail JSC (Vietnam) (a) | 57,060 | 78,728 |
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Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
Vinhomes JSC (Vietnam) (a),(c) | 27,520 | $141,081 | ||
$682,794 | ||||
IT SERVICES – 4.1% | ||||
Coforge Ltd. (India) | 2,192 | $122,787 | ||
EPAM Systems Inc. (United States) (a) | 268 | 136,937 | ||
StoneCo Ltd. (Brazil) (a) | 2,718 | 182,269 | ||
$441,993 | ||||
INSURANCE – 4.0% | ||||
AIA Group Ltd. (Hong Kong) | 9,800 | $121,575 | ||
ICICI Prudential Life Insurance Co. Ltd. (India) (c) | 14,366 | 118,536 | ||
Ping An Insurance Group Co. of China Ltd. (China) | 19,000 | 185,732 | ||
$425,843 | ||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.0% | ||||
Chroma ATE Inc. (Taiwan) | 17,000 | $116,772 | ||
Daejoo Electronic Materials Co. Ltd. (South Korea) | 3,914 | 167,657 | ||
Samsung SDI Co. Ltd. (South Korea) | 227 | 140,544 | ||
$424,973 | ||||
BANKS – 3.9% | ||||
ICICI Bank Ltd. (India) (a) | 31,037 | $264,231 | ||
Vietnam Technological & Commercial Joint Stock Bank (Vietnam) (a) | 67,900 | 155,508 | ||
$419,739 | ||||
ELECTRICAL EQUIPMENT – 2.9% | ||||
Ecopro BM Co. Ltd. (South Korea) | 648 | $121,997 | ||
Sungrow Power Supply Co. Ltd. (China) | 10,900 | 193,464 | ||
$315,461 | ||||
METALS & MINING – 2.7% | ||||
Ivanhoe Mines Ltd. (Canada) (a) | 39,773 | $287,164 | ||
OIL, GAS & CONSUMABLE FUELS – 2.3% | ||||
Reliance Industries Ltd. (India) | 8,727 | $248,164 | ||
THRIFTS & MORTGAGE FINANCE – 1.4% | ||||
Housing Development Finance Corp. Ltd. (India) | 4,679 | $156,153 |
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Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
HEALTH CARE PROVIDERS & SERVICES – 1.1% | ||||
Apollo Hospitals Enterprise Ltd. (India) | 2,501 | $121,877 | ||
HEALTH CARE TECHNOLOGY – 1.1% | ||||
Alibaba Health Information Technology Ltd. (China) (a) | 52,000 | $115,185 | ||
DIVERSIFIED CONSUMER SERVICES – 0.9% | ||||
Arco Platform Ltd. (Brazil) (a) | 3,214 | $98,541 | ||
MULTILINE RETAIL – 0.8% | ||||
Fix Price Group Ltd. (Russia) (a),(c) | 10,116 | $86,290 | ||
HEALTH CARE SUPPLIES – 0.8% | ||||
Microport Cardioflow Medtech Corp. (China) (a),(c) | 40,941 | $86,166 | ||
APPLICATION SOFTWARE – 0.7% | ||||
Glodon Co. Ltd. (China) | 7,300 | $76,801 | ||
TOTAL COMMON STOCKS–96.2% (Cost $9,694,948) | $10,317,045 | |||
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Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2021 (Unaudited)
PARTICIPATORY NOTES – 2.9%(d) | Shares | Fair Value | ||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.6% | ||||
OPT Machine Vision Tech Co. Ltd. (China) | 2,506 | $174,915 | ||
MACHINERY – 1.3% | ||||
Leader Harmonious Drive Systems Co. Ltd. (China) | 6,371 | $138,326 | ||
TOTAL PARTICIPATORY NOTES–2.9% (Cost $211,033) | $313,241 | |||
TOTAL INVESTMENTS–99.1% (Cost $9,905,981) | $10,630,286 | |||
Other Assets and Liabilities, net – 0.9% | 92,644 | |||
NET ASSETS–100.0% | $10,722,930 |
(a) | Non-income producing security. |
(b) | This security represents the common stock of a foreign company which trades directly or through an American Depositary Receipt/ADR on the over-the-counter market or on a U.S. national securities exchange. |
(c) | 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. |
(d) | Participation notes are issued by banks or broker-dealers and are designed to offer a return linked to the performance of a particular underlying equity security or market. |
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