Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS
December 31, 2022 (Unaudited)
PORTFOLIO OF INVESTMENTS
December 31, 2022 (Unaudited)
COMMON STOCKS – 94.5% | Shares | Fair Value | ||
INTERNET & CATALOG RETAIL – 15.7% | ||||
Alibaba Group Holding Ltd. (China) (a) | 320,712 | $3,519,145 | ||
JD Health International Inc. (China) (a),(b) | 151,171 | 1,365,082 | ||
JD.com Inc. (China) | 114,724 | 3,202,709 | ||
Meituan (China) (a),(b) | 122,185 | 2,707,111 | ||
MercadoLibre Inc. (Brazil) (a) | 2,292 | 1,939,582 | ||
$12,733,629 | ||||
SEMICONDUCTOR MANUFACTURING – 14.8% | ||||
Andes Technology Corp. (Taiwan) | 45,346 | $729,777 | ||
eMemory Technology Inc. (Taiwan) | 40,225 | 1,737,097 | ||
Koh Young Technology Inc. (South Korea) | 45,083 | 457,356 | ||
LandMark Optoelectronics Corp. (Taiwan) | 190,800 | 657,114 | ||
MediaTek Inc. (Taiwan) | 58,182 | 1,176,378 | ||
Silergy Corp. (China) | 52,785 | 745,584 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 445,530 | 6,470,639 | ||
$11,973,945 | ||||
INTERACTIVE MEDIA & SERVICES – 8.6% | ||||
NAVER Corp. (South Korea) | 7,260 | $1,032,525 | ||
Tencent Holdings Ltd. (China) | 139,810 | 5,927,995 | ||
$6,960,520 | ||||
BANKS – 8.4% | ||||
Alinma Bank (Saudi Arabia) | 165,152 | $1,430,065 | ||
Grupo Financiero Banorte S.A.B. de C.V. (Mexico) | 164,995 | 1,184,638 | ||
HDFC Bank Ltd. (India) | 104,608 | 2,051,735 | ||
ICICI Bank Ltd. (India) | 150,263 | 1,616,195 | ||
Vietnam Technological & Commercial Joint Stock Bank (Vietnam) (a) | 468,261 | 513,479 | ||
$6,796,112 | ||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 7.6% | ||||
Phoenix Mills (The) Ltd. (India) | 149,699 | $2,570,995 | ||
Prestige Estates Projects Ltd. (India) | 190,306 | 1,063,557 | ||
Sunteck Realty Ltd. (India) | 133,138 | 529,227 | ||
Vincom Retail JSC (Vietnam) (a) | 583,226 | 650,199 | ||
Vinhomes JSC (Vietnam) (b) | 647,586 | 1,316,411 | ||
$6,130,389 | ||||
METALS & MINING – 6.7% | ||||
Allkem Ltd. (Australia) (a) | 145,316 | $1,100,871 | ||
Ganfeng Lithium Group Co. Ltd. (China) (b) | 168,986 | 1,252,747 | ||
Ivanhoe Mines Ltd. (South Africa) (a) | 303,838 | 2,401,083 |
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Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
Lynas Rare Earths Ltd. (Australia) (a) | 135,902 | $716,410 | ||
$5,471,111 | ||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.0% | ||||
Samsung Electronics Co. Ltd. (South Korea) | 110,274 | $4,840,283 | ||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 5.1% | ||||
Chroma ATE Inc. (Taiwan) | 222,871 | $1,309,117 | ||
Daejoo Electronic Materials Co. Ltd. (South Korea) | 18,953 | 1,068,638 | ||
Samsung SDI Co. Ltd. (South Korea) | 3,833 | 1,799,757 | ||
$4,177,512 | ||||
OIL, GAS & CONSUMABLE FUELS – 4.2% | ||||
Reliance Industries Ltd. (India) | 110,429 | $3,390,238 | ||
IT SERVICES – 3.8% | ||||
Coforge Ltd. (India) | 26,281 | $1,234,705 | ||
FPT Corp. (Vietnam) | 160,060 | 521,374 | ||
Globant S.A. (Argentina) (a) | 7,899 | 1,328,296 | ||
$3,084,375 | ||||
INSURANCE – 3.1% | ||||
AIA Group Ltd. (Hong Kong) | 227,212 | $2,509,191 | ||
MACHINERY – 2.5% | ||||
Shenzhen Inovance Technology Co. Ltd. (China) | 206,556 | $2,070,218 | ||
ENTERTAINMENT – 1.7% | ||||
Sea Ltd. (Singapore) (a),(c) | 26,346 | $1,370,782 | ||
FOOD & STAPLES RETAILING – 1.6% | ||||
Raia Drogasil S.A. (Brazil) | 289,661 | $1,304,530 | ||
ELECTRICAL EQUIPMENT – 1.2% | ||||
Sungrow Power Supply Co. Ltd. (China) | 59,640 | $961,280 | ||
APPLICATION SOFTWARE – 1.0% | ||||
TOTVS S.A. (Brazil) (a) | 154,654 | $806,390 |
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Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2022 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
HEALTH CARE PROVIDERS & SERVICES – 0.9% | ||||
Apollo Hospitals Enterprise Ltd. (India) | 14,237 | $769,341 | ||
HEALTH CARE SUPPLIES – 0.9% | ||||
Venus MedTech Hangzhou Inc. (China) (a),(b) | 397,530 | $721,406 | ||
HOUSEHOLD DURABLES – 0.7% | ||||
Dixon Technologies India Ltd. (India) | 12,154 | $572,456 | ||
TOTAL COMMON STOCKS–94.5% (Cost $79,223,753) | $76,643,708 | |||
PARTICIPATORY NOTES – 0.9%(d) | ||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.9% | ||||
OPT Machine Vision Tech Co. Ltd. (China) (a) | 36,364 | $690,492 | ||
PREFERRED STOCKS – 1.7% | ||||
BANKS – 1.7% | ||||
Itau Unibanco Holding S.A. (Brazil) (a) | 292,112 | $1,383,487 | ||
TOTAL INVESTMENTS–97.1% (Cost $81,519,782) | $78,717,687 | |||
Other Assets and Liabilities, net – 2.9% | $2,351,289 | |||
NET ASSETS–100.0% | $81,068,976 |
(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. |
(c) | 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. |
(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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