Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS
December 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS
December 31, 2023 (Unaudited)
COMMON STOCKS – 97.4% | Shares | Fair Value | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 19.1% | ||||
Andes Technology Corp. (Taiwan) | 67,915 | $1,060,098 | ||
eMemory Technology Inc. (Taiwan) | 42,986 | 3,418,005 | ||
Faraday Technology Corp. (Taiwan) | 158,731 | 1,839,320 | ||
HPSP Co. Ltd. (South Korea) | 49,786 | 1,681,287 | ||
SK Hynix Inc. (South Korea) | 30,521 | 3,331,000 | ||
StarPower Semiconductor Ltd. (China) | 60,298 | 1,530,869 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 711,680 | 13,644,010 | ||
$26,504,589 | ||||
BANKS – 10.8% | ||||
Alinma Bank (Saudi Arabia) | 165,762 | $1,711,700 | ||
Grupo Financiero Banorte S.A.B. de C.V. (Mexico) | 407,841 | 4,101,227 | ||
HDFC Bank Ltd. (India) | 224,204 | 4,590,806 | ||
ICICI Bank Ltd. (India) | 249,528 | 2,981,809 | ||
Vietnam Technological & Commercial Joint Stock Bank (Vietnam) (a) | 1,224,989 | 1,604,062 | ||
$14,989,604 | ||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 9.7% | ||||
Aldar Properties PJSC (United Arab Emirates) | 1,404,508 | $2,045,911 | ||
Corp. Inmobiliaria Vesta S.A.B. de C.V. (Mexico) | 292,256 | 1,160,522 | ||
Phoenix Mills (The) Ltd. (India) | 214,238 | 5,775,168 | ||
Prestige Estates Projects Ltd. (India) | 109,462 | 1,549,634 | ||
Vincom Retail JSC (Vietnam) (a) | 1,460,378 | 1,401,190 | ||
Vinhomes JSC (Vietnam) (a),(b) | 902,267 | 1,605,290 | ||
$13,537,715 | ||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 7.7% | ||||
Samsung Electronics Co. Ltd. (South Korea) | 175,948 | $10,679,488 | ||
BROADLINE RETAIL – 6.6% | ||||
MercadoLibre Inc. (Brazil) (a) | 2,404 | $3,777,982 | ||
Mitra Adiperkasa Tbk PT (Indonesia) | 14,017,319 | 1,629,675 | ||
PDD Holdings Inc. (China) (a),(c) | 26,127 | 3,822,642 | ||
$9,230,299 | ||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 5.0% | ||||
Chroma ATE Inc. (Taiwan) | 436,075 | $3,019,173 | ||
Daejoo Electronic Materials Co. Ltd. (South Korea) | 20,734 | 1,380,970 | ||
OPT Machine Vision Tech Co. Ltd. (China) | 80,021 | 1,257,791 |
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Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
Zhejiang Supcon Technology Co. Ltd. (China) | 192,981 | $1,227,667 | ||
$6,885,601 | ||||
INTERACTIVE MEDIA & SERVICES – 4.5% | ||||
Tencent Holdings Ltd. (China) | 163,942 | $6,189,609 | ||
HOTELS, RESTAURANTS & LEISURE – 4.3% | ||||
H World Group Ltd. (China) | 361,252 | $1,207,896 | ||
MakeMyTrip Ltd. (India) (a) | 60,431 | 2,839,049 | ||
Meituan (China) (a),(b) | 190,399 | 1,998,957 | ||
$6,045,902 | ||||
OIL, GAS & CONSUMABLE FUELS – 4.3% | ||||
Reliance Industries Ltd. (India) | 191,420 | $5,941,285 | ||
METALS & MINING – 3.7% | ||||
Ivanhoe Mines Ltd. (South Africa) (a) | 433,205 | $4,201,113 | ||
Merdeka Copper Gold Tbk PT (Indonesia) (a) | 5,619,927 | 985,170 | ||
$5,186,283 | ||||
IT SERVICES – 3.0% | ||||
FPT Corp. (Vietnam) | 273,035 | $1,080,606 | ||
Globant S.A. (Argentina) (a) | 13,067 | 3,109,685 | ||
$4,190,291 | ||||
CHEMICALS – 2.7% | ||||
Arcadium Lithium PLC (Jersey, C.I.) (a) | 187,387 | $1,431,460 | ||
Bioceres Crop Solutions Corp. (Argentina) (a) | 90,567 | 1,243,485 | ||
Ganfeng Lithium Group Co. Ltd. (China) (b) | 289,382 | 1,093,269 | ||
$3,768,214 | ||||
MACHINERY – 2.3% | ||||
MTAR Technologies Ltd. (India) (a) | 46,441 | $1,231,676 | ||
Shenzhen Inovance Technology Co. Ltd. (China) | 214,722 | 1,903,609 | ||
$3,135,285 | ||||
CAPITAL MARKETS – 1.6% | ||||
B3 S.A. - Brasil Bolsa Balcao (Brazil) | 766,630 | $2,293,734 | ||
INSURANCE – 1.6% | ||||
AIA Group Ltd. (Hong Kong) | 259,710 | $2,260,226 |
1
Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
CONSTRUCTION & ENGINEERING – 1.5% | ||||
Samsung Engineering Co. Ltd. (South Korea) (a) | 95,071 | $2,129,712 | ||
CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.4% | ||||
Raia Drogasil S.A. (Brazil) | 314,357 | $1,902,993 | ||
ELECTRICAL EQUIPMENT – 1.4% | ||||
Sungrow Power Supply Co. Ltd. (China) | 153,486 | $1,886,163 | ||
SOFTWARE – 1.3% | ||||
TOTVS S.A. (Brazil) (a) | 262,349 | $1,819,480 | ||
TEXTILES, APPAREL & LUXURY GOODS – 1.1% | ||||
Samsonite International S.A. (United States) (a),(b) | 478,342 | $1,578,157 | ||
HEALTH CARE PROVIDERS & SERVICES – 1.1% | ||||
Apollo Hospitals Enterprise Ltd. (India) | 21,893 | $1,499,764 | ||
ENTERTAINMENT – 0.8% | ||||
Sea Ltd. (Singapore) (a),(c) | 27,938 | $1,131,489 | ||
HEALTH CARE EQUIPMENT & SUPPLIES – 0.8% | ||||
Ray Co. Ltd. (South Korea) (a) | 63,853 | $1,129,306 | ||
GROUND TRANSPORTATION – 0.8% | ||||
Grupo Traxion S.A.B. de C.V. (Mexico) (a),(b) | 517,416 | $1,060,671 | ||
FINANCIAL SERVICES – 0.3% | ||||
Jio Financial Services Ltd. (India) (a) | 157,368 | $439,965 | ||
TOTAL COMMON STOCKS–97.4% (Cost $121,458,047) | $135,415,825 |
2
Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
PREFERRED STOCKS – 2.3% | ||
BANKS – 2.3% | ||
Itau Unibanco Holding S.A. (Brazil) (a) | 467,036 | $3,249,403 |
TOTAL INVESTMENTS–99.7% (Cost $123,924,258) | $138,665,228 | |
Other Assets and Liabilities, net – 0.3% | $438,871 | |
NET ASSETS–100.0% | $139,104,099 |
(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. |
3
Polar Capital Emerging Market ex-China Stars Fund
PORTFOLIO OF INVESTMENTS
December 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS
December 31, 2023 (Unaudited)
COMMON STOCKS – 94.7% | Shares | Fair Value | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 19.0% | ||||
Andes Technology Corp. (Taiwan) | 656 | $10,240 | ||
eMemory Technology Inc. (Taiwan) | 373 | 29,659 | ||
Faraday Technology Corp. (Taiwan) | 1,664 | 19,282 | ||
HPSP Co. Ltd. (South Korea) | 413 | 13,947 | ||
SK Hynix Inc. (South Korea) | 233 | 25,429 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 5,476 | 104,983 | ||
$203,540 | ||||
BANKS – 9.9% | ||||
Alinma Bank (Saudi Arabia) | 1,172 | $12,103 | ||
Grupo Financiero Banorte S.A.B. de C.V. (Mexico) | 3,435 | 34,542 | ||
HDFC Bank Ltd. (India) | 1,696 | 34,727 | ||
ICICI Bank Ltd. (India) | 2,059 | 24,605 | ||
$105,977 | ||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 9.3% | ||||
Aldar Properties PJSC (United Arab Emirates) | 10,839 | $15,789 | ||
Corp. Inmobiliaria Vesta S.A.B. de C.V. (Mexico) | 3,857 | 15,316 | ||
Phoenix Mills (The) Ltd. (India) | 1,360 | 36,661 | ||
Prestige Estates Projects Ltd. (India) | 790 | 11,184 | ||
Vincom Retail JSC (Vietnam) (a) | 10,924 | 10,481 | ||
Vinhomes JSC (Vietnam) (a),(b) | 5,661 | 10,072 | ||
$99,503 | ||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 8.8% | ||||
Samsung Electronics Co. Ltd. (South Korea) | 1,556 | $94,444 | ||
OIL, GAS & CONSUMABLE FUELS – 4.5% | ||||
Reliance Industries Ltd. (India) | 1,548 | $48,047 | ||
METALS & MINING – 4.4% | ||||
Ivanhoe Mines Ltd. (South Africa) (a) | 3,817 | $37,016 | ||
Merdeka Copper Gold Tbk PT (Indonesia) (a) | 58,810 | 10,310 | ||
$47,326 | ||||
BROADLINE RETAIL – 4.4% | ||||
MercadoLibre Inc. (Brazil) (a) | 19 | $29,859 | ||
Mitra Adiperkasa Tbk PT (Indonesia) | 147,559 | 17,156 | ||
$47,015 |
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Polar Capital Emerging Market ex-China Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.8% | ||||
Chroma ATE Inc. (Taiwan) | 3,482 | $24,108 | ||
Daejoo Electronic Materials Co. Ltd. (South Korea) | 246 | 16,384 | ||
$40,492 | ||||
ELECTRICAL EQUIPMENT – 3.7% | ||||
KEI Industries Ltd. (India) | 354 | $13,817 | ||
Voltronic Power Technology Corp. (Taiwan) | 160 | 8,898 | ||
WEG S.A. (Brazil) | 2,221 | 16,872 | ||
$39,587 | ||||
HEALTH CARE PROVIDERS & SERVICES – 3.2% | ||||
Apollo Hospitals Enterprise Ltd. (India) | 200 | $13,701 | ||
Oncoclinicas do Brasil Servicos Medicos S.A. (Brazil) (a) | 7,682 | 20,587 | ||
$34,288 | ||||
SPECIALTY RETAIL – 2.8% | ||||
Ethos Ltd. (India) (a) | 834 | $20,922 | ||
Mobile World Investment Corp. (Vietnam) | 5,500 | 9,692 | ||
$30,614 | ||||
HOTELS, RESTAURANTS & LEISURE – 2.8% | ||||
MakeMyTrip Ltd. (India) (a) | 635 | $29,832 | ||
CONSUMER STAPLES DISTRIBUTION & RETAIL – 2.7% | ||||
Nahdi Medical Co. (Saudi Arabia) | 442 | $16,139 | ||
Raia Drogasil S.A. (Brazil) | 2,201 | 13,324 | ||
$29,463 | ||||
CHEMICALS – 2.5% | ||||
Arcadium Lithium PLC (Jersey, C.I.) (a) | 1,888 | $14,422 | ||
Bioceres Crop Solutions Corp. (Argentina) (a) | 883 | 12,124 | ||
$26,546 | ||||
IT SERVICES – 2.4% | ||||
Globant S.A. (Argentina) (a) | 107 | $25,464 | ||
CONSTRUCTION & ENGINEERING – 2.0% | ||||
Samsung Engineering Co. Ltd. (South Korea) (a) | 938 | $21,012 |
5
Polar Capital Emerging Market ex-China Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
CAPITAL MARKETS – 1.7% | ||||
B3 S.A. - Brasil Bolsa Balcao (Brazil) | 6,002 | $17,958 | ||
SOFTWARE – 1.4% | ||||
TOTVS S.A. (Brazil) (a) | 2,213 | $15,348 | ||
TRANSPORTATION INFRASTRUCTURE – 1.1% | ||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico) | 1,158 | $12,259 | ||
ENTERTAINMENT – 1.0% | ||||
Nusantara Sejahtera Raya Tbk PT (Indonesia) (a),(b) | 325,338 | $5,790 | ||
Sea Ltd. (Singapore) (a),(c) | 135 | 5,467 | ||
$11,257 | ||||
GROUND TRANSPORTATION – 1.0% | ||||
Grupo Traxion S.A.B. de C.V. (Mexico) (a),(b) | 5,290 | $10,844 | ||
HEALTH CARE EQUIPMENT & SUPPLIES – 1.0% | ||||
Ray Co. Ltd. (South Korea) (a) | 598 | $10,576 | ||
MACHINERY – 0.9% | ||||
MTAR Technologies Ltd. (India) (a) | 369 | $9,786 | ||
FINANCIAL SERVICES – 0.4% | ||||
Jio Financial Services Ltd. (India) (a) | 1,460 | $4,082 | ||
TOTAL COMMON STOCKS–94.7% (Cost $937,356) | $1,015,260 |
6
Polar Capital Emerging Market ex-China Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 2023 (Unaudited)
PREFERRED STOCKS – 2.2% | ||
BANKS – 2.2% | ||
Itau Unibanco Holding S.A. (Brazil) (a) | 3,484 | $24,240 |
TOTAL INVESTMENTS–96.9% (Cost $958,311) | $1,039,500 | |
Other Assets and Liabilities, net – 3.1% | $32,755 | |
NET ASSETS–100.0% | $1,072,255 |
(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. |
7