Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS
June 30, 2024 (Unaudited)
PORTFOLIO OF INVESTMENTS
June 30, 2024 (Unaudited)
COMMON STOCKS – 94.7% | Shares | Fair Value | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 18.1% | ||||
eMemory Technology Inc. (Taiwan) | 58,241 | $4,574,964 | ||
Eugene Technology Co. Ltd. (South Korea) | 53,706 | 1,917,727 | ||
Faraday Technology Corp. (Taiwan) | 278,302 | 2,869,964 | ||
SK Hynix Inc. (South Korea) | 33,623 | 5,706,113 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 557,540 | 16,518,586 | ||
$31,587,354 | ||||
BANKS – 10.6% | ||||
Alinma Bank (Saudi Arabia) | 184,400 | $1,537,640 | ||
Grupo Financiero Banorte S.A.B. de C.V. (Mexico) | 467,913 | 3,646,115 | ||
HDFC Bank Ltd. (India) | 131,766 | 2,660,910 | ||
ICICI Bank Ltd. (India) | 368,787 | 5,308,099 | ||
NU Holdings Ltd. (Brazil) (a) | 207,219 | 2,671,053 | ||
Vietnam Technological & Commercial Joint Stock Bank (Vietnam) | 2,881,581 | 2,641,337 | ||
$18,465,154 | ||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 7.3% | ||||
Aldar Properties PJSC (United Arab Emirates) | 1,565,723 | $2,668,507 | ||
Corp. Inmobiliaria Vesta S.A.B. de C.V. (Mexico) | 410,265 | 1,227,319 | ||
Phoenix Mills (The) Ltd. (India) | 170,175 | 7,309,823 | ||
Vinhomes JSC (Vietnam) (a),(b) | 1,058,697 | 1,562,536 | ||
$12,768,185 | ||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.3% | ||||
Samsung Electronics Co. Ltd. (South Korea) | 188,516 | $11,094,886 | ||
INTERACTIVE MEDIA & SERVICES – 6.2% | ||||
Tencent Holdings Ltd. (China) | 223,325 | $10,594,611 | ||
VTEX (Brazil) (a) | 42,012 | 305,007 | ||
$10,899,618 | ||||
OIL, GAS & CONSUMABLE FUELS – 6.2% | ||||
Paladin Energy Ltd. (Australia) (a) | 206,280 | $1,702,841 | ||
Reliance Industries Ltd. (India) | 244,522 | 9,166,306 | ||
$10,869,147 | ||||
HOTELS, RESTAURANTS & LEISURE – 6.2% | ||||
H World Group Ltd. (China) | 667,164 | $2,219,350 | ||
MakeMyTrip Ltd. (India) (a) | 49,123 | 4,131,244 | ||
Meituan (China) (a),(b) | 311,883 | 4,433,195 | ||
$10,783,789 |
1
Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
BROADLINE RETAIL – 5.8% | ||||
MercadoLibre Inc. (Brazil) (a) | 3,081 | $5,063,316 | ||
Mitra Adiperkasa Tbk PT (Indonesia) | 18,067,195 | 1,626,275 | ||
PDD Holdings Inc. (China) (a),(c) | 25,413 | 3,378,658 | ||
$10,068,249 | ||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.6% | ||||
Chroma ATE Inc. (Taiwan) | 378,330 | $3,699,185 | ||
Daejoo Electronic Materials Co. Ltd. (South Korea) (a) | 22,597 | 2,331,511 | ||
OPT Machine Vision Tech Co. Ltd. (China) | 103,886 | 908,291 | ||
Zhejiang Supcon Technology Co. Ltd. (China) | 203,033 | 1,046,238 | ||
$7,985,225 | ||||
METALS & MINING – 4.0% | ||||
Ivanhoe Mines Ltd. (South Africa) (a) | 477,264 | $6,157,457 | ||
Merdeka Copper Gold Tbk PT (Indonesia) (a) | 5,545,831 | 803,416 | ||
$6,960,873 | ||||
IT SERVICES – 2.8% | ||||
FPT Corp. (Vietnam) | 392,086 | $2,006,744 | ||
Globant S.A. (Argentina) (a) | 15,751 | 2,807,773 | ||
$4,814,517 | ||||
MACHINERY – 1.9% | ||||
Action Construction Equipment Ltd. (India) | 69,261 | $1,230,096 | ||
Shenzhen Inovance Technology Co. Ltd. (China) | 293,822 | 2,062,294 | ||
$3,292,390 | ||||
INSURANCE – 1.8% | ||||
AIA Group Ltd. (Hong Kong) | 471,505 | $3,190,085 | ||
INDUSTRIAL CONGLOMERATES – 1.8% | ||||
SK Square Co. Ltd. (South Korea) (a) | 42,480 | $3,065,493 | ||
CAPITAL MARKETS – 1.6% | ||||
360 ONE WAM Ltd. (India) | 237,681 | $2,790,288 | ||
CONSUMER FINANCE – 1.3% | ||||
Kaspi.KZ JSC (Kazakhstan) (c) | 17,381 | $2,242,323 |
2
Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
ENTERTAINMENT – 1.2% | ||||
Sea Ltd. (Singapore) (a),(c) | 29,728 | $2,123,174 | ||
ELECTRICAL EQUIPMENT – 1.1% | ||||
Sungrow Power Supply Co. Ltd. (China) | 226,820 | $1,924,626 | ||
CONSTRUCTION & ENGINEERING – 1.0% | ||||
Samsung Engineering Co. Ltd. (South Korea) (a) | 103,798 | $1,809,092 | ||
HEALTH CARE PROVIDERS & SERVICES – 1.0% | ||||
Apollo Hospitals Enterprise Ltd. (India) | 24,264 | $1,796,606 | ||
SOFTWARE – 0.9% | ||||
TOTVS S.A. (Brazil) (a) | 297,971 | $1,622,021 | ||
TEXTILES, APPAREL & LUXURY GOODS – 0.9% | ||||
Samsonite International S.A. (United States) (b) | 519,028 | $1,547,061 | ||
CONSUMER STAPLES DISTRIBUTION & RETAIL – 0.9% | ||||
Raia Drogasil S.A. (Brazil) | 334,378 | $1,536,078 | ||
CHEMICALS – 0.6% | ||||
Bioceres Crop Solutions Corp. (Argentina) (a) | 100,292 | $1,124,273 | ||
GROUND TRANSPORTATION – 0.6% | ||||
Grupo Traxion S.A.B. de C.V. (Mexico) (a),(b) | 667,653 | $993,725 | ||
TOTAL COMMON STOCKS–94.7% (Cost $134,425,320) | $165,354,232 |
3
Polar Capital Emerging Market Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
PREFERRED STOCKS – 1.5% | ||
BANKS – 1.5% | ||
Itau Unibanco Holding S.A. (Brazil), 3.47% (d) | 464,735 | $2,694,417 |
TOTAL INVESTMENTS–96.2% (Cost $136,835,130) | $168,048,649 | |
Other Assets and Liabilities, net – 3.8% | $6,592,494 | |
NET ASSETS–100.0% | $174,641,143 |
(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. As of June 30, 2024, these securities had a total value of $8,536,517 or 4.9% of net assets. |
(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) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
4
Polar Capital Emerging Market ex-China Stars Fund
PORTFOLIO OF INVESTMENTS
June 30, 2024 (Unaudited)
PORTFOLIO OF INVESTMENTS
June 30, 2024 (Unaudited)
COMMON STOCKS – 95.6% | Shares | Fair Value | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 19.1% | ||||
eMemory Technology Inc. (Taiwan) | 436 | $34,249 | ||
Eugene Technology Co. Ltd. (South Korea) | 494 | 17,640 | ||
Faraday Technology Corp. (Taiwan) | 2,073 | 21,378 | ||
SK Hynix Inc. (South Korea) | 233 | 39,542 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3,842 | 113,829 | ||
$226,638 | ||||
BANKS – 10.5% | ||||
Alinma Bank (Saudi Arabia) | 1,514 | $12,623 | ||
Grupo Financiero Banorte S.A.B. de C.V. (Mexico) | 3,488 | 27,179 | ||
HDFC Bank Ltd. (India) | 1,076 | 21,729 | ||
ICICI Bank Ltd. (India) | 2,973 | 42,792 | ||
NU Holdings Ltd. (Brazil) (a) | 1,553 | 20,018 | ||
$124,341 | ||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 8.5% | ||||
Aldar Properties PJSC (United Arab Emirates) | 10,839 | $18,473 | ||
Corp. Inmobiliaria Vesta S.A.B. de C.V. (Mexico) | 4,401 | 13,166 | ||
Phoenix Mills (The) Ltd. (India) | 1,245 | 53,479 | ||
Vinhomes JSC (Vietnam) (a),(b) | 10,219 | 15,082 | ||
$100,200 | ||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 7.7% | ||||
Samsung Electronics Co. Ltd. (South Korea) | 1,556 | $91,577 | ||
OIL, GAS & CONSUMABLE FUELS – 6.5% | ||||
Paladin Energy Ltd. (Australia) (a) | 1,429 | $11,797 | ||
Reliance Industries Ltd. (India) | 1,733 | 64,964 | ||
$76,761 | ||||
METALS & MINING – 5.5% | ||||
Ivanhoe Mines Ltd. (South Africa) (a) | 4,365 | $56,315 | ||
Merdeka Copper Gold Tbk PT (Indonesia) (a) | 58,810 | 8,520 | ||
$64,835 | ||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.5% | ||||
Chroma ATE Inc. (Taiwan) | 2,884 | $28,199 | ||
Daejoo Electronic Materials Co. Ltd. (South Korea) (a) | 246 | 25,382 | ||
$53,581 |
5
Polar Capital Emerging Market ex-China Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
BROADLINE RETAIL – 4.2% | ||||
MercadoLibre Inc. (Brazil) (a) | 21 | $34,511 | ||
Mitra Adiperkasa Tbk PT (Indonesia) | 173,484 | 15,616 | ||
$50,127 | ||||
CONSUMER STAPLES DISTRIBUTION & RETAIL – 4.2% | ||||
BBB Foods Inc. (Mexico) (a) | 1,238 | $29,539 | ||
Nahdi Medical Co. (Saudi Arabia) | 290 | 10,143 | ||
Raia Drogasil S.A. (Brazil) | 2,201 | 10,111 | ||
$49,793 | ||||
HOTELS, RESTAURANTS & LEISURE – 3.4% | ||||
MakeMyTrip Ltd. (India) (a) | 481 | $40,452 | ||
ELECTRICAL EQUIPMENT – 3.2% | ||||
KEI Industries Ltd. (India) | 227 | $12,024 | ||
Voltronic Power Technology Corp. (Taiwan) | 160 | 9,473 | ||
WEG S.A. (Brazil) | 2,221 | 16,762 | ||
$38,259 | ||||
INDUSTRIAL CONGLOMERATES – 2.8% | ||||
SK Square Co. Ltd. (South Korea) (a) | 452 | $32,618 | ||
CAPITAL MARKETS – 2.4% | ||||
360 ONE WAM Ltd. (India) | 2,397 | $28,140 | ||
HEALTH CARE PROVIDERS & SERVICES – 2.0% | ||||
Apollo Hospitals Enterprise Ltd. (India) | 200 | $14,809 | ||
Oncoclinicas do Brasil Servicos Medicos S.A. (Brazil) (a) | 7,682 | 8,492 | ||
$23,301 | ||||
IT SERVICES – 1.6% | ||||
Globant S.A. (Argentina) (a) | 107 | $19,074 | ||
CONSUMER FINANCE – 1.6% | ||||
Kaspi.KZ JSC (Kazakhstan) (c) | 146 | $18,835 | ||
CONSTRUCTION & ENGINEERING – 1.4% | ||||
Samsung Engineering Co. Ltd. (South Korea) (a) | 938 | $16,348 |
6
Polar Capital Emerging Market ex-China Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
COMMON STOCKS — Continued | Shares | Fair Value | ||
ENTERTAINMENT – 1.3% | ||||
Nusantara Sejahtera Raya Tbk PT (Indonesia) (b) | 371,829 | $5,222 | ||
Sea Ltd. (Singapore) (a),(c) | 135 | 9,642 | ||
$14,864 | ||||
SPECIALTY RETAIL – 1.1% | ||||
Mobile World Investment Corp. (Vietnam) | 5,500 | $13,452 | ||
SOFTWARE – 1.0% | ||||
TOTVS S.A. (Brazil) (a) | 2,213 | $12,047 | ||
CHEMICALS – 0.8% | ||||
Bioceres Crop Solutions Corp. (Argentina) (a) | 883 | $9,898 | ||
MACHINERY – 0.7% | ||||
Action Construction Equipment Ltd. (India) | 491 | $8,720 | ||
GROUND TRANSPORTATION – 0.7% | ||||
Grupo Traxion S.A.B. de C.V. (Mexico) (a),(b) | 5,290 | $7,874 | ||
TRANSPORTATION INFRASTRUCTURE – 0.7% | ||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico) | 903 | $7,658 | ||
INTERACTIVE MEDIA & SERVICES – 0.2% | ||||
VTEX (Brazil) (a) | 389 | $2,824 | ||
TOTAL COMMON STOCKS–95.6% (Cost $934,808) | $1,132,217 |
7
Polar Capital Emerging Market ex-China Stars Fund
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2024 (Unaudited)
PREFERRED STOCKS – 1.7% | ||
BANKS – 1.7% | ||
Itau Unibanco Holding S.A. (Brazil), 3.47% (d) | 3,484 | $20,199 |
TOTAL INVESTMENTS–97.3% (Cost $955,763) | $1,152,416 | |
Other Assets and Liabilities, net – 2.7% | $31,501 | |
NET ASSETS–100.0% | $1,183,917 |
(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. As of June 30, 2024, these securities had a total value of $28,178 or 2.5% of net assets. |
(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) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
8