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Polar Capital Funds plc

Interim Report and Unaudited Financial Statements

For the six months ended 30 June 2026

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Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 01

Contents Generation – Section Contents Generation – Page Contents Generation – Sub Page

Business Review

Investment Manager’s Reports 02 Artificial Intelligence Fund 02 Asian Stars Fund 05 Biotechnology Fund 06 China Stars Fund 09 Emerging Market ex-China Stars Fund 10 Emerging Market Stars Fund 12 Emerging Markets Healthcare Fund 14 European ex UK Income Fund 16 Financial Credit Fund 18 Global Absolute Return Fund 20 Global Convertible Fund 22 Global Healthcare Select Fund 24 Global Insurance Fund 25 Global Technology Fund 28 Healthcare Discovery Fund 33 Healthcare Opportunities Fund 35 Japan Value Fund 37 North American Fund 39 Smart Energy Fund 42 Smart Mobility Fund 43 UK Value Opportunities Fund 44

Financial Statements and Notes

Portfolio Statements 46 Artificial Intelligence Fund 46 Asian Stars Fund 49 Biotechnology Fund 51 Emerging Market ex-China Stars Fund 53 Emerging Market Stars Fund 55 Emerging Markets Healthcare Fund 58 European ex UK Income Fund 60 Financial Credit Fund 62 Global Absolute Return Fund 66 Global Convertible Fund 72 Global Healthcare Select Fund 78 Global Insurance Fund 80 Global Technology Fund 85 Healthcare Discovery Fund 89 Healthcare Opportunities Fund 92 Japan Value Fund 94 North American Fund 97 Smart Energy Fund 100 Smart Mobility Fund 102 UK Value Opportunities Fund 104

Unaudited Statement of Financial Position 106 Comparative Statement of Financial Position 108 Unaudited Statement of Comprehensive Income 110 Comparative Unaudited Statement of Comprehensive Income 112 Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 114 Comparative Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 115 Unaudited Statement of Cash Flows 116 Comparative Statement of Cash Flows 118 Notes to the Financial Statements 120 Statement of Significant Portfolio Movements (unaudited) 185 Artificial Intelligence Fund 185 Asian Stars Fund 186 Biotechnology Fund 187 China Stars Fund 188 Emerging Market ex-China Stars Fund 189

Emerging Market Stars Fund 190 Emerging Markets Healthcare Fund 191 European ex UK Income Fund 192 Financial Credit Fund 193 Global Absolute Return Fund 194 Global Convertible Fund 195 Global Healthcare Select Fund 196 Global Insurance Fund 197 Global Technology Fund 198 Healthcare Discovery Fund 199 Healthcare Opportunities Fund 200 Japan Value Fund 201 North American Fund 202 Smart Energy Fund 203 Smart Mobility Fund 204 UK Value Opportunities Fund 205

Information for Investors 206 PEA Compliance 207 Appendix I – Securities Financing Transactions Regulation 207 Management and Administration 209

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Fund Performance

The Fund (Class I US Dollar Accumulation Share Class) returned 62.4% during the first six months of 2026. In comparison, its global equity benchmark, the MSCI All Country World Net Total Return Index, achieved a return of 11.3% (all returns in US dollar terms).

Strong returns in the first half of 2026 were driven by very strong data and demand across the artificial intelligence (‘AI’) ecosystem amid increasing enterprise adoption of AI. Gains across the AI universe were driven by growth in company earnings and greater expectations of future profits rather than investors being willing to pay more for those profits, with Goldman Sachs noting that revisions accounted for all the market gains through the spring.

The strongest contributions came from AI compute and infrastructure, where demand ran ahead of supply across nearly every layer of the technology stack. In compute, results consistently beat high expectations, supported by estimates of capital expenditure by the large cloud service providers (the ‘hyperscalers’) that were repeatedly revised upwards. Morgan Stanley now expects US$800bn of spending in 2026, nearly 80% growth y/y.

Memory was the standout subsector with extremely tight supply driving repeated price increases and record profitability across DRAM (short-term working memory), NAND (long-term storage) and high-bandwidth memory, with Micron Technology and SK Hynix both crossing US$1trn in size during the period. Storage showed similar dynamics, with hyperscaler demand far outstripping constrained supply. Across both, customers signed multi-year supply agreements with agreed pricing and prepayments, extending the current period of strong demand and keeping profit margins high through the cycle, with tight conditions now expected to persist beyond 2027. Related exposure across networking and optical componentry, semiconductor production equipment and data centre construction benefited from the same imbalance.

Our ‘AI beneficiaries’ exposure saw a broader range of outcomes. Companies delivering tangible, AI-driven earnings power were rewarded, while the reporting period brought a sharp derating in sectors judged under threat from AI, most acutely in software and information services. The Fund entered the period with limited exposure to these areas and further derisked or exited positions where we had any concerns, a meaningful contributor to relative returns.

The top relative performance contributors were Sandisk, Samsung Electro-Mechanics, Seagate Technology Holdings, Corning and Intel. The largest detractors were Reddit, Applied Materials*, HCA Healthcare, ASML Holding* and Halliburton.

Market Review

Global equity markets delivered solid gains during the first half of the year despite heightened macroeconomic and geopolitical uncertainty. The MSCI All Country World Net Total Return Index gained 11.3%, led by continued resilience in the US, with the S&P 500 Index rising 10.2%. European equities also performed well, with the Dow Jones Euro Stoxx 600 Index advancing 7.9%. North Asian equity markets exposed to AI were the standout performers – the South Korea KOSPI was up 88%, Taiwanese TWSE Index 59% and Japanese Nikkei 225 Index 35% (all returns in US dollar terms).

Early 2026 saw a sharp rotation in equity markets from growth to value, secular to cyclical, asset-light to asset heavy and US to ex-US. AI disruption risk came into acute focus and long-term profit concerns meant the amount investors were willing to pay for every dollar of these companies’ expected profits over the next 12 months fell sharply, from around 35x to below 20x. AI concerns spread to data-intensive industries and intermediaries media, information services, brokers, business services. As a result, ‘quality’ companies suffered their weakest 12-month performance since the pandemic.

Conversely, cyclical and consumer industry companies rallied as the ISM Manufacturing Index – that tracks US manufacturing activity – turned positive and the premium investors would pay for perceived ‘AI defensibility’ grew. This led to an increase in market breadth and dispersion. Smaller companies, as reflected in the Russell 2000 Index (small companies), delivered their best first six months to a year since 1991 and beat the Russell 1000 Index (large companies) by 11%, the widest first-half outperformance in 25 years. Around 40% of the return came from AI stocks, with a healthy economic backdrop and strong healthcare mergers and acquisitions (‘M&A’) activity also supportive. This is, however, only a modest reversal following 300 percentage points of underperformance of smaller companies versus the constituents of the S&P 500 over the past 15 years.

Active fund managers in the US enjoyed one of the best starts to the year in terms of outperforming the market as the market broadened, but they struggled to keep up as the primacy of the AI trade reasserted itself. Semiconductors and computer hardware accounted for 87% of the S&P 500 rally in the first six months of the year and finished the period accounting for 30% of the S&P 500 by company size. Capital markets activity started the year relatively slowly but, supported by the largest stock market listing in history (‘SpaceX’), companies raised around US$450bn through new share issues during the period, including those from M&As, second only to 2021. This almost matched the US$550bn companies spent buying back their own shares over the same period.

Artificial Intelligence Fund

* Not held.

Business Review

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Investment Manager’s Reports For the six months ended 30 June 2026

Business Review Investment Manager’s Reports Artificial Intelligence Fund

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Artificial Intelligence Fund continued

Market Review continued

Markets navigated a volatile geopolitical backdrop. Early in the year, uncertainty surrounding US trade policy, questions over Federal Reserve (‘Fed’) independence and escalating tensions in the Middle East weighed on investor sentiment. The conflict between the US/ Israel and Iran culminated in the effective closure of the Strait of Hormuz, triggering global energy supply disruption, the sharpest rise in oil prices since the 1990 Gulf War and concerns over the impact on inflation, economic growth and the path of monetary policy. More recently, easing geopolitical tensions and the signing of a Memorandum of Understanding between the US and Iran reduced concerns over energy supply disruption, allowing oil prices to retrace much of their earlier gains and global equities and bonds to recover after a tough first quarter.

Despite these headwinds, macroeconomic fundamentals remained supportive. The US labour market proved more resilient than expected throughout the period, with employment growth consistently exceeding expectations and prior months’ job numbers revised higher. While headline inflation increased as higher energy prices fed through to consumer prices, core inflation also drifted higher, although less sharply than headline inflation. The Fed kept interest rates unchanged during the first half of the year but adopted an increasingly tough tone, revising inflation forecasts higher and reinforcing expectations that policy is likely to remain restrictive for longer. Kevin Warsh, nominated by President Trump as the new Fed Chair and confirmed on 13 May, held his first meeting in June, shortening the reporting statement and dispensing with forward guidance. Fed futures went from pricing one to two interest rate cuts at the start of the year to one hike by the end of the period. The European Central Bank and Bank of Japan both raised rates during the period.

Corporate earnings revisions were the dominant driver of returns. Goldman Sachs noted that the S&P 500’s year-to-date (‘YTD’) gains were from companies reporting stronger profits rather than investors willing to pay for those profits. The amount investors were willing to pay (the forward price to earnings (P/E)) actually fell, from 22x to 20x. Company profits, per the S&P 500, reached 17% in the first quarter (‘Q1’) which exceeded analyst estimates by five percentage points and moved their forecast for Q2 to 22% y/y. Emerging markets were similar, where estimates increased by 40% during the period, led by memory and AI infrastructure-related stocks. However, investors were prepared to pay less for those profits, with forward P/E falling from 13.5x to 11x.

Overall, the transformative potential and earnings impetus of the AI story, resilient economic activity and confidence that geopolitical risks will gradually ease outweighed concerns over inflation, higher-for-longer interest rates and elevated policy uncertainty, supporting positive equity market returns.

Fund Activity

New positions during the period included Samsung Electro-Mechanics, Knight-Swift Transportation Holdings, Coherent, Anheuser-Busch InBev, AstraZeneca, MACOM Technology Solutions Holdings, Furukawa Electric, Royal Caribbean Cruises, FormFactor, GE Vernova and Halliburton, among others.

Companies we closed positions in include Ciena, Fujikura, Disco, Rolls-Royce Holdings, TTM Technologies, Ecolab, American Express, Microsoft, CH Robinson Worldwide, Jones Lang LaSalle, CrowdStrike Holdings and Credo Technology Group Holding.

Market Outlook

The first half of 2026 delivered strong returns across the AI ecosystem as companies reported exceptional earnings underpinned by rapidly rising enterprise demand for AI workloads, the emergence of agentic (autonomous) applications and a continuation of the high levels of investment to support growing supply. According to Exponential View research, revenue specifically associated with AI workflows across large language models (‘LLMs’) and cloud providers has reached US$175bn, on an annualised basis, while the combined hyperscaler backlog is north of US$2trn.

Updates from the memory sector underscored the severity of the supply/demand imbalances that have been seen across the AI supply chain. Indeed, Micron Technology communicated in its most recent results that it expects tight conditions to persist beyond 2027, with no sign of when supply might catch up with demand. The growing number of long-term contracts being signed by major customers reflects the anticipated duration of demand from some of the best-informed companies in this area. These agreements lock in volumes at known price ranges and therefore dampen the cyclicality of earnings streams. While we would caution against characterising these companies as non-cyclical, structural growth stories, we do believe AI has fundamentally changed the nature of the cyclicality in parts of the supply chain.

However, the recent announcement from Meta Platforms (‘Meta’) that it plans to develop a cloud infrastructure business has led to some concerns that an ability to sell capacity is a sign the compute market is no longer in acute shortage and a precursor to downward capital expenditure (‘capex’) revisions in future years. We believe this reading is likely premature and we view this development primarily through the lens of Meta increasing its optionality in a fast-moving, capital-intensive AI race – more a strategic hedge than evidence of any fundamental change in the supply of AI compute or in the demand that continues to run well ahead of it.

The development that may have shaped Meta’s thinking is the success SpaceX* has enjoyed renting out large AI compute clusters – to Anthropic, Google and others – at prices significantly above prevailing rates charged by neo-clouds (the newest category of cloud provider), with either party able to terminate on 90 days’ notice. Like Meta, SpaceX/xAI is a would-be frontier model provider with ‘excess’ capacity because its models are not yet top tier. Tellingly, that capacity was absorbed almost immediately by Anthropic, which had been rationing customer usage due to a lack of compute, and Google, itself the world’s largest owner of AI compute, citing demand running ahead of its own expectations. This does not appear like a market tipping into surplus but a non-frontier company’s idle capacity being bid for by capacity-starved frontier rivals.

Meta’s new business model is arguably strengthening the case for its own continued AI infrastructure investment by setting up a scalable, highly profitable business which provides another path by which it can generate AI revenue in addition to its core advertising business. We believe this should be supportive of its ability to raise future capital, both debt and equity, which in turn can fund more AI infrastructure investment.

* Not held.

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Market Outlook continued

All that said, we are cognisant that many stocks have come a long way in a relatively short space of time and the first few days of July have brought signs that recent momentum strength may consolidate, in part triggered by the Meta news. Importantly, this strength has been underpinned by remarkable earnings growth and positive earnings revisions across the ecosystem, rather than simply investors willing to pay more for each dollar of profit, which we view as a fundamentally healthier foundation. A period of consolidation or short-term retrenchment after such a run would not be unexpected and we have long maintained that bouts of volatility are likely.

One debate that has gained traction is around ‘token-maxing’ – the pattern of companies aggressively scaling AI usage with limited near-term regard for cost – and whether the arrival of spending discipline incentivises a shift away from frontier models towards cheaper open-source alternatives, threatening the growth curves of the leading model providers. We would frame the initial behaviour as rational rather than reckless. For many companies, the strategic risk of under-adopting AI relative to competitors far outweighs some short-term profit and loss pain which can often be offset by slowing future hiring. The scale of the issue also appears to be a bigger media story than economic reality. According to Ramp data across 70,000 firms, even the top 1% of adopters (heavily skewed towards technology companies) are spending US$7,450 per employee per month, still less than half a developer’s salary, while the top 10% of early adopters spend only US$608. Cost discipline at the margin is a function of total spend rising rapidly not of any willingness to slow deployment and customer checks suggest no one is throttling their AI initiatives.

More fundamentally, we believe the highest-value tokens are those of the most capable models when considered on a total cost of intelligence basis. Frontier models can undertake higher-value work over longer durations, work that is simply not feasible with lower-capability alternatives. A more expensive model that can call the right tools at the right time and produce the correct outcome first time is frequently cheaper per successful outcome than a low-cost model requiring multiple iterations. This is how enterprise buyers themselves describe their decision making, with Chief Information Officers (‘CIOs’) referencing an effective cost per successful outcome and an aim of maximising the value generated per dollar spent rather than minimising token usage. With a recent UBS CIO survey finding only 8% of enterprises deploying AI agents in production at scale, current optimisation efforts likely reflect the earliest, most aggressive adopters applying normal cost containment at the start of a new technology cycle. Some measure of spend optimisation may temporarily weigh on AI revenue growth, but rising token costs are a symptom of rising usage – a healthy problem – and the secular trends underpinning demand for frontier capability remain firmly intact.

Against this backdrop, we were heartened by the removal of export controls and (re)release of Fable 5 from Anthropic. Despite higher token costs, early feedback suggests yet another significant increase in capability. Fable 5 is much better at completing long-running, high-value tasks at its first attempt, tasks that previously required multiple iterations or turns of human review. We expect this progression to continue to unlock new modalities of work, which will keep increasing the value of frontier models to enterprises, even as lower-level automation enabled by open-source models simultaneously expands.

We continue to believe both AI capability and demand are underestimated. The sector and the Fund have enjoyed a good first half of the year, driven by strong earnings, fundamentals and an upward bias to AI capex. AI fundamentals remain robust as demand continues to run well ahead of supply.

While we are now more than three and a half years into the AI cycle, as evidenced by the growth in capex and equity returns since the launch of ChatGPT in November 2022, we believe the enterprise AI adoption cycle only began to gather meaningful momentum this year. This has been driven by model performance reaching the reliability levels required for production workloads, together with the increasing maturity of agentic tooling.

Technology Team Polar Capital LLP

July 2026

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Internet, e-commerce, FinTech and online travel agency (‘OTA’)-related companies have been hit particularly hard as the prevailing narrative has been that AI will erode these business models’ competitive positions. We fully acknowledge that AI will add considerable pressure to a number of digital solutions and business models. However, we also believe that business models built around a strong competitive advantage will ultimately benefit from AI. We have therefore identified companies such as Tencent, Alibaba and Sea as AI beneficiaries as opposed to AI enablers. The market has so far disagreed with our view and these companies have cost us performance relative to the benchmark despite still showing good growth relative to their valuation levels.

Elsewhere, we have finally seen some performance return to India, which we are pleased by. However, India has still significantly lagged the more tech-driven markets in North Asia.

Finally, the Association of Southeast Asian Nations (‘ASEAN’) has been disappointing, with particular weakness in Indonesia, dragged down by weak politics and poor preparedness for global geopolitical risk. We have no exposure here. The potential in the region is high but this requires improved politics, reduced geopolitical risk and investors willing to look beyond the AI trade.

Fund Activity

We have been quite active within the Fund over the period, primarily in response to the rapidly evolving trends in AI and technology as well as movements in valuation levels.

Market Outlook

We remain very constructive on the Fund. In the early part of the summer, we saw a fairly aggressive selloff in North Asia, particularly in the tech-heavy South Korean and Taiwanese semiconductor sectors. We are also positive on the AI and technology cycle over the long term and believe that, following this reset, the Fund’s technology holdings are becoming attractive and offer an attractive risk/reward profile. We had trimmed our active IT exposure going into the summer period, although we believe that an increasing number of opportunities are emerging with more attractive valuations.

We also remain constructive on China where we see the development of its own full technology stack as an exciting development that offers interesting opportunities. In addition, we see strong opportunities in advanced industrials as well as healthcare and biotechnology.

India, after a long period of underperformance, is increasingly knocking on the door for new capital and we are becoming more constructive as a result.

We believe the portfolio offers a genuinely exciting set of growth companies, with exposure to some of the most attractive emerging growth pockets in Asia. We believe these ‘Star’ companies continue to trade at attractive valuation levels relative to their long-term economic value, offering attractive return opportunities.

Emerging Markets and Asia Team

Polar Capital LLP

July 2026

Fund Performance

The Fund (Class I US Dollar Accumulation Shares) returned 24.6% during the first six months of 2026, underperforming its benchmark, the MSCI All Country Asia ex Japan Net Total Return Index, which returned 26.2% (all figures in US dollar terms).

The negative effect of the Fund’s forced underweight position in Taiwan Semiconductor Manufacturing Company (‘TSMC’), a result of regulatory restrictions, has been a noticeable drag on relative performance.

We had strong performance within the technology sector, where our stock selection was particularly beneficial. Companies such as Samsung Electronics, Advanced Micro-Fabrication Equipment, Chroma ATE and SK Hynix contributed to our performance relative to the benchmark. However, we gave away some of this positive relative performance in consumer and internet-related sectors. Companies such as Tencent, Alibaba Group Holding (‘Alibaba’), Sea and DiDi Global underperformed and were detractors from performance. In a rapidly rising market driven by the artificial intelligence (‘AI’) narrative, the performance spread between these two groups widened quickly, which also weighed on relative performance.

Market Review

Even by emerging Asia standards, the period under review witnessed a volatile market. The key driver was AI and here South Korean and Taiwanese semiconductor and related stocks benefited significantly from the ‘picks and shovels’ trade underpinning the AI evolution. In particular, the large US cloud service providers (the ‘hyperscalers’) and the new generation of cloud computing providers, the neo-cloud operators, saw extreme demand for compute, resulting in strong demand for memory, chips, advanced packaging, testing and cooling solutions for data centres, among others – all areas where South Korean and Taiwanese semiconductor companies are strong and control key intellectual property (‘IP’) and manufacturing technologies. This has driven a strong earnings cycle which has to a degree been rewarded by the market. It is notable that in areas such as memory (Samsung Electronics and SK Hynix), the market is valuing these companies on the assumption that their earnings may have already reached their peak, leaving less room for further growth from here.

South Korea was by far the strongest market, returning more than 100% in the first half (‘H1’) of 2026. The flip side, however, has been the influx of aggressive hedge fund and retail money into the market. This is not an issue in itself – broad market participation is welcome – but the real concern has been the proliferation of 2x and 3x leveraged exchange-traded fund (‘ETF’) products, special theme baskets and even single-stock ETFs, compounded by the return of margin trading (borrowing money to buy shares) to the market. This has created significant volatility. As long-term investors, we do not see this as a problem, since we believe we can take advantage of short-term volatility that diverges from our longer-term fundamental views and turn this into attractive returns, remaining patient and bracing ourselves for volatility in the meantime.

Geopolitics, particularly the conflict in the Middle East, has also been a significant driver of volatility in the market.

The disappointing part, however, has been that outside technology, little has worked across Asia, despite fundamentals in many cases being strong and underlying growth and progress remaining good.

Asian Stars Fund

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A number of 2025’s best-performing biotech companies had sizeable M&A expectations to them and arguably, perhaps as a result, extended valuations. However, we believed the brisk cadence of deal-making last year could make them vulnerable if further M&A did not come through early in the new year as expected. Bankers and capital markets teams appeared to be lining up significant issuance which tends to lead to softer sector performance as they are digested.

On the macro front, the US Federal Reserve cutting interest rates last year gave a helpful backdrop and was a positive for investors putting together M&A baskets, charts looked to be full of momentum and there was enthusiastically received commentary from sell-side analysts. Without this energy and fuel for the asset class, our view in January was that this raised the possibility of something of a near-term reset.

During February, the higher quality, widely-owned, commercial-stage biotech firms continued to struggle to make progress despite strong operating performance and expected or better-than-expected guidance for 2026. The tricky trading dynamics across broader equity markets in January intensified in February, with the combination of AI disruption panic, simmering geopolitical discomfort in the Middle East, festering private credit concerns, and continued cryptocurrency and precious metal volatility all undermining risk appetite.

In early March, simmering geopolitical risk in the Middle East erupted into open conflict, further eroding risk appetite and driving a continued, perhaps accelerating, fade in investor appetite and interest for the biotech sector. The sector bled performance in line with the broader market steadily through the month as investors struggled to understand the objectives of the US military action or to gauge the medium to long-term consequences of a surging oil price and evolving interest rate and inflation expectations. A resolution to the conflict-driven blockage of the key maritime transport route of the Strait of Hormuz quickly became the core topic of interest for investors.

Towards the end of March, a flurry of M&A activity drove a quick reversal in performance and investor sentiment towards the biotech sector. This included portfolio companies Terns Pharmaceuticals, which announced its acquisition by Merck for US$6.7bn, and, on the final day of March, Apellis Pharmaceuticals, which announced its acquisition by Biogen for $5.6bn.

During April, while the broader equity market shrugged off the on/off military aggression in the Middle East and moved higher as the AI-enabled hyper-scaling trade gathered momentum, biotech struggled to keep up. Early month gains on what we suspect was recycling from recent M&A momentum faded as the sector drifted uneasily into the first quarter’s earnings season, traditionally a soft quarter in the year. Early reports from leading companies met expectations although there was a lack of compelling fresh stories and a steady stream of new initial public offering (‘IPO’) issuances and secondary offerings, while all the action happened away from the sector. Despite talk of imminent technical breakouts for smaller-company-weighted biotech indices, the sector felt vulnerable entering the seasonally quieter summer months.

Fund Performance

The Fund (Class I US Dollar Distribution Shares) returned 19.9% in the six months to 30 June 2026, ahead of the 15.3% return by its benchmark, the NASDAQ Biotechnology Net Total Return Index, giving a relative outperformance of +4.6%. The biotechnology (‘biotech’) sector outperformed the broader equity market, with the S&P 500 Index returning 10.2% over the period (all figures in US dollar terms).

It was an extraordinary period for the sector. The year started slowly in the face of macroeconomic headwinds, geopolitical risk from a surprising and confusing conflict in the Middle East and a powerful resumption of the suffocating artificial intelligence AI trade. As a result, high expectations for a continuation of late 2025’s strong performance faded. The sector did surge late in the period as short/underweight positions compared to the benchmark were squeezed as a market rotation away from the ‘Magnificent Seven’ (or Mag7 – Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta Platforms and Tesla) and the AI thematic leaders found its way into healthcare more broadly.

Beneath the macroeconomic (‘macro’)-induced moves, the sector continued to deliver a brisk cadence of positive clinical trial updates and, perhaps most eye-catchingly, merger and acquisition (‘M&A’) activity, driving performance and perhaps sentiment for dedicated specialist investors. The Fund benefited from both, including five M&A exits from the portfolio, driving strong absolute and relative performance. It finished the period with a portfolio of investments in companies in a position to deliver strong fundamental progress in the future.

Market Review

The new calendar year started uncomfortably for many dedicated specialist investors, including ourselves, with well-known companies struggling to make progress. At the same time, consensus underweight positions and highly shorted names moved higher, often for no obvious fundamental reasons. Tricky trading dynamics across equity markets were mirrored within healthcare, with fresh structural growth challenges re-emerging for medical device and managed care companies, and unprecedented anticipation (but a lack) of high profile M&A activity, seemingly driving a rotation into ‘safe’ large-cap pharmaceutical and biotech companies. At the same time, this was offset by a broader macro rotation out of defensive companies into cyclicals, technology and AI thematics while, in the background, precious metals and crypto volatility intensified.

There was a rash of drug pricing agreements in late December 2025 between the Trump administration and the majority of the large pharmaceutical companies. Despite this, extended company valuations and crowded positioning as well as overly bullish short-term M&A expectations meant we started the new calendar year guarded. We were uncertain about whether the absolute and relative performance of the sector would hold and push on, at least in 2026. The trading dynamics of January did nothing to change that view, despite the respectable headline performance of the benchmark.

Biotechnology Fund

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Fund Activity

The Fund started the year in ‘risk-on’ mode with more aggressive positioning in late clinical development-stage and revenue growth-stage businesses, a situation largely inherited from the strong late-year performance of these segments in 2025. As with the previous year, this positioning became a headwind to performance as the market rotated out of recent outperformers to build positions in previous laggards, such as the larger ‘diversified earnings’ companies where the Fund has a structural underweight versus the benchmark.

Generally, over the period under review biotech struggled to catch a bid with the macro backdrop and against a renewed appetite for the AI theme, though this did reverse dramatically in the last two weeks of June. Overall, the period was positive for news flow for portfolio holdings, reinforcing our conviction in the fundamental value building for companies held in the Fund.

There were multiple materially positive clinical and regulatory updates over the period, including Xenon Pharmaceuticals in March announcing breakthrough new clinical data on a new medicine to treat a common form of epilepsy; REVOLUTION Medicines in April announcing breakthrough new clinical data on its new precision medicine to treat pancreatic cancer – one of the biggest advances achieved in treating this form of cancer for many years; Enliven Therapeutics in June announcing updated clinical data showing the better than expected efficacy of their new leukaemia drug candidate. In addition, Cytokinetics, Apogee Therapeutics and Oruka Therapeutics all announced exciting new clinical data for their key medicines in development.

The Fund benefited from five acquisitions in the period – four have been referenced earlier, plus, in April Soleno Therapeutics announced its acquisition by Neurocrine Biosciences for US$2.9bn.

In terms of positioning, the Fund’s strategic focus remained consistent during the period with an emphasis on commercial-stage revenue growth and later-stage clinical development companies. The combination of continued positive clinical and regulatory news flow, as well as continued M&A activity for the Fund’s portfolio (62 holdings have been acquired since the Fund’s inception), serves as a helpful reminder that the Fund continues to benefit from investing in what we believe are the best people using the best technologies to develop the best new medicines for patients.

Market Review continued

In May, the broader equity market and global macroeconomic picture were the same as the previous month. The biotech sector continued to feel suffocated by institutional capital that seemed increasingly torn between wariness of the deteriorating health of the macro and equities trading environment, and the relentless and somewhat debilitating AI thematic trade. The combination of crowded positioning in clinical development and revenue growth-stage stories, and capricious retail investor participation, once again seemed to be increasing dissatisfaction levels among investors.

During June something strange happened – there was a sharp reversal in the fortunes of themes that year to date seemed to have been left behind by the AI enthusiasm surging through equity markets. While the broader equity market eased off from its seemingly relentless run higher, led by significant pullbacks for the dominant Mag7 stocks and questions beginning to be asked of the magnitude of recent AI performance, biotech seemed to catch a sustained bid from the middle of the month onwards. While the outperformance of biotech over the month was clear – and easily one of the strongest monthly performances in recent years – explaining the reasons why remained less so. As is typically the case, we suspect a number of factors were at play.

From a top-down perspective, the recent broadening of the trade in equities saw healthcare, including biotech, and other out-of-favour and under-owned sectors as beneficiaries. More broadly, a new Chair of the US Federal Reserve, Kevin Warsh, communicated a vision for one, perhaps two, modest increases to interest rates in later 2026, yet two-year Treasury yields indicated expectations for rates to hold or fall thereafter. Ten-year yields seemed contained below 5%, supporting continued restrained investor engagement with longer-duration risk assets 1 such as biotech.

From a bottom-up perspective, the brisk cadence of M&A activity continued in June, including for two more Fund holdings – Nuvalent announced its acquisition by GSK for US$10.6bn, and Apogee Therapeutics its acquisition by AbbVie for US$10.9bn) both catching the attention of the market. It also drove the recycling of positions and acquisition premia back into the sector. Closely watched clinical trial updates trended positively and the US Food and Drug Administration (‘FDA’) reversed previous negative guidance/opinions on a couple of controversial new drug applications in the wake of yet more leadership turnover. While we remain to be persuaded the latter is a positive development, the FDA nevertheless continues to function broadly well (23 new drugs have been approved year to date) and the sector felt more buoyant than we had expected moving into the summer.

Biotechnology Fund continued

1 An asset with a long time before maturity and therefore a greater exposure to interest rate risks.

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Market Outlook

While we are somewhat sceptical that June’s eye-catching performance can be built on further in the near term, we will be happy to be proven wrong. Beyond the increasingly noisy and volatile trading backdrop for equities, we continue to note the strong recent fundamental progress across multiple investments within the portfolio put simply, exciting new medicines just keep coming.

The Fund’s cash position remains relatively low given our current confidence in the opportunity set of significant clinical and commercial opportunities. We take comfort from the fundamental resilience and robustness of biotech, where value creation for investors is increasingly being driven by the emergence of breakthrough new clinical and commercial opportunities – current and future product cycles coming in ahead of investor expectations. We believe the revenue and cashflow generation associated with these new product cycles is strengthening the biotech industry towards increasing self-sustainability, characterised by durable defensive growth independent of both financial markets and the broader economy.

Healthcare Team

Polar Capital LLP

July 2026

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On the advice of the Investment Manager, and given the small size of the Fund, the Directors of the Company took the decision to terminate the Fund with effect from 24 February 2026. All the shares in the Fund were fully redeemed on this date.

Emerging Markets and Asia Team

Polar Capital LLP

July 2026

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The disappointing part, however, has been that outside technology little has worked across emerging markets, despite fundamentals in many cases being strong and underlying growth and progress remaining good.

Internet, e-commerce, FinTech and online travel agency (‘OTA’)-related companies have been hit particularly hard as the prevailing narrative has been that AI will erode these business models’ competitive positions. We fully acknowledge that AI will add considerable pressure to a number of digital solutions and business models. However, we also believe that business models built around a strong competitive advantage will ultimately benefit from AI. We have therefore identified companies like Sea, Nu Holdings and MercadoLibre as AI beneficiaries as opposed to AI enablers. The market has so far disagreed with our view and these companies have cost us performance relative to the benchmark despite still showing good growth relative to their valuation levels.

Elsewhere, we have finally seen some performance return to India, which we are pleased by. However, India has still significantly lagged the more tech-driven markets in North Asia.

The Association of Southeast Asian Nations (‘ASEAN’) has been disappointing, with particular weakness in Indonesia, dragged down by weak politics and poor preparedness for global geopolitical risk. We have no exposure here. The potential in the region is high but this requires improved politics, reduced geopolitical risk and investors willing to look beyond the AI trade.

Latin America was also disappointing for us from a return perspective. Despite good growth and performance from our holdings, we were not rewarded for this. In particular, companies such as Nu Holdings (FinTech) and MercadoLibre (e-commerce) were a drag on performance, reflecting the market’s negative view of AI’s impact as well as a lack of confidence in these companies’ management teams’ growth strategies.

In the CE-MENA region, Middle Eastern markets suffered from the Middle East war. However, on a positive note, we saw a political change in Hungary, where we benefited from our investment in OTP Bank.

Fund Activity

We have been quite active within the Fund over the period, primarily in response to the rapidly evolving trends in AI and technology as well as movements in valuation levels.

Fund Performance

The Fund (Class I US Dollar Accumulation Shares) returned 40% during the first six months of 2026, outperforming its benchmark, the MSCI Emerging Markets ex China Net Total Return Index, which returned 38.80% (all figures in US dollar terms).

We had strong performance within the technology sector, where our stock selection was particularly beneficial. Companies such as Samsung Electronics, Chroma ATE, SK Hynix and ASE Industrial Holding contributed to our performance relative to the benchmark. However, we gave away some of this positive relative performance in consumer and internet-related sectors. Companies such as Nu Holdings, Grab Holdings, Sea and MercadoLibre underperformed and were detractors from performance. In a rapidly rising market driven by the artificial intelligence (‘AI’) narrative, the performance spread between these two groups widened quickly, which also weighed on relative performance.

From a return perspective, emerging markets were driven by North Asia. Latin America was weak, with politics and the lack of an AI narrative dragging down markets such as Brazil. In Central Europe, the Middle East and North Africa (‘CE-MENA’), the Middle Eastern stock universe was negatively affected given the conflict there.

Market Review

Even by emerging market standards, the period under review was volatile. The key driver was AI and here South Korean and Taiwanese semiconductor and related stocks benefited significantly from the ‘picks and shovels’ trade underpinning the AI evolution. In particular, the large US cloud service providers (the ‘hyperscalers’) and the new generation of cloud computing providers, the neo-cloud operators, saw extreme demand for compute, resulting in strong demand for memory, chips, advanced packaging, testing and cooling solutions for data centres, among others – all areas where South Korean and Taiwanese semiconductor companies are strong and control key intellectual property (‘IP’) and manufacturing technologies. This has driven a strong earnings cycle which has to a degree been rewarded by the market. It is notable that in areas such as memory (Samsung Electronics and SK Hynix), the market is valuing these companies on the assumption that their earnings may have already reached their peak, leaving less room for further growth from here.

Geopolitics, particularly the conflict in the Middle East, has also been a significant driver of volatility in the market.

Emerging Market ex-China Stars Fund

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Market Outlook

India, after a long period of underperformance, is increasingly knocking on the door for new capital and we are becoming more constructive as a result.

Latin America is increasingly looking cheap to us and we can identify many attractive companies. However, we believe there is no question that politics will be both an upside opportunity and a risk here.

Emerging Markets and Asia Team

Polar Capital LLP

July 2026

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Geopolitics, particularly the conflict in the Middle East, has also been a significant driver of volatility in the market.

Internet, e-commerce, FinTech and online travel agency (‘OTA’)-related companies have been hit particularly hard as the prevailing narrative has been that AI will erode these business models’ competitive positions. We fully acknowledge that AI will add considerable pressure to a number of digital solutions and business models. However, we also believe that business models built around a strong competitive advantage will ultimately benefit from AI. We have therefore identified companies such as Tencent, Alibaba and Sea as AI beneficiaries as opposed to the AI enablers. The market has so far disagreed with our view and these companies have cost us performance relative to the benchmark despite still showing good growth relative to their valuation levels.

Elsewhere, we have finally seen some performance return to India, which we are pleased by. However, India has still significantly lagged the more tech-driven markets in North Asia.

Latin America was also disappointing for us from a return perspective. Despite good growth and performance from our holdings, we were not rewarded for this. In particular, companies such as Nu Holdings (‘FinTech\) and MercadoLibre (e-commerce) were a drag on performance, reflecting the market’s negative view of AI’s impact as well as a lack of confidence in these companies’ management teams’ growth strategies.

In the CEMENA region, Middle Eastern markets suffered from the Middle East war. However, on a positive note, we saw a political change in Hungary, where we benefited from our investment in OTP Bank.

Fund Activity

We have been quite active within the Fund over the period, primarily in response to the rapidly evolving trends in AI and technology as well as movements in valuation levels.

Fund Performance

The Fund (Class I US Dollar Accumulation Shares) returned 23.60% during the first six months of 2026, underperforming its benchmark, the MSCI Emerging Markets Net Total Return Index, which returned 23.90% (all figures in US dollar terms).

The negative effect of the Fund’s forced underweight position in Taiwan Semiconductor Manufacturing Company (‘TSMC’), a result of regulatory restrictions, was greater than the extent of this relative underperformance.

We had strong performance within the technology sector, where both our asset allocation and stock selection were beneficial. Companies such as Samsung Electronics, Advanced Micro-Fabrication Equipment, Chroma ATE, SK Hynix and ASE Industrial Holding contributed to our performance relative to the benchmark. However, we gave away some of this positive relative performance in consumer and internet-related sectors. Companies such as Tencent, Alibaba Group Holding (‘Alibaba’), Nu Holdings, MercadoLibre, Sea and DiDi Global underperformed and were detractors from performance. In a rapidly rising market driven by the artificial intelligence (‘AI’) narrative, the performance spread between these two groups widened quickly, which also weighed on relative performance.

Market Review

Even by emerging market standards, the period under review witnessed a volatile market. The key driver was AI and here South Korean and Taiwanese semiconductor and related stocks benefited significantly from the ‘picks and shovels’ trade underpinning the AI evolution. In particular, the large US cloud service providers (the ‘hyperscalers’) and the new generation of cloud computing providers, the neo-cloud operators, saw extreme demand for compute, resulting in strong demand for memory, chips, advanced packaging, testing and cooling solutions for data centres, among others – all areas where South Korean and Taiwanese semiconductor companies are strong and control key intellectual property (‘IP’) and manufacturing technologies. This has driven a strong earnings cycle which has to a degree been rewarded by the market. It is notable that in areas such as memory (Samsung Electronics and SK Hynix), the market is valuing these companies on the assumption that their earnings may have already reached their peak, leaving less room for further growth from here.

South Korea was by far the strongest market, returning more than 100% in the first half (‘H1\) of 2026. The flip side, however, has been the influx of aggressive hedge fund and retail money into the market. This is not an issue in itself – broad market participation is welcome – but the real concern has been the proliferation of 2x and 3x leveraged exchange-traded fund (‘ETF\) products, special theme baskets and even single-stock ETFs, compounded by the return of margin trading (borrowing money to buy shares) to the market. This has created significant volatility. As long-term investors, we do not see this as a problem, since we believe we can take advantage of short-term volatility that diverges from our longer-term fundamental views and turn this into attractive returns, remaining patient and bracing ourselves for volatility in the meantime.

Emerging Market Stars Fund

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Market Outlook

India, after a long period of underperformance, is increasingly knocking on the door for new capital and we are becoming more constructive as a result.

Emerging Markets and Asia Team

Polar Capital LLP

July 2026

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Market Review

Global equities were volatile over the first half (‘H1’) of 2026. Emerging market equities led global equities, with both global healthcare and emerging market healthcare lagging against a challenging geopolitical backdrop compounded by inflationary concerns and the future path of interest rates. In January, the US Department of Justice issued subpoenas to the Federal Reserve and its outgoing chair, Jerome Powell, over his June 2025 congressional testimony, a move widely interpreted as a challenge to the Federal Reserve’s independence. Trump subsequently nominated Kevin Warsh, seen as a hawkish figure, to succeed Powell as chair from May. Warsh’s first meeting in charge, in June, delivered a shorter, more hawkish policy statement with a stronger emphasis on price stability and the removal of forward guidance.

Markets came under significant pressure in March as tensions in the Middle East escalated into open conflict, driving oil prices sharply higher and disrupting shipping through the Strait of Hormuz. Equities, including emerging markets healthcare, sold off heavily before staging one of the strongest emerging market rallies since November 2022 as an intermittent ceasefire took hold in April. Healthcare, as a more defensive sector, lagged the broader rally. Sentiment stabilised further through May and June as the geopolitical backdrop eased, notwithstanding a rescheduled summit between Presidents Xi and Trump in May that delivered only modest outcomes.

During the period, external sentiment towards China fluctuated between support and scrutiny, while the country continued to make positive progress with its healthcare reforms. The Two Sessions meeting in March – between the National People’s Congress (‘NPC\) and National Committee of the Chinese People’s Political Consultative Conference (‘CPPCC\) – elevated biopharmaceuticals to an emerging pillar industry.

Biotech company business development activity was very strong again with global pharmaceutical companies including Eli Lilly, AstraZeneca, Bristol Myers Squibb, Takeda Pharmaceutical and Pfizer signing huge deals. In May, debate in Washington over China’s rising influence in biotechnology saw a Congressional request that biotech be designated a ‘prohibited technology’ under proposed outbound investment restrictions. However, this has not dulled the pace of out-licensing deals. Encouragingly, the Chinese National Reimbursement Drug List (NRDL) submission window in June closed with 818 applications, a record number, underlining the continuing importance of reimbursement as a commercial catalyst.

India provided a more consistent positive backdrop. The 2026–27 Union Budget in February prioritised healthcare, including new medical tourism hubs, a biopharma manufacturing initiative and plans to train 100,000 additional healthcare professionals. At the same time, corporate results across Indian pharmaceutical and healthcare service companies remained robust throughout the period.

The Korea Composite Stock Price Index (‘KOSPI’) rallied hard in 2026, peaking in mid-June led by a concentrated couplet of AI-linked stocks, Samsung Electronics and SK Hynix. Rotation out of healthcare pressured returns in H1 as more defensive areas were left behind, although the Fund’s relative underweight here was beneficial.

Fund Performance

In the six months to 30 June 2026, the Fund (Class I USD Accumulation Shares) returned (3.50%), compared with (3.10%) for its benchmark, the MSCI Emerging Markets Health Care Net Total Return Index, a relative underperformance of 0.40% (all figures in US dollar terms).

Global and emerging market equities experienced significant volatility in the period as an escalating dispute between the Trump administration and the US Federal Reserve, a full-blown conflict in the Middle East and periodic bouts of risk aversion around artificial intelligence (‘AI’) weighed on sentiment, although there was a broad recovery into the second quarter.

The Fund’s persistent underweight to mega and large-cap companies, where some unowned firms fared well, represented a structural allocation headwind and proved the largest drag on performance, despite a modest positive contribution from sector allocation. This was partially offset by strong stock selection within small and mid-caps.

On a geographic basis, India was the largest positive contributor, reflecting strong relative allocation and stock selection, followed by Hungary, Saudi Arabia and South Korea. The largest drag was the Fund’s zero weighting in Taiwan. China was a modest negative contributor overall, reflecting weak sentiment through the first quarter that partially reversed later in the period.

On a subsector basis, pharmaceuticals, healthcare services and healthcare facilities were the largest positive contributors, primarily reflecting good stock selection. Life sciences tools and services and drug retail were the largest negative contributors, again driven by weaker stock selection, while the Fund’s structural underweight to biotechnology was broadly neutral over the period.

Positive relative stock contributions came from Nephrocare Health Services, JB Chemicals & Pharmaceuticals and Richter Gedeon.

Nephrocare Health Services, an India-listed dialysis clinic operator, continued to expand internationally into the Philippines, Uzbekistan and Saudi Arabia while delivering strong operational results throughout the period.

Richter Gedeon benefited from solid earnings execution and JB Chemicals & Pharmaceuticals from strong execution and its merger with Torrent Pharmaceuticals.

The largest relative negative contributors reflected underweight positions in PharmaEssentia and two large caps WuXi AppTec and Sun Pharmaceutical Industries.

We gradually exited Sun Pharmaceutical Industries because of concerns over its prospective acquisition of Organon, which subsequently went ahead.

Emerging Markets Healthcare Fund

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Fund Activity

Trading activity across the period reflected a gradual shift in emphasis rather than a wholesale repositioning. Early in the year, the Fund initiated a new position in WuXi XDC, a contract research, development and manufacturing organisation focused on antibody-linked drugs. We added to WuXi Biologics, Sino Biopharmaceutical and Lupin.

As noted above, the Fund reduced its position in Sun Pharmaceutical Industries in February and exited entirely by April as the prospective acquisition of Organon raised concerns over near-term execution risk, growth moderation and increased leverage.

In March, we opened a new position in Global Health/India, an Indian hospital group previously held, and Ajanta Pharma while exiting two other Indian stocks, Piramal Pharma and Entero Healthcare Solutions.

We added to Global Health/India in April and opened a new position in Yifeng Pharmacy Chain, a China-based pharmacy expected to benefit from recent policy changes and an increased geographic footprint.

We exited JD Health International and Everest Medicines in May, alongside partial profit-taking in Richter Gedeon. This funded new positions in Mankind Pharma, a stock previously held, and the initial public offering (‘IPO’) of Metis TechBio, a China-based biotech company which applies AI technology to design particles capable of delivering therapies to specific tissues within the human body.

In June, the Fund added to WuXi Biologics and Krishna Institute of Medical Sciences (‘KIMS’), an Indian hospital group, via a placing, and participated in the IPO of Alebund Pharmaceuticals, a China-based biotech company developing therapies for renal disease that listed in Hong Kong. We also opened a new position in Celltrion, a South Korean-based biosimilar company with a healthy new product pipeline. These purchases were funded from the existing cash and the full exit of Richter Gedeon.

Market Outlook

Our outlook for emerging market healthcare remains highly constructive despite a volatile first half of the year. We remain convinced that emerging market healthcare is in the early stages of multi-decade structural growth. These drivers, which include ageing populations, expanding middle classes, improved payer dynamics and the development of healthcare systems that have previously been underfunded on a per capita basis, relative to developed markets, continue to create greater access to and higher demand for healthcare across emerging markets. We believe company fundamentals remain solid, new product cycles continue to progress and the resurgence in IPO activity across India and China is providing a growing pipeline of new investment opportunities at valuations we continue to view as attractive.

Healthcare Team

Polar Capital LLP

July 2026

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The European Central Bank (‘ECB’) raised interest rates in June by 25 basis points 1 (‘bp’) despite the oil price falling before and continuing to fall after that decision. By July, ECB policymakers were already talking about a need to monitor any knock-on effects before hiking again. We would argue they should have done this before the June hike too. The first half of 2026 also saw a new US Federal Reserve (‘Fed’) Chair in Kevin Warsh who has been previously critical of how the Fed operates. He is inheriting financial markets in speculative mood with limited room for manoeuvre, in our view.

Fund Activity

Activity continued the multi-year theme of redeploying capital into high quality businesses that have derated since their 2021 peak – a process that produced 12 new ideas in 2025 and eight new ideas in the first half of 2026. This compares to only three new positions in 2021, when quality was clearly overvalued. We note that first quarter (‘Q1’) earnings saw several ‘fallen quality’ purchases of the past 18 months (Edenred, IMCD, Kuehne & Nagel International and L’Oreal among them) sounding noticeably more upbeat on their earnings calls.

Purchases in the first half of 2026 included:

• Accor, an asset-light hotel model that has cut its owned and leased property from 42% of the estate to 3% and lifted profit margins from 17.5% to 21.6% on a 34% discount to its US peers.

• Cellnex Telecom, a digital infrastructure and services company, whose earnings multiple halved from over 30x to below 15x, with 2026 free cashflow of €350m moving towards over €1bn by 2027.

• Assa Abloy, an access solutions business with a 9% tailwind from the shift from mechanical to electronic locks, rising demand in Europe linked to new cybersecurity rules (the EU Network and Information Security Directive 2 (‘NIS2’)) and further growth potential in the US residential market.

• Rational, with a 50% share in combi-steamers and which holds net cash.

• Novozymes, the enzymes business with a structural 7% organic growth rate.

• Ryanair, the lowest-cost European short-haul operator, debt-free and with 80% of its fuel costs locked in until March 2027.

The Fund also bought back two companies sold in 2025 at more attractive entry points – Aena (Spanish airports) on around 9x expected 2027 earnings, and Munich Re (reinsurance) at 1.6x the value of the assets on its books, despite a return on equity approaching 20%.

Fund Performance

The Fund (Class I EUR Accumulation Shares) returned 5.2% over the first half of 2026, against 11.2% for its benchmark, the MSCI Daily Net Total Return Europe ex UK Index (all returns in euro terms).

The style headwinds that defined 2025 persisted: an exceptionally narrow group of artificial intelligence (‘AI’) and energy stocks led markets while the Fund’s quality and income approach lagged. Roughly 20% of the index largely AI and energy companies – drove almost all its gains. The path was volatile with markets tending to rally before and after a short selloff around the Middle East war. Quality stocks remained out of favour in the first half of 2026, but we have high conviction in the medium-term outlook for many of these companies.

Underlying portfolio quality is, on the Fund’s look-through measures, the highest since inception. Aggregate return on equity rose from 14% in 2015 to 17.9% in 2025, with consensus pointing to 20.5% in 2026, having weathered a pandemic trough of 7.6%. Crucially that improvement is operational rather than financial – driven by companies’ higher net margins and asset turnover rather than borrowing. We are seeing portfolio holdings earning higher returns on progressively stronger, less indebted balance sheets.

Market Review

The year began with disorderly moves across asset classes. Gold and silver staged eye-watering rallies followed by historically large corrections, the price of crude oil rose on geopolitical risk, the US dollar weakened and long dated Japanese bonds sold off. Within equities, semiconductors rallied hard, while perceived AI losers, especially software stocks, saw dramatic deratings. The full-year earnings season was solid overall for the Fund’s holdings and validated the portfolio’s quality.

The constructive tone in equity markets reversed in March as the outbreak of war in the Middle East triggered a sharp pullback from risk assets. Initial fears around a painful second major energy price shock for Europe proved excessive. Encouragingly, Europe navigated the 2026 energy crisis far more calmly than that in 2022, helped by better French nuclear availability and years of investment in renewables, grids and batteries. The Fund’s low exposure to energy-intensive sectors limited the direct impact. The oil price steadily fell through the second half of the reporting period after a brief period of panic. As has been the pattern in recent years, a dramatic selloff (e.g. Covid and Liberation Day) quickly gave way to even more spectacular rallies. April brought an extreme appetite for risk in concentrated pockets – the Philadelphia Semiconductor Index was up nearly 40% and, in Europe, Nokia was up 60%, Infineon Technologies 50% and Soitec almost tripled.

By May, the bifurcation between the AI and energy leadership and the flat performance of the remainder had widened further, prompting debate over whether 2026 resembled 1998 or 1999 in the technology cycle. We remained more concerned about the sustainability of earnings given a heavy reliance on AI capital expenditure and a 6% US fiscal deficit rather than about headline multiples alone.

European ex UK Income Fund

1 A basis point is a common unit of measure in finance; one basis point equals 0.01%.

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Fund Activity continued

Sales included:

• Novo Nordisk, the Danish healthcare company, a 2025 purchase exited after the REDEFINE-4 trial undermined the commercial case for its key near-term pipeline drug, leading us to reassess it as a value trap.

• Group Logista, a tobacco distributor, sold on its weak valuation given low underlying growth, the threat of regulatory change and limited benefit so far from its strategy of diversification through mergers and acquisitions.

• SCOR, the French reinsurer, after strong outperformance as its turnaround thesis largely played out, leaving limited further upside at 0.94x the book value and 7x earnings, as the property and casualty insurance market is expected to soften into 2027–28.

Market Outlook

The Fund retains a positive stance on European equities and we believe it offers compelling opportunities for investors. External threats are seen as finally prompting meaningful and more pragmatic policy change – across fiscal, competition and green agendas – and the combination of undemanding starting valuations and an improving medium-term earnings outlook underpins the constructive view. Europe’s multi-year outperformance of the US in the aftermath of the technology bubble two decades ago is, we feel, a reminder of the size of the prize for investors willing to add exposure now.

The central conviction is unchanged – in our view, the dramatic underperformance of quality stocks since their 2021 valuation peak has gone too far and offers highly compelling entry points. The challenge today is perhaps less about how much to pay than about confirming the businesses remain genuinely high quality. The contrast with the most expensive parts of global markets is stark; the portfolio’s US$1.9trn aggregate market value is comparable to a single mega-cap technology business, yet the Fund’s holdings are expected to generate around US$100bn of cash after their capital expenditures in 2027 – more than several of the largest US technology companies combined.

We believe income strategies will perform materially better once exuberance normalises, the appetite for yield tending to be inversely correlated with the expectation of capital gains. The Fund continues to emphasise the evaluation of both valuation and cyclical risks, expecting a higher cost of capital to favour its core skills in valuation discipline and risk management.

European Income Team Polar Capital LLP

July 2026

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Elsewhere, Japanese government bonds saw the biggest selloff over the period, with long-dated yields reaching levels not seen since the late 1990s. New issuance for the sector was strong over the six month period, headlined by UBS’s first Additional Tier 1 1 (‘AT1’) bond since the Swiss Administrative Court’s ruling on the Credit Suisse AT1 write-down in March 2023. Equally, underlying fundamentals were very supportive, notwithstanding negative sentiment towards non-bank lending due to write-downs of loan investments at a number of US business development companies and exposure to the software sector that has been seen as particularly vulnerable to AI disruption.

Fund Activity

Positioning through the period remained relatively defensive. As the extra return or spread investors demand over government bonds widened sharply following the outbreak of the Middle East conflict, the Fund reduced its credit hedge before subsequently increasing it again when spreads returned toward pre-conflict levels. With the UK more sensitive to the closure of the Strait of Hormuz and the impact of the local elections, the Fund’s sterling sensitivity to interest rate changes was reduced. This included selling Admiral’s 8.5% Tier 2 bond 2 and part of a position in Intesa Sanpaolo’s 8.505% Tier 2 bonds.

The Fund’s sensitivity to UK interest rates was also further reduced by selling long gilt futures, a contract that gains if UK yields keep rising. This was offset by buying US Treasury futures, given the Fund’s low exposure to the US dollar, keeping overall portfolio interest rate risk broadly unchanged. Separately, a residual holding in NatWest preference shares was sold as the extra yield they offered over risk-free gilts was no longer judged sufficient.

Within AT1s, the Fund maintained a highly selective approach throughout, favouring high single-digit to low double-digit yielding instruments from well-capitalised smaller and mid-sized specialist banks over larger issuers, participating tactically in the latter when spreads widen during periods of stress. This approach was reflected in new issue participation later in the period; the Fund invested in Hampshire Trust Bank, a UK-focused specialist lender, at a 10% yield, and Bankaktiebolaget Nordiska, a Swedish specialist bank, at 8.2%. The Fund also added a euro-denominated floating rate Tier 2 bond originally issued by Finibanco, now part of Montepio, one of Portugal’s largest banks, at an attractive discount. Throughout the period, the Fund maintained no exposure to US credit card companies, private credit lenders, commercial real estate-focused banks or Japanese life assurance companies, reflecting a consistently cautious stance toward pockets of the market seen as prone to event risk or asset-quality stress.

Fund Performance

The Fund (Class I GBP Accumulation Shares) returned 1.3% for the period compared to 1.4% for its benchmark, the ICE BofA Global Financials Total Return Index (all figures in sterling terms).

Market Review

The war in the Middle East was the biggest driver of financial markets over the period and produced lower returns for bond investors. Tension had already unsettled sentiment at the start of the year and, combined with an artificial intelligence (‘AI’)-related selloff in equity markets, drove an initial rally in government bonds, pulling 10-year US Treasury yields down as much as 35 basis points (‘bps’) at one point during February. This proved short-lived as the US and Israeli attacks on Iran triggered a rapid rise in oil prices, with Brent crude oil rising from around US$60 a barrel at the beginning of 2026 to over US$110 in March, feeding directly into inflation expectations and forcing a rapid repricing across asset classes.

Ten-year US Treasury and German bund (long-term government bond) yields jumped around 40bps to 4.3% and 3.0% respectively and UK 10-year government bond (‘gilt’) yields rose around 70bps to 4.9% with all of them seeing further rises in May with yields peaking at 4.7%, 3.2% and 5.2% respectively. Two-year UK government bond yields also rose, but more in expectation that central banks would react and increase interest rates, leading to a narrowing of the gap between short and long-term borrowing costs.

The volatility in UK and European government bonds was higher than in the US, reflecting the region’s greater sensitivity to the oil price, with UK government and German bund yields reaching their highest level since 2008 and 2011 respectively. Inflation data unsurprisingly increased, with US headline Consumer Price Inflation (‘CPI’) climbing to 4.2%, its highest level since early 2023. Core measures, which look at the prices paid for a typical basket of goods excluding food and energy, were also firm, echoed in similar readings in Germany and Japan.

UK political risk added a further layer of volatility, as local election results raised the prospect of a Labour leadership change and renewed concern over government spending and taxation. Only towards the end of the period did conditions turn more constructive, as a US-Iran Memorandum of Understanding reopened the Strait of Hormuz, easing oil prices and moderating the inflation concerns that had built up since the conflict began, leading to a rally in bonds.

Central bank policy shifted over the same period. The European Central Bank (‘ECB’) raised interest rates for the first time in almost three years. The US Federal Reserve (‘Fed’), under its new Chair, held interest rates steady but sounded more cautious about inflation, with most policymakers now seeing a greater risk that inflation could rise further. The Fed also dropped its previous forward guidance approach in favour of deciding interest rate policy meeting by meeting based on the latest data.

Financial Credit Fund

1 AT1s are deeply subordinated bonds, ranking just above shareholder equity and expected to absorb losses while a bank remains operational.

2 Tier 2 bonds are subordinated, dated bonds with mandatory coupons and documentation specifically stating they will only absorb losses at the point of non-viability (i.e. gone concern); they rank senior to AT1s and shareholder equity.

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M&A Merger and acquisition (‘M&A’) activity was a consistent feature of the period. Banco Santander agreed to acquire US regional lender Webster Financial for around US$12.2bn, materially expanding its US footprint. UniCredit launched an unsolicited approach for Commerzbank, valuing the German bank at roughly €35bn after building a stake of around 30%, a move not supported by Commerzbank’s management or the German government, and a tender process that has seen its stake rise above 40%. Further consolidation followed with BAWAG’s €1.6bn agreement to acquire Permanent TSB, Ireland’s third largest bank, materially increasing its scale in Ireland, and Standard Life’s £2bn agreement to acquire Aegon UK, consolidating the UK life and pensions market. Separately, FirstRand announced it would be looking to sell its UK subsidiary, Aldermore, after a sharp increase in motor finance redress provisions to which the bank was exposed, stating that ‘legal and regulatory look-back risk is not within the group’s risk appetite’.

Market Outlook

The past three years have been excellent for credit investors with subordinated financial bonds generating equity like returns for bond-like risk, with the result that spreads are now at or below previous post-global financial crisis lows. Nevertheless, fundamentals remain very strong and yields remain at attractive levels, notwithstanding geopolitical uncertainty.

Against this backdrop, we continue to find better value in senior and Tier 2 bonds. With banks in a much stronger position today than they were pre-global financial crisis when spreads were tighter, we feel that tight spreads, all things being equal, are perfectly justifiable. Furthermore, set against the backdrop of such a high valuation of equity markets on longer-term metrics, bonds look particularly attractive. Even when statistical contortions are carried out that make equity markets look less expensive, we believe it would still imply low single-digit average returns from equities over the next 10 years. However, the balance of risks would suggest much lower returns and likely at some point a sharp drawdown in equity markets. That, and the animal spirits seen with the jump in initial public offering (‘IPO’) activity, favour a more cautious asset allocation.

Financials Team

Polar Capital LLP

July 2026

Fund Activity continued

Regulatory Events The future of AT1 capital, and the broader pace of European capital and liquidity simplification, was the most persistent regulatory theme across the period. At the outset, the ECB had recommended options for simplifying the liquidity, supervisory and reporting framework for European banks, including either removing AT1s from its list of recognised capital types or making them more equity-like. This followed the Australian Prudential Regulation Authority’s more radical step of removing the instruments from its regulatory framework, to be phased out by 2032. Against this backdrop, senior ECB officials repeatedly signalled that enhancing AT1 features was favoured over outright removal, a view echoed by the European Banking Authority (‘EBA’) and, later reinforced by the Bank for International Settlements. A separate EBA report estimated that meaningful additional equity capital would be required by the banking sector were provision for AT1s in its categories of permitted capital removed altogether, reinforcing the view that any eventual reform is likely to be moderate.

A second theme to emerge during the period was diverging approaches to bank capital regulation. The Bank of England (‘BoE’)’s decision to reduce UK bank capital requirements drew public criticism from prominent former officials, who argued it weakened financial system resilience, though the BoE Governor defended the move as better aligning capital with risk. This was followed, later in the period, by the Fed’s final proposal for implementing the Basel IV agreement on banking capital, which would ease capital requirements for the largest US banks to a considerable extent more than that planned in the EU and UK. This widened a transatlantic regulatory gap that European policymakers say has prompted a review of the region’s banking competitiveness, with a formal report due in the second half of the year.

By contrast, Switzerland moved in the opposite direction, requiring UBS to fully capitalise its foreign subsidiaries with an estimated US$20bn of additional capital, though its proposals left AT1 mechanics unchanged.

Separately, the EU completed its multi-year Crisis Management and Deposit Insurance reform, formalising a harmonised, pan-EU creditor hierarchy, with a more contained set of rating actions than initially flagged as a result.

The Financial Conduct Authority (‘FCA’) finalised its UK motor finance redress scheme at a lower aggregate industry cost than originally proposed, at an estimated cost of £9.1bn, though with a higher average payout per claim. However, most lenders exposed to the issue have publicly stated that the FCA’s redress scheme was at odds with the Supreme Court’s ruling and it was confirmed after the period end that a number of lenders, in particular Volkswagen and Mercedes-Benz Financial Services, had launched appeals. Later in the period, stress tests conducted by US regulators reinforced the picture of resilient capital and asset quality across the banking sector: European participants absorbed hypothetical shocks including double-digit unemployment rates and sharp declines in commercial and residential property prices with lower capital drawdowns than in previous years. Meanwhile, US banks remained comfortably above minimum requirements despite several hundred billion dollars of hypothetical losses under a severe recession scenario. This resilience was corroborated by the EBA’s own Risk Assessment Report, which highlighted capital headroom near record highs.

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• Space and defence spending: Elevated geopolitical tension supported demand across the space and defence sectors, spanning missile defence programmes such as Golden Dome, sovereign space infrastructure, network buildout and continued European defence expenditure. Companies including Voyager Technologies, Planet Labs and AST SpaceMobile featured prominently in the primary market and in the Fund.

Credit Markets

Corporate credit spreads remained tight for most of the reporting period, a positive for underlying bond valuations. Spreads widened modestly in February amid the AI software rotation and again as the Middle East conflict escalated into March before tightening sharply through April and May as risk appetite recovered – the CDX North American High Yield Index compressed by 55bps to 330bps in April alone. This resilience reflected low corporate leverage, strong cashflow generation and the continued refinancing of legacy debt at manageable rates which together provided a stable backdrop for the asset class.

Market Volatility

Convertible valuations benefitted from persistent equity and rate volatility through the six-month period. This was driven by the Middle East conflict and the associated swings in the oil price, by uncertainty around the transition in the US Federal Reserve (‘Fed’) leadership to Kevin Warsh as its new Chair, and by crowding and periodic rotations within the AI trade. The latter was most notable in the February Hard Assets Low Obsolescence (‘HALO’) rotation out of high-multiple AI software into hard assets and cyclicals, and the June rotation out of technology into consumer and value names. This volatility, combined with a broadly stable credit backdrop, is precisely the environment in which convertibles’ embedded optionality is most valuable.

Convertible Issuance

As we have written previously, we expected the primary convertible market to remain highly active. This has proved to be the case: issuance is annualising at approximately US$275bn, which would be the highest on record. Alphabet’s mandatory convertible issuance was a notable example of the asset class’s broadening investable universe. Elevated issuance continued to provide a rich source of trading and alpha-generation opportunities.

Fund Activity

Throughout the first half of the year the Fund maintained modest net equity exposure and low leverage. The macro credit hedge (‘CDX’) was increased through the period as spreads tightened to historically tight levels; while a modest detractor when spreads compressed, it provided valuable protection during the March drawdown. Overall, the Fund’s Equity Hedged and Asymmetric investment categories were the principal contributors, benefitting from tighter credit, resilient underlying equities and volatility around new issuance.

The first quarter illustrated the Fund’s convexity. It performed well in January amid a broad risk-on move, with AI infrastructure companies contributing. March proved the most challenging month as the escalation of the Middle East conflict drove higher rates, wider spreads and lower equity prices. Here, the Fund’s put profile positions cushioned the decline, while the macro credit hedge also contributed. The Fund recovered through Q2, with contributions from AI infrastructure and space and defence holdings.

Fund Performance

In the six months to 30 June 2026, the Fund (Class I US Dollar Accumulation Shares) returned 5.00%, taking its return since inception to 80.40% (both figures in dollar terms).

Market Review

The first half of 2026 was shaped by two competing forces: an accelerating investment cycle in artificial intelligence (‘AI’) infrastructure and heightened geopolitical risk centred on the conflict between the US/ Israel and Iran. The result was an unusually volatile six months, with a firm start to the year, and a rotation and drawdown into March as the Middle East conflict escalated and interest rates rose. This was followed by a powerful recovery through April and May as the AI capital expenditure (‘capex’) narrative reasserted itself and credit spreads tightened. This backdrop of elevated volatility, resilient corporate earnings and a broadly stable credit environment was a constructive one for convertible bonds, which performed well relative to broader risk assets, as shown in the table:

Asset class Representative index H1 performance Global Developed Market Equities MSCI World Total Return Index 9.70%

US Equities S&P 500 Total Return Index 10.20%

Fixed Income Bloomberg Investment Grade Bond Index 0.90%

Global High Yield Credit Bloomberg Global High Yield Bond Index 2.00%

Polar Capital Global Absolute Return Fund 5.00%

Deconstructed, the environment for convertibles rested on four principal drivers:

Equity Markets

Despite significant noise, equity markets ended the first half of 2026 higher, led once again by the technology and semiconductor sectors. Key reasons included:

• AI infrastructure spending and growth: Spending on AI infrastructure continued at unprecedented levels, with hyperscalers reaffirming and – in several cases – raising capex guidance through the period. Meta Platforms committed a further US$21bn of AI infrastructure spend through 2032 to CoreWeave; NVIDIA made strategic investments in neocloud providers including CoreWeave and Nebius Group (‘Nebius’); Microsoft also committed up to US$19.4bn to Nebius. McKinsey estimates there will be capex of more than US$5trn between now and 2030 directly related to AI data centres, one of the most investment-intensive technological revolutions in history. The convertible universe includes many companies directly exposed to this buildout.

• Strong corporate earnings: Earnings across the technology, memory and components supply chain continued to exceed expectations, with memory manufacturers such as Samsung Electronics and component makers such as Taiyo Yuden and Ibiden benefitting from AI-driven demand. This provided a fertile environment for the many high-growth companies in the convertible universe.

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Fund Activity continued

The Fund monetised volatility and took advantage of price dislocations around the elevated pace of new convertible issuance throughout the period, providing continued alpha-generation opportunities.

Top contributors to relative performance for the six months to 30 June included Samsung Electronics, CoreWeave and GlobalWafers, all AI infrastructure spend beneficiaries. Voyager Technologies and Planet Labs, both beneficiaries of increased sovereign space and defence spending, also contributed.

Detractors included Tandem Diabetes, a net long position that had a challenging Q1 for its earnings versus expectations, and Lumentum, a net short position used to hedge other long AI exposures. Additional detractors included Whirlpool, MMG and Coinbase.

Market Outlook

Markets enter the second half of 2026 near record highs, but the setup is more delicate than headline index levels suggest. Year to date, equity markets have been driven largely by AI capital spending which has so far overshadowed rising inflation and tariff pressure. The Middle East conflict pushed inflation to its highest in three years, and Fed policy remains uncertain, with the 10-year yield hovering near 4%. The partial de-escalation in the US-Iran conflict, despite the apparent short-lived nature of the US-Iran Memorandum of Understanding, was a meaningful positive, but rate uncertainty, valuations concentrated in AI infrastructure and lingering geopolitical risk all remain sources of potential volatility. We have already seen this play out in the sharp rotation out of the most crowded semiconductor stocks.

Against this backdrop, we remain constructive but selective. We expect to maintain modest net equity exposure and low leverage, retaining core exposure to quality growth and AI-adjacent beneficiaries while trimming the most crowded, richly valued positions. We also see opportunities as market leadership broadens toward consumer discretionary, financials, industrials and healthcare. We expect volatility to pick up into the back half of the year, with Q2 earnings, the July meeting of the Fed and energy dynamics providing multiple catalysts. We are keeping dry powder ready to add to a rich opportunity set of new issuance and high-conviction ideas on any pullback. We believe the outlook for the asset class remains highly constructive and that the Fund is well positioned to benefit from continued volatility from long, short and volatility-related perspectives.

Convertibles Team

Polar Capital LLP

July 2026

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• Strong corporate earnings: Earnings across the technology, memory and components supply chain continued to exceed expectations, with memory manufacturers such as Samsung Electronics and component makers such as Taiyo Yuden benefitting from AI-driven demand. This provided a fertile environment for the many high-growth companies in the convertible universe.

• Space and defence spending: Elevated geopolitical tension supported demand across the space and defence sectors, spanning missile defence programmes such as Golden Dome, sovereign space infrastructure and continued European defence expenditure. Companies including Voyager Technologies and Planet Labs featured prominently in the primary market and in the Fund.

Credit Markets Corporate credit spreads remained tight for most of the reporting period, a positive for underlying bond valuations. Spreads widened modestly in February amid the AI software rotation and again as the Middle East conflict escalated into March, before tightening sharply through April and May as risk appetite recovered. This resilience reflected low levels of corporate borrowing, strong cashflow generation and the continued refinancing of legacy debt at manageable interest rates, which together provided a stable backdrop for the asset class.

Market Volatility

Convertible valuations benefitted from persistent equity and interest rate volatility through the six month period, driven by the Middle East conflict and associated swings in the oil price, by uncertainty around the transition in the US Federal Reserve (‘Fed’) leadership to Kevin Warsh as its new Chair, and by crowding and periodic rotations within the AI trade. The latter was most notable in February’s Hard Asset Low Obsolescence (‘HALO’) rotation where investors moved out of AI software companies into physical assets as well as consumer and value stocks. We saw a similar shift in June as investors moved out of technology into consumer and value-focused stocks. This volatility, combined with a broadly stable credit backdrop, is precisely the environment in which convertibles prove most valuable.

Convertible Issuance As we have written previously, we expected the market for newly issued convertible bonds to remain highly active. This has proved to be the case: issuance is annualising at approximately US$275bn, which would be the highest on record. Alphabet’s mandatory convertible issuance was a notable example of the asset class’s broadening investable universe. Elevated issuance continued to provide a rich source of investment opportunities for the Fund.

Fund Activity

As shown above, the Fund outperformed its benchmark by 3.4% over the first half of the year. It maintained a balanced profile throughout the period and benefitted from the resulting convexity – capturing more of the upside while limiting losses on the downside – against a backdrop of volatile markets, particularly during March’s drop in performance and the subsequent April recovery, when tighter credit spreads and higher underlying equity valuations were a hindrance to performance.

Fund Performance

In the six months to 30 June 2026, the Fund (Class I US Dollar Accumulation Shares) returned 11.1%, taking its return since inception to 120.2%. In comparison, its benchmark, the Refinitiv Global Focus Convertible Bond Index, returned 7.7% and 73.4% respectively (all figures in US dollar terms).

Market Review

The first half of 2026 was shaped by two competing forces: an accelerating investment cycle in artificial intelligence (‘AI’) infrastructure and heightened geopolitical risk centred on the conflict between the US/Israel and Iran. The result was an unusually volatile six months, with a firm start to the year, and a rotation and pullback in performance into March as the Middle East conflict escalated and interest rates rose. This was followed by a powerful recovery through April and May as the AI capital expenditure (‘capex’) narrative reasserted itself and credit spreads narrowed. This backdrop of higher volatility, resilient corporate earnings and a broadly stable credit environment was a constructive one for convertible bonds, which performed well relative to broader risk assets, as shown below.

Asset class Representative index H1 performance Global Developed Market Equities MSCI World Total Return Index 9.7%

US Equities S&P 500 Total Return Index 10.2% US Small Cap Equities Russell 2000 Total Return Index 22.6% Fixed Income Bloomberg Investment Grade Bond Index 0.9%

Global High Yield Credit Bloomberg Global High Yield Bond Index 2.0%

Global Convertible Bonds Refenitiv Global Focus Convertible Bond Index 7.7%

Polar Capital Global Convertible Fund 5.00%

Deconstructed, the environment for convertibles rested on four principal drivers:

Equity Markets

Despite significant noise, equity markets ended the half higher, led once again by the technology and semiconductor sectors. Key reasons included:

• AI infrastructure spend and growth: Spending on AI infrastructure continued at unprecedented levels, with the larger cloud service providers (the ‘hyperscalers’) reaffirming and, in several cases, raising capex guidance through the period. Meta Platforms committed a further US$21bn of AI infrastructure spend through 2032 to CoreWeave; NVIDIA made strategic investments in neocloud providers – the new generation of cloud computing – including CoreWeave and Nebius Group (‘Nebius’); Microsoft committed up to US$19.4bn to Nebius. McKinsey estimates capex of more than US$5trn between now and 2030 directly related to AI data centres, one of the most investment-intensive technological revolutions in history. The convertible universe includes many companies directly exposed to this buildout and the semiconductor industry as a whole is the standout beneficiary.

Global Convertible Fund

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Fund Activity continued

The AI infrastructure theme was the dominant contributor during the period. Neocloud and compute names such as CoreWeave, memory manufacturer Samsung Electronics and components maker Taiyo Yuden were among the largest contributors, benefitting both from equity growth and from tighter credit spreads. HeliosTowers was another meaningful contributor over the period.

Detractors over the first half of the year included AST SpaceMobile, which fell following a Blue Origin launch failure, AeroVironment, given a decline in drone commoditisation and in anticipation of a challenged US Department of War budget following the midterm elections, and Coinbase, which saw headwinds from underlying bitcoin price action and a pushback on cryptocurrency legislation by traditional financial institutions. Additionally, Tandem Diabetes produced a negative return following a challenging first quarter earnings announcement.

Market Outlook

Markets enter the second half of 2026 near record highs, but the setup is more delicate than headline index levels suggest. Year to date, equity markets have been driven largely by AI capital spending, which has so far overshadowed rising inflation and tariff pressure. The Middle East conflict pushed inflation to its highest level in three years and Fed policy remains uncertain, with the 10-year Treasury yield hovering near 4% towards the end of June. The partial de-escalation in the US-Iran conflict, despite the apparent short-lived nature of the US-Iran Memorandum of Understanding, was a meaningful positive, but interest rate uncertainty, valuations concentrated in AI infrastructure and lingering geopolitical risk all remain sources of potential volatility. We have already seen this play out in the sharp rotation out of the most crowded semiconductor stocks.

We believe the backdrop remains robust for the asset class. A higher-volatility environment is constructive for convertible bonds given their positive convexity, while a broadly stable credit backdrop underpins the support they provide should markets fall. We expect to continue investing in convertible bonds with protection to mitigate the risk of loss, the potential to gain more than they lose and clear reasons to expect their values to rise. This helps to maintain a balanced portfolio that offers a favourable combination of participating when markets rise while cushioning the impact when they fall.

With record issuance broadening the investable universe and multiple catalysts ahead, we believe the outlook for convertible bonds remains constructive and that the asset class offers a very real prospect of further outperformance.

Convertibles Team

Polar Capital LLP

July 2026

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Fund Performance

For the six months to 30 June 2026, the Fund (Class I US Dollar Accumulation Shares) returned 2.9%, outperforming its benchmark, the MSCI All Country World Daily Total Return Net Health Care Index, which returned 1.7% (both figures in US dollar terms).

On a regional basis, the US and Canada was the biggest positive contributor, primarily driven by stock selection. In contrast, Europe was a drag on performance with sub-par stock selection. Cash and ‘other’ was a modest positive for the period under review.

In terms of market cap, large-cap stocks (market cap of US$10–100bn) delivered most of the positive performance, with a modest contribution from mid-caps (US$5–10bn market cap). The biggest drags on performance were the small caps (less than US$5bn), with poor stock selection more than offsetting positive allocation.

On a sub-sector basis, the biggest positive contributors were healthcare equipment and healthcare services, with allocation the key driver in both instances. On the flipside, weak stock selection and sub-par allocation resulted in negative contributions from life sciences tools & services, and pharmaceuticals.

The biggest positive stock contributions to relative performance came from Roivant Sciences, CVS Health and Boston Scientific.

Roivant Sciences’ performance was primarily driven by positive news on the company’s drug development pipeline. The company’s lead asset, brepocitinib, could be used in a wide range of auto-immune diseases where there is a high level of unmet need.

US healthcare services company, CVS Health, is responding to positive earnings revisions and what we believe is increased confidence that the US healthcare insurance industry is set to rebound off very low margins.

Last but not least, the Fund has no exposure to Boston Scientific, a stock that has seen its valuation multiples contract in the face of an increasingly uncertain revenue outlook.

The largest negative relative contributors were ICON, iRhythm Technologies (‘iRhythm’) and Johnson & Johnson.

ICON, a Contract Research Organisation (‘CRO’), came under significant pressure in February for two reasons. First, fears that artificial intelligence (‘AI’) could be so powerful for the pharmaceutical industry that the desire to contract with CROs would be significantly diminished. Second, the company announced that in late 2025 the Audit Committee of its Board of Directors had initiated an internal investigation into certain accounting practices and controls of the company.

iRhythm’s challenges originally stemmed from a delay to the company’s new product launch, pushing the launch of its cardiac monitor Zio MCT out to 2027. This in itself is not a major setback, but iRhythm was also caught up in the negative sentiment seen in the healthcare equipment sub-sector throughout the period under review.

The Fund was underweight Johnson & Johnson, a large component of the index, which has been delivering consistent earnings upgrades driven by strong execution in commercially attractive disease areas such as psoriasis, bladder cancer and lung cancer.

Fund Activity

Compared to December 2025, the Fund maintained an overweight position relative to its benchmark in the healthcare services and biotechnology sub-sectors. The key driver behind the optimism with the services positioning is one of margin recovery in the US insurance industry after a very challenging period. We remain selectively constructive on biotechnology, which continues to exhibit high levels of innovation. Notable advances have been seen in the treatment of cardiovascular disease, central nervous system and autoimmune disorders, as well as a wide range of cancers.

Over the review period, we further increased our overweight position in managed care and continued to have a significant underweight in healthcare equipment. As mentioned above, the market appears to be getting more and more optimistic that the healthcare insurance industry is on a path to recovery, driven by re-designed and re-priced benefit plans coupled with lower levels of utilisation. This view on slowing utilisation also feeds into our cautious stance on healthcare equipment, a stance that has been consistent since December 2025.

The Fund continues to maintain a modest underweight position in the pharmaceuticals sector, which compares to a much more material underweight in recent years. We see selected opportunities within global pharmaceuticals, plus there is a potentially more benign policy environment following a number of agreements brokered between pharmaceutical companies and the US administration. Those agreements looked to protect companies from tariffs and also minimise and ring-fence the impact of negative drug pricing.

Market Outlook

We believe the near and medium-term outlook for the healthcare industry is highly compelling. The fundamentals are strong, a statement underpinned by high levels of innovation, supportive regulators and a buoyant environment for mergers and acquisitions (‘M&A’). Valuations remain attractive and earnings breadth is improving, and all this from a position where the sector has been heavily out of favour and is sitting near multi decade lows when looking at metrics such as the sector weighting in the S&P 500 Index.

While policy risks remain, the green shoots of a recovery are starting to appear with two significant catalysts at the fore. First, hope that there will be a resolution to the conflict in the Middle East, which is easing pressure on oil prices, a factor that is highly correlated with year-to-date sector performance. And second, healthcare likely has been, and could continue to, be a significant beneficiary from rotation out of areas such as AI and technology. We believe the stand-alone story with healthcare is compelling, but a sustained period of rotation could really add further momentum to the recent rally.

Healthcare Team

Polar Capital LLP

July 2026

Global Healthcare Select Fund*

* Healthcare Blue Chip Fund changed its name to Global Healthcare Select Fund on 29 April 2026.

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In 2025, the strong book value growth of our companies was offset by a further decline in price to book multiples resulting in a frustrating year for Fund performance. This continued for the first five months of 2026 before a sharp reversal in June from what we viewed as very depressed valuations. The Fund rose 11% in the month, outperforming broader equity markets by 10%, resulting in a year-to-date to 30 June return of 5%, in line with our expected book value growth for the first six months, including the impact of share buybacks.

The Fund’s price to book at the end of June was 160%, unchanged from the end of 2025, but notably lower than the 180% at the end of 2024, despite our expectation of no change in earnings power. Since the beginning of 2025, the Fund price has increased 11% in constant currency terms (i.e. excluding the effects of changes in currency exchange rates).

While this followed a strong 25% constant currency return in 2024, this has still been disappointing given the exceptional level of book value growth over the same period (comfortably over 20% and more than double the Fund return). With price to book multiples flat this year, it appears the market does not fully appreciate the increased earnings power of our companies given the rise in short-term bond yields. Relative valuations today remain only modestly above the long-term average of 145% despite demonstrably much higher current earnings power that we believe is 50% higher than the historical average of 11% achieved over the past 27+ years of the Fund.

Market Review

We have seen a relatively benign start to the year for natural catastrophes. Most of the losses arose in the US from severe convective storms but losses for the year to the end of June were US$21bn which is below the past 10-year mean of US$27bn. However, events in the Middle East are a reminder that we are in the Age of Risk. Political, economic, climate and market uncertainty are as high as they have ever been which provides a highly favourable backdrop for our specialist underwriters who are able to provide solutions to clients at historically attractive prices in order to help them manage volatility. The disruption to shipping through the Strait of Hormuz is the most visible challenge to supply chains arising from the Middle East conflict for global markets. As in prior geopolitical events, including the Russia/Ukraine war, the insurance response has been swift and structured: standard marine and aviation policies have been cancelled under established war clauses and re-underwritten in the specialist war market, primarily in London, at significantly higher rates. This has attracted several press headlines, but the system is functioning as designed.

Crucially, the market is actively pricing and offering capacity. Insurance contracts are constructed with contractual flexibility, allowing owners of ships and aviation assets to benefit from lower peace-time pricing while offering the ability to make real-time operational decisions should a conflict arise on whether to reroute, withdraw or continue operating with appropriate cover in the affected region. Where debt financing is involved, the likely requirement to maintain insurance ensures continued engagement with the market, even at more elevated pricing until the insured assets are no longer in the region or hostilities subside.

Fund Performance

The Fund (Class R GBP Accumulation Shares) returned 4.6% versus 4.9% for its benchmark, the MSCI World Insurance Daily Net Total Return Index, and 11.4% for the MSCI World Daily Net Total Return Index, 7.2% for the FTSE All Share Total Return Index and 11.9% for the S&P 500 Total Return Index (all figures in sterling terms).

On the back of three years of growth in the underlying value of the companies we hold (i.e. their book value) averaging 20%, we went into 2026 anticipating a fourth year of strong returns ahead of historical averages. At the start of the year, we modestly trimmed our expectation to 15%+ for 2026, one percentage point lower than the 16%+ estimate we had maintained since November 2022 following the significant rise in short-term bond yields that year. Our tweak lower reflected the decline in the US two-year Treasury bond yield in 2025 from 4.25% to 3.5% with no change in our outlook for underwriting profit margins.

We estimate that the book value growth during the first half of the year, before the impact of share repurchases, was 7%, despite the headwind of rising short-term bond yields. The US two-year Treasury bond yield rose from 3.5% to 4.2% in 2026 resulting in modest losses in the value of bond investment portfolios. The flipside is that future investment income should be higher and consequently we have revised our outlook for next 12-month growth back to 16%+, reversing the adjustment we made at the start of the year. We believe that, despite the short-term valuation losses on bond portfolios we have seen so far this year, our companies are on track to deliver our 15%+ expectation for 2026 assuming no material change in short-term bond yields.

A key component of sustained long-term outperformance and creating value for shareholders is a company rightsizing its balance sheet for the underwriting opportunity ahead. Given the 20% returns achieved by our portfolio companies in 2023–25 and increasing competition in some parts of the underwriting market (discussed below), companies have increasing amounts of excess capital to deploy. A combination of strong balance sheets and share prices falling to very attractive levels relative to the underlying value of the company has led our holdings to become even more active in managing their capital.

Share buyback activity has been accelerating, with 2% of outstanding shares being repurchased for portfolio companies in the fourth quarter of 2025 and first quarter 2026. When repurchases are made at a premium to book value, they can be a modest drag to book value growth in the short term but highly accretive to longer term returns, assuming they are executed at reasonable valuations and a meaningful discount to intrinsic values. We believe that to be the case at today’s valuations, with payback periods of three years or less given our expectations for future returns.

We estimate reported book value growth in the first half of 2026 of 5% with companies buying back their own shares and reducing the 7% underlying book value growth by 2%. Given the compelling valuations on offer, we fully support our management teams repurchasing stock. These buybacks should benefit future earnings per share and book value per share growth, strengthening the conviction we have in our portfolio companies delivering mid-teens book value growth, or better, for the next three years-plus, again assuming no material change in short-term bond yields.

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Fund Activity

The Fund continues to be run with a low turnover. The insurance brokers have had a difficult first half of 2026 given a moderation from the strong levels of organic growth in recent years and artificial intelligence (‘AI’) disintermediation concerns which we believe are significantly overdone among the large, complex and specialty brokers where we invest. Our overweight allocation towards underwriters compared to brokers positioned us well to use this weakness as a buying opportunity and we added to our three broker holdings. Consequently, our broker weighting is now 14%, up from 10% at the start of the year.

We took new positions in Radian Group and Skyward Specialty Insurance Group in February, and sold Beazley following its impending acquisition by Zurich Insurance Group.

Market Outlook

In the past five years, the Fund’s return has compounded at 11% a year, in line with its historical average but below the level of book value growth which compounded at 13%. This is despite the ‘lost year’ of 2022 when strong underwriting profits were more than offset by investment losses from the significant rise in short-time bond yields. Despite the latter transforming earnings power to a mid/high-teen growth trajectory, which is 50% above historical averages, valuations remained largely unchanged over this period.

Investors appear to have overlooked the benefit from the rise in short-term bond yields this year which we believe will increase the sustainability of a more elevated level of investment returns for our companies. While the underwriting markets are more competitive in parts because of the benign loss experience in property and catastrophe lines discussed above, we feel the Fund is well positioned with exposure to many lines of business which have the most attractive underwriting dynamics. As a result, we continue to expect our companies to deliver compelling underwriting returns for the foreseeable future supported by a growing amount of prior year releases because of the prudent reserving of recent underwriting years.

While in the short term the market may be a voting machine, we think that over the longer term the scales are tilted in our favour given our outlook for sustained mid-teens book value growth. In the interim, as noted above we expect our companies will continue with highly accretive share repurchases that lengthen the runway for this period of excellent book value growth.

We expect mergers and acquisitions (‘M&A’) activity to further accelerate. In 2025, global non-life insurance M&A transaction value was US$40bn, according to risk and reinsurance specialist Guy Carpenter, the highest level since 2018. In early March, Zurich cemented a recommended offer for Beazley in a US$10bn+ all cash deal. The final offer of 1335p per share (including a 25p dividend) valued Beazley at 230% of the book value of its tangible assets as at the end of 2025, a valuation materially higher than the 160% price to book where the Fund trades today.

Market Review continued

From an underwriting perspective, risk has repriced sharply, often rising 10–15x providing opportunities for underwriters to offer capacity selectively where they see opportunities and reflecting each individual underwriter’s risk appetite.

In reality, the binding constraint on activity in the Strait of Hormuz to date has been security rather than insurance. The presence of missiles and drones has altered the risk calculus for operators. Insurance can transfer financial risk, but it cannot mitigate the physical threats considered by captains to both their ships and crew. The pace at which traffic normalises will therefore be driven by developments on the ground rather than changes in insurance underwriting appetite and availability.

At the portfolio level, the implications of the war in the Middle East are fairly limited from a loss perspective. While isolated large losses are possible, these would typically be absorbed within reinsurance structures and existing loss budgets, particularly given the strength of current pricing. Exposure to the region is modest: Iran is largely excluded from the global insurance system due to sanctions, and wider Middle Eastern risks, that might be impacted such as property assets, represent only a small proportion of global premiums. Our portfolio’s marine, aviation and energy exposures together account for approximately 2% of look-through premiums and come largely through the Fund’s London Market holdings. These exposures have significant diversification across geographies and lines of business.

Turning to underwriting market conditions, while underwriting margins primarily drive book value growth, and value creation over time, the moderation of top-line premium growth seen during the reporting period appears to have kept some investors sceptical of the degree of future opportunity in the sector. This may have contributed to the decline in price-to-book multiples noted above. However, we think the focus on the top line fails to appreciate the underlying divergence of opportunities by line of business and the importance of per-share value creation over time. It is premiums per share which matters for the longer-term trajectory of book value per share growth. Focusing on absolute top line changes alone is too narrow a perspective, especially in a period of elevated buybacks as we see today. While it is true that softer property and reinsurance pricing is continuing to drag modestly on overall premium growth rates, we expect the impact to moderate somewhat as we move into the second half of the year.

The outlook for premium growth at the Fund’s commercial insurance exposures – which include holdings such as Chubb, Travelers, Intact Financial and WR Berkley – remains favourable even if we see an environment where commercial insurance rate increases moderate further. Despite 40% of the Fund’s look-through premiums arising from strong franchises in commercial insurance where we believe Fund companies have sustainable competitive advantages, these capabilities appear to have been largely drowned out by the narrative around increasing competition in large account and specialty property exposures where the Fund has limited exposure. Property catastrophe pricing weakened by 15–20% in 2026. Despite this, reinsurance margins remain strong. Lower reinsurance pricing is a benefit to our primary underwriters that represent the bulk of the portfolio.

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Market Outlook continued

Constructing a 30–35 stock, diversified portfolio focused on specialty underwriters that can deliver double digit book value per share growth over time remains core to our investment process. In the past three and a half years, our companies have delivered some of their strongest earnings in the Fund’s history. The Fund’s strong performance in June may signal we have finally reached a floor in what we believe has been an unwarranted price to book derating of the sector. If Fund performance going forward just tracks the expected mid-teens or better book value growth trajectory, we feel are well placed to deliver attractive investor returns in the period ahead.

Global Insurance Team

Polar Capital LLP

July 2026

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A number of AI beneficiaries underperformed as results failed to live up to expectations, with the impact of AI still being felt unevenly across technology subsectors – MongoDB (-20%), Amazon (3%), Alibaba Group Holding (-34%) and Shopify (-29%) were also among the bigger detractors.

Sector allocation contributed positively (15.6%), owing to significant underweight positions in Systems Software and Application Software, where AI-disruption fears drove sharp underperformance. An overweight position in Electronic Components and Equipment was another key contributor. Selection within Technology Hardware, Storage and Peripherals was the single largest relative contributor, as the Fund’s memory and storage holdings vastly outperformed the segment.

Geographic allocation had a negligible impact on performance (0.7%). Nasdaq put options 1 and cash were detractors (-2.9% and -0.9% respectively) in a rising market, although the softening effect they provided which allowed the Fund to stay invested in its favoured high growth stocks is valuable but hard to quantify.

Market Review

Global equity markets delivered solid gains during the first half of the year despite heightened macroeconomic and geopolitical uncertainty. The MSCI All Country World Net Total Return Index gained 11.3%, led by continued resilience in the US, with the S&P 500 Index rising 10.2%. European equities also performed well, with the Dow Jones Euro Stoxx 600 Index advancing 7.9%. North Asian equity markets exposed to AI were the standout performers – the South Korea KOSPI Index was up 88%, the Taiwanese TWSE Index 59% and the Japanese Nikkei 225 Index 35% (all returns in US dollar terms).

Early 2026 saw a sharp rotation in equity markets from growth to value, secular to cyclical, asset-light to asset heavy and US to ex-US. AI disruption risk came into acute focus and long-term profit concerns meant the amount investors were willing to pay for every pound of these companies’ expected profits over the next 12 months fell sharply, from around 35x to below 20x. AI concerns spread to data-intensive industries and intermediaries – media, information services, brokers and business services. As a result, the ‘quality’ factor suffered its largest rolling 12-month drawdown since the pandemic.

Fund Performance

The Fund (Class I US Dollar Distribution Shares) delivered a strong first half of 2026, rising 72.4% compared with its benchmark, the Dow Jones Global Technology Net Total Return Index, which gained 24.1% (all returns in US dollar terms).

Over the 12 months to 30 June 2026, the Fund returned 125.0% versus 46.3% for its benchmark. It remains top decile in the Lipper Technology peer group over one, two, three, five and 10 years.

Despite the strength of the headline return, this was a highly volatile six months. The US/Israeli campaign against Iran and the effective closure of the Strait of Hormuz drove the price of Brent crude oil up 94% in the first three months of the year, its largest quarterly jump since 1990, triggering the biggest energy supply disruption since the 1970s. This led to a sharp, broad-based selloff in February and March but markets rebounded powerfully in April and May as a fragile ceasefire took hold, oil prices retreated sharply and investors refocused on the continued strengthening of artificial intelligence (‘AI’) fundamentals.

The Fund benefitted from its heavy exposure to AI enablers and beneficiaries, as well as some broadening of the market, reversing a multi-year headwind to its growth-centric style. The Magnificent Seven (or Mag7 Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta Platforms and Tesla) notably lagged both broader equities and the technology sector (the Bloomberg Magnificent 7 Total Return Index fell 1.74%). There was a marked bifurcation of performance within the Mag7 as the leadership of the past year inverted. Microsoft (-23%) and Meta Platforms (‘Meta’) (-15%) were the notable laggards, hit by AI-disruption fears around per user-based software and by skepticism over the near-term returns on their capital expenditure (‘capex’), while Alphabet (14%), Broadcom (10%), NVIDIA (7%), Apple (7%) and Amazon (3%) delivered more muted gains. With the Fund materially underweight the group as a whole, compared to the Fund’s benchmark, this rotation was a significant contributor to relative returns.

Relative outperformance during the period, again compared to the benchmark, was driven overwhelmingly by stock selection tied to strong AI infrastructure demand, particularly in North America. While NVIDIA remained the biggest position in absolute terms, the Fund is structurally underweight given the 10% regulatory limit. This was not a headwind to performance in the first half of the year, as it had been in prior periods, as the stock lagged the benchmark. Far more important was the breadth of strength across the Fund’s AI enablers, especially in memory, storage, components and semiconductors. Sandisk (858%) was the standout performer. Other key contributors were Advanced Micro Devices (AMD; 171%), Seagate Technology Holdings (250%), Samsung Electro-Mechanics (697%), Flex (168%), Corning (193%), Elite Material (223%) and Ibiden (242%). Our underweight in Microsoft (-23%) and Apple (7%) also benefitted performance, with both stocks lagging the benchmark.

The biggest detractors came primarily from underweight positions in companies delivering good results and being elevated into the AI ‘winners camp’ – Applied Materials (182%), Marvell Technology (251%), ASML Holding (83%), MediaTek (199%), Credo Technology Group Holding (89%) and Tokyo Electron (119%).

Global Technology Fund

1 A put option grants the right to the owner to sell some or all of an underlying security at a specified price, on or before the option’s expiration date.

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Technology Review

The technology sector (as measured by the Dow Jones Global Technology Net Total Return Index) returned 24.1% in the first half of 2026. Small-cap technology companies outperformed large caps. The Russell 2000 Technology Index returned 49.3% and Russell 1000 Technology Index delivered 17%. The Bloomberg Magnificent 7 Total Return Index was down 1.7% as two-way debates on AI positioning intensified and investors struggled to underwrite the returns on significant capex increases, which appear in part defensive.

AI again dominated investor attention, market returns and portfolio outcomes, with the continued improvement in large language model (‘LLM’) capabilities the most important driver of the investment narrative. Late 2025 and early 2026 saw a significant inflection in model capabilities: Google Gemini 3 (November 2025), Anthropic Claude Opus 4.5/4.6/4.7 (November 2025 – April 2026) and OpenAI GPT-5.4/5.5 (January – March 2026). The step-change in model performance helped expand the length of time a model could work autonomously by orders of magnitude. This culminated in a huge shift in enterprise adoption and AI revenue growth into 2026 that surpassed even the most bullish expectations.

These developments marked the true arrival of agentic AI – where an AI system independently plans, makes decisions and then takes multi-actions steps with minimal human intervention – and a critical inflection point of the shift from AI assistance to execution. This marks the point where AI models began doing economically valuable work autonomously. Enterprise adoption accelerated accordingly and was evident in extraordinary AI revenue growth. Anthropic’s annual revenue run rate increased from US$9bn at the start of the year to US$30bn in early April and US$47bn in May. UBS surveyed IT executives at 140 organisations about their IT plans and found 19% of enterprises have deployed Generative AI (‘GenAI’)– that can create brand new content – at scale compared to 14% a year ago. Agentic AI adoption is also ramping up, with 8% of respondents now having deployed it at scale in production, up from 5% six months ago.

This rapid adoption occurred against a backdrop of the highest US tariff regime in nearly a century and a sharp valuation reset in incumbent application software. Extraordinary capex numbers, compute commitments and equity investments reflected widespread confidence in continued scaling laws and the size of the AI opportunity. OpenAI and Anthropic struck a series of large multi-year compute commitments with Oracle, Microsoft, Amazon and Google, alongside the new generation of cloud computing providers (the ‘neo-clouds’) including CoreWeave and Nebius. Anthropic completed a US$30bn fundraising in February 2026 at a US$380bn post-money valuation, and a subsequent US$65bn round in June at a US$965bn valuation. It confidentially filed for an initial public offering (‘IPO’). OpenAI closed a US$122bn round in March 2026 at US$852bn.

Market Review continued

Active fund managers in the US enjoyed one of the best starts to the year in terms of outperforming the market as the market broadened, but they struggled to keep up as the primacy of the AI trade reasserted itself. Semiconductors and computer hardware accounted for 87% of the S&P 500 rally in the first six months of the year and finished the period accounting for 30% of the S&P 500 by company size. Capital markets activity started the year relatively slowly but, supported by the largest stock market listing in history (SpaceX), companies raised around US$450bn through new share issues during the period, including those from M&A, second only to 2021. This almost matched the US$550bn companies spent buying back their own shares over the same period.

Markets navigated a volatile geopolitical backdrop. Early in the year, uncertainty surrounding US trade policy, questions over Federal Reserve (‘Fed’) independence and escalating tensions in the Middle East weighed on investor sentiment. The conflict between the US/Israel and Iran culminated in the effective closure of the Strait of Hormuz, triggering global energy supply disruption, the sharpest rise in oil prices since the 1990 Gulf War and concerns over the impact on inflation, economic growth and the path of monetary policy. More recently, easing geopolitical tensions and the signing of a Memorandum of Understanding between the US and Iran reduced concerns over energy supply disruption, allowing oil prices to retrace much of their earlier gains and global equities and bonds to recover after a tough first quarter.

Corporate earnings revisions were the dominant driver of returns. Goldman Sachs noted that the S&P 500’s year-to-date (‘YTD’) gains were from companies reporting stronger profits rather than investors willing to pay for those profits. The amount investors were willing to pay (the forward price to earnings (P/E)) actually fell, from 22x to 20x. Company profits, as represented by the S&P 500, reached 17% in the first quarter (‘Q1’), which exceeded analyst estimates by five percentage points and moved consensus forecasts for Q2 to 22% year-on year. Emerging markets were similar, where estimates increased by 40% during the period, led by memory and AI infrastructure-related stocks. However, investors were prepared to pay less for those profits, with the average forward P/E falling from 13.5x to 11x.

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Software lagged materially with the iShares Expanded Tech-Software Sector ETF returning -15.3%. Rapid progress in LLM performance and agentic capabilities amplified concerns about the terminal value of software businesses as model makers moved up the technology stack, coding tools proliferated and per user-based models came under pressure. Subsequent model releases redoubled fears over AI’s role in replacing traditional human-facing software workflows as code became abundant, pressuring shares further. Cybersecurity stocks initially struggled as concerns the foundation model companies were moving further into cybersecurity, but rebounded on Anthropic’s Mythos model preview which revealed a step change in capabilities at identifying zero-day code vulnerabilities. Infrastructure software stocks also fared better as AI drove a reacceleration in the core business for some.

Internet companies also struggled as advertising and e-commerce growth remained strong but significant capex increases weighed on free cashflow and sentiment on their positioning in an agentic world turned more negative. Cloud growth accelerated during the period, but incremental competition from neo-clouds (including xAI) and the more challenging economics of ‘Cloud 2.0’ meant companies were not rewarded for this.

AI’s impact on the labour market, an area of significant attention, was ‘visible but narrow’ according to Goldman Sachs. The technology sector’s share of total employment continues to decline relative to the pre-2022 trend and there are observable employment drags in industries where AI use cases are more mature, such as in marketing, graphic design and customer service. These were offset by construction job growth in data centre-exposed categories, which is up 250,000 since 2022 (relative to broader construction employment trends). Evidence from Ramp across 21,000 US firms shows that companies investing most heavily in AI are adding workers faster than their peers. Headcount increased by 10% overall at companies that used GenAI most intensely in the first two years following adoption, and junior employment increased by 12%. The early AI adopters are already larger, more engineering-intensive, more likely to be venture capital-backed and faster-growing than non-adopters.

Fund Activity

The Fund maintained its strongly pro-AI stance throughout the first half of 2026, although positioning was actively managed around a volatile macro backdrop. Capex guidance from hyperscalers from their Q4 2025 earnings came in materially above expectations, which drove strong gains for many of the Fund’s AI infrastructure enablers. Memory and networking stocks were some of the best performers at the start of the year, benefitting from price increases and new product/partnership announcements.

With the onset of armed conflict in the Middle East, the team took profits in stocks that have more direct exposure to the region and higher sensitivity to energy shocks. These included South Korean memory makers (moving closer to a neutral position relative to the benchmark) as well as European AI power and optical networking companies after a strong run driven by announcements from Optical Fiber Communication Conference and Exhibition (an industry trade show), while supply constraints would likely limit near term upside to estimates. Proceeds were subsequently redeployed into the CPU ecosystem, NAND and hard disc drive makers (both storage technology) and semiconductor capital equipment providers as the Fund continued to dynamically allocate towards emerging AI bottlenecks.

Technology Review continued

The clearest immediate financial implication of model improvement was accelerating investment by the largest cloud providers (hyperscalers) in AI infrastructure to support the rapid consumer and enterprise adoption it enabled. Consensus 2026 hyperscaler capex expectations rose from US$314bn at the start of 2025 to more than US$750bn by mid-2026 – up more than 140% in 18 months. Repeated positive revisions to hyperscaler capex flowed through to AI infrastructure suppliers. Demand accelerated beyond the industry’s ability to supply it as AI spend on tokens (the units of text an AI model uses to process and understand language) has increased 13x since January 2025, according to an index of Ramp’s 50,000 customers (and now making up 1–2% of total corporate spend on Ramp’s platform), and multiple bottlenecks emerged across the new AI computing architecture. Google announced in May that it is processing 3.2 quadrillion tokens per month, up from 480 trillion a year ago and just 9.7 trillion two years ago. This is a 330x increase in two years and a 7x increase in the past 12 months alone, driven in part by the shift to reasoning models which consume significantly more tokens per interaction.

The Philadelphia Semiconductor Index (‘SOX’) returned 99%, driven by very strong earnings growth as agentic workloads grew exponentially and demand for memory and compute inflected. Memory in particular saw extraordinary demand, pricing and stock performance (a collection of memory stocks tracked by Goldman Sachs was up 250%). Three memory companies (SK Hynix, Samsung Electronics and Micron Technology) all crossed US$1trn in size during the period and the emergence of long-term supply agreements with contracted pricing reflected a structural shift in the near-term supply/demand imbalance. Clean room shortages and the demand for advanced memory chips squeezed commodity memory further, prompting customers to seek longer-term agreements given the market is expected to remain undersupplied into 2028. Memory price increases were sufficiently meaningful such that Microsoft increased its 2026 capex forecast guide by US$25bn and Apple raised prices across its product line as outgoing CEO Tim Cook cited rising memory input prices as a “hundred-year flood”.

Central Processing Unit (‘CPU’) demand was also much stronger than expected as AI agents became orchestrators and dramatically scaled their use of traditional compute. This helped AMD and sentiment improved on a reinvigorated Intel under new leadership, supported by fresh capital and a mandate for domestic chip production. Semiconductor capital equipment companies saw record orders and backlog also helped by the emergence of SpaceX as a potential new source of demand. TSMC reported industry-leading utilisation and raised its long-term AI revenue Compound Annual Growth Rate guidance to between 50% and 60% from 2024–29, reflecting both strong demand and continually improving order visibility.

Networking stocks also benefitted as new compute architectures required new networking topologies to deliver performance and address power and other bottlenecks. Suppliers of connectors, cables, componentry, power systems and cooling to data centres also delivered strong returns (a Goldman Sachs-tracked group of data centres grew 125% over the reporting period). Many hardware-centric subsectors that benefitted from the AI inflection were in consolidated industries that were reluctant or unable to add capacity, driving higher pricing as demand exploded. Hard disk drives were pulled in as the most cost-effective solution for storing and retaining training and inference data.

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Market Outlook

A June 2026 report from Exponential View found that revenue from AI applications, models and infrastructure used to host them have reached US$175bn revenue on an annualised basis. Measured from the start of 2023, AI is growing revenue three times faster than earlier waves of technology change, including the internet (1995), mobile apps (2007) and cloud computing (2010). Each US$1bn of industry revenue is arriving faster than the last and it now takes less than two days for an incremental US$1bn of revenue to be added, down from 180 days in 2023. Despite this extraordinary growth, AI revenue is still only equivalent to 0.4% of US GDP and 0.8% of labour costs.

There have been concerns about the speed of revenue growth and frenetic (naysayers argue ‘unsustainable’) rates of adoption due to a ‘token-maxing’ AI approach by enterprises. Some high-profile AI adopters such as Uber Technologies and Meta have reportedly established token consumption limits and pulled back from encouraging token usage for its own sake. As AI capabilities and adoption increase sharply, companies are working to manage rising token spending more actively.

In our view, the returns generated by using frontier AI models remains very high. As industry analyst SemiAnalysis recently concluded: “Our work suggests that headlines are overblown, enterprises continue to spend and new use case/verticals for demand and token consumption are keeping the AI train moving forward at an aggressive pace.” Data from Ramp, covering 70,000 US firms, also showed continued strength in demand: AI spending among the heaviest 1% of AI spenders still increased 14% month-on-month in May – cost discipline might be being applied at the margin, but total spend is outrunning it.

AI adoption also remains at a very early stage: the top quartile of AI-adopting firms in Ramp’s data allocate just 1% of their total spending to AI and median monthly spending across all firms is only US$11 per employee (roughly the cost of a single enterprise ChatGPT or Claude subscription). The top 1% of firms most convinced by AI’s potential (skewed towards technology companies) have seen spending rise sharply to US$7.45k per employee per month, so there is enormous room for the typical firm to grow as AI capabilities mature and extend beyond coding-related cases. SemiAnalysis believes coding-related uses make up more than 70% of combined recurring revenue for OpenAI and Anthropic, though these tools also empower professional and amateur developers to build usable business applications – one reason we believe traditional software companies face a serious competitive threat.

Since the launch of ChatGPT in November 2022, the Fund (Class I US Dollar Distribution Shares) has returned 392.9% versus the Dow Jones Global Technology Net Total Return Index’s 209.0%, Nasdaq 100’s 158.7% and the median of its peers’ 159.8% over the same period. While we are now more than three and a half years into the AI cycle, as evidenced by the strong growth in capital expenditure and equity returns since November 2022, we believe the enterprise AI adoption cycle is only truly in its first year.

Fund Activity continued

Having been materially underweight software companies for most of 2025 and Q1 2026, the team started rebuilding small positions in select infrastructure software companies that are beginning to see a revenue uplift from accelerating enterprise AI adoption. Similarly, the Fund has reinitiated positions in several cybersecurity companies after Anthropic’s Project Glasswing and OpenAI’s DayBreak partnership programmes which served to highlight the growing threat from improving LLM capabilities and the importance of strong security posture.

The Mag7 remained a source of funds, with most constituents finishing the half year with a lower weighting in the Fund’s portfolio, while call options 1 are utilised to capture upside risk on these big underweight positions relative to benchmark.

The number of positions at the end of June went up to 74, compared to 65 at the start of the year. At the end of June, the top 10 holdings account for 38.6% of the Fund (41.3% in January) reflecting a broader portfolio while active share has declined modestly to 58.1% from 62.5% as we took some profits after a very strong start to the year.

NVIDIA remains the biggest position in the Fund albeit at a lower weighting (7.6%, down from 9.2% in December 2025). AMD (4.8%, up from 3.6%), TSMC (4.6%, down from 5.3%), Alphabet (3.7%, down from 5.6%), Lam Research (2.7%, up from 2.6%) and KLA (2.6%, up from 2.4%) also continue to feature in the top 10. New additions to this group over the period include Micron Technology (3.8%, up from 1.6%), Sandisk (3.5%, up from 2.0%), Seagate Technology Holdings (2.8%, up from 1.9%) and Intel (2.7%, up from 0.7%). The Fund continues to hold positions in Broadcom (2.2%, down from 5.0%), Meta (1.4%, down from 3.0%), Lumentum Holdings (0.9%, down from 2.3%) and Samsung Electronics (2.3%, up from 2.2%) although they are no longer in the top 10.

Semiconductor and Semiconductor Equipment exposure saw a material increase to 44.7% compared to 35.7% as at December 2025 although we remain modestly underweight relative to the benchmark. Electronic components remain the biggest sector overweight at 9.4% (up from 7%) followed by electronic manufacturing services at 4.9% (down from 6.4%). Interactive Media & Services has overtaken Software as the biggest sector underweight (-10.1% versus -9.2% at the beginning of the year) as we reduced holdings such as Meta. While we remain cautious on Application Software, we have started to rebuild some exposure to Cybersecurity and Infrastructure Software, resulting in a smaller but still significant sector underweight of 9.8% (20.6% at the beginning of the year).

Exposure to the US has come down further to 66.9% (from 69.1%) in favour of Asia ex-Japan (19.8%, up from 17.1%), Japan (5.6%, up from 4.4%) and Europe (5.1%, up from 3.7%).

The Fund remains close to being fully invested and constructively positioned in a pro-AI stance ahead of what we expect will be a strong second half of the year for AI fundamentals. Cash was 1.6% at period end, down from 5.8% in December 2025.

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However, profit-taking ahead of second quarter earnings combined with more cautious sentiment ahead of the normally quieter summer months, led to a momentum unwind. Some retail investors suffered losses as a result, particularly those holding leveraged products who were therefore exposed to the potential amplification of both gains and losses using borrowed money. Hedge funds also reduced their overall exposure which exacerbated the rotation away from YTD winners, with many heavily shorted stocks (i.e. with investors investing on the premise their stock price would fall), including software stocks, rebounding. While this was visible in the Fund’s performance, we had taken profits in memory and optical stocks and rotated towards select AI infrastructure software and cybersecurity companies which helped ameliorate this adverse rotation.

The Fund remains constructively positioned to benefit from continued progress in AI and the potential upside in AI-related capex. At the same time, we have meaningful Nasdaq put option exposure should macroeconomic, geopolitical risks or market conditions weaken. Given AI fundamentals remain robust (absent a more material market correction – perhaps tied to a material escalation of the Middle East conflict) we are hopeful the worst of the current selloff in AI infrastructure stocks is behind us. Much of the recent excess has been removed and investor positioning appears healthier while continued weakness in memory stocks in South Korea appears to have less to do with fundamentals than technical factors such as margin calls associated with leveraged retail products. We may, however, see continued volatility over the summer as a lighter corporate earnings and event schedule coincides with seasonally slower market volumes, especially at a time when macro and geopolitical risks are elevated.

Looking further out, near-term supply constraints are expected to ease as more supply comes on in the second half of the year and into 2027, which should unlock further upside to estimates for AI-related stocks. We expect estimates for AI capex in 2027 to be revised higher, supported by equity and debt offerings from hyperscalers and frontier AI model providers alike. As enterprise adoption accelerates, AI monetisation should provide a supportive backdrop and, if we are correct, early-stage penetration implies a long runway for continued growth. Regardless of the direction of stocks near term, we believe forthcoming frontier AI model releases – including ChatGPT 6.0 and Gemini 4.0 – and bellwether IPOs, particularly the highly anticipated public listing of Anthropic, should further improve sentiment and accelerate investor repositioning heading into the autumn.

Technology Team

Polar Capital LLP

July 2026

Market Outlook continued

The inflection in enterprise AI adoption is clearly visible in the acceleration in revenue at Anthropic and other leading frontier models YTD and has been driven by significant advances in LLM model capabilities (starting with Claude 4.5 and Gemini 3.0 in December 2025). Since then, meaningfully lower error rates (hallucinations) and exponential growth in autonomous AI task duration combined with agentic AI has broken down the traditional relationship between users and queries, driving exponential growth in token consumption (albeit with a growing mix of Chinese and open weight models in the mix).

In short, we believe the level of performance and reliability required for AI to do ‘real’ work has been reached. There is little doubt in our minds that we are experiencing a rare period of discontinuous technological progress, the impact of which is characteristically being underestimated because the pace of technological progress is so rapid it is hard for most – other than those fully embracing the capabilities of leading-edge models – to fully appreciate it. For investors, the key challenge is positioning portfolios for a future in which AI is significantly more capable and far more widely adopted than it is today. This calls for an open-minded, dynamically active approach that can respond quickly as the opportunity set evolves. Running a dedicated global equity AI fund for more than eight years gives us an exceptional perspective on AI.

Despite many strategic AI assets remaining private, the AI trade has thankfully been easily accessed in public markets for active investors. This has benefitted the Fund’s performance as the companies providing the key infrastructure are generally found in well-established, consolidated industries that are benefiting from robust AI capex. As AI demand has accelerated, the supply chain has also broadened (beyond NVIDIA that, as a key innovator in AI model training, was and remains a leading supplier) to include previously mature/cyclical subsectors, such as memory, networking and CPU suppliers.

The adoption of agentic AI by enterprises has created new, significant supply/demand imbalances, resulting in both near-term pricing power and longer-term improved visibility. That said, there are obviously a handful of very large and important private companies that cannot be replicated in public markets and we are pleased these companies are to go public. Following SpaceX, there are growing expectations that Anthropic may go through an IPO as soon as September or October, with Open AI expected to follow before year-end, which will further broaden the Fund’s investment universe.

The sector and the Fund have enjoyed a positive first half of the year, driven by strong earnings, fundamentals and an upward bias to AI capex but more recently volatility has picked up. This has seen AI beneficiaries on the wrong side of a momentum selloff which picked up pace in early July. Recent concerns were centred around the sustainability of pricing of memory and other components, exacerbated by news that Meta is considering offering AI compute as a service. Initially this was interpreted negatively, suggesting its own AI initiatives were stalling and/or that it had overbuilt capacity potentially jeopardising future capex plans. However, these fears were somewhat assuaged by CEO Mark Zuckerberg who stated: “I don’t know anyone in the industry who feels like they have too much compute…Meta is currently using all the computing power in its arsenal.” Combined with the release of a much improved model – META Muse Spark 1.1 – this has led to a strong rebound in the company’s stock and improved AI sentiment.

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Fund Performance

The six-month period was comprised of two very different quarters. After an anaemic healthcare finish to 2025, the new year began on more solid footing and rumours of biopharma mergers and acquisitions (‘M&A’) were swirling as investors headed into the annual J.P. Morgan Healthcare Conference in January. While acquisitions were confirmed in both January and February, it was the medical equipment area that delivered the bids, although the biopharma area was not too far behind and since then deal making has remained active. The Fund’s performance fell slightly behind over Q1 but once through March it began to recover from the low. May was mostly treading water until June brought a significant pick-up in performance. For the six months to 30 June 2026, the Fund (Class I US Dollar Accumulation Shares) posted 13.5%, coming in just behind 13.7% for the benchmark, the MSCI World Small Cap Health Care Net Total Return Index (both figures in US dollar terms).

Specific to market-cap performance, large, mid and small caps in that order made positive contributions to total attribution effect, with micro-cap being the chief detractor, particularly for stock selection. North America and all other regions bar Europe, where stock selection was the main negative drag, were positive. Healthcare services and distributors delivered the best sub-sector performance while a mix of allocation and selection for healthcare technology and biotechnology detracted. The biotechnology sub-sector came in second behind healthcare services for the half year, although the Fund struggled to keep up.

Perhaps illustrative of this was that our top two stock position outperformers – Revolution Medicines (Revolution) and Enliven Therapeutics (Enliven) – are biotechnology companies, as well as our top two stock detractors, Moderna and Zealand Pharma. Both Revolution’s and Enliven’s outperformance was related to positive clinical data addressing significant unmet needs in pancreatic cancer and chronic myeloid leukaemia, respectively. We did not have exposure to Moderna and as it is one of the larger benchmark members, this cost us. While we do hold Zealand Pharma, one of its partners from early in its evolution, Boehringer Ingelheim, presented Phase 3 clinical data for the partnered asset which was deemed disappointing in the context of the evolving metabolic field. We agree with that assessment for this particular programme although we would say that there is more to the story than this one asset.

The pace of M&A that picked up around this time last year has continued, at this rate tracking to be another robust year for deal making. Year-to-date (‘YTD’), we have received five bids for portfolio holdings, two for medical equipment companies Masimo (acquired by Danaher) and Penumbra (Boston Scientific), and three biopharmaceutical companies, Apellis Pharmaceuticals (Biogen), Nuvalent (GlaxoSmithKline) and Apogee Therapeutics (AbbVie), bringing our total acquisitions since inception to 34.

Market Review

There was much for markets to take in their stride as we progressed through the first half of the year. Geopolitical risk added spice to the market mix as we exited February with the US/Israel-Iran conflict in force, with the resulting spike in oil and implications for inflation, and in turn, interest rate policy. Coming into the new year, the combination of a growing economy and potential for interest rate cuts was an ideal backdrop for small caps. Smaller companies outperformed larger ones in nearly every sector for the half year – materials and utilities being the exceptions. The performance differential was largest in the technology and communication sectors, but the cyclical financials and industrials sectors also contributed, as did healthcare.

Regardless of market cap, the healthcare sector attracted very little market attention compared to the more cyclically geared, particularly technology-related, areas of the market. To be fair, the sector had its challenges, which likely kept generalists at bay – beginning with the health insurers as the initial proposed rate increases sent the group tumbling. Subsequently the Life Science and Tools sector, still being challenged by earnings expectations coming into the Q1 reporting season, suffered a bout of the artificial intelligence ( AI) ‘grim reaper’ effect which hit the contract research organisation businesses quite hard. Basically, very simple assumptions were being applied relative as to how AI models could obviate the clinical trial outsourcing business overnight. While we do not agree with the overnight timeline, we worry that their clients – mainly biopharmaceutical companies doing regulatory-related clinical development work – may increasingly gain leverage when fleshing out related service contracts.

Just as managed care and life science tools sub-sectors seemed to find firmer footing coming into Q2, a decline in healthcare utilisation increasingly became the latest investor wall of worry and sent providers, such as hospitals, as well as medical equipment downwards. While there were some elements of shifting marketplace dynamics for all these healthcare-related pull backs, based on the extremes that ensued it often seemed more of a convenient excuse or self-fulfilling prophecy for investors keen to go elsewhere regardless. As we entered June, a combination of factors seemed to come into play that brought the healthcare sector back into a more favourable light.

Starting from the top down, a Memorandum of Understanding between the US and Iran brought an easing of geopolitical tensions and so oil came off its highs, rapidly heading to pre-conflict territory. This was likely well timed, just hours ahead of the Federal Reserve (‘Fed’) meeting at which interest rate policy was kept in a holding pattern until the data, inflation or labour markets, suggest otherwise. Relative to thematics and further to sectors, the technology sector seemed to be hitting its own mid-cycle slow down as the market appears to be moving on from the easy money in the obvious trade to the application phase. Along that line, regulation, politics, taxation – the other costs of doing business carried by most industries – look to be increasingly headed the AI way. As a result, there was a significant movement of funds into areas other than technology. Positive fundamental news supported better healthcare performance, with strong clinical data from the oncology area, the semi-annual Russell Index rebalance upping the healthcare sector weighting, changes to the Food and Drug Administration (‘FDA’) leadership as well as a number of M&A transactions all aligned to work in its favour.

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Nearer term, we would not be surprised to see some consolidation around a market that has run very hard, especially when considering all that investors have had to contend with over the first half and how this may inform the balance of a year which includes US midterm elections. That may be supportive of a sustained rotation into the healthcare area which, based on current investor relative exposure, could add legs to the recent rally. That said, while smaller companies have posted significant outperformance YTD, we remain mindful that the macroeconomic (top down) and relative earnings revisions (bottom up) are an important piece of the relative equation.

Finally, and more specific to the drug development industry at large, the investment community will want to see a continued steadying of leadership at the FDA after what has been a tumultuous time for the respective departments and staff that are essential to the day-to-day business and quality of the regulatory process. In addition, while mid-term election years have tended to be better ones for the sector, it is important to acknowledge that US healthcare is an increasingly significant budget item, for both payors and households, and is likely to garner more than the usual campaign airtime as voters head to the ballot box.

Perhaps the bigger picture for this time and place is that the equity market structure continues to evolve in view of significant geopolitical and industry changes, suggesting the road ahead will continue to be an adventurous one. While the next leg may be unclear and downright tricky, we take some comfort that return dispersion has recently soared to some of the highest levels seen in recent decades outside of the pandemic, with a particular wide opportunity set within the small-cap universe. We look to use this to our advantage, striking on those unique asset opportunities with strong leadership at the helm, being temporarily swept off an otherwise sound investment trajectory by the market’s drama of the day.

Healthcare Team

Polar Capital LLP

July 2026

Fund Activity

With the number of portfolio bids received, there was a decent amount of trading to recycle the proceeds back into the Fund. Much of that was returned to the biopharma area with some selected medical equipment and services companies added. We sold the last bit of Insmed (respiratory), one of our better biotech outperformers in 2025. We also continued to modify what was once our largest Fund position, Revolution (oncology), as the company progressed through several value creating milestones for its pancreatic cancer asset. To repurpose these biopharma proceeds, we added new positions – Nuvalent (lung cancer), Praxis Precision Medicines (neurology) and Scholar Rock Holding (rare disease). We also topped up existing positions, BridgeBio Pharma (rare disease), Enliven (haematologic cancer), Roivant Sciences (rare disease) and Xenon Pharmaceuticals (neurology).

Elsewhere Glaukos (ophthalmology), HeartFlow (cardiology) and Tactile Systems Technology (vascular) were new positions in the medical equipment area. In healthcare services we sold AdaptHealth (distributor) and Addus HomeCare (personal care provider), added new positions in BrightSpring Health Services (specialty pharmacy) and increased our positions in Acadia Healthcare (behavioural health provider) and HealthEquity (health savings accounts provider).

Market Outlook

There is little to suggest any volatility reprieve over the remaining summer months with every hint of macroeconomic data in focus looking to glean interest rate policy direction. Clearly the Fed will hope to avoid an interest rate rise ahead of the upcoming US mid-term elections, although perhaps the new Fed Chair may be soon tested. In addition, the Q2 reporting season is just around the corner and with some rotation of funds from technology into other areas of the market, investors will want to see earnings results being reflected accordingly. Suffice to say, there are likely more twists and turns ahead with perhaps some settling down into the Autumn until the market can factor in the US mid-term election results.

For the healthcare sector, a narrative around its relative defensiveness has recently surfaced from the generalist investors’ vantage point, as part of a countermeasure to the significant AI theme and adjacent exposure. In addition, many technology revolution enthusiasts see the healthcare industry as one of the chief beneficiaries of the AI revolution. We do not necessarily disagree with that, although we are wary of near-term expectations already setting a high bar, particularly when it comes to more instantaneous drug discovery and development.

In our view, the global healthcare system’s greatest unmet need at this juncture is access and delivery of care, which is where we see the more immediate opportunity for technological advancement. As for breakthrough opportunities for therapeutics development, our preference is for those companies working in innovative areas that own the related assets and the data associated with them. In time, we would expect those leading in their fields of research to first look to validate new technologies and models into the known discovery and care pathways of today to offer alternative or synergistic avenues for unlocking the novel opportunities of tomorrow.

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Market Review

Markets began the year with the same theme that had dominated 2025 – the theoretical impact of artificial intelligence (‘AI’) on businesses across all sectors, both positive and negative. Software was the major focus point with AI seen as being massively disruptive to this sector. However, the fears broadened out to impact other sectors including healthcare.

Attention quickly switched to the breakout of war between the US/Israel and Iran. This obviously had a dramatic impact on markets with the shock to energy prices negatively impacting equities and bonds. The move in oil and gas prices immediately led to fears of increased headline inflation for an extended period. Bond markets sold off in response, causing weakness, particularly in long-duration stocks, i.e. those that have cashflows weighted far into the future, making their valuations very sensitive to interest rate changes.

The market low was at the end of March and led to a monumental chase for AI beneficiaries, particularly semiconductors, with very large moves from many stocks. Other sectors were simply a source of funds. This continued for a number of weeks before reaching a peak in June as the moves in relevant stocks had become very extended. That led to a sharp selloff in technology while other sectors started to benefit.

Healthcare struggled for most of the first half of 2026 but enjoyed a resurgence in June. The sector experienced some consolidation early in the year after the enormous run in the last four months of 2025. With the war starting and causing pressure on bond markets, healthcare suffered because of its high proportion of long duration assets. The impact was felt particularly in March and April. News flow was positive, however, including clinical trial readouts and continued merger and acquisition (‘M&A’) activity supporting biotech and the broader universe of small and mid-sized healthcare companies.

Performance from healthcare improved in May but the sector significantly outperformed in June. The inverse relationship between tech and healthcare stocks was clearly on display as the selloff in tech stocks intensified through the end of June, leading to a significant switch into healthcare stocks.

Fund Activity

In January, new holdings purchased for the Fund included Novo Nordisk, Corvus Pharmaceuticals and AxoGen, the latter two added through participation in financings. The position in Novo Nordisk was the largest of the three, with this conviction driven by belief in the launch of the company’s oral GLP-1 (a class of medicine used to treat diabetes and obesity).

The Fund increased its positions in Chugai Pharmaceutical, Olema Pharmaceuticals, Fresenius, Uniphar, Torrent Pharmaceuticals, RadNet and Savara. These were funded through sales of positions in Sandoz Group and UCB, both on the grounds of elevated valuation.

In February, another new holding was added, a US biotech company called Bridgebio Pharma which has a significant commercial operation through which it sells its cardiovascular product, Attruby. We believe the outlook is strong with continued growth of this drug and the launch of three new products expected to reach the market in the shorter term, which should accelerate growth. Holdings in Uniphar, Medincell, Savara and AxoGen were increased.

Fund Performance

The Fund (Class I US Dollar Accumulation Shares) returned 5.8% versus 1.7% for its benchmark, the MSCI All Country World Daily Total Return Net Health Care Index for the first six months of 2026. The MSCI World Index returned 11.5% over the same period (all figures in US dollar terms).

The healthcare sector underperformed broader markets over the six months largely as it functioned as a source of funds for investors chasing the AI trade through most of the period. Healthcare strengthened in June, as tech pulled back aggressively. Small and mid-sized healthcare stocks dramatically outperformed larger stocks.

Within the sector, managed healthcare, services and pharmaceuticals outperformed, in part driven by lower perceived policy risk following a tough time in 2025. Underperforming subsectors included healthcare equipment, supplies and healthcare technology, with the former hit hard by fears over slowing growth and a lack of new product cycles.

From an attribution perspective, allocation by market capitalisation was slightly negative, mainly due to the overweight positioning, relative to its benchmark, in mid-cap stocks. Stock selection was strong, particularly for mid-cap stocks. In terms of regions, allocation was negative but stock selection was positive. The significant overweight in Asia Pacific ex-Japan and underweight in the US, relative to its benchmark, were the drivers of the negative allocation effect. The positive stock selection was generated in the US and Asia Pacific ex-Japan which offset weak performance in Europe.

At the subsector level, allocation was a very small positive, while stock selection was strongly positive. The underweight positioning in healthcare equipment was positive while the underweight in managed care was negative. Stock selection was most positive in healthcare equipment and pharmaceuticals and negative in healthcare services.

The top three positive contributors to relative performance were Enliven Therapeutics, CG Oncology and Cytokinetics.

Enliven Therapeutics and Cytokinetics were both strong on positive clinical data, but the former also benefited from the acquisition of a competitor at a significant premium. CG Oncology moved higher on the news that the results of a key clinical trial would be coming a year earlier than expected.

The bottom three relative contributors were Zealand Pharma and underweight positions in Johnson & Johnson and UnitedHealth Group.

Zealand Pharma was weak due to two reported datasets being more negative than expected. Not holding Johnson & Johnson and UnitedHealth Group was negative as both stocks outperformed and they are significant weights in the benchmark.

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Fund Activity continued

Trading activity in March and April was insignificant.

In May, the weighting in the healthcare equipment subsector was increased from a significant underweight through the purchase of positions in Edwards Lifesciences and Solventum, the former based on hopes of accelerating revenue growth, the latter a special situation with potential for significant upside to valuation with a refocusing of the business. Stocks sold in the month included Fresenius, Corvus Pharmaceuticals, Olema Pharmaceuticals and CG Oncology. The holding in Zealand Pharma was significantly reduced ahead of data released at a medical meeting in June.

In June, we added new positions to the Fund, including Johnson & Johnson, Novartis, Krishna Institute of Medical Sciences, Pharvaris and Apotex Health. The latter was added at its initial public offering (‘IPO’), with the financing done to reduce the company’s debt load. It is a leading generics company based in Canada with significant growth potential. The position in Enliven Therapeutics was increased through participation in its share offering after the company reported positive clinical data for its oncology programme. To fund the new holdings, positions were sold in Zealand Pharma, Roche, Chugai Pharmaceutical and Novo Nordisk. The latter was sold despite its oral product launching at 10x the pace expected by consensus analyst forecasts. The long-term competitive challenges led to the decision to sell.

Market Outlook

The fundamental story for the healthcare sector remains positive, driven by long-term expectations of demand growth and rising research and development (‘R&D’) productivity, with the potential for AI to increase this further. New product flow is critical for the sector and news flow on clinical data continues to suggest an improving outlook which should be positive for growth and returns.

While the technology sector has dominated the market for many a year, the excitement around AI has driven the sector to new highs with particular excitement around semiconductor stocks. The healthcare sector at times acts inversely to technology and has therefore suffered on a relative basis. However, as June showed, profit-taking in technology can significantly boost investor appetite for healthcare stocks. We believe this will likely be the key dynamic in the short to medium term.

The healthcare sector trades at an attractive valuation across the market-cap spectrum and so we believe it could offer outsized returns were the sector to rerate higher alongside the earnings growth that is projected to accelerate in 2027. In the meantime, M&A is continuing at an elevated pace and US policy concerns are fading.

On average, data back to 1972 suggests that the year of the US midterm elections is historically a positive one for the healthcare sector’s performance, thus there are plenty of reasons to be positive on the sector in the months and years ahead.

Healthcare Team

Polar Capital LLP

July 2026

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Initially, the ‘Takaichi trade’ drove the market higher, as investors assessed the impact of Prime Minister Sanae Takaichi’s landslide election win. Her pro-growth agenda, combining accommodative fiscal policy with continued momentum on corporate reform, drove a strong start to the period, with much of the best-case scenario for her policy platform priced in early. As a result, large-cap exporters gapped higher on the back of a weaker yen, while financials and defence-related names also benefited.

The outbreak of war in the Middle East complicated this backdrop. The resulting spike in energy costs delayed the long-awaited transition to real wage growth, with inflation continuing to outpace nominal pay gains for longer than expected. This proved a headwind for more domestically exposed areas of the market, which had entered the year well placed to benefit from a now questionable boost to real wages.

Later, the full-year reporting season, which concluded in May, provided some reassurance on the earnings front. Results for the fiscal year which ended March 2026 mildly exceeded expectations, with company guidance pointing to profit growth of around 9% for the new fiscal year. AI-related capital expenditure continued to surprise to the upside globally, with the major US hyperscalers raising their 2026 spending guidance further over the period, underpinning the earnings momentum of Japan’s AI-linked semiconductor and equipment suppliers.

Fund Activity

During the period, the Fund added several new holdings, reflecting the breadth of opportunities identified through company meetings and ongoing research.

ABC-Mart: a holding was initiated in ABC-Mart, Japan’s leading shoe retailer, following a company meeting. The company’s valuation derated significantly in 2025, offering an attractive entry point to a leading player in the retail sector with significant gearing to a pick-up in consumption and substantial room to improve the efficiency of its cash-rich balance sheet.

Sysmex: we initiated a holding in Sysmex, a manufacturer of clinical testing equipment and reagents, following a company meeting. The company’s valuation has derated significantly since its peak in 2021, with the most recent concern focused on its future growth potential in China following a change in government policy on hospital testing to curb healthcare costs. We believe the current valuation offers an attractive long-term entry opportunity for a high-quality business with significant growth opportunities outside China. The release of a new mid-term management plan may act as a catalyst for investors to shift attention away from a singular focus on developments in its Chinese operations to other growth areas across the business. We are also hopeful management will take a more proactive stance on shareholder returns.

OBIC Business Consultants: we initiated a holding in OBIC Business Consultants, a packaged software developer, on share price weakness following a company visit. We believe the company has been unfairly targeted in the search for AI ‘losers’. The shares have multiple catalysts, including a cash-rich balance sheet ripe for capital allocation improvements, potential interest as an M&A candidate for its parent company, or simply a reversal in the recent valuation derating as the company continues to deliver earnings growth in the coming quarters.

Fund Performance

During the first six months of 2026, the Fund (Class S Japanese Yen Shares) rose by 20.5%, versus an 18.6% increase in the benchmark, the TOPIX Total Return Index (both figures in yen terms).

The Fund outperformed its benchmark, driven by positive stock selection that more than offset stylistic pressure. Market cap positioning was a headwind for relative performance, with the Fund’s overweight to small-cap names working against it as small-caps lagged their large-cap counterparts. During the period, the TOPIX Small Total Return Index rose by 15.2% and the TOPIX Large Total Return Index by 18.8%.

The largest contributors to relative performance were Kanto Denka Kogyo, Sumco and Rohm. Kanto Denka Kogyo, a specialty chemicals manufacturer, benefited from surging demand for the high-purity fluorine gases used in advanced semiconductor production, including the high bandwidth memory (‘HBM’) chips underpinning artificial intelligence (‘AI’) data centre buildout. Sumco, a leading silicon wafer manufacturer, rallied on robust demand for wafers used in graphics processing units (‘GPUs’) and HBM, with AI demand broadening beyond training into inference-related chips such as central processing units (‘CPUs’) and NAND flash memory. Rohm, a power semiconductor manufacturer, initially surged after Denso tabled a proposal to acquire the company, a move that could have accelerated long-awaited consolidation across Japan’s power semiconductor industry. However, Rohm’s board rejected the bid due to it undervaluing the company. Despite initial shareholder frustration, this decision has since proved correct given the benefit Rohm has received from its indirect holding in Kioxia, held via its investment in Toshiba. As Kioxia’s valuation surged alongside the broader AI-driven rerating in memory, the read-through to Toshiba’s value, and in turn to Rohm’s, provided further upside.

The largest detractors from relative performance were Tokyo Electron (not owned), SIGMAXYZ and Argo Graphics. Tokyo Electron, a leading semiconductor production equipment maker, continued to rerate alongside broader AI and chip-related demand. The significant move in the stock proved costly given we had no exposure. SIGMAXYZ and Argo Graphics were both seen by the market as casualties of AI-related disruption. However, SIGMAXYZ is currently experiencing robust demand for its consulting services, while Argo Graphics sells CAD and chip design software that we believe will remain in firm demand over the medium term. We therefore retained both positions despite the near-term share price weakness. Although we recognise the likely disruption to parts of the business, we see the recent pullback as excessive.

Market Review

Overall, the first half of 2026 was defined by an increasingly narrow, AI-driven rally, with market breadth continuing to concentrate around a small number of large, thematically exposed names. The Nikkei 225 Index, which carries greater exposure to AI and semiconductor names, rose 40.4% over the period, comfortably outpacing the broader TOPIX’s 18.6% gain. The period also saw a marked reshuffling of Japan’s corporate hierarchy. Kioxia, the memory chip maker, overtook Toyota to become Japan’s largest listed company by market value as the global AI boom reshaped the country’s corporate landscape.

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Looking forward, we believe growth from its semiconductor photomask business, and the potential to develop a glass substrate business, will lead to a rerating of price-to-earnings multiples.

Nitto Denko: we initiated a holding in Nitto Denko, a specialist electronic materials manufacturer, given modest valuation multiples relative to peers supplying materials to the semiconductor industry. A meeting with the company also highlighted its competitiveness in a component for hard disks which, for now, is a small percentage of sales but growing rapidly.

The purchases have been funded by sales in Japan Post Bank, Mitsubishi Estate, Toyota Industries, Solasto, Kyoto Financial Group, Paltac, Murata Manufacturing, Seiko Epson and Nippon Thompson.

Market Outlook

The performance of market leaders in the AI space has become more volatile in recent weeks, as investors weigh strong earnings momentum against the sustainability of returns given high valuation levels. At a portfolio level, we retain some exposure to AI-related names where we still find valuation support but have a significantly lower weighting than the benchmark.

On the geopolitical front, the ceasefire in Iran, agreed in April and subsequently extended, appeared for a time to be holding, offering the prospect of an end to the energy-driven inflation overhang that had delayed the long-awaited transition to real wage growth and weighed on domestically exposed businesses. However, this has proven fragile: as we write, the truce has broken down following renewed strikes between the US and Iran, and oil prices have jumped sharply in response. The situation remains volatile and we are monitoring developments closely, given the direct read through to energy costs, the yen, and domestic consumer sentiment. Separately, the yen remains at depressed levels, and continued pressure on US rates poses a further complicating factor for the Bank of Japan’s own policy path.

In terms of portfolio turnover, June saw a larger than normal number of new buy ideas following a research trip to Japan, funded from cash raised via profit-taking activity in May. Our overall impression from the visit was how cheap the non-AI related parts of the market still are despite strong market returns over the past 12 months. We remain extremely constructive on valuations across the rest of the market, with the exception of a small number of pockets where AI-related enthusiasm has pushed prices ahead of fundamentals.

The portfolio continues to retain core exposure to the theme of corporate reform via its substantial exposure to smaller companies. Japan’s Corporate Governance Code is due to be revised this summer, the first update in five years, with a particular focus on requiring boards to justify cash and deposit holdings and demonstrate that capital is being allocated efficiently towards growth. We expect this to place further downward pressure on cash hoarding across corporate Japan, which should prove especially supportive for the small-cap universe, where balance sheets tend to be most under-optimised, and has the potential to accelerate growth prospects through increased M&A activity and investment.

Japan Team Polar Capital LLP

July 2026

Fund Activity continued

LY Corporation: a new position was taken in LY Corporation, the entity created through the merger of Yahoo Japan and LINE in 2023. The company’s valuation has gone through a long-term derating process. We believe the current depressed valuation is likely to mark the bottom, with the listing and monetisation of its key finance business, PayPay, acting as a catalyst. There is also potential for the shareholder structure to change depending on SoftBank Group’s long-term vision for the company, which could prove beneficial for minority shareholders.

Japan Post Holdings: we initiated a position in Japan Post Holdings following a period of significant divergence in share price performance versus its key listed subsidiaries, Japan Post Bank and Japan Post Insurance. The current market cap of the holding company is now less than its combined holdings in these two subsidiaries, with significant further value locked up in the real estate business and its holding in US-listed insurer Aflac. This substantial discount to its sum-of-the-parts valuation has been highlighted by an activist investor during the period, and we are hopeful the company will look to address the underlying issues in its upcoming mid-term plan announcement.

Sony: we initiated a position in Sony following a prolonged derating of the gaming industry through 2025. We find current valuation levels attractive given the breadth and competitiveness of Sony’s various businesses, combined with the high quality of the management team, with many areas potentially benefiting from AI in the medium term. The release of Grand Theft Auto 6 later this year should also act as a meaningful tailwind to the gaming division over the next 12 to 18 months.

Rakuten Bank: a new holding in Rakuten Bank was initiated following a sharp decline in the share price on fears that a reorganisation of Rakuten Group’s financial businesses would prove negative for minority shareholders. The share price declined 50% from February highs, when news of the potential reorganisation first emerged, to the June low, following the release of the terms of the merger of Rakuten Bank, Rakuten Card and Rakuten Securities. The share exchange ratios do appear to favour the parent company’s interests at the expense of minority shareholders in Rakuten Bank, and we were surprised that sufficient support from minorities was achieved to pass the resolution at the annual general meeting in June. Despite the recent corporate governance issues, we believe the current depressed valuation offers an attractive entry point.

GO Inc: we participated in the initial public offering of GO Inc, the leading ride-hailing software provider in Japan, given attractive valuation levels relative to its growth prospects. The company holds top market share with key taxi operators nationwide, with increased penetration rates and potential price increases likely drivers of future growth.

Sanwa Holdings: a new position was taken in Sanwa Holdings, a global leader in the provision of shutters for both residential and non-residential use, following a research meeting with the company. The shares have fallen close to 40% from the highs set in 2025 on fears that rising raw material costs and higher interest rates would negatively impact the business. We believe current valuations offer a compelling risk-reward profile, with a high degree of medium-term earnings visibility in the core Japanese market and the potential to raise margins further in the key US market.

Dai Nippon Printing: a holding in Dai Nippon Printing was purchased given the combination of low valuations and interesting medium-term drivers within its technology-related businesses. The company has taken steps in recent years to address historic capital allocation issues, which has led the shares to trade close to book value.

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Other businesses, such as Fidelity National Information Services and Constellation Software, continue to make good operational progress but have seen their share prices suffer because of concerns about AI disintermediation. We remain vigilant about potential risks to their businesses and continually monitor whether they fulfil our investment criteria. Were we to see a meaningful secular risk that could impair operational growth and prevent business compounding from achieving our double-digit minimum required rate of return (hurdle rate), we would sell.

Market Review

That the market notched up an almost 10% gain in the face of significant geopolitical upheaval in the Middle East as well as persistent uncertainty over the tariff and trade environment speaks volumes about the relative resilience of the US economy.

Part, but not all, of this performance is down to the exposure of the US market to AI. By our estimates, more than 40% (by market cap) of the S&P 500 index weighting is accounted for by companies linked to the AI phenomenon – either those involved in the production of the semiconductors used in data centres as well as those building the data centres and supplying the power. It also includes large spenders on AI infrastructure, the so-called hyperscalers. Companies that are direct beneficiaries have delivered particularly strong stock price and fundamental progression so far this year. This is most clearly seen in semiconductor memory stocks. For example, Micron, a manufacturer of memory chips, has accounted for more than 50% of the positive earnings revisions for the entire S&P 500 this year 1 , helping its stock rise more than threefold. The Philadelphia Semiconductor Sector Index (‘SOX Index’) has doubled as many other chip companies have seen similar trajectories of earnings and stock price moves given an acute shortage of supply and abundant demand.

Beyond AI, the aggregate progression of businesses has been respectable, albeit unspectacular when compared to the AI-related companies. The rest of the market, excluding the AI group highlighted above, delivered 10% earnings-per-share growth in the first quarter – a very respectable showing given the geopolitical headwinds.

The economy is performing reasonably well with full employment, Purchasing Managers’ Indices (‘PMIs’) in expansionary territory and consumer expenditure holding up. As ever, there are noticeable areas of weakness, particularly where demand has been negatively affected by the upward normalisation of interest rates over the past several years. However, it is reassuring as investors, that many parts of the economy still have recovery potential. These include: housing-related activity, including both new sales and existing home turnover, with the latter at depressed levels rarely seen over the past 50 years; manufacturing, where the Institute for Supply Management (‘ISM’) has only recently moved back above 50 (the level that indicates expansion) for the first time after a rare three-year period below that threshold; and commercial transportation, where the trucking cycle has just started to emerge from a three-year downturn.

Fund Performance

The Fund (USD I Dist Share Class) returned 15.7% in the first half of 2026. In comparison, the benchmark, the MSCI North American Net Total Return Index, rose by 9.8%.

The top-heavy nature of the market in recent years, driven mainly by the ‘Magnificent Seven’, has not been a major feature so far in 2026. The S&P 500 has lagged its equally weighted equivalent in both the first and second quarters of the year, while small-cap stocks have performed strongly. Given our all-cap approach, this improved breadth has been helpful for the Fund’s relative performance, with strong operational and stock performance coming from a variety of industries in the first half of the year.

The strongest stock performances came from Applied Materials and MKS Instruments (‘MKS’). Applied Materials manufactures equipment used in the production of semiconductors, while MKS manufactures components for such equipment, and for related markets. Both companies have recently started to see an upcycle in demand after a few years of more subdued conditions. The current upcycle may prove to be something of a super-cycle, benefiting from their customers’ need to add capacity to meet the increased demand for semiconductors in artificial intelligence (‘AI’) data centres.

Littelfuse, a manufacturer of fuses and circuit-protection devices, also performed well for similar reasons, with an upcycle in many of its end markets but also an AI-related kicker. Although data centre demand accounts for only around 10% of its sales, Littelfuse is benefiting from a powerful content-growth story. Next-generation data centres are transitioning to much higher-voltage power architectures. This is creating a 2–4x content opportunity for the company, with the potential for market-share gains on top.

The oil-producing companies in the portfolio, particularly Cenovus Energy, also performed strongly in the first half, benefiting from higher oil prices as a result of the Middle Eastern conflict. Other strong performances came from Interactive Brokers Group, a low-cost online broker; US Foods, a distributor of food to restaurants and cafeterias; Credit Acceptance, a niche auto lender; Centene, a health insurer; OPENLANE, a digital wholesale car auctioneer; Bruker, a manufacturer of life-sciences and diagnostics systems; and ICON, a provider of clinical research services to the global pharmaceutical industry. OPENLANE, Bruker and ICON were purchased this year.

It is pleasing to see strong contributions to the Fund coming from a wide variety of industries and types of business.

Some of the weaker performing stocks included Builders FirstSource, a distributor to the building trade; MasterBrand, America’s largest manufacturer of kitchen cabinets; Core & Main, a distributor of water and fire protection products; Intercontinental Exchange, an operator of commodity and financial product exchanges; Uber Technologies, operator of ride-hailing and delivery networks; Fairfax Financial Holdings, an insurance business; Constellation Software, a holding company of niche software businesses, and Fidelity National Information Services, a provider of software and processing services to banks.

A few of these businesses, notably Builders FirstSource, MasterBrand and Core & Main, are seeing some acute cyclical headwinds affect their operational progression. We remain enthused about their long-term prospects and see strong medium-term cyclical recovery potential.

North American Fund

1 2026 S&P 500 EPS Forecast have risen by more than 10% in H1.

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OPENLANE is a wholesale used car auction platform operating in an oligopolistic market with one other principal competitor. The company is capitalising on secular digitisation of a large physical auction industry, where the advantages of selling cars online is reaching a tipping point in acceptance and penetration. At the same time, OPENLANE is particularly exposed to the off-lease market, where it holds a dominant share, and which is set to recover after a difficult few years. Used car prices spiked dramatically during Covid, which meant the residual value written into most leases at inception was well below the market value of the car at the end of the lease term. Lessees therefore had a strong financial incentive to either buy the car themselves at the contractual residual price and pocket the equity, or sell it privately, rather than hand the keys back to the lessor and let them capture that value through the wholesale channel. The knock-on impact on new car sales at the time was dramatic, and the market is just beginning to mark the anniversary of a meaningful recovery in new car sales from 2023 onwards, which are coming off lease in 2026 and beyond. The stock was purchased at a 5% free cashflow yield, which we consider attractive given the combination of competitive position, potential market share gains and earnings tailwinds from recovering lease returns at high incremental margins.

CNX Resources (‘CNX’) and EQT are among the world’s lowest-cost natural gas producers, with decades of Appalachian reserves that generate substantial free cash flow without requiring heavy reinvestment to replace depleted reserves. The demand outlook is strengthening driven by ramping LNG (liquefied natural gas) exports to Europe and gas being the primary hydrocarbon generating data centre power. While US gas producers have suffered from a glut of supply in the past decade, the picture is improving. As production of oil from the Permian Basin peaks and plateaus, the associated production of natural gas found alongside the more valuable oil should also diminish, pushing the marginal cost of supply higher and benefiting low-cost producers in other areas such as CNX and EQT. Both stocks trade at mid-teens FCF yields on conservative commodity price assumptions, offering an enticing combination of reasonable operational growth, substantial capital return and the potential for a rerating that could supplement returns from business compounding.

Etsy runs the leading online marketplace for craft and unique goods, marrying a highly fragmented base of sellers with a large number of buyers. The stock soared through the pandemic-driven online shopping boom but has since struggled with the post-Covid demand hangover. The same fragmentation and item uniqueness (over 100 million largely one-of-a-kind listings) that differentiate and help Etsy defend itself from Amazon have also created challenges as the company has grown. Etsy has struggled with item presentation and curation at scale, and engagement has weakened as a result. Management is addressing this through AI, for both vendor/inventory management and improving product discovery. The recent sale of Depop – Etsy’s vintage clothing marketplace sharpens focus on the core business and strengthens the balance sheet. A new CEO is bringing a fresh strategic direction. We see appealing business compounding potential if Etsy grows broadly in line with consumer expenditure and continues returning cash to shareholders with a cheap option on better operational growth should it successfully harness AI to help drive better engagement. We initiated a position at a low double-digit multiple of next year’s free cash flow which we think does not reflect the operational upside potential.

Fund Activity

Activity in the Fund has picked up this year, as we have found a number of highly attractive opportunities that fulfil our investment criteria and provide sufficient competition for capital versus the investments they replaced. In total, we bought nine new positions for the Fund in the first half of 2026: OPENLANE, Global Payments, Meta Platforms, Bruker, ICON, CNX Resources, EQT, TFI International and Etsy. We briefly outline the attraction we see in some of these new positions below. For a more detailed write up of selected new purchases, please see our quarterly investment letters on the Polar Capital website.

Two of these new additions hail from the healthcare sector. While we normally refrain from mentioning sector exposures, it is notable that we are finding a few more opportunities in that area after several years of painful growth re-adjustments and valuation de-ratings following a very strong period for operational growth and relative valuations during Covid. We outline Bruker and ICON below, but we also added to McKesson, a drug distribution company, during the first half.

Bruker is a high-end instrumentation business, enjoying what is a quasi-duopoly in mass spectrometry with Thermo Fisher Scientific. After averaging better than mid-single digits organic growth for much of the post Global Financial Crisis (‘GFC’) era, growth slowed significantly in 2024 and turned negative in 2025 as weak biopharma equipment spend after the boom of the Covid years, soft China demand and US academic/ government funding pressure acted as headwinds on the core business. A series of acquisitions that have diversified the business into other high growth areas of instrumentation also put pressure on the balance sheet as cashflow generation stuttered in the past two years. While Bruker’s instruments-heavy mix makes it more cyclical than peers, it also gives it meaningful operating leverage to a recovery, which we believe is now unfolding. We initiated a position with the stock trading at ~20x depressed free cash flow (‘FCF’), and under a reasonable recovery scenario believe the business can double its FCF over 3–5 years, making the entry multiple potentially very attractive for a business of this quality.

ICON is a provider of clinical research services to the pharmaceutical industry and a business the Fund has held before. Having originally bought it in 2015, we sold the position in the summer of 2024 on concerns of a cyclical downturn as well as on valuation grounds. It has since endured cyclical headwinds and has derated sharply. We saw an opportunity to buy into a business with reasonable long-term compounding potential towards the bottom of an industry cycle at around 10x trough free cash flow.

Although not a new position, the Fund also added to McKesson, a drug distribution company. The position had been reduced on valuation grounds earlier in the year, and a reset in the stock price with no corresponding deterioration in fundamentals made the stock more appealing again, and we repurchased what we sold.

Away from healthcare, new purchases came from a broad spectrum of different businesses.

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Market Outlook

The first half of 2026 was a positive period for markets and the Fund. AI remains the dominant theme and its influence on market returns has been extraordinary. This has not been without fundamental support with very real revenue growth, operating leverage, and profit and cash flow growth.

However, we are also conscious that infrastructure booms are rarely smooth or permanent. Capital cycles can create oversupply, bottlenecks can ease and margins that look structurally elevated can prove to be more cyclical than investors expect. Combined with signs of exuberance in parts of the market, this reinforces the importance of valuation discipline and a focus on durable fundamentals.

Encouragingly, there is more to North American equities than AI. We are seeing broader earnings progression, improving margins across a wide range of companies and cyclical recovery potential in areas such as housing, manufacturing and transportation. This broadening has been helpful for our all-cap approach and has allowed good contributions to come from a diverse range of industries and business types.

We remain optimistic about the portfolio’s long-term compounding potential. It contains businesses with a variety of value-creation drivers, including companies benefiting from AI-related demand, businesses with cyclical recovery potential, advantaged commodity producers, healthcare opportunities and idiosyncratic compounders trading at attractive valuations. We believe this diversity is important. The portfolio is not reliant on a single market narrative or a single outcome for AI.

As ever, our aim is to own businesses capable of compounding value at attractive rates over the long term, while remaining disciplined on the price we pay. With the portfolio trading at around 15x forward earnings and free cash flow, we believe it offers an appealing combination of durable compounding potential, diversification and valuation support.

North American Team

Polar Capital LLP

July 2026

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In the ‘Energy efficiency of buildings’ sub-cluster, the weight was further reduced. We sold the positions in TopBuild, Procore Technologies and Nemetschek.

In the ‘Transportation’ sub-cluster, we bought a new position in ams-OSRAM, an Austrian optical semiconductor company. We sold the positions in BYD, Tesla and Alstom.

‘Energy conversion & storage’ remained the second-largest cluster by weight. In the ‘Energy storage’ sub-cluster, the weight to the battery supply chain was slightly reduced. In the ‘Power conversion’ sub-cluster, we bought a new position in Aixtron. The firm manufactures specialised deposition equipment for producing compound semiconductor materials including optical components and solar cells. We increased the positions in Analog Devices and ON Semiconductor.

Inside the ‘Energy transmission & distribution’ cluster we increased our weightings in the industrial gases companies Linde and Air Liquide, as well as in the Canadian grid operator Hydro One. We reduced the positions in HD Hyundai Electric and Siemens Energy. A new position was initiated with Nexans, whilst the position in Elia Group was sold.

The weight of the ‘Clean power generation’ cluster remained low. The position in the thin-film solar module manufacturer First Solar was sold. A new position was initiated in 5N Plus, a Canadian provider of critical components to terrestrial renewable energy and space solar cells.

Market Outlook

The effective de-escalation of the US-Iran conflict, even in fits and starts, and the longer-term reduction in oil and gas prices, will help to significantly reduce energy-induced inflationary risks. This will redirect market focus toward the fundamentals of the AI boom, alongside the related inflationary pressures and supply chain constraints.

The fundamentals of the portfolio’s core holdings addressing the electrification of the global energy system remain strong. We expect the global electricity demand to grow by 2.5x from 2020 to 2050, a 3% CAGR. Driving global electrification will demand substantial capital investments for both power grid infrastructure and innovative energy-efficiency technologies, creating attractive investment opportunities.

We prioritise segments exhibiting robust structural growth, specifically targeting clean power generation, smart grid and energy storage solutions, power electronics, the electric vehicle ecosystem, humanoid robotics, electric heat pumps and improving the energy efficiency of Big Data infrastructure.

Our portfolio maintains considerable exposure to the AI theme, strategically weighted towards technology enablers that improve data-processing efficiencies and essential electrical infrastructure suppliers. We anticipate the coming years will be decisive in determining the leaders of the AI race and we expect significant capital expenditure allocations to persist across the industry.

Sustainable Thematic Equity Team Polar Capital LLP

July 2026

Fund Performance

The Fund (USD I Acc Share Class) returned 68.3% in the first half of 2026, thereby outperforming the broader MSCI All Country World Net Total Return Index, which returned 11.2% during the same period (both figures in US dollar terms).

All four investment clusters delivered positive results. The ‘Energy efficiency’ and ‘Energy conversion & storage’ clusters were the strongest drivers, while the ‘Energy transmission & distribution’ and ‘Clean power generation’ clusters also made positive gains.

The fundamentals of our portfolio holdings supplying the artificial intelligence ( AI) data centres buildout remained strong. This encompassed companies upgrading the electrical grid, power semiconductor companies creating efficient hardware for power supply, and optical interconnect suppliers delivering energy-efficient connectivity for scaling AI systems.

At an individual stock level, Marvell Technology, Lumentum Holdings and Coherent were the strongest positive contributors. All three companies benefited from growing investor recognition that optical networking and high speed connectivity are becoming critical enablers of next-generation AI infrastructure, as increasingly complex AI workloads require ever higher bandwidth, lower latency and more energy-efficient data transmission. The biggest negative contributors were First Solar, UBTech Robotics and SAP.

Market Review

Equity markets remained resilient throughout the first half of the year, supported by solid corporate earnings and continued momentum in AI-related investments, despite heightened volatility in sectors facing AI-driven disruption, such as software. Geopolitical tensions surrounding the conflict between the US and Iran periodically weighed on investor sentiment and drove sharp swings in energy markets amid concerns over the Strait of Hormuz. Towards the end of the period, crude oil prices (‘WTI’) dropped to US$70 a barrel, following the signing of an interim 60-day peace agreement and Memorandum of Understanding between the US and Iran. The US 10-year Treasury yield finished the first half of the year at 4.47%, up from 4.17% at the start of the year.

Fund Activity

The ‘Energy efficiency’ cluster continued to make up the largest portion of the Fund’s portfolio.

The exposure of the ‘Energy efficiency of big data’ sub-cluster was increased. We initiated new positions in Corning – a key provider of optical networking in AI infrastructure – as well as in ASPEED Technology, Jentech Precision Industrial and Yuanjie Semiconductor Technology. We increased the position in Marvell Technology and reduced Vertiv Holdings and Broadcom. In this sub-cluster we sold the position in Alchip Technologies.

Exposure to the ’Industrial efficiencies’ sub-cluster was reduced. We initiated new positions in: Sumitomo Electric Industries, a Japanese supplier of electric wires, optical components and network devices; Microchip Technology, a leading provider of microcontrollers and analogue semiconductors; Chroma ATE, a Taiwanese manufacturer of high-precision electronic test equipment for batteries, power electronics and high-performance computing; and Huber & Suhner, a Swiss provider of electrical and optical connectivity solutions. We reduced the positions in Delta Electronics, Siemens and Zhejiang Sanhua Intelligent Controls. We sold the position in SAP.

Smart Energy Fund

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Fund Activity

The ‘Electrification technologies’ cluster represented the largest portfolio weight at the end of the reporting period. A new position was initiated in Sumitomo Electric Industries, a Japanese supplier of electric wires as well as optical and radio frequency components and network devices. We increased the positions in the power semiconductor companies Infineon Technologies, STMicroelectronics, ON Semiconductor and Analog Devices. We reduced Amphenol and Melexis.

Exposure to the ‘Batteries’ sub-cluster was maintained at the same level. The two holdings in this subcluster are battery module manufacturers LG Energy Solution and Contemporary Amperex Technology (‘CATL’).

‘EVs, humanoids & robotaxis’ remained the second-largest cluster by weight. New positions were initiated in Schaeffler and Minth Group. Sold were the positions in KION Group and Jungheinrich. Furthermore, the positions in EV manufacturers Tesla, BYD, Li Auto and Aptiv were sold.

In the ‘Mobility infrastructure’ cluster the weight to the industrial gases companies Linde and Air Liquide was increased. We sold the position in Alstom.

In the ‘Autonomous technologies’ cluster a new position was initiated in ams-OSRAM, an Austrian optical semiconductor company. We sold the positions in NVIDIA, Horizon Robotics and u-blox.

Market Outlook

The effective de-escalation of the US-Iran conflict, even in fits and starts, and the longer-term reduction in oil and gas prices, will help to significantly reduce energy-induced inflationary risks. We believe this will redirect market focus toward the fundamentals of the AI boom, alongside the related inflationary pressures and supply chain constraints.

We remain constructive on the underlying themes in the Fund’s investment strategy. The entire transportation sector is going through an unprecedented transformation to become energy independent, driven by government regulations aiming to reduce CO 2 emissions. The clean electrification of the transportation sector is key to achieving these overarching goals.

We actively invest across the entire smart mobility value chain, seeking focused exposure to key transformation areas such as electric vehicle (‘EV’) production, power electronics, the EV charging infrastructure, AI-driven sensor technologies and data processing for automated driving, humanoid robotics, shared mobility services (including robotaxis) and the future of driverless transport solutions.

Sustainable Thematic Equity Team

Polar Capital LLP

July 2026

Fund Performance

The Fund (USD I Acc Share Class) returned 31.7% in the first half of 2026, thereby outperforming the broader MSCI All Country World Net Total Return Index, which returned 11.2% during the same period (both figures in US dollar terms).

The thematic investment clusters ‘Electrification technologies’, ‘Autonomous technologies’ and ‘Mobility infrastructure’ delivered a positive performance, while the ‘EVs, humanoids & robotaxis’ cluster was broadly unchanged.

At an individual stock level, Silergy, Renesas Electronics and STMicroelectronics were the strongest positive contributors. The strongest negative contributors were Minth Group, UBTech Robotics and HL Mando.

Market Review

Equity markets remained resilient throughout the first half of the year, supported by solid corporate earnings and continued momentum in artificial intelligence (‘AI’)-related investments, despite heightened volatility in sectors facing AI-driven disruption, such as software. Geopolitical tensions surrounding the conflict between the US and Iran periodically weighed on investor sentiment and drove sharp swings in energy markets amid concerns over the Strait of Hormuz. Towards the end of the period crude oil prices (‘WTI’) dropped to US$70 a barrel, following an interim 60-day peace agreement and Memorandum of Understanding between the US and Iran that effectively reopened the Strait of Hormuz. The US 10-year Treasury yield finished the first half of the year at 4.47%, up from 4.17% at the start of the year.

The autonomous driving theme maintained strong momentum in the first half of 2026. Market leader Waymo, owned by Alphabet/Google, now has commercial robotaxi operations in 11 US metropolitan markets, while new entrant Tesla has started production of its dedicated robotaxi, the Cybercab, with an initial production ramp underway. In June 2026, Waymo published its latest safety update, covering more than 220 million fully autonomous miles through the end of March 2026. Safety performance remained strong, with 94% fewer crashes causing serious or fatal injuries, 82% fewer crashes involving airbag deployment, and 82% fewer crashes involving any reported injury compared with human drivers in the same areas over the same period.

The humanoid robotics theme saw continued progress in the first half of 2026, with the sector moving beyond demonstrations toward early commercial pilots, industrial deployments and supply-chain scale-up, while forecasts continued to point to rapid shipment growth through the end of the decade. Technology progress was driven by better ‘physical AI’ models, teleoperation/ data-collection loops, cheaper compute and improved actuation.

Global battery electric vehicle (‘BEV’) unit sales grew by approximately 8% year on year (‘y/y’) in the first five months of 2026, with momentum improving toward the end of the period, as May unit sales increased by around 15% y/y. Regionally, BEV unit sales were down approximately 10% in China and 25% in the US, while sales in Europe increased by more than 30%. BEV penetration rates in May stood at approximately 42% in China, 23% in Europe, and 6% in the US.

Smart Mobility Fund

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Market Review

We assess the period against our three investment criteria: valuation, durability of profits, and our proprietary financial safety check.

Overall, cheaper shares outperformed, both within the Fund and the market. However, this trend was not as pronounced as in previous years.

Cost of capital is a key driver of valuation, and this remains elevated. Prior to the Iranian conflict, the 10-year gilt (UK government bond) was falling on the back of a much-improved inflation outlook. However, the spike in oil and gas prices caused by the Iranian conflict pushed inflation expectations up dramatically and altered the shape of the rate curve. To put this in context, at the start of the year the market was pricing in at least two further rate cuts from the Bank of England (‘BoE’), while the market is now pricing in that the next move will be a rate hike. We believe this is highly unlikely, given weaker unemployment data and, thankfully, normalising oil prices.

Political instability returned to the UK, with June seeing another change in Prime Minister. However, despite this volatility and uncertainty, it is important to note that although both the 10-year gilt and sterling have weakened, this has been relatively moderate and less volatile than after the Truss mini-Budget.

While UK GDP was quite strong in the first quarter – among the highest in the G7 – the outlook for GDP growth remains mixed and heavily linked to political developments. June saw Andy Burnham’s victory in the Makerfield by-election. Our working assumption is that Burnham sits to the left of Starmer and will continue the existing mantra of higher spending funded by higher taxation. Burnhamism centres on taking more control of key supply side inputs, such as domestic energy, housing, labour and transport. We see this as unlikely to unlock economic growth, as there is no financial gain from public ownership. We estimate public sector productivity is half that of the private sector and it is the public sector that has generated recent inflationary friction via a range of policies impairing the supply side, such as energy moratoria and planning regulations. There have, however, been two notable positive developments to watch closely. Burnham’s first speech mentioned reducing the welfare bill, and it is encouraging to see that his economic advisers include Jim O’Neill, Andy Haldane and Richard Hughes.

As noted in recent months, our exposure to UK domestic revenue earners and rate-sensitive stocks is dramatically lower than it was six months ago. This is a direct result of our bottom-up stock selection process. Most of the watchlist from which we select new shares is made up of international earners, as the prospect of lower UK economic growth means that more domestic shares, including retail, leisure and building products, fail our second investment criterion – improving returns on invested capital.

While domestic stocks generally have weaker earnings momentum, those that are delivering consistent and sizeable upgrades are being rewarded, so we will continue to exploit these valuation anomalies where they arise, predominantly in infrastructure, banks and food producers.

Fund Performance

The Fund (GBP I Acc Share Class) returned 6.9% in the first half of 2026 compared to 8.3% for its benchmark, the FTSE All-Share Total Return Index (both figures in sterling terms).

The Iranian conflict has been the dominant factor in explaining the Fund’s performance. The Fund suffered a weak first quarter as the conflict led to a dramatic spike in oil and gas prices, rapidly rising inflation expectations, and downgrades to global and UK GDP forecasts. In the second quarter, this was almost entirely reversed, with the oil price falling dramatically and inflation expectations moderating. However, the UK interest rate curve is not yet pricing in a return to rate cuts. The Fund’s better performance in the second quarter was not quite enough to offset the negative performance from the first quarter. However, with the underlying operating performance of holdings strong over the year so far, we believe this leaves the Fund well placed.

The past six months have seen large caps outperform, with the FTSE 100 Index returning 7.6% compared with 2.2% for the FTSE 250 Index and 1.6% for the Alternative Investment Market (‘AIM’) indices. This was a factor headwind to performance, with 45% of the Fund invested in FTSE 100 constituents and the remainder allocated to small and mid-cap (‘SMID-cap’) indices – an allocation that created a headwind relative to the FTSE All-Share Index, which has 88% of its weighting in the FTSE 100. The Fund delivered positive stock selection, with both its FTSE 100 and FTSE 250 components outperforming their respective indices. Frustratingly, this was not quite sufficient to overcome the severe allocation headwind.

Domestic equities underperformed international equities, both at the market level and within the Fund. Given that the Fund is overweight domestic earners, this created an additional headwind. Against this challenging backdrop, the Fund delivered positive stock selection, with its domestic holdings outperforming the domestic market and its international holdings outperforming their respective markets.

Cheaper shares moderately outperformed more expensive ones, both within the market more broadly and in the Fund, providing a style tailwind.

There was no clear evidence of either cyclical or defensive styles outperforming across the market. Instead, performance was strong in materials, with financials and energy delivering solid returns. By contrast, the consumer sectors – consumer services, discretionary and staples – were weak, alongside healthcare. The Fund benefited from an overweight position in financials and an underweight exposure to healthcare. This was partially offset by being underweight energy and overweight consumer staples and real estate. In terms of sector selection, the Fund generated positive selection within consumer staples and financials, while materials and consumer discretionary were detractors from performance.

Our best performing shares by absolute contribution were IG Group Holdings, HSBC Holdings, Premier Foods, Standard Chartered and Rio Tinto, whereas our worst were 3i Group, Bellway, BP, Atalaya Mining and Pan African Resources.

UK Value Opportunities Fund

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Market Review continued

Given our relatively low UK revenue exposure, we are largely unaffected by Burnham’s arrival. We have little or no exposure to sectors that could suffer negative consequences – buy-to-let, leisure, discretionary spending, industrial real estate investment trusts (‘REITs’) and wealth managers. We continue to assess the possibility of an additional tax on banks, but such is the strength of underlying earnings momentum that upgrades year-to-date have already offset a potential 5% hit to earnings per share (‘EPS’).

The premise of our financial safety check is that businesses with good amounts of retained cash and robust balance sheets are best placed to weather storms and seize opportunities whenever they present themselves. However, in the current context, it has taken on another advantage – those with better balance sheets can conduct more share buybacks. This is important should domestic flows remain negative, because it creates a natural buyer, and we believe should support continued buying of UK shares by US investors, as they are attracted to buybacks. The first half of 2026 has been another period in which those conducting larger buybacks have outperformed.

Fund Activity

Over the past six months, the following companies that we describe as ‘cheap value creators’ were added to the Fund: easyJet, Airtel Africa, MP Evans Group, BP, TP Icap Group, Ryanair Holdings, Gooch & Housego, Plus500 and Atalaya Mining.

We exited the following as they hit target price and therefore no longer passed our first criterion of ‘cheap valuation’: Keller Group, Computacenter, J Sainsbury, Rathbone Brothers and Beazley (following a bid approach). We will always assess and reassess the portfolio to ensure it passes our investment criteria. As a result, we exited the following that failed our second criterion, with reduced conviction in returns on invested capital: SSP Group, Aviva, Bellway, British Land, Hollywood Bowl Group and Johnson Service Group.

We sold Crest Nicholson Holdings as we no longer deemed the share to be passing our financial safety check.

UK Value Opportunities Fund continued

Market Outlook

In the first half of 2026, there has been an enormous amount of uncertainty, and yet the market and the Fund have delivered reasonable returns. This gives us confidence that identifying companies that are cheaper than the market but still delivering better earnings growth and generating superior returns on invested capital than the index as a whole, combined with robust balance sheets, will stand us in good stead as we head into the rest of the year. The Fund’s median earnings upgrades are ahead of the index year-to-date; however, the outsize earnings growth of the index in H1 has been driven by large-cap shares, in particular by upgrades to oil stocks. The durability of these market upgrades is now more questionable. As we look to the second half, we believe the Fund should be rewarded for delivering a higher earnings growth from a broader base.

The Fund’s fundamentals are, if anything, stronger than usual, with its discount to the index wider than normal at over 20%. Meanwhile, the Fund is delivering EPS growth more than 20% ahead of the market, at 10.2% vs 8.5%.

UK Value Opportunities Team

Polar Capital LLP

July 2026

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Artificial Intelligence Fund

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Financial Statements and Notes

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 95.36% (31 Dec 2025: 97.08%) continued

Consumer, Non-cyclical: 5.38% (31 Dec 2025: 3.65%)

984,078 Anheuser-Busch InBev 81,749,509 1.84

327,666 AstraZeneca 61,320,157 1.38

191,711 EssilorLuxottica 35,957,005 0.81

582,823 US Foods 59,593,652 1.35 Total Consumer, Non-cyclical 238,620,323 5.38

Energy: 2.13% (31 Dec 2025: 1.66%)

905,010 Baker Hughes 50,228,055 1.13

1,303,572 Halliburton 44,256,269 1.00

Total Energy 94,484,324 2.13

Financial: 3.15% (31 Dec 2025: 4.64%)

712,771 Bank of New York Mellon 103,073,814 2.32

723,900 DBS 36,602,157 0.83

Total Financial 139,675,971 3.15

Industrial: 29.58% (31 Dec 2025: 30.95%)

1,320,242 Aena SME 40,241,478 0.91

823,702 Amada 14,958,661 0.34

26,240 Belimo 29,601,934 0.67

106,295 Caterpillar 113,193,546 2.55

326,000 Chroma ATE 22,104,123 0.50

214,716 Coherent 84,699,021 1.91

53,295 Comfort Systems USA 105,628,025 2.38

1,188,429 Compass Group 38,386,257 0.86

428,328 Corning 109,407,821 2.47

694,400 Fuji/Aichi 35,881,072 0.81

1,870,000 Furukawa Electric 54,423,012 1.23

42,997 GE Vernova 50,515,455 1.14

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Investment Funds: 3.34% (31 Dec 2025: 2.05%)

Ireland: 3.34% (31 Dec 2025: 2.05%)

148,048,000 Northern Trust Global Funds – US Dollar Fund 148,048,000 3.34

Total Ireland 148,048,000 3.34

Total Investment Funds 148,048,000 3.34

Equities: 95.36% (31 Dec 2025: 97.08%)

Communications: 4.05% (31 Dec 2025: 13.39%)

265,469 Alphabet 94,870,657 2.14

180,839 Amazon.com 43,101,167 0.97

52,623 Meta Platforms 29,642,010 0.67

224,500 Tencent 12,304,193 0.27

Total Communications 179,918,027 4.05

Consumer Discretionary: 3.70% (31 Dec 2025: Nil)

567,613 BorgWarner 37,689,503 0.85

1,275,547 Contemporary Amperex Technology Co 73,851,315 1.67

165,104 Royal Caribbean Cruises 52,425,473 1.18 Total Consumer Discretionary 163,966,291 3.70

Consumer Staples: 1.91% (31 Dec 2025: 2.78%)

748,191 Walmart 84,740,113 1.91

Total Consumer Staples 84,740,113 1.91

Consumer, Cyclical: 3.81% (31 Dec 2025: 3.90%)

1,140,685 Delta Air Lines 106,836,557 2.41

10,203,406 Tesco 62,119,318 1.40

Total Consumer, Cyclical 168,955,875 3.81

Portfolio Statements

As at 30 June 2026

Financial Statements and Notes Portfolio Statements Artificial Intelligence Fund

Page 48

Artificial Intelligence Fund continued

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 47

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 95.36% (31 Dec 2025: 97.08%) continued

Technology: 35.51% (31 Dec 2025: 31.20%) continued

283,100 Ibiden 41,483,012 0.94

818,370 Intel 114,269,003 2.58

327,928 KLA Corp 98,939,157 2.23

1,563,100 Kokusai Electric 104,399,019 2.35

238,745 Lam Research 103,455,371 2.33

186,000 MediaTek Inc 24,785,209 0.56

68,630 Micron Technology 79,218,923 1.79

68,109 MKS Instruments 30,294,883 0.68

884,370 NVIDIA 176,953,593 3.99

57,236 Onto Innovation 21,660,964 0.49

243,368 Samsung Electronics 52,465,573 1.18

42,594 Sandisk 96,847,256 2.18

138,378 Seagate Technology 133,534,770 3.01

111,521 Silicon Motion Technology 37,173,295 0.84

56,346 SK Hynix 96,377,009 2.17

582,600 Taiwan Semiconductor Manufacturing 44,074,710 0.99

Total Technology 1,575,451,238 35.51

Total Equities 4,230,471,751 95.36

Total Transferable Securities 4,378,519,751 98.70

Open Forward Currency Contracts: Nil (31 Dec 2025: Nil)

Currency Sold

Currency Bought

Currency Rate

Maturity Date

Unrealised Gain US$

% of Net Assets USD 58,632,645 SGD 75,860,792 0.7729 31/07/2026 127,940 USD 15,222,732 EUR 13,356,391 1.1397 31/07/2026 64,343 USD 1,421,748 EUR 1,247,438 1.1397 31/07/2026 6,009 USD 1,058,020 EUR 928,344 1.1397 31/07/2026 4,517 USD 1,061,000 SGD 1,372,755 0.7729 31/07/2026 2,315 USD 592,757 SGD 767,718 0.7721 31/07/2026 1,905 USD 635,491 SGD 821,956 0.7731 31/07/2026 1,183 –

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 95.36% (31 Dec 2025: 97.08%) continued

Industrial: 29.58% (31 Dec 2025: 30.95%) continued

212,500 Hoya 33,929,396 0.76

394,822 Johnson Controls International 57,687,442 1.30

1,116,946 Knight-Swift Transportation 86,976,585 1.96

160,588 MACOM Technology Solutions 61,082,858 1.38

295,309 Prysmian 49,310,395 1.11

75,186 Samsung Electro-Mechanics 105,987,365 2.39

154,977 Siemens Energy 29,377,309 0.66

2,201,082 TDK Corp 48,348,640 1.09

66,783 Vertiv Holdings 22,360,284 0.50

163,097 Watts Water Technologies 63,844,321 1.44

264,787 XPO 54,358,123 1.22

Total Industrial 1,312,303,123 29.58

Materials: 6.14% (31 Dec 2025: 4.91%)

415,300 Fujimi 11,690,494 0.27

3,659,800 JX Advanced Metals 99,035,843 2.23

260,229 MEC Japan 17,388,629 0.39

210,400 Mitsui Kinzoku 55,083,956 1.24

191,099 Qnity Electronics 31,208,378 0.70

699,300 Shin-Etsu Chemical 30,153,480 0.68

1,201,176 Umicore 27,795,686 0.63

Total Materials 272,356,466 6.14

Technology: 35.51% (31 Dec 2025: 31.20%)

234,672 Advanced Micro Devices 136,323,311 3.07

615,561 ASE Technology 13,139,594 0.30

311,900 Asia Vital Components 24,721,721 0.56

188,383 Cloudflare 46,206,582 1.04

276,521 eMemory Technology 25,389,604 0.57

325,949 FormFactor 52,129,023 1.17

106,400 Hon Precision 21,609,656 0.49

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Artificial Intelligence Fund continued

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 48

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

Financial assets at fair value through profit or loss Open Forward Currency Contracts: Nil (31 Dec 2025: Nil) continued

Currency Sold

Currency Bought

Currency Rate

Maturity Date

Unrealised Gain US$

% of Net Assets USD 726,553 SGD 939,180 0.7736 31/07/2026 921 USD 111,099 EUR 97,822 1.1357 31/07/2026 863 USD 152,719 EUR 133,972 1.1399 31/07/2026 619 USD 97,346 EUR 85,415 1.1397 31/07/2026 416 USD 91,457 EUR 80,230 1.1399 31/07/2026 370 USD 111,094 EUR 97,370 1.1409 31/07/2026 351 USD 66,186 EUR 58,101 1.1391 31/07/2026 314 USD 46,033 EUR 40,410 1.1391 31/07/2026 219 USD 156,115 EUR 136,507 1.1436 31/07/2026 125 USD 30,034 EUR 26,324 1.1409 31/07/2026 95 USD 78,039 EUR 68,238 1.1436 31/07/2026 62 USD 2,101 EUR 1,844 1.1391 31/07/2026 10 USD 1,504 EUR 1,320 1.1391 31/07/2026 7 USD 2,061 SGD 2,666 0.7731 31/07/2026 4 USD 2,912 EUR 2,546 1.1436 31/07/2026 3 USD 1,458 EUR 1,275 1.1436 31/07/2026 1 SGD 110 USD 85 0.7755 31/07/2026 – USD 9 SGD 12 0.7716 31/07/2026 – Total unrealised gain on forward foreign currency contracts 212,592 –

Total Financial Assets at fair value through profit or loss 4,378,732,343 98.70

Financial liabilities at fair value through profit or loss Open Forward Currency Contracts: Nil (31 Dec 2025: Nil)

Currency Sold

Currency Bought

Currency Rate

Maturity Date

Unrealised Loss US$

% of Net Assets EUR 703,411 USD 798,955 1.1358 31/07/2026 (6,135) EUR 68,447 USD 77,960 1.1390 31/07/2026 (381) USD 1,022,503 SGD 1,319,699 0.7748 31/07/2026 (284) EUR 6,564 USD 7,482 1.1399 31/07/2026 (31) EUR 4,012 USD 4,573 1.1399 31/07/2026 (19) USD 10,778 EUR 9,403 1.1462 31/07/2026 (16) EUR 3,710 USD 4,233 1.1409 31/07/2026 (14) USD 398,027 SGD 513,849 0.7746 31/07/2026 (8) SGD 6,357 USD 4,917 0.7736 31/07/2026 (6) EUR 996 USD 1,136 1.1409 31/07/2026 (4) EUR 129 USD 147 1.1356 31/07/2026 (1) Total unrealised loss on forward foreign currency contracts (6,899) –

Total Financial Liabilities at fair value through profit or loss (6,899) –

Fair Value US$

% of Net Assets Total Value of Investments (Cost: US$ 3,209,090,464) 4,378,725,444 98.70

Cash at Bank 36,029,557 0.81

Other Net Assets 21,435,793 0.49 Net Assets Attributable to Holders of Redeemable Participating Shares 4,436,190,794 100.00

All securities are transferable and are admitted to an official stock exchange or dealt on a regulated market at the financial period end.

The counterparty for the forward foreign currency contracts is The Northern Trust Company.

Analysis of total assets

30 June 2026 % of Total Assets

31 December 2025 % of Total Assets Transferable securities admitted to official stock exchange listing 96.63 98.70

Other assets 3.37 1.30

100.00 100.00

The % of Net Assets has been rounded to Nil if the amount is less than 0.01%.

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Asian Stars Fund

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 49

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 99.57% (31 Dec 2025: 99.80%) continued

Kazakhstan: 0.50% (31 Dec 2025: Nil)

38,210 NAC Kazatomprom 2,625,027 0.50

Total Kazakhstan 2,625,027 0.50

Mauritius: Nil (31 Dec 2025: 0.92%) – –

People’s Republic of China: 10.74% (31 Dec 2025: 13.09%)

152,295 Advanced Micro-Fabrication Equipment 10,511,227 2.02

153,912 Contemporary Amperex Technology Co 8,911,160 1.71

567,419 Jiangsu Hengrui Pharmaceuticals 4,350,101 0.84

290,100 Lianhe Chemical Technology 584,217 0.11

762,275 Ping An Insurance 4,962,241 0.95

857,397 Shenzhen Inovance Technology 8,378,188 1.61

224,091 Sungrow Power Supply 5,249,698 1.01

1,088,640 Sunresin New Materials 9,438,195 1.82

86,891 Trip.com 3,461,737 0.67 Total People’s Republic of China 55,846,764 10.74

Philippines: 0.63% (31 Dec 2025: 0.92%)

226,826 International Container Terminal Services 3,289,476 0.63 Total Philippines 3,289,476 0.63

Republic of South Korea: 23.81% (31 Dec 2025: 16.50%)

161,520 Classys 4,858,215 0.93

17,811 Hyundai Mobis 5,748,080 1.10

60,132 Kia 5,356,106 1.03

24,990 Naver 3,209,843 0.62

23,957 Samsung C&T 7,244,468 1.39

229,422 Samsung Electronics 49,459,077 9.51

28,063 SK Hynix 48,000,355 9.23 Total Republic of South Korea 123,876,144 23.81

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 99.57% (31 Dec 2025: 99.80%)

Australia: 2.32% (31 Dec 2025: 1.55%)

590,881 Capricorn Metals 5,174,340 0.99

338,837 Lynas Rare Earths 4,239,518 0.82

407,947 Paladin Energy 2,628,419 0.51

Total Australia 12,042,277 2.32

Cayman Islands: 13.41% (31 Dec 2025: 20.84%)

988,720 Alibaba Group 11,706,461 2.25

384,776 Baidu 5,377,605 1.03

963,838 DiDi Global 3,228,857 0.62

50,770 Pinduoduo 3,872,736 0.75

102,275 Sea ADR 9,801,013 1.88

477,536 Tencent 26,172,362 5.03

1,319,620 WuXI XDC Cayman 9,600,082 1.85

Total Cayman Islands 69,759,116 13.41

Hong Kong: 4.94% (31 Dec 2025: 5.53%)

667,015 AIA 6,077,266 1.17

196,959 Hong Kong Exchanges & Clearing 9,117,019 1.75

6,035,454 MMG 5,341,212 1.03

360,000 Sun Hung Kai Properties 5,155,284 0.99

Total Hong Kong 25,690,781 4.94

India: 11.50% (31 Dec 2025: 17.25%)

233,466 360 ONE WAM 2,650,390 0.51

315,175 Bharti Airtel 6,166,404 1.18

3,574,491 Billionbrains Garage Ventures 7,630,540 1.47

704,391 ICICI Bank 10,233,375 1.97

359,293 Max Financial Services 6,012,335 1.16

703,242 Phoenix Mills 14,476,605 2.78

441,025 Prestige Estates Projects 7,289,635 1.40

393,309 Reliance Industries – Restricted 5,376,181 1.03

Total India 59,835,465 11.50

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Asian Stars Fund continued

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 50

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Total Value of Investments (Cost: US$ 396,247,252) 517,944,955 99.57 Cash at Bank 7,001,061 1.35 Other Net Liabilities (4,785,810) (0.92)

Net Assets Attributable to Holders of Redeemable Participating Shares 520,160,206 100.00

All securities are transferable and are admitted to an official stock exchange or dealt on a regulated market at the financial period end.

Analysis of total assets

30 June 2026 % of Total Assets

31 December 2025 % of Total Assets Transferable securities admitted to official stock exchange listing 97.21 98.40

Other assets 2.79 1.60

100.00 100.00

The % of Net Assets has been rounded to Nil if the amount is less than 0.01%.

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 99.57% (31 Dec 2025: 99.80%) continued

Taiwan: 28.29% (31 Dec 2025: 19.11%)

162,367 Accton Technology 12,716,578 2.45

165,825 Acter 6,714,932 1.29

69,484 Alchip Technologies 9,117,233 1.75

109,764 All Ring Tech 3,438,685 0.66

352,730 ASE Technology 7,529,277 1.45

3,826 Aspeed Technology 1,981,067 0.38

82,662 Chroma ATE 5,604,819 1.08

93,160 Delta Electronics 5,702,510 1.10

605,430 E Ink 4,076,554 0.78

70,331 eMemory Technology 6,457,651 1.24

138,289 FOCI Fiber Optic Communications 2,509,097 0.48

774,846 King Yuan Electronics 8,209,016 1.58

125,287 MediaTek Inc 16,694,970 3.21

676,731 Taiwan Semiconductor Manufacturing 51,195,885 9.84

2,357,131 Teco Electric and Machinery 5,186,850 1.00 Total Taiwan 147,135,124 28.29

Vietnam: 3.43% (31 Dec 2025: 4.09%)

3,079,011 Mobile World Investment 9,139,379 1.76

6,837,379 Vietnam Technological & Commercial Joint Stock Bank 8,705,402 1.67

Total Vietnam 17,844,781 3.43

Total Equities 517,944,955 99.57

Rights: Nil (31 Dec 2025: 0.01%)

Taiwan: Nil (31 Dec 2025: 0.01%) – –

Total Transferable Securities 517,944,955 99.57

Total Financial Assets at fair value through profit or loss 517,944,955 99.57

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Biotechnology Fund

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 51

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 93.94% (31 Dec 2025: 98.07%) continued

Medical-Biomedical/Gene: 64.30% (31 Dec 2025: 54.24%) continued

976,208 Inventiva 3,690,066 0.10

1,151,194 Ionis Pharmaceuticals 91,278,172 2.39

1,749,308 Jade Biosciences 38,869,624 1.02

192,971 Kymera Therapeutics 22,127,985 0.58

1,523,452 MBX Biosciences 84,094,550 2.20

1,345,716 Mineralys Therapeutics 36,307,418 0.95

203,127 Monopar Therapeutics 18,807,529 0.49

1,633,322 NewAmsterdam Pharma 55,353,283 1.45

1,163,637 Oruka Therapeutics 110,743,333 2.90

264,092 Praxis Precision Medicines 88,415,361 2.31

1,523,452 Rapport Therapeutics 63,482,245 1.66

1,692,848 Relay Therapeutics 31,673,186 0.83

654,727 Revolution Medicines 122,617,273 3.21

761,726 Roivant Sciences 26,957,483 0.71

1,777,361 Scholar Rock Holdings 97,754,855 2.56

1,447,280 Swedish Orphan Biovitrum 69,087,931 1.81

1,401,321 Tango Therapeutics 43,805,294 1.15

4,846,136 Taysha Gene Therapies 33,002,186 0.86

2,450,006 Xenon Pharmaceuticals 147,882,362 3.87

2,285,179 Zenas Biopharma 57,997,843 1.52 Total Medical-Biomedical/Gene 2,456,448,239 64.30

Medical-Drugs: 29.54% (31 Dec 2025: 26.67%)

583,990 Ascendis Pharma 155,761,813 4.08

710,945 AstraZeneca 133,047,857 3.48

2,555,889 Enliven Therapeutics 129,711,367 3.39

231,016 Madrigal Pharmaceuticals 124,044,041 3.25

800,921 Mirum Pharmaceuticals 93,763,821 2.45

761,726 Pharvaris 26,340,485 0.69

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Investment Funds: 4.77% (31 Dec 2025: 2.47%)

Ireland: 4.77% (31 Dec 2025: 2.47%)

182,276,000 Northern Trust Global Funds – US Dollar Fund 182,276,000 4.77

Total Ireland 182,276,000 4.77

Total Investment Funds 182,276,000 4.77

Equities: 93.94% (31 Dec 2025: 98.07%)

Biotechnology: Nil (31 Dec 2025: 1.54%) – –

Diagnostic Kits: Nil (31 Dec 2025: 0.13%) – –

Diagnostics & Research: 0.10% (31 Dec 2025: Nil)

45,000,000 C4X Discovery 3,583,575 0.10

Total Diagnostics & Research 3,583,575 0.10

Health Care: Nil (31 Dec 2025: 9.40%) – –

Medical Products: Nil (31 Dec 2025: 6.09%) – –

Medical-Biomedical/Gene: 64.30% (31 Dec 2025: 54.24%)

457,470 Alnylam Pharmaceuticals 137,712,194 3.60

349,854 Amgen 126,689,131 3.32

6,259,174 Arcutis Biotherapeutics 164,115,542 4.30

176,259 Argenx 163,510,837 4.28

1,015,635 BioAge Labs 24,893,214 0.65

1,181,287 BridgeBio Pharma 87,982,256 2.30

3,065,933 Cogent Biosciences 118,651,607 3.11

2,154,135 Crinetics Pharmaceuticals 80,607,732 2.11

813,071 Cytokinetics 69,265,519 1.81

734,555 Definium Therapeutics 34,553,467 0.90

964,853 Dianthus Therapeutics 94,053,870 2.46

1,218,762 Dyne Therapeutics 27,068,704 0.71

658,942 Insmed 70,256,396 1.84

3,569,212 Inventiva 13,139,791 0.34

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Biotechnology Fund continued

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 52

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

Financial liabilities at fair value through profit or loss Open Forward Currency Contracts: Nil (31 Dec 2025: Nil)

Currency Sold

Currency Bought

Currency Rate

Maturity Date

Unrealised Loss US$

% of Net Assets GBP 313,439 USD 412,054 1.3146 31/07/2026 (3,950) GBP 10,766 USD 14,210 1.3199 31/07/2026 (79) GBP 189 USD 249 1.3199 31/07/2026 (2) Total unrealised loss on forward foreign currency contracts (4,031) –

Total Financial Liabilities at fair value through profit or loss (4,031) –

Fair Value US$

% of Net Assets Total Value of Investments (Cost: US$ 2,787,669,461) 3,771,336,879 98.72 Cash 19,968,568 0.52 Other Net Assets 28,837,968 0.76

Net Assets Attributable to Holders of Redeemable Participating Shares 3,820,143,415 100.00

All securities are transferable and are admitted to an official stock exchange or dealt on a regulated market at the financial period end.

The counterparty for the forward currency contracts is The Northern Trust Company.

Analysis of total assets

30 June 2026 % of Total Assets

31 December 2025 % of Total Assets Transferable securities admitted to official stock exchange listing 97.51 99.17

OTC Financial derivative instruments 0.01 0.02

Other assets 2.57 0.81

100.00 100.00

The % of Net Assets has been rounded to Nil if the amount is less than 0.01%.

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 93.94% (31 Dec 2025: 98.07%) continued

Medical-Drugs: 29.54% (31 Dec 2025: 26.67%) continued

1,269,543 Relmada Therapeutics 8,785,238 0.23

1,575,535 Rhythm Pharmaceuticals 174,931,651 4.58

935,112 Spyre Therapeutics 83,019,243 2.17

789,597 Stoke Therapeutics 25,835,614 0.68

253,909 UCB 76,057,076 1.99

1,015,635 Vaxcyte 59,038,863 1.55

863,290 Zealand Pharma 38,239,337 1.00

Total Medical-Drugs 1,128,576,406 29.54

Total Equities 3,588,608,220 93.94

Total Transferable Securities 3,770,884,220 98.71

Open Forward Currency Contracts: 0.01% (31 Dec 2025: 0.02%)

Currency Sold

Currency Bought

Currency Rate

Maturity Date

Unrealised Gain US$

% of Net Assets USD 69,437,281 GBP 52,597,904 1.3202 31/07/2026 371,964 0.01

USD 13,636,063 EUR 11,964,250 1.1397 31/07/2026 57,637 USD 3,823,126 GBP 2,895,717 1.3203 31/07/2026 20,142 USD 1,171,820 EUR 1,028,196 1.1397 31/07/2026 5,003 USD 866,788 EUR 758,757 1.1424 31/07/2026 1,647 USD 47,835 GBP 36,225 1.3205 31/07/2026 243 USD 26,432 GBP 19,955 1.3246 31/07/2026 52 EUR 660 USD 757 1.1462 31/07/2026 1 USD 224 GBP 169 1.3201 31/07/2026 1 Total unrealised gain on forward foreign currency contracts 456,690 0.01

Total Financial Assets at fair value through profit or loss 3,771,340,910 98.72

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Emerging Market ex-China Stars Fund

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 53

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 98.86% (31 Dec 2025: 100.01%) continued

Financial: 18.48% (31 Dec 2025: 23.25%)

1,176 360 ONE WAM 13,350 0.56

10,754 B3 SA – Brasil Bolsa Balcao 30,189 1.28

3,258 Grupo Financiero Banorte 34,413 1.45

4,278 ICICI Bank 62,151 2.62

5,763 Itau Unibanco 46,964 1.98

1,921 Max Financial Services 32,146 1.36

3,832 NU /Cayman Islands 51,195 2.16

3,128 Phoenix Mills 64,391 2.72

2,378 Prestige Estates Projects 39,306 1.66

22 SK Square 24,097 1.02

31,020 Vietnam Technological & Commercial Joint Stock Bank 39,495 1.67

Total Financial 437,697 18.48

Financials: 5.45% (31 Dec 2025: Nil)

19,551 Billionbrains Garage Ventures 41,736 1.76

6,512 FirstRand 38,643 1.63

331 OTP Bank Nyrt 48,856 2.06 Total Financials 129,235 5.45

Health Care: 1.59% (31 Dec 2025: Nil)

1,247 Classys 37,508 1.59 Total Health Care 37,508 1.59

Industrial: 8.28% (31 Dec 2025: 12.27%)

499 Chroma ATE 33,834 1.43

936 Delta Electronics 57,294 2.42

587 FOCI Fiber Optic Communications 10,651 0.45

1,725 International Container Terminal Services 25,016 1.06

130 Samsung C&T 39,311 1.66

3,294 WEG 29,854 1.26 Total Industrial 195,960 8.28

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Investment Funds: 0.51% (31 Dec 2025: Nil)

Ireland: 0.51% (31 Dec 2025: Nil)

12,000 Northern Trust Global Funds – US Dollar Fund 12,000 0.51

Total Ireland 12,000 0.51

Total Investment Funds 12,000 0.51

Equities: 98.86% (31 Dec 2025: 100.01%)

Automobiles & Parts: 1.39% (31 Dec 2025: Nil)

102 Hyundai Mobis 32,918 1.39 Total Automobiles & Parts 32,918 1.39

Basic Materials: 2.60% (31 Dec 2025: 4.76%)

3,286 Ivanhoe Mines 25,732 1.09

378 NAC Kazatomprom 25,969 1.10

1,519 Paladin Energy 9,787 0.41

Total Basic Materials 61,488 2.60

Communications: 8.10% (31 Dec 2025: 13.62%)

2,112 Bharti Airtel 41,321 1.75

15 MercadoLibre 25,461 1.08

144 Naver 18,496 0.78

1,526 Prosus 66,280 2.80

418 Sea ADR 40,057 1.69

Total Communications 191,615 8.10

Consumer Discretionary: 2.77% (31 Dec 2025: 3.47%)

282 Kia 25,119 1.06

13,683 Mobile World Investment 40,615 1.71

Total Consumer Discretionary 65,734 2.77

Consumer Staples: Nil (31 Dec 2025: 0.97%) – –

Energy: 1.21% (31 Dec 2025: 4.44%)

2,090 Reliance Industries – Restricted 28,568 1.21

Total Energy 28,568 1.21

Contents Generation – Section Contents Generation – Page Emerging Market ex-China Stars Fund

Page 55

Emerging Market ex-China Stars Fund continued

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 54

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

Fair Value US$

% of Net Assets Total Value of Investments (Cost: $1,664,474) 2,352,097 99.37 Cash at Bank 26,360 1.11 Other Net Liabilities (11,370) (0.48)

Net Assets Attributable to Holders of Redeemable Participating Shares 2,367,087 100.00

All securities are transferable and are admitted to an official stock exchange or dealt on a regulated market at the financial period end.

Analysis of total assets

30 June 2026 % of Total Assets

31 December 2025 % of Total Assets Transferable securities admitted to official stock exchange listing 97.18 94.20

Other assets 2.82 5.80

100.00 100.00

The % of Net Assets was rounded to Nil if the amount is less than 0.01%.

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 98.86% (31 Dec 2025: 100.01%) continued

Industrials: 2.46% (31 Dec 2025: Nil)

759 Acter 30,735 1.30

12,456 Teco Electric and Machinery 27,409 1.16 Total Industrials 58,144 2.46

Materials: 1.04% (31 Dec 2025: Nil)

1,611 Harmony Gold Mining 24,573 1.04 Total Materials 24,573 1.04

Real Estate: 1.81% (31 Dec 2025: 2.60%)

4,538 Aldar Properties 10,231 0.43

5,759 Multiplan Empreendimentos Imobiliarios 32,567 1.38

Total Real Estate 42,798 1.81

Technology: 43.68% (31 Dec 2025: 34.63%)

698 Accton Technology 54,667 2.31 410 Alchip Technologies 53,798 2.27

1,364 ASE Technology 29,116 1.23

17 Aspeed Technology 8,802 0.37

236 eMemory Technology 21,669 0.92

358 Kaspi.KZ 31,017 1.31

3,411 King Yuan Electronics 36,137 1.53

665 MediaTek Inc 88,614 3.74

11,313 Presight AI 10,781 0.46

1,096 Samsung Electronics 236,277 9.98

136 SK Hynix 232,621 9.83

3,045 Taiwan Semiconductor Manufacturing 230,360 9.73 Total Technology 1,033,859 43.68

Total Equities 2,340,097 98.86

Rights: Nil (31 Dec 2025: 0.02%)

Technology: Nil (31 Dec 2025: 0.02%) – –

Total Transferable Securities 2,352,097 99.37

Total Financial Assets at fair value through profit or loss 2,352,097 99.37

Contents Generation – Section Contents Generation – Page Contents Generation – Sub Page

Page 56

Emerging Market Stars Fund

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 55

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 98.59% (31 Dec 2025: 98.18%) continued

Hong Kong: 2.32% (31 Dec 2025: 3.15%)

4,822,845 AIA 43,941,606 0.99

1,278,457 Hong Kong Exchanges & Clearing 59,178,390 1.33 Total Hong Kong 103,119,996 2.32

Hungary: 1.05% (31 Dec 2025: Nil)

315,785 OTP Bank Nyrt 46,609,958 1.05 Total Hungary 46,609,958 1.05

India: 10.70% (31 Dec 2025: 14.70%)

1,798,218 360 ONE WAM 20,414,014 0.46

2,793,801 Bharti Airtel 54,660,763 1.23

28,516,405 Billionbrains Garage Ventures 60,874,562 1.37

5,331,074 ICICI Bank 77,449,712 1.75

3,316,740 Max Financial Services 55,501,643 1.25

5,382,602 Phoenix Mills 110,803,684 2.50

2,340,309 Prestige Estates Projects 38,682,610 0.87

4,130,174 Reliance Industries – Restricted 56,455,765 1.27

Total India 474,842,753 10.70

Kazakhstan: 1.70% (31 Dec 2025: 1.15%)

602,578 Kaspi.KZ 52,207,358 1.18

335,998 NAC Kazatomprom 23,083,062 0.52

Total Kazakhstan 75,290,420 1.70

Mauritius: Nil (31 Dec 2025: 0.87%) – –

Mexico: 0.96% (31 Dec 2025: 1.76%)

4,036,711 Grupo Financiero Banorte 42,638,572 0.96

Total Mexico 42,638,572 0.96

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Investment Funds: 0.96% (31 Dec 2025: 0.05%)

Ireland: 0.96% (31 Dec 2025: 0.05%)

42,410,000 Northern Trust Global Funds – US Dollar Fund 42,410,000 0.96

Total Ireland 42,410,000 0.96

Total Investment Funds 42,410,000 0.96

Equities: 98.59% (31 Dec 2025: 98.18%)

Australia: 0.44% (31 Dec 2025: 0.77%)

3,009,849 Paladin Energy 19,392,578 0.44 Total Australia 19,392,578 0.44

Brazil: 3.67% (31 Dec 2025: 1.54%)

17,620,056 B3 SA – Brasil Bolsa Balcao 49,463,270 1.11

8,006,877 Itau Unibanco 65,249,872 1.47

8,512,016 Multiplan Empreendimentos Imobiliarios 48,135,455 1.09

Total Brazil 162,848,597 3.67

Canada: 1.02% (31 Dec 2025: 3.02%)

5,758,711 Ivanhoe Mines 45,095,527 1.02

Total Canada 45,095,527 1.02

Cayman Islands: 14.64% (31 Dec 2025: 20.54%)

7,699,776 Alibaba Group 91,165,474 2.05

4,084,796 Baidu 57,088,853 1.28

8,724,193 DiDi Global 29,226,047 0.66

6,309,989 NU /Cayman Islands 84,301,453 1.90

487,071 Pinduoduo 37,153,776 0.84

692,797 Sea ADR 66,390,736 1.49

3,997,996 Tencent 219,118,557 4.94

9,018,934 WuXI XDC Cayman 65,611,694 1.48 Total Cayman Islands 650,056,590 14.64

Contents Generation – Section Contents Generation – Page Emerging Market Stars Fund

Page 57

Emerging Market Stars Fund continued

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 56

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 98.59% (31 Dec 2025: 98.18%) continued

Taiwan: 23.64% (31 Dec 2025: 18.54%) continued

751,428 Delta Electronics 45,996,409 1.04

475,810 eMemory Technology 43,687,921 0.98

1,154,744 FOCI Fiber Optic Communications 20,951,518 0.47

5,174,561 King Yuan Electronics 54,821,287 1.24

766,179 MediaTek Inc 102,096,271 2.30

5,761,645 Taiwan Semiconductor Manufacturing 435,878,532 9.82

Total Taiwan 1,049,072,092 23.64

United Arab Emirates: 0.43% (31 Dec 2025: 1.04%)

8,553,190 Aldar Properties 19,282,666 0.43

Total United Arab Emirates 19,282,666 0.43

United States: 1.09% (31 Dec 2025: 1.28%)

28,382 MercadoLibre 48,175,323 1.09

Total United States 48,175,323 1.09

Vietnam: 2.66% (31 Dec 2025: 3.44%)

16,998,839 Mobile World Investment 50,457,379 1.14

53,039,389 Vietnam Technological & Commercial Joint Stock Bank 67,530,150 1.52 Total Vietnam 117,987,529 2.66

Total Equities 4,375,292,034 98.59

Rights: Nil (31 Dec 2025: 0.02%)

Taiwan: Nil (31 Dec 2025: 0.02%) – –

Total Transferable Securities 4,417,702,034 99.55

Total Financial Assets at fair value through profit or loss 4,417,702,034 99.55

Total Value of Investments (Cost: US$ 3,396,802,733) 4,417,702,034 99.55

Cash at Bank 64,376,892 1.45 Other Net Liabilities (44,453,114) (1.00)

Net Assets Attributable to Holders of Redeemable Participating Shares 4,437,625,812 100.00

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 98.59% (31 Dec 2025: 98.18%) continued

People’s Republic of China: 9.82% (31 Dec 2025: 11.96%)

1,139,188 Advanced Micro-Fabrication Equipment 78,625,453 1.77

1,294,904 Contemporary Amperex Technology Co 74,972,042 1.69

3,726,934 Jiangsu Hengrui Pharmaceuticals 28,572,429 0.65

2,480,300 Lianhe Chemical Technology 4,994,947 0.11

6,348,545 Ping An Insurance 41,327,615 0.93

6,677,439 Shenzhen Inovance Technology 65,249,636 1.47

2,023,258 Sungrow Power Supply 47,398,127 1.07

7,687,351 Sunresin New Materials 66,647,114 1.50

702,130 Trip.com 27,972,859 0.63 Total People’s Republic of China 435,760,222 9.82

Republic of South Korea: 22.07% (31 Dec 2025: 14.42%)

109,172 Hyundai Mobis 35,232,686 0.79

567,959 Kia 50,589,519 1.14

234,726 Naver 30,149,406 0.68

150,458 Samsung C&T 45,497,691 1.03

1,930,289 Samsung Electronics 416,134,077 9.38

234,865 SK Hynix 401,724,811 9.05 Total Republic of South Korea 979,328,190 22.07

South Africa: 2.38% (31 Dec 2025: Nil)

9,911,028 FirstRand 58,813,092 1.32

3,079,873 Harmony Gold Mining 46,977,929 1.06 Total South Africa 105,791,021 2.38

Taiwan: 23.64% (31 Dec 2025: 18.54%)

933,208 Accton Technology 73,088,819 1.65

1,241,207 Acter 50,261,549 1.13

579,087 Alchip Technologies 75,983,980 1.71

852,000 All Ring Tech 26,691,444 0.60

2,733,667 ASE Technology 58,352,096 1.32

27,953 Aspeed Technology 14,473,804 0.33

690,054 Chroma ATE 46,788,462 1.05

Contents Generation – Section Contents Generation – Page

Page 58

Emerging Market Stars Fund continued

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 57

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

All securities are transferable and are admitted to an official stock exchange or dealt on a regulated market at the financial period end.

Analysis of total assets

30 June 2026 % of Total Assets

31 December 2025 % of Total Assets Transferable securities admitted to official stock exchange listing 98.10 97.01

Other assets 1.90 2.99

100.00 100.00

The % of Net Assets was rounded to Nil if the amount is less than 0.01%.

Contents Generation – Section Contents Generation – Page Contents Generation – Sub Page

Page 59

Emerging Markets Healthcare Fund

Polar Capital Funds plc / Interim Report and Unaudited Financial Statements for the six months ended 30 June 2026 58

Financial Statements and Notes

Portfolio Statements continued As at 30 June 2026

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Equities: 95.10% (31 Dec 2025: 93.20%) continued

Medical-Drugs: 36.78% (31 Dec 2025: 39.39%)

724 Ajanta Pharma 26,179 1.08

4,500 Alebund Pharmaceuticals Jiangsu 26,350 1.09

1,442 Celltrion 161,259 6.65

15,170 Hansoh Pharmaceutical 57,298 2.36

3,624 Hikma Pharmaceuticals 73,111 3.01

1,324 HK inno.N 34,610 1.43

5,235 Hypera 21,047 0.87

5,042 JB Pharma 122,291 5.04

7,600 Jiangsu Hengrui Pharmaceuticals 58,265 2.40

3,903 Lupin 99,741 4.11

2,314 Mankind Pharma 62,229 2.56

2,294 OneSource Specialty Pharma 39,934 1.64

1,413 Rubicon Research 20,942 0.86

115,561 Sino Biopharmaceutical 64,986 2.68

1,622 Zota Health Care 24,277 1.00 Total Medical-Drugs 892,519 36.78

Medical-Hospitals: 11.30% (31 Dec 2025: 9.36%)

1,226 Apollo Hospitals 112,448 4.63

14,245 Dr. Agarwal’s Health Care 72,076 2.97

3,364 Global Health /India 46,690 1.92

2,883 Rainbow Children’s Medicare 43,072 1.78

Total Medical-Hospitals 274,286 11.30

Medical-Wholesale Drug Distribution: 3.29% (31 Dec 2025: 2.55%)

4,108 Alivus Life Sciences 50,190 2.07

717 Jamjoom Pharma 29,579 1.22 Total Medical-Wholesale Drug Distribution 79,769 3.29

Pharmaceuticals: 1.48% (31 Dec 2025: Nil)

13,600 Yifeng Pharmacy Chain 36,024 1.48 Total Pharmaceuticals 36,024 1.48

Holdings Financial assets at fair value through profit or loss

Fair Value US$

% of Net Assets Investment Funds: 4.58% (31 Dec 2025: 4.89%)

Ireland: 4.58% (31 Dec 2025: 4.89%)

111,000 Northern Trust Global Funds – US Dollar Fund 111,000 4.58

Total Ireland 111,000 4.58

Total Investment Funds 111,000 4.58

Equities: 95.10% (31 Dec 2025: 93.20%)

Health Care: Nil (31 Dec 2025: 7.97%) – –

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