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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
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As of Apr 8, 2025
The Polar Capital Artificial Intelligence Fund focuses on achieving long-term capital appreciation by investing in global leaders and beneficiaries of the structural shift toward artificial intelligence. During Q1 2025, performance was challenged by severe macroeconomic headwinds, particularly new US tariff announcements and policy uncertainty, causing the USD Class I Acc to decline by 10.64%. In response, the managers trimmed consumer exposure due to softening economic data while remaining constructive on the medium-term outlook for accelerated compute and data center expansion. Despite near-term volatility and selective caution regarding AI enablers and infrastructure, the fund continues to back major holdings like Nvidia, which continues to see robust order volumes for its next-generation Blackwell GPUs. The portfolio is positioned to capture massive long-term productivity gains and commercialization benefits from AI adoption, expecting substantial differentiation in returns across corporate adopters over a multi-year horizon as the initial market volatility subsides.
Long-term capital appreciation is best achieved by investing in a diversified global portfolio of leading companies driving and benefiting from the structural expansion of artificial intelligence.
The managers expect near-term market volatility to persist as US trade policies and tariff implementation details are finalized. However, over the medium term, they remain highly convinced that artificial intelligence will act as a powerful growth tailwind for the global economy, driving clear earnings differentiation among corporate adopters.
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