# Melchior European Opportunities Fund
## Fund Profile

### Investment Objective
The Fund’s investment objective is to achieve capital appreciation through selective investment in European equities.

### Key Facts
- Benchmark unconstrained, typically contains 50-70 conviction ideas
- Fundamentally-driven analysis and bottom-up stock selection
- Bias towards high quality growth stocks but with a strong valuation discipline
- Invests across all market capitalisations, with a tilt towards mid-small caps
- ESG considerations integrated within the investment process
- Awarded ESG LuxFLAG Label for 2022


### Fund Ratings
Ratings are not a recommendation. Please see below for further information.

## Share Class Performance

### Performance Since Launch (%)
- EUR Class I Acc	Index: MSCI Europe Net Total Return Index32028024020016012080400-40Sep 10Sep 14Sep 18Sep 22Since Launch

|  | 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10 yrs | Cum. | Ann. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EUR Class I Acc | ‑6.74 | ‑4.62 | ‑26.29 | ‑19.45 | 5.46 | 10.83 | 135.78 | 188.05 | 8.89 |
| Index | ‑6.28 | ‑4.11 | ‑17.38 | ‑11.04 | 5.65 | 13.37 | 84.32 | 110.41 | 6.17 |
| Discrete Annual Performance (%) |
| 12 months to | 30.09.22 | 30.09.21 | 30.09.20 | 30.09.19 | 28.09.18 |
| EUR Class I Acc | ‑19.45 | 31.90 | ‑0.74 | 0.09 | 5.00 |
| Index | ‑11.04 | 28.76 | ‑7.76 | 5.75 | 1.47 |

Performance relates to past returns and is not a reliable indicator of future returns.
Performance for the Class I EUR Accumulation Shares. The class launched on 4 May 2010. Performance data is shown in EUR. Source: Northern Trust Global Services SE (Luxembourg)
Performance data takes account of fees paid by the fund but does not take account of any commissions or costs you may pay to third parties when subscribing for or redeeming shares or any taxes or securities account charges that you may pay on your investment in the fund. Such charges will reduce the performance of your investment. A 5% subscription fee can be charged at the Investment Managers discretion.
©2022 Morningstar. All Rights Reserved. Rating representative of the I EUR Acc Share Class, as at 31/08/2022. Ratings may vary between share classes. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about the Morningstar Rating or Morningstar Analyst rating, including its methodology, please go to: http://corporate1.morningstar.com/AnalystRating/.
Source & Copyright: CITYWIRE. David Robinson has been awarded a Plus rating by Citywire for his 3 year risk- adjusted performance for the period 31/07/2019 - 31/07/2022.
For French professional investor use only
This document is a marketing communication.
T: +44 (0)20 7227 2700  E: investor-relations@polarcapital.co.uk  polarcapitalfunds.com

## Portfolio Exposure & Attribution
As at 30 September 2022

### Sector Exposure (%)
Geographic Exposure (%)
0	10	20
0	10	20	30
Note: Totals may not sum due to rounding. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.

## Share Class Information
| Share Class | Bloomberg | ISIN | SEDOL | Minimum Investment | OCF † | Ann. Fee | Perf. Fee †† |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR B Acc | MSEOPB1 LX | LU1231252237 | BXC8723 | USD 10,000 | 1.82% | 1.65% | N/A |
| EUR CS Acc | - | LU2085698996 | - | USD 10,000 | 1.02% | 0.85% | N/A |
| EUR I Acc | MSOPBEU LX | LU0289523259 | B4325G1 | USD 10,000 | 1.02% | 0.85% | N/A |
| USD I Acc | MSOPBUS LX | LU0289527912 | B42L0S6 | USD 10,000 | 1.02% | 0.85% | N/A |
| GBP I Acc | MSOPDGB LX | LU0289524653 | B1Z4RK2 | USD 10,000 | 1.02% | 0.85% | N/A |
| EUR P Acc* | MSEUP1E LX | LU0952580347 | BXC8712 | USD 250,000 | 0.98% | 0.85% | N/A |

*For investors that qualify as Institutional Investors within the meaning of Article 174 of the 2010 Law
†
Ongoing Charges Figure (OCF) is the latest available, as per the date of this factsheet. The Ongoing Charges Figure is based upon the expenses incurred by the Fund for the previous 12 month period. The OCF incorporates
the Annual Fee charged by the Fund.
††
Performance Fee This Fund does not have a performance fee.

## Fund Managers’ Comments

### Investment background
September was a tumultuous month. For many in the UK and across the world, it will be remembered for the sad death of Her Majesty The Queen after a long and remarkable reign of 70 years. As President Macron of France succinctly put it: “To you, she was your Queen. To us, she was the Queen.”
It was another torrid month for financial markets, with global equities falling over 9%, in dollar terms, their worst monthly return since March 2020, and global government bonds falling 5%. The main driver was a further sharp tightening of financial conditions, as eight of the G10 central banks raised interest rates by an aggregate of 550bps during the month. The Swiss National Bank effectively called time on a decade of negative interest rates in Europe when raising rates by 75bps in September. A jump in the core US CPI data for August dispelled any remaining expectations for a policy pivot by the Fed. Both the Fed and ECB held hawkish policy meetings and hiked rates by 75bps. Fed Chair Jerome Powell signalled that he would “keep at it” and the Fed shifted its rate projections well above 4%, for both the year-end 2022 and 2023. The result was a jump in global bond yields, with the US 10-year Treasury rising by 64bps over the month, further broad-based strength of the dollar and a surge in the US real 10-year swap rate to c1.5%.
It was not, then, a propitious moment for the incoming UK government under new prime minister Liz Truss to launch an audacious fiscal experiment. The so-called “mini-budget” proved to be nothing of the sort, but the most expansive UK budget for 50 years and seemingly more fiscally radical than the victorious right- wing coalition in Italy. Although the cap on energy prices was well flagged in advance, the announcement of £45bn of unfunded tax cuts and the absence of independent scrutiny led to unprecedented volatility in gilt and sterling swap markets, with the yield on 10- year gilts jumping 126bps in September, exacerbating market risk aversion. This triggered a scramble for collateral by pension schemes to meet margin calls on liability-driven investment strategies that ultimately required intervention by the Bank of England.
The market reaction should be a wake-up call to governments across the world that bond vigilantes are back and “can intimidate everybody”, to quote James Carville, former political consultant to President Clinton, when expressing his desire to be reincarnated as the bond market 30 years ago. While the new government urgently needs to restore credibility, we believe that concerns regarding the sustainability of UK debt were overstated given the UK has one of the lowest debt-to-GDP ratios in the G7, with twice the average debt maturity and no debt in external currencies.
Credibility is all the more pertinent as governments across Europe rush out energy price-cap measures to cushion consumers and small businesses from the full extent of energy inflation ahead of the winter. These are to varying degrees a transfer of liabilities from the private to the public sector and should mitigate the worst of the squeeze on real consumer incomes going into 2023.

### Fund performance and activity
The Fund had a total return of -6.7% in September (EUR I Acc Share Class), compared to a decline of 6.3% by the MSCI Europe Net Total Return Index, in euro terms. This took the total return in euros for the third quarter to -4.6%, compared to -4.1% for the benchmark.
The underperformance of European small and mid-caps, which lagged the MSCI Europe by 3.4% in September and is now nearing the cumulative peak-to-trough shortfall seen during the whole of the global financial crisis, remained a significant headwind. This was
partially offset by better relative returns by the Fund’s small and mid- cap holdings and by positive returns from our bank holdings, which gained by 3.6% during the month.
The UK was also a drag on performance during the month (-95bps relative), with the fallout from the UK budget seemingly compounded by forced de-risking by pension funds. We saw this at first hand with several of our UK holdings, where share-price declines appeared indiscriminate and not justified by fundamentals. These included the strategy game group Games Workshop (-35bps), which has been resilient in previous downturns, issued a trading statement in line with expectations and has a little over 20% of its revenue in the UK, the consumer goods group Reckitt Benckiser (-28bps), a defensive business with less than 6% of its revenue in the UK, and the watch retailer Watches of Switzerland Group (-22bps), another large dollar earner. While the UK still accounts for the majority of the latter’s sales, this is well underpinned by product waiting lists and the budget was in our view a net positive for the business, which will benefit from the proposed re-introduction of VAT-free shopping for international tourists, including from the EU. Tourism and airport sales were previously one third of group revenue but rapidly diminished in the face of Covid and the removal of duty-free shopping. The international diversification of our investments in the UK, with approximately two-thirds of the aggregate revenue coming from outside the UK, was lost in the market turmoil.
The leading contributors came from our financials holdings, as interest rate expectations hardened. These were led by the Italian digital bank and investment platform FinecoBank (+37bps), whose earnings forecasts do not reflect the gearing of its net interest income to higher rates from its sticky deposit base, with relatively limited credit risk. The Spanish lender Bankinter (+17bps) also performed well on a similar theme.
Roche (+21bps) also benefited in the month after a positive Phase 3 trial result for Biogen’s second Alzheimer drug candidate, Lecanemab, raised hopes for Roche’s own candidate that will present Phase 3 results this quarter. Expectations for Roche’s drug had been significantly de-risked after a plethora of failed industry attempts to address the huge unmet need of Alzheimer’s. However, Biogen’s latest efforts provide a basis for the amyloid hypothesis on which Roche’s drug is based. While encouraging progress in this area, with potential broader positive read-across to life science names, it is still an area of high risk/high reward.
Early in the month, the Fund divested its holdings in the zinc recycling group Befesa (-9bps) and the textiles cleaning business Johnson Service Group (-1bps). This followed a reassessment of the ability of both companies to pass on much higher energy costs, in relative terms among the highest in the portfolio. In Befesa’s case, this is compounded by recent weakness in the unhedged element of its zinc exposure and the prospect of lower steel dust recycling volumes.
The Fund also initiated a position in the diagnostics company Qiagen. The in-vitro diagnostics industry is attractive and one we believe will be at the core of the solution to an ageing population and increasing healthcare burdens. It is an attractive value proposition, with two-thirds of clinical-based decisions made using diagnostics but accounting for only 2% of total healthcare spending. After a period of significant industry consolidation, Qiagen is one of the few remaining pure-play diagnostics companies in Europe and has attractive market exposure, with 50% of its revenue from life sciences and 50% from molecular diagnostics, one of the fastest growing end markets. Around 88% of revenue is from consumables, which
supports a resilient revenue stream and an attractive margin and return profile. The company has undergone a number of changes in the past two years, which we think are underappreciated by the market. Under the stewardship of a new CEO from 2020, the company has focused its portfolio, launched key products and significantly increased its installed base during the pandemic. This provides a platform to deliver above-market growth and, as the company continues to execute, we would expect it to be rewarded for this.
David Robinson
7 October 2022

## Risks
- Capital is at risk and there is no guarantee the Fund will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Fund.
- Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested.
- The value of a fund’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Fund’s Prospectus for details of all risks.


## Important Information
This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell and related securities or financial instruments. Any opinions expressed may change. This document does not contain information material to the investment objectives or financial needs of the recipient. This document is not advice on legal, taxation or investment matters. Tax treatment depends on personal circumstances. Investors must rely on their own examination of the fund or seek advice. Investment may be restricted in other countries and as such, any individual who receives this document must make themselves aware of their respective jurisdiction and observe any restrictions.
A decision may be taken at any time to terminate the marketing of the Fund in any EEA Member State in which it is currently marketed. Shareholders in the affected EEA Member State will be given notification of any decision and provided the opportunity to redeem their interests in the Fund, free of any charges or deductions, for at least 30 working days from the date of the notification.
Further information about fund characteristics and any associated risks can be found in the Fund’s Key Investor Information Document (“KIID”), the Prospectus, the Articles of Association and the annual and semi-annual reports. Please refer to these documents before making any final investment decisions. Investment in the Fund concerns shares of the Fund and not in the underlying investments of the Fund. These documents are available free of charge at Melchior Selected Trust, 10, rue du Château d’Eau, L-3364 Leudelange, Luxembourg , via email by contacting Investor-Relations@polarcapitalfunds.com or at www.polarcapital.co.uk. The KIID is available in
- The Fund may enter into a derivative contract. The Fund’s use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as failure amongst market participants.
- The use of derivatives will result in the Fund being leveraged (where market exposure and the potential for loss exceeds the amount the Fund has invested) and in these market conditions the effect of leverage will magnify losses. The Fund makes extensive use of derivatives.
- If the currency of the share class is different from the local currency in the country in which you reside, the figures shown in this document may increase or decrease if converted into your local currency.

English, German, Finnish, French, Italian, Norwegian, Spanish and Swedish ; the Prospectus is available in English. ESG and sustainability characteristics are further detailed on the fund’s prospectus and websites (https://www.polarcapital.co.uk/gb/ professional/ESG-and-Sustainability/Responsible- Investing/ and https://www.polarcapital.co.uk/ gb/professional/Our-Funds/Melchior-European- Opportunities/#/ESG).
A summary of investor rights associated with investment in the Fund is available online at the above website, or by contacting the above email address.
In the United Kingdom and Switzerland, this document is provided and approved by Polar Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Registered address: 16 Palace Street, London SW1E 5JD. Polar Capital LLP is the investment manager and promoter of the Fund which is a sub-fund of the Melchior Selected Trust (an open- ended investment company with variable capital and with segregated liability between its sub- funds) incorporated in Luxembourg as a Société d’Investissement à Capital Variable (“SICAV”) and authorised by the Commission de Surveillance du Secteur Financier (“CSSF”). ONE fund management
S.A. acts as management company and is regulated by the CSSF. Registered Address: 4, Rue Peternelchen, L-2370 Howald, Grand Duchy of Luxembourg R.C.S. Luxembourg B114615.
Benchmark The Fund is actively managed and uses the MSCI Europe Net Total Return Index as a performance target. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the
Administrator Details	
Northern Trust Global Services SE (Luxembourg)
Telephone	+352 2488 2250
E‑mail	POLAR‑TA‑LUX@ntrs.com
Dealing	Daily
Cut‑off	14:00 Luxembourg time
Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found http://www.msci.com. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.
Spain The Fund is registered in Spain with the Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 771.
Switzerland The principal fund documents (the prospectus, KIIDs, memorandum and articles of association, annual report and semi-annual report) of the Fund may be obtained free of charge from the Swiss Representative. In respect of the shares distributed in Switzerland, the place of performance and the place of jurisdiction is at the registered office of the Swiss Representative. The Fund is domiciled in Luxembourg. The Swiss representative is Edmond de Rothschild (Suisse) S.A., 18, Rue de Hesse, 1204 Genève, Switzerland.
Austria / Finland / Germany / Ireland / Italy (professional only) / Luxembourg / Norway / Spain / Sweden and the United Kingdom The Fund is registered for sale to all investors in these countries. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Translation (ENFR, 2022-09-30):
# Melchior European Opportunities Fund
## Risque

##### Les principaux risques auxquels le Fonds est exposé sont :
- le risque de concentration – le Fonds investit dans un nombre relativement réduit d’entreprises spécialisées dans le secteur des biotechnologies. Cette spécialisation stratégique peut générer de fortes plus-values mais peut aussi causer des pertes significatives. Le Fonds peut être moins diversifié que d’autres fonds d’investissement ;
- le risque d’investissement – le Fonds investit dans des actions mondiales dont les cours peuvent varier à la hausse comme à la baisse en fonction de différents facteurs affectant les marchés boursiers mondiaux ;
- le risque lié aux dérivés – certains produits dérivés peuvent entraîner des plus-values ou des pertes supérieures au montant des fonds initialement investis. Les dérivés impliquent aussi un risque de contrepartie, à savoir le risque qu’une contrepartie à un contrat de dérivé ne puisse pas satisfaire à ses obligations contractuelles ;
- le risque de change – le Fonds investit dans des actifs libellés dans d’autres devises que sa devise de référence. Les fluctuations des taux de change peuvent avoir une incidence négative sur les investissements du Fonds. Le droit des investisseurs au rachat des parts peut être temporairement suspendu dans certaines circonstances.

Polar Capital LLP peut également percevoir une commission de surperformance basée sur l’appréciation de la VL par part. En conséquence, la commission de surperformance augmentera en fonction de la plus- value latente ou réalisée. Le fait de percevoir une commission de surperformance peut inciter Polar Capital LLP à réaliser des investissements pour le compte du Fonds qui se révèlent plus risqués qu’en l’absence
de commission liée à la performance du Fonds. Veuillez noter que la totalité des dividendes perçus par le Fonds peut, le cas échéant, être soumise à une retenue à la source de 30 % aux États-Unis. Les variations défavorables des taux de change peuvent se traduire par une performance inférieure et une perte

##### de capital.

## Performance de la Part

### Performance depuis le lancement (%)
- Part de cap. I en EUR	Indice: MSCI Europe Net Total Return Index32028024020016012080400-40

| Sept 10 | Sept 1 | 4	Sept 18 | Sept 22 |
| --- | --- | --- | --- |
| 1 mois | 3 mois | YTD | 1 an | 3 ans | 5 ans | 10 ans | Lancement |
| Part de cap. I en EUR -6,74 | -4,62 | -26,29 | -19,45 | 1,78 | 2,08 | 8,95 | 8,89 |
| Indice | -6,28 | -4,11 | -17,38 | -11,04 | 1,85 | 2,54 | 6,30 | 6,17 |

Les rendements mentionnés sous 1 mois, 3 mois, YTD et 1 an sont des rendements cumulés. Les rendements mentionnés sous 3 ans, 5 ans, 10 ans et lancement sont, quant à eux, des rendements actuariels.

### Performance discrète annuelle (%)
| Période se terminant le | 30.09.22 | 30.09.21 | 30.09.20 | 30.09.19 | 28.09.18 |
| --- | --- | --- | --- | --- | --- |
| Part de cap. I en EUR | -19,45 | 31,90 | -0,74 | 0,09 | 5,00 |
| Indice | -11,04 | 28,76 | -7,76 | 5,75 | 1,47 |


#### La performance est liée aux rendements passés et ne constitue pas un indicateur fiable des résultats futurs.
Performance pour la Part de cap. I en EUR. Cette catégorie a été lancée le 4 mai 2010. La performance est indiquée en EUR. Source : Northern Trust Global Services SE (Luxembourg)
Les données de performance tiennent compte des frais payés par le fonds mais ne tiennent pas compte des commissions ou des coûts que vous êtes susceptible de payer à des tiers lors de la souscription ou du rachat d’actions, ni des taxes ou des frais liés au compte-titres que vous êtes susceptible de payer sur votre investissement dans le fonds. Ces frais réduiront la performance de votre investissement. Le gestionnaire d’investissement peut prélever une commission de souscription de 5% à sa discrétion.

#### Le présent document est un document commercial.
T: +44 (0)20 7227 2700  E: investor-relations@polarcapital.co.uk  polarcapitalfunds.com

## Exposition du portefeuille
Données au 30 septembre 2022

### Exposition sectorielle (%)
Exposition géographique (%)
0	10	20
|  |  | Royaume-Uni | 19,3 |
| --- | --- | --- | --- |
|  | Exposition par capitalisation |  |  |  | Suisse | 14,5 |
|  | boursière (%) |  |  |  | Pays-Bas | 10,3 |
|  |  |  |  |  |  |  |
|  | Grande (>€10 Mds) | 40,9 |  |  | Allemagne | 8,8 |
|  | Moyenne (€3 à 10 Mds) | 27,2 |  |  | France | 8,7 |
|  | Petite (<€3 Mds) | 31,9 |  |  | Espagne | 8,1 |
|  |  |  |  |  | Italie | 5,6 |
|  |  |  |  |  | Suède | 4,7 |
|  |  |  |  |  | Belgique | 3,2 |
|  | Gestionnaires de fonds |  |  |  | Norvège | 2,5 |
|  |  |  |  |  | Finlande | 2,5 |


#### David Robinson
Gestionnaire du Fonds principal
David gère le Fonds depuis son lancement. Il a rejoint Polar Capital en 2021 et a 17 ans d’expérience dans le secteur financier.

#### Eleanor Lee
Gestionnaire du Fonds Eleanor gère le Fonds depuis 2022. Elle a rejoint Polar Capital en 2021 et a 15 ans d’expérience dans le secteur financier.
0	10	20	30
Note: Les chiffres ayant été arrondis, les totaux peuvent ne pas correspondre. Rien ne garantit que les recommandations futures permettront en tout temps d’engranger des bénéfices ou d’enregistrer une performance égale à celle présentée dans ce document. La liste de l’ensemble des recommandations formulées au cours des 12 derniers mois est disponible sur demande.

## Informations sur les catégories de parts
|  | Invest. | Frais | Comm. de |
| --- | --- | --- | --- |
| Part | Bloomberg | ISIN | SEDOL | min. | cour.† | surperf.†† |
| B en EUR Cap. | MSEOPB1 LX | LU1231252237 | BXC8723 | USD 10,000 | 1,82% | N/A |
| CS en EUR Cap. | - | LU2085698996 | - | USD 10,000 | 1,02% | N/A |
| I en EUR Cap. | MSOPBEU LX | LU0289523259 | B4325G1 | USD 10,000 | 1,02% | N/A |
| I en USD Cap. | MSOPBUS LX | LU0289527912 | B42L0S6 | USD 10,000 | 1,02% | N/A |
| I en GBP Cap. | MSOPDGB LX | LU0289524653 | B1Z4RK2 | USD 10,000 | 1,02% | N/A |
| P en EUR Cap.* | MSEUP1E LX | LU0952580347 | BXC8712 | USD 250,000 | 0,98% | N/A |

*Pour les investisseurs institutionnels au sens de l’article 174 de la loi de 2010
†
Le chiffre des frais courants est le dernier disponible à la date du présent factsheet.
††
Commission de surperformance Ce fonds n’a pas de commission de performance.

## Glossaire

#### Alpha
La performance d’un investissement dans le Fonds comparée à celle de l’indice.

#### Catégorie de parts
Une catégorie de parts est la dénomination attribuée aux parts d’un fonds. Les différentes catégories de parts d’un même fonds confèrent des droits différents à leurs détenteurs.

#### Commission annuelle
Une commission prélevée chaque année afin de couvrir les dépenses associées à la gestion du Fonds. Bien qu’elle soit exprimée en pourcentage annuel, elle se répartit
généralement en 12 mensualités prélevées sur le Fonds.

#### Devise de base
La devise de calcul de la valeur liquidative de chaque portefeuille.

#### Exposition géographique
Origine géographique de cotation des positions du Fonds. L’exposition représente le risque relatif particulier en pourcentage des investissements dans cette zone géographique.

#### Exposition par taille de capitalisation boursière
Le pourcentage des actifs du Fonds investi dans
des sociétés dont la capitalisation boursière est d’une taille spécifique.

#### Part active
La part active est un indicateur du pourcentage des actions détenues par un fonds qui diffèrent de l’indice de référence.

#### Part couverte
Une part libellée dans une devise autre que la devise de base du portefeuille. La société de gestion utilise des techniques et des instruments destinés à protéger la catégorie
de parts contre des fluctuations du cours de change entre la devise de référence de la catégorie et la devise de base du portefeuille.

#### Performance discrète annuelle
La performance discrète se calcule entre deux dates et heures fixes spécifiques.

#### Total des frais sur encours (TFE)
Chiffre représentant les frais annuels et les autres montants prélevés sur le capital du Fonds.

#### VL par action
Expression de la valeur liquidative qui représente la valeur du Fonds par part. Elle se calcule comme suit : division de la valeur
liquidative totale du Fonds ou de la société par le nombre d’actions en circulation.

## Informations importantes
Le présent document est un document commercial et ne constitue pas une sollicitation ou une offre d’achat ou de vente de titres ou d’instruments financiers connexes. Les opinions exprimées peuvent changer. Ce document ne contient pas d’informations importantes pour les objectifs d’investissement ou les besoins financiers du destinataire. Ce document ne constitue pas un recueil de conseils en matière juridique, fiscale ou d’investissement. Le traitement fiscal dépend de la situation individuelle. Les investisseurs doivent se fier à leur propre évaluation du Fonds ou demander conseil. Les investissements peuvent faire l’objet de restrictions dans d’autres pays et, à ce titre, toute personne qui reçoit ce document doit se renseigner sur sa juridiction respective et respecter les restrictions éventuelles.
Il peut être décidé à tout moment de mettre fin à la commercialisation du Fonds dans tout État membre de l’EEE dans lequel il est actuellement commercialisé. Les actionnaires dans l’État membre de l’EEE concerné seront informés de cette décision et auront la possibilité de faire racheter leurs intérêts dans le Fonds sans frais ni déduction pendant au moins 30 jours ouvrables à compter de la date de cette notification.
Pour de plus amples informations sur les caractéristiques du Fonds et l’ensemble des risques associés, veuillez consulter le Document d’information clé pour l’investisseur (« DICI »), le Prospectus, les Statuts ainsi que les rapports annuels et semestriels. Veuillez vous référer à ces documents avant de prendre toute décision d’investissement définitive. L’investissement dans le Fonds concerne l’acquisition de parts du Fonds et non les investissements sous-jacents. Ces documents sont disponibles gratuitement auprès de Melchior Selected Trust, 10, rue du Château d’Eau, L-3364 Leudelange, Luxembourg, en envoyant un e-mail à Investor-Relations@ polarcapitalfunds.com ou sur www.polarcapital. co.uk. Le DICI est disponible en allemand, anglais, danois, espagnol, français, italien, néerlandais et suédois ; le Prospectus est disponible en anglais. Vous trouverez de plus amples informations sur les caractéristiques ESG et de durabilité dans le prospectus du Fonds et sur les sites web(https:// www.polarcapital.co.uk/gb/professional/ESG-and-

##### Sustainability/Responsible-Investing/ et https:// www.polarcapital.co.uk/gb/professional/Our- Funds/Melchior-European-Opportunities/#/ESG).

##### Un résumé des droits de l’investisseur associés à un investissement dans le Fonds est disponible sur ce site web ou en envoyant un e-mail à l’adresse susmentionnée.
Au Royaume-Uni et en Suisse, ce document est fourni et approuvé par Polar Capital LLP, qui est autorisée et réglementée par la Financial Conduct Authority (« FCA »). Siège social : 16 Palace Street, Londres, SW1E 5JD. Polar Capital LLP est un conseiller en investissement enregistré auprès de la Securities and Exchange Commission (« SEC ») des États-Unis. Polar Capital LLP est le gestionnaire d’investissement et le promoteur de Polar Capital Funds PLC – une société d’investissement à capital variable de type ouvert avec ségrégation des engagements entre les compartiments – enregistrée en Irlande, autorisée par la Banque centrale d’Irlande et reconnue par la FCA. ONE fund management S.A. agit en tant que société de gestion et est réglementée par la CSSF. Siège social : 4, Rue Peternelchen, L-2370 Howald, Grand Duchy of Luxembourg R.C.S. Luxembourg B114615.
Indice de référence Le Fonds est géré de manière active. Il utilise l’indice MSCI Europe Net Total Return Index comme objectif de performance. Cet indice a été choisi car il est généralement considéré comme étant représentatif de l’univers d’investissement du Fonds. Il est probable que la performance du Fonds diffère de celle de l’indice, car leurs participations, leurs pondérations et leur allocation d’actifs ne sont pas les mêmes. Les investisseurs devraient donc tenir compte de ces différences lorsqu’ils font des comparaisons. Vous trouverez de plus amples informations sur l’indice sur http://www.msci.com. L’indice est fourni par un administrateur d’indices figurant dans le registre de l’Autorité européenne des marchés financiers (AEMF), qui contient des informations détaillées sur tous les administrateurs d’indices agréés, enregistrés, reconnus ou soutenus d’États membres de l’UE ou de pays tiers, ainsi que sur les autorités nationales compétentes.

##### France Veuillez noter que le prospectus de Polar Capital Funds plc et le supplément concernant le Fonds sont uniquement disponibles en anglais.
La Directive 2009/65/CE du 13 juillet 2009 du Parlement européen et du Conseil de l’Union européenne portant sur la coordination des dispositions législatives, réglementaires et administratives concernant certains organismes de placement collectif en valeurs mobilières (OPCVM) prévoit une série de règles communes permettant la distribution transfrontalière d’OPCVM conformes à la Directive. Ce tronc commun n’empêche toutefois pas le recours à des méthodes de mise en œuvre différentes. C’est la raison pour laquelle un organisme de placement collectif européen peut être distribué en France, même si ses activités ne respectent pas des règles identiques à celles qui sont requises pour l’autorisation de ce type de produits en France.
Suisse Les principaux documents du Fonds (prospectus, DICI, acte constitutif, statuts et rapports annuel et semestriel) peuvent être obtenus gratuitement auprès du représentant suisse. Le Fonds est domicilié en Irlande. BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich, Suisse, est le représentant suisse et l’agent payeur suisse.

##### France - Facilities Agent

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##### Suisse - Agent payeur et représentant

##### BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich, Suisse