# 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 Index32028024020016012080400-40Feb 11Feb 15Feb 19Feb 23Since Launch

|  | 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10 yrs | Cum. | Ann. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EUR Class I Acc | 1.37 | 6.04 | 8.18 | ‑3.76 | 24.62 | 29.74 | 153.46 | 238.84 | 9.98 |
| Index | 1.77 | 4.87 | 8.69 | 4.78 | 31.67 | 37.34 | 102.50 | 150.53 | 7.42 |
| Discrete Annual Performance (%) |
| 12 months to | 28.02.23 | 28.02.22 | 26.02.21 | 28.02.20 | 28.02.19 |
| EUR Class I Acc | ‑3.76 | 14.69 | 12.90 | 4.18 | ‑0.07 |
| Index | 4.78 | 15.43 | 8.87 | 3.00 | 1.26 |

Performance relates to past returns and is not a reliable indicator of future returns.
Performance for the EUR Class I Acc . 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 30/12/2022. 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/.
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 28 February 2023

### 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
Although Fed Chairman Jerome Powell stated early in the month that disinflation “has begun”, there was little evidence of this in the deluge of firmer inflation and employment data that followed over the course of February. While headline CPI eased again, and should continue to as the post-Ukraine invasion commodity spike is annualised, it did not fall as much as anticipated. Importantly, core CPI on both sides of the Atlantic exceeded forecasts at 5.6% and made a new high in the Eurozone, indicating that inflation remains sticky and disinflation is likely to be a prolonged process, as Powell, in fairness, recognised. Incidentally, our conversations with a range of companies across Europe suggest this level of core inflation is in line with the prevailing 5%-6% wage increases being concluded in annual pay reviews.
Ongoing tightness in labour markets was visible in US non-farm payrolls for January. While this is a volatile series, the unexpected increase of over half a million jobs was hardly consistent with an economy going into recession and confounded a succession of high- profile job cuts by big technology titans Amazon, Meta Platforms and Alphabet among others. It was also a reflection of the resilience of demand, notwithstanding the high degree of monetary tightening that has already taken place. This was also reflected in the PMI surveys for February, which showed a marked acceleration in services activity, which rose to an eight-month high in the Eurozone, and an improvement in new orders.
Higher growth and inflation expectations triggered a significant recalibration in bond markets. Sovereign debt yields moved higher across the curve, led by the short end with the US two-year Treasury yield jumping over 60bps in February to new cycle high of 4.2%, a level last reached on the eve of the global financial crisis in 2007. As markets started to price a 4% terminal rate in the Eurozone, two-year bunds breached 3% for the first time since 2008.
Notwithstanding the tightening of financial conditions, credit spreads remained well behaved and equity markets showed a marked pro-cyclical bias, in stark contrast to their underperformance when yields backed up in the autumn. European equities were led by energy (5.9%), financials (3.9%) and industrials (3.8%), while defensive sectors generally lagged, notably healthcare (0.4%) and consumer staples (0.6%), along with materials (-2.9%) as some of the China reopening trade faded.
February also marked the sombre anniversary of Russia’s invasion of Ukraine. While Ukraine’s heroic defence continues to exceed all expectations, the signs are that the conflict is evolving into a prolonged war of attrition. This will also test the resolve of the West and requires significant, multi-year investment to rebuild depleted military stocks in Europe. With NATO unity under the spotlight, and only six months after a former UK prime minister could not say whether the President of France was a friend or foe, it is to be hoped that the agreement reached between the UK and EU over the Northern Ireland protocol at the end of February will herald a more constructive relationship.

### Strategy highlights
The Fund (EUR I Acc Share Class) gained by 1.4% in January, compared to a total return of 1.8% by the MSCI Europe Net Total Return Index (all figures in euro terms). Positive stock selection by our idiosyncratic holdings in materials, as well as in industrials and
consumer discretionary, was offset by weaker relative returns in communication services, financials and energy.
As ever in February, the main development at the company level was the earnings season. While there were areas of weakness, notably semiconductors and general (likely short-lived) Covid-related disruption in China, as well as lower volumes in building materials (destocking) and consumer staples, earnings trends in aggregate remained robust in the second half of 2022. Industrial activity has held up, helped by the easing of supply-chain constraints, while incoming orders have in general been resilient. It is not often that one can say the strongest trends came from European banks, where earnings exceeded expectations as higher rates fed through and credit losses remained benign. With approximately two-thirds of our holdings having reported at the time of writing, the portfolio is on track to achieve healthy double-digit earnings growth for 2022, demonstrating the divergence between share prices and operating performance over the past year.
Incoming results had a major bearing on individual returns during the month. Notable contributors included the Nordic lender Nordea Bank (20bps), after delivering a solid set of Q4 results and a supportive outlook into 2023. With its strong capital position, the bank has delivered an impressive capital return of c15% of its market cap through a combination of dividends and share buybacks in 2022. Additionally, in early March Nordea Bank announced it received ECB approval for a further €1bn share buyback program. Along with other higher-quality banks, the stock had lagged the recent sector strength but recovered this in February. Norwegian defence and marine group Kongsberg Gruppen (16bps) also performed well after reporting good earnings and a record quarterly order intake and backlog that should underpin continued double-digit revenue growth in 2023.
Having recently upgraded its profit forecast, sports retailer JD Sports Fashion (18bps) held a well-received capital markets day. Its modest rating belies the group’s rare success in exporting its successful model in the UK to the US and other international markets. The event highlighted the long runway of international growth, with the group targeting average annual growth in double digits over the next five years. Importantly, the company’s growth plan is supported by its strategic brand partners, particularly Nike, which has committed to allocations to support this. We also came away reassured that JD Sports’ impressive, entrepreneurial culture has survived the management and governance changes over the past year.
Although the earnings season was generally supportive for our holdings, a disappointing update came from probe card producer Technoprobe (-10bps) which, after a strong year in 2022, issued weaker-than-expected revenue guidance for the first quarter of 2023. In the near term, visibility is limited and weakening end demand in consumer products, alongside high inventory levels in the semiconductors supply chain, is expected to persist in the first half of 2023. However, we are confident that when the semiconductor market recovers, Technoprobe is very well placed to capture the market upturn and continue to increase market share with its innovative products. The company also intends to move its listing to the main Euronext Milan by year-end.
Watch retailer Watches of Switzerland Group (-17bps) issued a trading update that was underwhelming, with growth decelerating in the US and modestly declining in its smaller jewellery business. However, we felt the share price reaction was disproportionate given the core watch franchise remained robust and our earnings
forecasts remain unchanged. Meanwhile, Merck (-26bps) also underperformed in tandem with (higher rated) US life science peers alongside some analysts trimming their earnings forecasts ahead of the company’s results in March.
During the month, the Fund initiated a new position in the Spanish defence and IT services group Indra Sistemas (4bps). The shares suffered from a sharp derating in 2022 driven by corporate governance concerns that overshadowed positive momentum in underlying operational performance in both its defence and transport division and IT services business Minsait. The company has since taken reassuring steps to address these concerns, including the appointment of a new board of directors, removal of the tiebreaking vote of the Chairman, alongside separation of the Chairman and CEO roles, which should offer sufficient independence and ensure that interests of all shareholders are adequately protected.
Fundamentally, we see compelling valuation in its attractive defence and air traffic management businesses, with exposure to structurally higher European defence spending as well as next-generation EU funding in its IT services division. At only 6.5x 2023 EV/EBIT, Indra is trading at a significant 45% discount to defence peers and a 25% discount to IT services peers, with potential upside from several potential positive catalysts. These include progress with the Future Combat Air System project in 2023, a potential separation of its two divisions which would help to catalyse a rerating as a more pure-play defence company, and strong capital optionality as the group has deleveraged to close to net zero debt. We see this as an attractive entry point, with substantial scope to close the discount as the company continues to deliver on its operational performance and demonstrate improving corporate governance.
David Robinson
9 March 2023

## 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.
This Fund promotes environmental and/or social characteristics and is classified as an Article 8 fund under the EU’s Sustainable Finance Disclosure Regulation (“SFDR”). For more information, please see the Fund’s prospectus or by visiting www. polarcapital.co.uk.
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 Information Document (“KID”) or the 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
- 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.

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 KID/KIID is available in 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/)
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, KID/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, 2023-02-28):
# 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 Index350300250200150100500-50

| Fév r 11 | Fév r 15 | Fév r 19 | Fév r 23 |
| --- | --- | --- | --- |
| 1 mois | 3 mois | YTD | 1 an | 3 ans | 5 ans | 10 ans | Lancement |
| Part de cap. I en EUR  1,37 | 6,04 | 8,18 | -3,76 | 7,60 | 5,34 | 9,74 | 9,98 |
| Indice | 1,77 | 4,87 | 8,69 | 4,78 | 9,60 | 6,55 | 7,31 | 7,42 |

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 | 28.02.23 | 28.02.22 | 26.02.21 | 28.02.20 | 28.02.19 |
| --- | --- | --- | --- | --- | --- |
| Part de cap. I en EUR | -3,76 | 14,69 | 12,90 | 4,18 | -0,07 |
| Indice | 4,78 | 15,43 | 8,87 | 3,00 | 1,26 |


#### 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 28 février 2023

### Exposition sectorielle (%)
Exposition géographique (%)
0	10	20

## Gestionnaires de fonds
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 des informations plus détaillées sur les caractéristiques du Fonds et l’ensemble des risques associés, veuillez consulter la feuille d’information de base (« FIB »), 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 FIB 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/)

##### 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
Coordonnées de l’Agent administratif	
Northern Trust Global Services SE (Luxembourg)
Téléphone	+352 2488 2250
E-mail	POLAR-TA-LUX@ntrs.com Négoce des parts Quotidiennement
Limite de négoce14h00 (heure du
Luxembourg)
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, FIB, 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

##### Zeidler Legal Process Outsourcing Ltd., Southpoint, Herbert House,

##### Harmony Row, Grand Canal Dock, Dublin 2, Ireland

##### Email: facilities_agent@zeidlerlegalservices.com

##### Suisse - Agent payeur et représentant

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