# 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

### Fund Managers
David Robinson
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 Index32028024020016012080400-40Lead Fund ManagerDavid has managed the fund since launch, he joined Polar Capital in 2021 and has 17 years of industry experience.

Nov 10
Nov 14
Nov 18
Nov 22
| 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10 yrs | Cum. | Ann. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EUR Class I Acc | 5.69 | 3.46 | ‑18.23 | ‑14.29 | 10.09 | 23.32 | 156.38 | 219.53 | 9.67 |
| Index | 6.88 | 6.40 | ‑6.20 | ‑1.02 | 15.82 | 28.93 | 103.27 | 138.89 | 7.17 |
| Discrete Annual Performance (%) |
| 12 months to | 30.11.22 | 30.11.21 | 30.11.20 | 29.11.19 | 30.11.18 |
| EUR Class I Acc | ‑14.29 | 29.44 | ‑0.77 | 16.93 | ‑4.20 |
| Index | ‑1.02 | 21.39 | ‑3.61 | 16.67 | ‑4.59 |

Since Launch
Eleanor Lee
Fund Manager
Eleanor has managed the fund since 2022, she joined Polar Capital in 2021 and has 15 years of industry experience.
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 30/09/2022. 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 non-US 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 November 2022
Top 10 Positions (%)
ASML Holding	4.3
Merck KGaA	4.2
Roche	3.8
ASR Nederland NV	3.6
FinecoBank Banca Fineco SpA	3.1
Sector Exposure (%)
| Nestle | 3.0 |
| --- | --- |
| Kongsberg Gruppen | 2.6 |
| Robertet SA | 2.3 |
| Cie Financiere Richemont | 2.3 |

Cap Gemini SA	2.2
Total	31.4

### Total Number of Positions	63

### Market Capitalisation Exposure (%)
Large (>€10bn)	43.2
Medium (€3 to 10bn)	26.4
Small (<€3bn)	30.4
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
Financial assets continued their late autumn rally in November, with the notable exception of cryptocurrencies, which plunged following the implosion of the FTX exchange. FTX may well be a poster child for the excesses and illusions of cryptocurrencies; founded in 2019, the company saw its value jump to $30bn in a little over three years before collapsing into bankruptcy and a storm of legal and regulatory incrimination.
Sentiment elsewhere was buoyed by softening US inflation data, with the October CPI moderating more than expected, from 8.2% to 7.7%, which in turn raised hopes that this would allow a more gradual approach towards monetary tightening by the Fed. A speech by Fed Chair Jerome Powell at the end of the month added fuel to this, acknowledging that a slowing in the pace of rate rises could happen as soon as the December meeting. This released some of the financial pressure points that had built up in the dollar, which depreciated by 5% against the euro, and fixed income markets, with 10-year US Treasury yields falling by 45bps during the month. While this loosening of financial conditions provided welcome relief outside the US, it is unlikely to be welcomed by the Fed. To those expecting an imminent policy pivot, Powell also cautioned against prematurely loosening monetary policy and reiterated this would likely be restrictive “for some time”.
In Europe, incoming data continued to reflect macroeconomic headwinds, but was no worse than expected. In fact, economic surprise indices trended higher over the month. European PMI surveys remained in contractionary territory but improved marginally in November. With the immediate risk of energy rationing receding, this suggests a shallower contraction in economic activity over the winter than discounted by some of the bear cases.
Hopes for a softening in China’s zero-Covid strategy also gained traction, notwithstanding widespread protests that broke out against Covid restrictions towards the end of the month. The Hang Seng Index in Hong Kong jumped by nearly 27% in November, its largest monthly gain since 1998, while the prices of many industrial commodities rebounded and basic resources was the best performing sector (up 15.2%) in the Stoxx 600. President Xi’s appearance, maskless, at the G20 in Indonesia may well symbolise a shift to a more tolerant Covid policy, while the very fact that the protests in China were allowed to take place at all may itself be instructive. However, with winter coming and the Covid case count already at a high level, we suspect that Xi’s new administration is unlikely to ’declare victory’ over Covid before the spring.

### Strategy highlights
The Fund gained 5.7% (EUR I Acc Share Class) in November, compared to a total return of 6.9% by the MSCI Europe Net Total Return Index (all figures in euro terms). While our holdings in the majority of sectors outperformed during the month, this was offset by underperformance in healthcare (-75bps relative), impacted by two holdings discussed below, and materials (-51bps), where our diversified holdings did not benefit to the same extent as the mining sector from the China reopening trade.
Laboratorios Farmaceuticos Rovi (-44bps) was the largest detractor in the month. It released better than expected quarterly figures and revised up its guidance for the current year, but this was more than offset by its guidance for 2023. The company customarily issues revenue guidance for the year ahead in Q3, which is often disregarded as being overly conservative by the market, but 2023 is especially difficult to assess given the contribution from fill and
finish activities for Moderna’s Covid vaccine and the transition of Covid-19 to an endemic phase. Rovi’s fill and finish business is tied to the dosage form, in other words the move from multi-dose to single-dose vials and prefilled syringes, rather than the number of doses and is therefore not a like-for-like comparison with Moderna’s revenue. The guidance for revenue 10% below 2023 consensus expectations embeds an 80-90% reduction in the volume of doses, which seems suitably and characteristically conservative. The company’s communication could have been better and did not allay the prevailing uncertainty surrounding anything related to Covid-19 vaccines that continues to weigh on the valuation; even on rebased 2023 earnings, the stock trades on 14.5x earnings, well below its 10-year average of 25x. This factors little strategic value for Rovi’s enhanced fill and finish capability, which accounts for over a third of its business, and where excess capacity can be repurposed beyond Covid vaccines to other customers and products.
Roche (-29bps) also underperformed after disappointing phase III data regarding its Alzheimer’s drug candidate, where expectations had recently increased following a competitor’s results. While disappointing, this was always a high risk/high reward indication and removed a positive catalyst for the shares. The Nordic pet products retailer Musti Group (-15bps) was also weak after reporting underwhelming operating margins for its fourth quarter. Although its revenue growth in the past two years has been impressive, the level of cost control and operating leverage has not met our expectations.
On the other hand, the remainder of the earnings season provided positive catalysts for a number of other holdings. Compagnie Financière Richemont (+52bps) delivered a strong set of first- half results that were materially above consensus expectations, driven by better revenue and margin trends at both the Jewellery Maisons and Specialist Watchmakers’ businesses. This was all the more impressive given the continued disruption from lockdowns in China. Richemont’s valuation of 16x March 2023 P/E, with €4.7bn net cash on its balance sheet, looks anomalous for this collection of highly profitable and durable brands. Watches of Switzerland Group (+44bps) also provided a reassuring trading update that illustrated how far the share price returns this year has diverged from its operating and earnings performance. Revenue in the first half grew 23%, while profits are expected to be up 40% on a like- for-like basis.
ASML Holding (+68bps) also performed well after a well-received investor day. The company reiterated its commitment to increase capacity in order to meet the supply/demand gap, with 2025 targets marginally ahead of consensus and new targets issued for 2030. In addition, the announcement of a €12bn share buyback programme is a further signal of management’s continued confidence in the business outlook.
During the month, the Fund continued to build up a new investment in the champagne house Laurent-Perrier, owner of the Laurent Perrier, Salon and Delamotte brands. While we are mindful that champagne is a discretionary and therefore cyclical purchase, we believe the sector is well positioned to ride out any downturn. With industry stocks unusually low after two depleted harvests in 2020 and 2021, many high-end brands are already on allocation and prices for fine champagne in the secondary market having risen by over 70% in the past two years, well above recent vintage release prices.
On a multiple of about 10x current year earnings, well below its 10- year average of 17x, Laurent Perrier’s share price does not reflect
either the strong improvement in industry fundamentals or the positive evolution of the group’s business mix in recent years, with the growing share of high-end cuvées and exports translating into steadily rising gross margins. This was visible again in the company’s impressive set of its latest results, which saw further margin expansion despite ongoing cost inflation. Indeed, the group’s holdings of over
€650m of champagne stocks on its balance sheet at historic cost provide an under-appreciated inflation hedge. At only slightly above its net book value, Laurent Perrier’s current market valuation does not factor in any benefit from the significant increase in champagne and vineyard prices, or indeed any value creation from its brands. For a business with world-class brands in Salon and Laurent Perrier generating operating margins of over 25%, the stock is clearly mispriced and a further example of the value currently on offer in the unloved European small-cap universe.
David Robinson
7 December 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.
- 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.

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
- 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.


## 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 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 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.
Country Specific Disclaimers It is the responsibility of any person/s in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Neither Polar Capital nor MST shall be liable for, and accept no liability for, the use or misuse of this document. If such a person considers an investment in Shares of the Fund, they should ensure that they have been properly advised about the suitability of an investment. Please be aware that not every sub-fund of MST or share class is available in all jurisdictions.
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 (ENIT, 2022-11-30):
# Melchior European Opportunities Fund
## Profilo del Fondo

### Obiettivo di investimento
L’obiettivo di investimento del Fondo consiste nel raggiungere un apprezzamento del capitale attraverso investimenti selettivi in azioni europee.

### Fatti principali
- Non vincolato a indici di riferimento, generalmente contiene dalle 50 alle 70 idee di convinzione
- Analisi guidata da fondamentali e selezione titoli bottom-up
- Orientamento verso titoli di crescita di qualità elevata, ma con una robusta disciplina in termini di valutazione
- Investe in tutte le capitalizzazioni di mercato, con una preferenza per le capitalizzazioni medio- piccole
- Considerazioni ESG integrate nel processo di investimento
- Certificato ESG LuxFLAG Label per il 2022


## Performance della classe di azioni

### Performance dal lancio (%)
- Classe I EUR Acc	Indice: MSCI Europe Net Total Return Index350300250200150100500-50


### Gestori del Fondo

#### David Robinson
Gestore del fondo principale David gestisce il Fondo dal launch, è entrato in Polar Capital nel 2021 e ha 17 anni di esperienza nel settore.
Nov 10
Nov 14
Nov 18
Nov 22
|  | 1 mese | 3 mesi | YTD | 1 anno | 3 anni | 5 anni | 10 anni | Cum. | Ann. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Classe I EUR Acc | 5,69 | 3,46 | -18,23 | -14,29 | 10,09 | 23,32 | 156,38 | 219,53 | 9,67 |
| Indice | 6,88 | 6,40 | -6,20 | -1,02 | 15,82 | 28,93 | 103,27 | 138,89 | 7,17 |
| Performance annuale discreta (%) |
| 12 mesi al | 30.11.22 | 30.11.21 | 30.11.20 | 29.11.19 | 30.11.18 |
| Classe I EUR Acc | -14,29 | 29,44 | -0,77 | 16,93 | -4,20 |
| Indice | -1,02 | 21,39 | -3,61 | 16,67 | -4,59 |


#### Dal lancio
Eleanor Lee
Gestore del fondo Eleanor gestisce il Fondo
dal 2022, è entrata in Polar Capital nel 2021 e ha 15 anni di esperienza nel settore.
La performance si riferisce a risultati passati e non costituisce un indicatore affidabile di risultati futuri. Performance per la Classe I EUR. La classe è stata lanciata il 4 maggio 2010. I dati relativi alla performance sono mostrati in EUR. Fonte: Northern Trust Global Services SE (Luxembourg)
I dati relativi alla performance tengono in considerazione le commissioni versate dal fondo, ma non tengono in considerazione alcuna commissione o costo che l’investitore potrebbe versare a terze parti al momento della sottoscrizione o del rimborso delle azioni o qualsiasi tassa o spesa di conto titoli che l’investitore potrebbe versare relativamente all’investimento nel fondo. Queste spese ridurranno la performance dell’investimento. A discrezione del Gestore degli investimenti, può essere addebitata una commissione di sottoscrizione del 5%.

#### Il presente documento è una comunicazione commerciale.
T: +44 (0)20 7227 2700  E: investor-relations@polarcapital.co.uk  polarcapitalfunds.com

## Esposizione del portafoglio
Al 30 novembre 2022

### 10 posizioni principali (%)
ASML Holding	4,3
Merck KGaA	4,2
Roche	3,8
ASR Nederland NV	3,6
FinecoBank Banca Fineco SpA	3,1

### Esposizione settoriale (%)
| Nestle | 3,0 |
| --- | --- |
| Kongsberg Gruppen | 2,6 |
| Robertet SA | 2,3 |
| Cie Financiere Richemont | 2,3 |

Cap Gemini SA	2,2
Totale	31,4

### Numero di posizioni totale	63
Esposizione in base alla capitalizzazione di mercato (%)
Grande (>€10mld)	43,2
Media (€3 a 10mld)	26,4
Piccola (<€3mld)	30,4

### Esposizione geografica (%)
0	10	20
0	10	20	30
Nota: i totali potrebbero non corrispondere alle somme a causa dell’arrotondamento. Non si deve presumere che le raccomandazioni fatte saranno redditizie in futuro o che eguaglieranno la
performance dei titoli in questo documento. Un elenco di tutte le raccomandazioni fatte nei 12 mesi immediatamente precedenti è disponibile su richiesta.

## Informazioni sulle classi di azioni
| Classe di azioni | Bloomberg | ISIN | SEDOL | Investimento minimo | OCF† | ††Comm. di perf. |
| --- | --- | --- | --- | --- | --- | --- |
| B EUR Acc | MSEOPB1 LX | LU1231252237 | BXC8723 | USD 10,000 | 1.82% | N/A |
| CS EUR Acc | - | LU2085698996 | - | USD 10,000 | 1.02% | N/A |
| I EUR Acc | MSOPBEU LX | LU0289523259 | B4325G1 | USD 10,000 | 1.02% | N/A |
| I USD Acc | MSOPBUS LX | LU0289527912 | B42L0S6 | USD 10,000 | 1.02% | N/A |
| I GBP Acc | MSOPDGB LX | LU0289524653 | B1Z4RK2 | USD 10,000 | 1.02% | N/A |
| P EUR Acc* | MSEUP1E LX | LU0952580347 | BXC8712 | USD 250,000 | 0.98% | N/A |

*Per investitori che rientrano nella definizione di Investitori istituzionali ai sensi dell’Articolo 174 della Legge del 2010
†
L’importo relativo alle spese correnti è l’ultimo disponibile, alla data della presente scheda informativa.
††
Commissione di performance Questo fondo non ha una commissione di performance.

## Rischi
- Il capitale è a rischio e non vi è alcuna garanzia che il Fondo raggiunga il proprio obiettivo. Gli investitori dovrebbero accertarsi di avere un atteggiamento nei confronti del rischio in linea con il profilo di rischio del fondo.
- La performance passata non costituisce un’indicazione affidabile di risultati futuri. Il valore degli investimenti può aumentare o diminuire e l’investitore potrebbe recuperare un importo inferiore a quello investito.
- Il valore delle attività di un fondo può essere influenzato da incertezze quali sviluppi politici internazionali, fiducia delmercato, condizioni economiche, modifiche delle politiche di governo, limitazionisugli investimenti stranieri e rimpatrio di valuta, variazioni valutarie e altri sviluppi delle leggi e dei regolamenti dei paesi nei quali sia possibile effettuare investimenti. Consultare il Prospetto del fondo per dettagli su tutti i rischi.
- Il Fondo può stipulare contratti derivati. L’uso di derivati da parte del Fondo implica il rischio di una liquidità ridotta, perdite materiali e una maggiore volatilità in condizioni di mercato avverse, come il fallimento degli operatori di mercato.
- L’uso di derivati comporterà un effetto leva per il Fondo (quando l’esposizione di mercato e il potenziale di perdita superano l’importo investito dal Fondo) e in queste condizioni di mercato l’effetto levaingigantirà le perdite. Il Fondo fa ampio uso di derivati.
- Se la valuta della classe di azioni è diversa dalla valuta locale del paese di residenza dell’investitore, gli importi indicatinel presente documento potrebbero aumentare o diminuire se convertiti nella valuta locale.


## Glossario

#### Alfa
Rendimento in eccesso su un investimento del fondo rispetto all’indice di riferimento.

#### Classe coperta
Una classe di Azioni denominata in una valuta diversa dalla valuta di base del portafoglio. Il gestore degli investimenti utilizza tecniche e strumenti per proteggere dalle variazioni tra la valuta della classe e di base del portafoglio.

#### Classe di azioni
Con la classe di Azioni viene classificata un’azione in un fondo. Diverse classi di azioni all’interno dello stesso fondo daranno diritti diversi ai loro proprietari.

#### Commissione annuale
Un addebito effettuato ogni anno per la copertura delle spese associate al funzionamento del fondo. Sebbene sia
espressa in importi percentuali annuali, viene generalmente suddivisa in 12 importi mensili e prelevata dal fondo su base mensile.

#### Esposizione geografica
L’ubicazione geografica delle posizioni del Fondo. L’esposizione rappresenta il rischio relativo della percentuale di investimento in quella particolare zona geografica.

#### Esposizione in base alla capitalizzazione di mercato
La percentuale degli attivi del fondo che sono
investiti in società con una capitalizzazione di mercato di determinate dimensioni.

#### Importo delle spese correnti (OCF)
Si tratta di un importo che rappresenta tutte le spese annuali e altri pagamenti prelevati dal fondo.

#### NAV per azione
Esprime il valore patrimoniale netto che rappresenta il valore di un fondo per azione.
Viene calcolato dividendo il valore patrimoniale netto totale del fondo o della società per il numero di azioni in circolazione.

#### Obbligazione
Un investimento di debito dove un investitore presta denaro a un’entità che prende in prestito i fondi per un periodo definito di tempo, a un tasso di interesse fisso o variabile. I proprietari delle obbligazioni sono creditori dell’emittente.

#### Quota attiva
La quota attiva è una misura della percentuale delle posizioni azionarie in un fondo diverse da quelle dell’indice di riferimento.

#### Valuta di base
La valuta nella quale è calcolato il valore patrimoniale netto di ciascun portafoglio.

## Informazioni importanti
Il presente documento è una comunicazione commerciale e non costituisce una sollecitazione
- un’offerta ad acquistare o vendere titoli
- strumenti finanziari. Qualsiasi opinione espressa può cambiare. Il presente documento non contiene informazioni sostanziali per gli obiettivi di investimento o le esigenze finanziarie del destinatario. Il presente documento non costituisce un consiglio legale, fiscale o in materia di investimenti. Il trattamento fiscale dipende da circostanze personali. Gli investitori devono fare affidamento sulla propria valutazione del fondoo chiedere un consiglio. L’investimento potrebbe essere limitato in altri paesi, e di conseguenza, qualsiasi soggetto che riceva questo documento deve essere consapevole della rispettiva giurisdizione e osservare qualsiasi limitazione.

Può essere presa in qualsiasi momento la decisione di porre fine alla commercializzazione del Fondo in qualsiasi Stato membro del SEE nel quale il Fondo è attualmente commercializzato. Agli Azionisti dello Stato membro del SEE interessato verrà comunicata l’eventuale decisione e verrà fornita l’opportunità di riscattare i propri interessi nel Fondo senza incorrere in alcuna commissione o trattenuta per almeno 30 giorni dalla data di tale comunicazione.
È possibile trovare ulteriori informazioni sulle caratteristiche del Fondo e su qualsiasi rischio associato nel Documento contenente le informazioni chiave per gli investitori del Fondo (“KIID”), il Prospetto, lo Statuto, e le relazioni annuali e semestrali. Fare riferimento a questi documenti prima di prendere qualsiasi decisione definitiva di investimento. Gli investimenti nel Fondo riguardano le azioni del Fondo e non gli investimenti sottostanti del Fondo. Questi documenti sono disponibili gratuitamente presso Melchior Selected Trust,
10, rue du Château d’Eau, L-3364 Leudelange, Lussemburgo, via email contattando Investor- Relations@polarcapitalfunds.com o all’indirizzo www.polarcapital.co.uk. Il KIID è disponibile in inglese, tedesco, finlandese, francese, italiano, norvegese, spagnolo e svedese; il Prospetto è disponibile in inglese. Ulteriori informazioni sulle caratteristiche ESG e di sostenibilità sono indicate nel prospetto del Fondo e sui siti web(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.
Indice di riferimento Indice di riferimento: il Fondo è gestito attivamente e utilizza l’Indice MSCI Europe Net Total Return Index in quanto obiettivo
di performance. L’indice di riferimento è stato scelto poiché viene generalmente considerato rappresentativo dell’universo di investimento nel quale il Fondo investe. È probabile che la performance del Fondo differisca dalla performance dell’indice di riferimento in quanto le posizioni, i pesi e la ripartizione degli attivi saranno diversi. Gli investitori devono considerare attentamente queste differenze quando fanno dei confronti. È possibile trovare ulteriori informazioni sull’indice di riferimento al sito http://www.msci.com. L’indice di riferimento è fornito da un amministratore nel registro degli indici di riferimento dell’Autorità europea degli strumenti finanziari e dei mercati (ESMA), che comprende dettagli di tutti gli amministratori di indici di riferimento autorizzati, registrati, riconosciuti e approvati dell’UE e di paesi terzi, oltre alle loro autorità nazionali competenti.