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Polar Capital rebases Japan fund currency

Polar Capital has changed the base currency of its $200m (132m) Japan fund from dollar to yen to reduce currency fluctuations for investors.

The group has made the move in the light of the recent strengthening of the yen against the dollar and sterling.

In addition, the group will add an institutional hedged share class, following the / rate falling from 250 to 188 in the last 18 months.

According to Polar Capital, the fund also intends to establish new share classes with a purely relative, as opposed to partially absolute, performance fee basis of calculation.

This will see the current 20% of outperformance of the Topix index fall to a new rate of 10%, and will be applied to the dollar, sterling and yen share classes.


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