Fund Evaluator:
Polar Capital International Small Com (PCSCX)
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Best Performing in Foreign Small/Mid Growth Over the Last Year
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Fund Details
Polar Capital International Small Com Overview
Polar Capital International Small Com (PCSCX) is an actively managed International Equity Foreign Small/Mid Growth fund. Polar Capital LLP launched the fund in 2024.
The investment seeks to achieve long term capital growth. Under normal market conditions, the fund will seek to achieve its investment objective by investing at least 80% of its net assets in a portfolio of equity securities and equity related securities of small companies. The Adviser defines “small companies” as issuers whose market capitalization falls within the market capitalization range of the fund’s benchmark index, the MSCI ACWI ex USA Small Cap Index. It is non-diversified.
About Polar Capital International Small Com (PCSCX)
There are 1 members of the management team with an average tenure of 1.92 years: Dan Boston (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI Ex USA Small NR USD index with a weighting of 100% and MSCI ACWI Ex USA IMI NR USD index with a weighting of 100%. Polar Capital International Small Com has 57 securities in its portfolio. The top 10 holdings constitute 36.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Polar Capital International Small Com is part of the Equity global asset class and is within the International Equity fund group. Polar Capital International Small Com has 91.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 6.2%. There is 91.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Polar Capital International Small Com has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $142 million in total assets, which is below the $325 million average for the Foreign Small/Mid Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PCSCX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Polar Capital International Small Com expense ratio is high compared to funds in the Foreign Small/Mid Growth category. Polar Capital International Small Com has an expense ratio of 1.10%, which is 10% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Polar Capital International Small Com has a portfolio turnover rate of 70%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Foreign Small/Mid Growth category.
Recently, in the month of August 2026, Polar Capital International Small Com returned 5.4%, which earned it a grade of A, as the Foreign Small/Mid Growth category had an average return of 4.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Polar Capital International Small Com has a trailing yield of 0.00%, which is below the 1.38% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Polar Capital International Small Com Grades
Year to date, the fund has returned 2.7%, 8.6 percentage points worse than the category, which translates into a grade of F. The fund has returned -9.9% over the past year (grade of F).
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PCSCX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PCSCX Return (NAV) | 5.4% | 1.3% | -9.9% | na | na | na |
| PCSCX Grade | A | C | F | na | na | na |
| +/- Category | 1.1% | 1.4% | -21.7% | na | na | na |
| Foreign Small/Mid Growth Avg | 4.3% | -0.1% | 11.8% | 12.9% | 0.5% | 7.2% |
| PCSCX Tax Cost Ratio | na | na | 0.9% | na | na | na |
PCSCX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PCSCX Return (NAV) | 2.7% | 3.6% | na | na | na | na | na | na | na | na | na |
| PCSCX Grade | F | F | na | na | na | na | na | na | na | na | na |
| +/- Category | -8.6% | -17.2% | na | na | na | na | na | na | na | na | na |
| Foreign Small/Mid Growth Avg | 11.3% | 20.8% | 0.9% | 13.4% | -28.6% | 9.9% | 25.4% | 27.8% | -16.2% | 35.3% | -0.7% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $142 Mil |
| Fund Total Assets: | $ 142 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 70% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Boston Dan (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 57 |
| % in Top 10 Holdings: | 36.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 91.3% |
Portfolio Allocation |
|
| Domestic Stock: | 6.2% |
| Foreign Stock: | 91.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | Polar Capital LLP |
| Phone Number: | 800-806-1112 |
| Website: |
| Status: | Open |
| Inception Date: | September 30, 2024 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.10% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | Polar Capital International Small Com |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
