Nick Davis, manager of the Polar Capital European ex-UK Income Fund, draws on his experience to discuss the ever-changing yet cyclical nature of the ‘investment race’. Exploring trending stocks, mean reversion and growth vs. value styles, he considers how a careful balance of risk and caution can help managers mitigate opportunity loss. Ultimately, Nick believes that managers must run their own race, seeking opportunities that align with their process and goes on to explain the Fund’s investment philosophy, the team’s contrarian approach and their view that European dividends continue to be misunderstood.