Polar Capital Global Financials
Company Notes
C share issue offers liquidity event
Polar Capital Global Financials provides specialist sector exposure to Financials, including banking, insurance and other sub-sectors, while attempting to generate a growing dividend together with capital appreciation. Last year saw its fixed life replaced with five-yearly tender offers at close to NAV. In April it announced a C share issue targeting up to £100m, which is scheduled to close on 16 June. The C share portfolio will be virtually identical that of the existing fund and the two share classes will be merged the day after the interim dividend is paid on 5 August.
Polar Capital Global Financials is managed by Nick Brind, John Yakas and George Barrow. They have a stock picking approach and there is a quality bias to the portfolio, which contained 84 holdings as at the end of April. 46% of the portfolio was invested in North America at that point, with 19% in Europe and 20% in Emerging Markets. By sub-sector 60% is in Banks, with 12% in FinTech and 16% in Insurance.
In the period since its launch in July 2013 to 30 April 2021, Polar Capital Global Financials delivered a NAV total return of +110%, outperforming its composite benchmark, which was up 105%. Performance over the last year has been particularly strong, with a NAV total return of +52% compared with a rise of 43% for the MSCI ACWI Financials.
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