Overview
Polar Capital Global Financials aims to generate a growing dividend income together with capital appreciation for investors. It seeks to achieve its objective by investing primarily in a global portfolio consisting of listed or quoted securities issued by companies in the financials sector operating in the banking, insurance, property and other sub-sectors.
You can access the company’s website here
Fundamentals
Price
Research History
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06 Jul 2026 13 min read
Polar Capital Global Financials – Is there an irrational bias against financials?
Is there an irrational bias against financials? Financials stocks remain undervalued relative to other sectors and to history. The relative advances that the sector had made earlier in 2026 have been given up, but Polar Capital Global Financials Trust (PCFT) has outperformed in 2026 in NAV terms YTD, helped by some good stock selection decisions […]
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12 min read
Polar Capital Global Financials – Is there an irrational bias against financials?
Is there an irrational bias against financials? Financials stocks remain undervalued relative to other sectors and to history. The relative advances that the sector had made earlier in 2026 have been given up, but Polar Capital Global Financials Trust (PCFT) has outperformed in 2026 in NAV terms YTD, helped by some good stock selection decisions […]
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12 min read
Polar Capital Global Financials – Is there an irrational bias against financials?
Is there an irrational bias against financials? Financials stocks are still undervalued compared to other sectors and their historical averages. Although earlier gains in 2026 have been lost, Polar Capital Global Financials Trust (PCFT) has outperformed this year in NAV terms, thanks to strong stock selection by its managers. Some PCFT holdings are already showing […]
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07 Jan 2026 18 min read
Polar Capital Global Financials – Cheap and cheerful
Cheap and cheerful After a couple of years where the global financials sector has been outperforming global equities, the managers of Polar Capital Global Financials Trust (PCFT) remain just as upbeat about the outlook for the sector as they were last May, when we last wrote on the trust. The managers observe that this is […]
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15 min read
Polar Capital Global Financials – Cheap and cheerful
Cheap and cheerful After several years of the global financials sector outperforming global equities, the managers of Polar Capital Global Financials Trust (PCFT) remain positive about the sector’s prospects, as they were last May. They note that many investors overlook or underweight financials. Despite recent strong performance, financials still have the lowest valuations compared to other sectors and are […]
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17 min read
Polar Capital Global Financials – Cheap and cheerful
Cheap and cheerful After a couple of years in which the global financials sector has outperformed global equities, the managers of Polar Capital Global Financials Trust (PCFT) state that they remain as positive about the outlook for the sector as they were in May of last year, when we last wrote on the trust. The […]
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22 May 2025 12 min read
Polar Capital Global Financials – An entry as well as an exit opportunity
An entry as well as an exit opportunity The financials sector is too big to ignore, yet too complex for most investors to cover effectively. Fortunately, Polar Capital Global Financials Trust (PCFT) makes an ideal subcontract. Its attractions are amplified by its structure, which provides shareholders with regular exit opportunities, one of which is on […]
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13 min read
Polar Capital Global Financials – An entry as well as an exit opportunity
An entry as well as an exit opportunity The financials sector is too big to ignore, yet too complex for most investors to cover effectively. Fortunately, Polar Capital Global Financials Trust (PCFT) makes an ideal subcontract. Its attractions are amplified by its structure, which provides shareholders with regular exit opportunities (chances for investors to redeem […]
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12 min read
Polar Capital Global Financials – An entry as well as an exit opportunity
An entry as well as an exit opportunity The financials sector is a significant component of global markets, yet is often complex for many investors to analyse comprehensively. Polar Capital Global Financials Trust (PCFT) offers an accessible investment vehicle for gaining exposure to this sector. Its structure provides shareholders with regular exit opportunities, one of […]
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12 Dec 2024 18 min read
Polar Capital Global Financials – Taking advantage of a favourable landscape
Taking advantage of a favourable landscape Markets have experienced a seismic shift in recent months. As we explore in this note, inflation forecasts have changed and with them interest rate expectations. As we discuss on page 6, a Republican clean sweep in the US elections offers the prospect of a favourable landscape for financials, particularly […]
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17 min read
Polar Capital Global Financials – Taking advantage of a favourable landscape
Taking advantage of a favourable landscape Various events appear to have combined to drive a meaningful shift in markets. As we explore in this note, inflation forecasts have changed and with them interest rate expectations. A Republican clean sweep in the US elections seems to offer the prospect of a favourable landscape for financials. There […]
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18 min read
Polar Capital Global Financials – Taking advantage of a favourable landscape
Taking advantage of a favourable landscape Markets have experienced a seismic shift. As we explore in this note, inflation forecasts have changed and with them interest rate expectations. A Republican clean sweep in the US elections offers the prospect of a favourable landscape for financials. This has been reflected in the dramatic improvement in the […]
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13 Jun 2024 10 min read
Polar Capital Global Financials Trust – Handful of themes to drive performance
Handful of themes to drive performance Polar Capital Global Financials Trust (PCFT) has had a good six months both in NAV terms, where returns have been ahead of both its benchmark and the global index, and in price terms, as the discount has narrowed. Next year’s liquidity opportunity (see page 11) ought to help the […]
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10 min read
Polar Capital Global Financials Trust – Handful of themes to drive performance?
Handful of themes to drive performance? Over the six months to end May 2024, Polar Capital Global Financials Trust’s (PCFT) net asset value (NAV) returns have been ahead of both its benchmark and the global index, and its share price returns have been even better, as the share price discount to NAV has narrowed. The […]
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11 min read
Polar Capital Global Financials Trust – Handful of themes to drive performance
Handful of themes to drive performance Polar Capital Global Financials Trust (PCFT) has had a good six months both in net asset value (NAV) terms, where returns have been ahead of both its MSCI All-Countries World Financials Index performance benchmark and the global MSCI All Countries World Index, and in share price terms, as the […]
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31 May 2024 1 min read
Interview with Nick Brind from Polar Capital Global Financials
In this week’s show, James Carthew spoke to Nick Brind from Polar Capital Global Financials. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email us Aiman. Additionally, if you would […]
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12 Dec 2023 18 min read
Polar Capital Global Financials Trust – Pessimism overdone, time to buy
Polar Capital Global Financials Trust Investment companies | Annual Overview | 12 December 2023 Pessimism overdone, time to buy As inflation eases and its looks increasingly like interest rates have peaked for now, the only major potential negative overhanging the financials sector is the thought that central banks may have overdone their tightening, which will […]
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17 min read
Polar Capital Global Financials Trust – Pessimism overdone, time to buy
Polar Capital Global Financials Trust Investment companies | Annual Overview | 12 December 2023 Pessimism overdone, time to buy As inflation eases and its looks increasingly like interest rates have peaked for now, the only major potential negative overhanging the financials sector is the thought that central banks may have overdone it and a recession […]
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17 min read
Polar Capital Global Financials Trust – Pessimism overdone, time to buy?
Polar Capital Global Financials Trust Investment companies | Annual overview | 12 December 2023 Pessimism overdone, time to buy? As inflation seems to be easing and its looks increasingly like interest rates may have peaked for now, one potential negative overhanging the financials sector is the thought that central banks may have overdone their tightening […]
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07 Jun 2023 11 min read
Polar Capital Global Financials Trust – Avoiding mishap
Polar Capital Global Financials Trust Investment companies | Update | 7 June 2023 Avoiding mishap After years of squeezed margins thanks to ultra-low interest rates, banks’ profitability is increasing. However, higher rates have brought increased recession risk and have exposed inept risk management within some US regional banks. The managers of Polar Capital Global Financials […]
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10 min read
Polar Capital Global Financials Trust – Avoiding mishap
Polar Capital Global Financials Trust Investment companies | Update | 7 June 2023 Avoiding mishap After years of squeezed margins linked to ultra-low interest rates, banks’ profitability is increasing. However, higher rates have brought increased recession risk and, with some high profile recent failures, appear to have exposed inept risk management within some US regional […]
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11 min read
Polar Capital Global Financials Trust – Avoiding mishap
Polar Capital Global Financials Trust Investment companies | Update | 7 June 2023 Avoiding mishap After years of squeezed margins thanks to ultra-low interest rates, banks’ profitability is increasing (in part, as the spread between the interest rates that they pay on deposits and the rates that they charge borrowers widens). However, higher rates have […]
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09 Mar 2023 64 min read
QuotedData’s Economic and Political Monthly Roundup March 2023
Economic and Political Monthly Roundup Investment companies | Monthly | March 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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06 Jan 2023 1 min read
QuotedData’s Investment Trust Weekly News Roundup Show – Review of 2022
In this week’s show, James Carthew spoke to Andrew McHattie from Investment Trust Newsletter. If there is a guest speaker you’d particularly like to hear from, please email us on [email protected]. Additionally, if you would prefer to watch and ask questions live, please join us every Friday at 11am.
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30 Nov 2022 16 min read
Polar Capital Global Financials Trust – Don’t fear the dog that is yet to bark
Polar Capital Global Financials Trust Investment companies | Annual overview | 30 November 2022 Don’t fear the dog that is yet to bark There has been a distinct shift in sentiment towards financials stocks and Polar Capital Global Financials Trust (PCFT) since Spring 2022. As fears of economic recession grew, initial enthusiasm about the positive […]
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16 min read
Polar Capital Global Financials Trust – Don’t fear the dog that is yet to bark
Polar Capital Global Financials Trust Investment companies | Annual overview | 30 November 2022 Don’t fear the dog that is yet to bark There appears to have been a distinct shift in sentiment towards financials stocks and Polar Capital Global Financials Trust (PCFT) since Spring 2022. The managers suggest that, as recessionary fears grew, initial […]
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16 min read
Polar Capital Global Financials Trust – Don’t fear the dog that is yet to bark
Polar Capital Global Financials Trust Investment companies | Annual overview | 30 November 2022 Don’t fear the dog that is yet to bark There has been a distinct shift in sentiment towards financials stocks and Polar Capital Global Financials Trust (PCFT) since Spring 2022. As recessionary fears grew, initial enthusiasm about the positive effects of […]
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26 Aug 2022 1 min read
Interview with Nick Brind of Polar Capital Global Financials Trust
In this week’s show, Matthew Read talked to Nick Brind of Polar Capital Global Financials Trust. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us. Additionally, if you would prefer […]
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05 Apr 2022 10 min read
Polar Capital Global Financials Trust – Riding out the storm
Riding out the storm Polar Capital Global Financials Trust (PCFT) has been a beneficiary of renewed interest in the financials sector, as economies reopen and interest rates begin to edge up (higher rates should feed into higher margins for banks). Incredibly, the sector is yet to make up the ground it lost relative to the […]
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11 min read
Polar Capital Global Financials Trust – Riding out the storm
Riding out the storm Polar Capital Global Financials Trust (PCFT) has been a beneficiary of renewed interest in the financials sector, as economies reopen from the effects of lockdowns and interest rates begin to edge up (as we explain in this note, higher rates should feed into higher margins for banks). Incredibly, the sector is […]
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10 min read
Polar Capital Global Financials Trust – Riding out the storm
Riding out the storm Polar Capital Global Financials Trust (PCFT) has been a beneficiary of renewed interest in the financials sector, as economies reopen and interest rates begin to edge up (higher rates should feed into higher margins for banks). Incredibly, the sector is yet to make up the ground it lost relative to the […]
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18 Nov 2021 16 min read
Polar Capital Global Financials Trust – More to go for
More to go for Polar Capital Global Financials Trust (PCFT) has been having a great run and we are delighted to see it re-expanding. The bounce in the financials sector began with last year’s good news on vaccines. Restrictions on distributions are being lifted and, as defaults have remained low, banks are looking overcapitalised. There […]
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16 min read
Polar Capital Global Financials Trust – More to go for
More to go for Polar Capital Global Financials Trust (PCFT) has been having a good run of performance both in absolute and relative terms. It has also been re-expanding. The bounce in the financials sector coincided with last year’s good news on vaccines. Restrictions on distributions are being lifted and, as defaults have remained low, […]
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17 min read
Polar Capital Global Financials Trust – More to go for
More to go for Polar Capital Global Financials Trust (PCFT) has been having a great run of performance and we are delighted to see it re-expanding, with over 148m shares issued since 31 October 2020. The bounce in the financials sector began with last year’s good news on vaccines. Restrictions on dividends and share buy […]
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05 Mar 2021 1 min read
Interview with Nick Brind from Polar Capital Global Financials Trust
In this week’s show, James Carthew talked to Nick Brind from Polar Capital Global Financials Trust. Watch it again here. If you were looking for QuotedData’s roundup of the week’s news, this is now in the news section – just click here. If there is a guest speaker you’d particularly like to hear from, please email us – […]
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25 Feb 2021 14 min read
Polar Capital Global Financials Trust – The tide has turned
The tide has turned Having played a supporting role in the initial phase of the stock market recovery – breaking historical precedent in the process – the share prices of financial stocks, and banks in particular, have come back sharply since November. Demand for its shares meant that Polar Capital Global Financials Trust’s (PCFT’s) premium […]
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13 min read
Polar Capital Global Financials Trust – The tide has turned
The tide has turned Having played a supporting role in the initial phase of the stock market’s recovery – breaking historical precedent in the process – financials, and banks in particular, have performed strongly since November. Polar Capital Global Financials Trust’s (PCFT’s) premium was recently at its highest level in more than five years, paving […]
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14 min read
Polar Capital Global Financials Trust – The tide has turned
The tide has turned Having played a supporting role in the initial phase of the market’s recovery – breaking historical precedent in the process – financials, and banks in particular, have come back sharply since November. Polar Capital Global Financials Trust’s (PCFT’s) premium was recently at its highest level in more than five years, paving […]
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22 Oct 2020 18 min read
Polar Capital Global Financials Trust – Too much pessimism?
Too much pessimism? Whilst there are some bright spots, such as payments companies, which are beneficiaries of the shift to online shopping, fears about the potential impact of COVID-19 have hit valuations across much of the financial sector. The fall in Polar Capital Global Financials Trust’s (PCFT’s) NAV reflects this situation. The managers are cautious, […]
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18 min read
Polar Capital Global Financials Trust – Too much pessimism?
Too much pessimism? Whilst there are some bright spots, such as payments companies, which are beneficiaries of the shift to online shopping, fears about the potential impact of COVID-19 have hit valuations across much of the financial sector. The fall in Polar Capital Global Financials Trust’s (PCFT’s) NAV reflects this situation. The managers are cautious, […]
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18 min read
Polar Capital Global Financials Trust – Too much pessimism?
Too much pessimism? Whilst there are some bright spots, such as payments companies, which are beneficiaries of the shift to online shopping, fears about the potential impact of COVID-19 have hit valuations across much of the financial sector. The fall in Polar Capital Global Financials Trust’s (PCFT’s) NAV reflects this situation. The managers are cautious, […]
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10 Aug 2020 4 min read
QuotedData’s Economic Roundup – August 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 May 2020 8 min read
QuotedData’s Investment Companies Roundup – May 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over April: An update note […]
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07 Apr 2020 5 min read
QuotedData’s Economic Roundup – April 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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25 Feb 2020 14 min read
Polar Capital Global Financials Trust – New lease of life
New lease of life As we approach the seventh anniversary of Polar Capital Global Financials Trust (PCFT)’s launch, its directors are proposing that the company continues beyond its planned wind-up date. A decade after the financial crisis, the sector, and banks in particular, remain out of favour. The problem is compounded for UK-based investors by […]
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14 min read
Polar Capital Global Financials Trust – New lease of life
New lease of life As we approach the seventh anniversary of Polar Capital Global Financials Trust (PCFT)’s launch, its directors are proposing that the company continues beyond its planned wind-up date. A decade after the financial crisis, the sector, and banks in particular, remain out of favour. The problem is compounded for UK-based investors by the […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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29 Oct 2019 8 min read
Polar Capital Global Financials Trust – Banks too cheap to ignore
Banks too cheap to ignore US rate cuts and a slowing global economy have overshadowed the financials sector and banks in particular so far this year. With banks trading close to multi-year lows, Polar Capital Global Financial (PCFT)’s managers have been adding to positions in their favoured stocks. The managers believe that banks boast far […]
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9 min read
Polar Capital Global Financials Trust – Banks too cheap to ignore?
Banks too cheap to ignore? US interest rate cuts and a slowing global economy have overshadowed the financials sector and banks in particular so far this year. With banks trading close to multi-year lows, Polar Capital Global Financial (PCFT)’s managers have been adding to positions in their favoured stocks. The managers believe that banks boast […]
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07 Aug 2019 5 min read
QuotedData’s economic roundup – August 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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12 Jul 2019 6 min read
Quarterly investment companies roundup – Second quarter 2019
Quarterly investment companies roundup – Second quarter 2019 QuotedData news Global equities re-found momentum in June after a cautious April and May. How much longer this ten-year bull market can sustain itself continues to be the subject of much debate. The prospect of interest rate cuts in the US has re-invigorated sentiment for the time […]
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08 May 2019 3 min read
QuotedData’s investment companies roundup – May 2019
Investment Companies Roundup New research Over April, we published notes on Henderson Diversified Income, Ecofin Global Utilities and Infrastructure, Jupiter Emerging and Frontier Income, Seneca Global Income & Growth and Polar Capital Global Financials Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was […]
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30 Apr 2019 18 min read
Polar Capital Global Financials Trust – Don’t fear a slowing economy
It is 10 years since the worst of the financial crisis, and almost six years since Polar Capital Global Financials Trust (PCFT) was launched to take advantage of low valuations in the financial sector and to offer investors a lower risk way of accessing the sector. Yet financial stocks (banks in particular) have lagged broader […]
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19 min read
Polar Capital Global Financials Trust – Don’t fear a slowing economy
It is 10 years since the worst of the financial crisis, and almost six years since Polar Capital Global Financials Trust (PCFT) was launched to take advantage of low valuations in the financial sector and to offer investors a lower risk way of accessing the sector. Yet financial stocks (banks in particular) have lagged broader […]
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22 Mar 2019 2 min read
QuotedData’s economic roundup – March 2019
QuotedData’s economic roundup – March 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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15 Aug 2018 1 min read
QuotedData’s investment companies roundup – August 2018
QuotedData’s investment companies roundup – August 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in July Tritax EuroBox raised its maximum target of £300 million in an […]
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1 min read
QuotedData’s Economic round up – August 2018
QuotedData’s Economic round up – August 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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13 Mar 2018 1 min read
QuotedData’s Economic round up – March 2018
QuotedData’s economic round up – March 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 Mar 2018 1 min read
QuotedData releases 2018 Investment Companies Guide
QuotedData has released the 2018 edition of its highly-regarded Investment Companies Guide. Building on the success of last year’s publication and updated to reflect developments within the sector, the Guide harnesses QuotedData’s wide-ranging distribution capabilities to reach over 100,000 self-directed investors and their advisers. Two versions: In PDF 2018 Investment Companies Guide Final Version Or Accessed Via […]
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14 Sep 2017 1 min read
QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2017. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Winners and losers in August Ashmore Global’s […]
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03 Aug 2017 2 min read
QuotedData’s economic round up – August 2017
QuotedData’s economic round up – August 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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10 Apr 2017 1 min read
QuotedData’s round up of views on the global economy – April 2017
A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned. Kindly sponsored […]
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07 Dec 2016 1 min read
QuotedData investment companies roundup – December 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2016. december-investment-companies-roundup
News
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14 Jul 2026 1 min read
Morning briefing: SpaceX hits 25.7% of Scottish Mortgage; Polar Capital Global Financials benefits from market volatility
Scottish Mortgage Trust (SMT) says SpaceX (SPCX) accounted for over a quarter (25.7%) of its £18.7bn portfolio at 30 June, up from 21% before its record flotation on 12 June and up from 8.2% in November. The disclosure in the latest factsheet of the Baillie Gifford flagship came yesterday as SpaceX shares fell to $139, […]
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09 Jul 2026 2 min read
Morning briefing: SEGRO dismisses Prologis bid as “inadequate” after “encouraging” first half; LondonMetric says due diligence on Picton bid “advancing well”; Polar Capital Holdings assets soar 45% in Q1; Saba lifts SEIT and BRSC stakes; plus LIVE, RESI & Taylor Maritime
SEGRO (SGRO) has reiterated its rejection of last month’s all-share bid approach from Prologis of the US after posting a “significant” first half rise in new rent to £53m from £31m a year ago. Having achieved a 44% uplift on rent reviews, renewals and regears in the UK in the six months to 30 June, chief […]
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17 Apr 2026 4 min read
Tariffs, war and tantrums: how investment managers are navigating Trump 2.0
As his second term began, even Donald Trump’s most ardent detractors recognised that it could be good news for the stock market. A bonfire of regulation, pro-growth economic policies and lower taxes would combine to super-charge markets. The risks appeared to be around inflation, rather than economic turmoil. It hasn’t quite worked out as planned. […]
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19 Feb 2026 2 min read
Morning briefing: Pantheon International slashes management fee; Pershing Square smashes S&P return; Euro banks boost Polar Capital Financials; plus BGS, SEC, TFIF
Pantheon International (PIN), the £1.6bn private equity trust under pressure from activist investor Metage over its 28% share price discount, has cut the fund management fee it pays by an estimated 19%. From 1 June the company will pay Pantheon Ventures a flat rate of 1% of net asset value, which stood at £2.2bn at […]
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22 Oct 2025 5 min read
QuotedData Investors’ Choice Awards 2025: All the winners, best investment companies and groups revealed!
An excited crowd of fund managers, directors, journalists and PR folk assembled at the Guardian Royal Exchange in the City of London last week for QuotedData’s second annual investment companies awards. Corks popped and champagne flowed as the winners of our 14 awards were announced. Everyone likes to be told they’re the best. What […]
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08 Aug 2025 3 min read
The trust world in 2025: Who’s winning, who’s shrinking
A year so far in the trust world August is upon us, and with it, we have now passed President Trump’s tariffs deadline. While it seems that we have found ourselves in a middle ground – with most major economies having negotiated some form of deal with him – the US has still implemented an […]
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04 Aug 2025 6 min read
Morning briefing: RM says Gore St board lacks credibility, Invesco Global smashes benchmark, RMMC offers 2028 exit
Also, HgCapital reports flat first half with its valuation hit by volatile markets, Octopus Renewables’s net asset value dented by a writedown of its stake in a developer, Oakley Capital Investments announces £22m new investment, VH Global Energy Infrastructure switches on new asset in New South Wales and BlackRock Throgmorton and BlackRock Energy Resources Income […]
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14 Jul 2025 3 min read
Deutsche Numis: Where activist Saba is winning after taking less “brash” approach in £1.3bn trusts campaign
A more conventional “behind the scenes” engagement with investment company boards is reaping results for the activist hedge fund after its high-profile defeats in January, says Deutsche Numis. Analysis by Deutsche Numis shows Saba Capital is having more success in extricating itself from investment trust targets than last week’s disclosure of a position just over […]
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11 Jul 2025 2 min read
New lease of life for Polar Capital Global Financials
Polar Capital Global Financials Trust (PCFT) recently provided investors with an opportunity to cash in their entire holding at net asset value (NAV, i.e. after costs). We argued strongly that the trust still has a bright future ahead of it and it was pleasing to see that holders of well over half the shares opted […]
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27 Jun 2025 3 min read
Discounts, dividends and defence – how investment trusts are quietly keeping their edge
In a year already overloaded with geopolitical shocks and economic recalibrations, it would be easy to miss the quieter – but no less meaningful – developments taking place within the UK’s investment trust market. While headlines may have fixated on activist campaigns and takeover bids, a number of trusts have quietly outperformed or innovated in […]
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25 Jun 2025 5 min read
QuotedData’s morning briefing 25 June 2025 – PCFT, IAD, ICGT, WKOF, LSAA, SSIT, TORO, ANII, BNKR, RNEW
In QuotedData’s morning briefing 25 June 2025, Polar Capital Global Financials has completed its tender, Invesco Asia Dragon is increasing its dividend, Weiss Korea Opportunity has announced its first capital return, Life Settlement Assets has a c3% NAV uplift following the revaluation of a group of policies, Seraphim Space will be doing a presentation on […]
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20 Jun 2025 2 min read
QuotedData’s morning briefing 20 June 2025 – PCFT, BRIG, RMII
In QuotedData’s morning briefing 20 June 2025 We also have: Stories you may have missed from yesterday:
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17 Jun 2025 1 min read
Polar Capital Global Financials secures its future
Polar Capital Global Financials says that, in its latest five-yearly tender offer, 132,912,988 shares were validly tendered or 43.83% of the shares in issue. That means that the trust is more than large enough to continue for at least another five years. Simon Cordery (chair of the company) commented: “Retaining close to 60% of the […]
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14 May 2025 2 min read
Polar Capital Global Financials launches 100% tender offer
As promised, Polar Capital Global Financials Trust (PCFT) has launched a tender offer of up to 100% of its issued share capital (excluding treasury shares), offering investors an opportunity to fully exit at a price close to NAV. The proposal, which follows through on a commitment in the trust’s articles of association, is conditional on […]
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11 Apr 2025 2 min read
Polar Capital Global Financials outlines plans post-2025 tender
Polar Capital Global Financials Trust (PCFT) has shared further details around the future of the company, including the structure of its upcoming 2025 tender offer, proposed changes to fees and dividend policy, and the conditions for its continuation as a listed vehicle. At the company’s AGM held yesterday, chair Simon Cordery confirmed that PCFT will […]
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20 Feb 2025 2 min read
Polar Capital Global Financials shareholders rewarded with best year ever
Polar Capital Global Financials Trust has published results for the 12 months ended 30 November 2024. It was a great year for the sector. In NAV terms, the trust just failed to keep pace with its MSCI ACWI Financials Index benchmark, returning 34.8% to the index’s 36.1%. However, a narrowing discount (from 12.2% to 5.5%) […]
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06 Dec 2024 4 min read
Banking back on top – Trump deregulation hopes reignite financials sector
Contrary to expectations, the best performing sector for the year to date is not technology, but financials. The short-term catalyst has been a surge for the banking sector in the wake of the election of Donald Trump, as investors anticipate deregulation and merger and acquisition (M&A) activity. However, the roots of financial sector strength go […]
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3 min read
Investors: Don’t bank against Financials
Rather than thinking of financials as UK banks plus a couple of insurance stocks, it might be time to see the sector as more like technology or healthcare. Although clearly different in many respects, they are all major global sectors with varied subsectors that diversify risk and offer superior risk-adjusted returns to the well-known large-cap […]
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22 Nov 2024 3 min read
MAGA or TINA, the only way is up?
The problem with Trump’s use of the phrase “MAGA” – Make America Great Again – is that it implies America wasn’t already great. With its booming equity markets, robust economic growth, and strong fundamentals – such as energy independence, deep pools of domestic capital, and the inherent advantages of the US dollar’s reserve currency status […]
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15 Nov 2024 3 min read
Are the lunatics now in charge of the asylum?
QD view – as Trump’s nominees for his cabinet court controversy, we have a look at some possible implications. On Thursday, we published a note on Polar Capital Global Healthcare – Vital signs are good. In it, we highlighted the managers’ belief that the sector is well-positioned to underpin the sector’s growth story for the […]
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23 Aug 2024 4 min read
Heineken trusts: reaching the parts that other trusts can’t
QD view – four idiosyncratic investment options that provide a differentiated and diversifying addition to a portfolio Part of the joy of investment trusts is that they allow fund managers more room to explore. It doesn’t matter too much if a strategy is highly cyclical, goes through periods of unpopularity, or is illiquid, because managers […]
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20 Aug 2024 1 min read
QuotedData’s morning briefing 20 August 2024 – PCFT, SOHO, IPU
In QuotedData’s morning briefing 20 August 2024: Polar Capital Global Financials (PCFT) has been promoted to the FTSE 250 Index, replacing Redrow which has been taken over by Barratt Developments. Triple Point Social Housing REIT (SOHO) has completed the transfer of all 38 properties previously leased to struggling housing association Parasol (representing 9.7% of the […]
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04 Jul 2024 1 min read
QuotedData’s morning briefing 4 July 2024 – PCFT, ADIG, GRID
In QuotedData’s morning briefing 4 July 2024: Polar Capital Global Financials (PCFT) has published six-month numbers covering the period ended 31 May 2024. The trust beat its benchmark, returning 18.2% in NAV terms and 23.3% in share price terms versus 15.9% for the MSCI All Countries World Financials Index. [We covered many of the reasons […]
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11 Jun 2024 1 min read
QuotedData’s morning briefing 11 June 2024 – USF, VNH, RTW, SMIF, PCFT
In QuotedData’s morning briefing 11 June 2024: The US Solar Fund (USF) will purchase in aggregate 24,358,974 shares under its previously announced tender offer at a price of $0.764 per share. This is the maximum number of shares to be acquired, representing approximately 7.33% ($19m) of the issued share capital of the company. VietNam Holding […]
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12 Apr 2024 2 min read
QD view – Navigating a sticky situation
On the economic front, this week’s big news was US inflation figures coming in ahead of expectations. This knocked both equity and bond markets, and cast doubts on the prospect of any interest rate cut in June, as had been expected beforehand. Sticky inflation One reason why US inflation seems to be stickier than the […]
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16 Feb 2024 2 min read
Polar Capital Global Financials affected by sector selloff
Polar capital Global Financials Trust says that its NAV total return for the year ended 30 November 2023 was -2.8%. This compares to a return on the MSCI ACWI Financials Index of +0.3%. Unfortunately, investors were hit by a widening of the trust’s discount to 12%, leaving them with a return of -7.5%. The discount […]
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22 Dec 2023 3 min read
QD – review of the year
This is the last of our weekly emails for 2023. We hope that you have been finding them useful. We will be publishing our annual roundup in January. Ahead of that however, I thought it might be worth pulling out a few of the year’s highs and lows. In January, China’s market shone as hopes […]
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10 Oct 2023 1 min read
QuotedData’s Investment Trust Forum 2023
Welcome to the videos from the Investment Trust Forum 2023. The conference was for investment analysts, research committees and portfolio managers from all the major asset management groups, banks, stockbrokers, wealth managers and IFA networks and offered presentations and panel discussions on a range of topics. We were pleased to have panel sponsorship from Witan […]
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11 Jul 2023 2 min read
QuotedData’s morning briefing 11 July 2023
Riverstone Energy (RSE) has announced that one of its portfolio companies, Anuvia Plant Nutrients, has ceased operations and is undergoing liquidation. The company invested US$20 million in Anuvia in March 2022, with its investment being written down to US$14 million at the time of its Q1 2023 quarterly portfolio valuations. Anuvia is in the process […]
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17 Mar 2023 7 min read
QD view – A Silicon Valley bust?
Silicon Valley Bank (SVB) was, I’m sure, a largely unknown financial institution for many of our readers. Though they would be forgiven for their past ignorance, given that SVB was focused on servicing clients in a specific sector, usually in another country, who were, more often than not, headquartered down the street from the bank. […]
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14 Mar 2023 2 min read
More SVB updates – fortunately not too serious
A number of funds made comments on the fallout from the collapse of Silicon Valley Bank and Signature – as far as we can tell, there is nothing earth-shattering here. HarbourVest may be worrst-affected. Although as the managers of Polar Capital Global Financials Trust suggest, this episode may not be quite over yet. NB Private […]
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21 Feb 2023 10 min read
Polar Capital Global Financials grows during a tough year
Polar Capital Global Financials (PCFT) has announced its annual results for the year ended 30 November 2022. During the period, PCFT provided a positive NAV total return of 1.9% although, reflecting a widening of its discount, it provided a share price total return of -7.6%. In comparison, the MSCI ACWI Financials provided a total return […]
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14 Feb 2023 1 min read
Polar Capital Global Financials announces new chairman
The board of Polar Capital Global Financials Trust Plc has announced the appointment of Simon Cordery to the role of chairman of the company with effect from 30 March 2023. Simon has been a non-executive director of the company since 1 July 2019. He replaces Robert Kyprianou who has been chairman since its launch, as […]
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1 min read
QuotedData’s morning briefing 14 February 2023
In QuotedData’s morning briefing 14 February 2023: Regional REIT (RGL) says the vast majority (99%) of its office tenants have returned to the office, with a hybrid work pattern of three to four days in the office and one to two days at home the favoured combination. The company says its regional office portfolio, which comprises […]
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24 Nov 2022 3 min read
QuotedData’s morning briefing 24 November 2022
In QuotedData’s morning briefing 24 November 2022: Foresight Solar Fund (FSFL) says that the net impact of the new electricity generator levy on its NAV is to reduce it by 0.8p. As other funds did, it applied discounts to the blended power forecasts as at 30 September 2022. To reflect the uncertainty surrounding the likely […]
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01 Jul 2022 2 min read
Polar Capital Global Financials suffers during ‘highly volatile year’
Polar Capital Global Financials suffers during ‘highly volatile year’ – Polar Capital Global Financials (PCFT) has posted its half-year results for the six months to 31 May 2022. During this time, its NAV was down 2.2% while its benchmark delivered 1.7%. The board said that the market environment in the first half of the company’s […]
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26 Apr 2022 1 min read
Polar Cap Financials benefits as Schroders sorts out capital structure
In our recent note on Polar Capital Global Financials – Riding the storm – we noted that its managers had been adding to the trust’s holding of Schroders non voting shares. They reasoned that the shares were cheap on the basis that the discount between the Schroders non-voting and ordinary shares was around 40% – […]
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28 Feb 2022 1 min read
Polar Capital Global Financials raises £16.6m
Polar Capital Global Financials raises £16.6m – Polar Capital Global Financials (PCFT) has has raised gross proceeds of £16.6m through the issue of 9,905,427 new ordinary shares at 167.75 pence per new ordinary share. This represents a premium of 1.5% to the unaudited net asset value, including current year income, per share as at close […]
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21 Feb 2022 1 min read
Polar Capital Global Financials announces placing
Polar Capital Global Financials announces placing – The board of Polar Capital Global Financials (PCFT) has announced plans to raise additional equity capital through the issue of new ordinary shares by way of a placing pursuant to the company’s existing placing programme. This will be the second subsequent placing under the prospectus published by PCFT […]
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17 Feb 2022 2 min read
Polar Capital Global Financials outperforms as financials in demand
Polar Capital Global Financials outperforms as financials in demand – Fast-growing Polar Capital Global Financials Trust rewarded its shareholders with an NAV return of 27.9% and a share price return of 29.7% over the course of the 12 months ended 30 November 2021. Both returns were ahead of the 27.0% return delivered by the MSCI ACWI […]
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02 Feb 2022 3 min read
QuotedData’s morning briefing 2 February 2022
In QuotedData’s morning briefing 2 February 2022: 3i Infrastructure (3IN) has completed its further £258m investment in ESVAGT, the market leader in service operation vessels for the offshore wind industry, taking its equity stake to 100%. Downing Renewables and Infrastructure (DORE) has acquired an operational 46 MW onshore wind project located in north east Sweden […]
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28 Jan 2022 2 min read
QD view – every cloud
A storm is hitting markets as central bankers threaten to raise interest rates to choke off inflation. Growth-focused funds have been hit hard – Scottish Mortgage’s shares are 20% lower than they were a month ago, for example. However, it is not all doom and gloom. Polar Capital Global Financials Trust is trading at a […]
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26 Jan 2022 1 min read
Polar Capital Global Financials back for more money
Polar Capital Global Financials back for more money – Polar Capital Global Financials (PCFT) plans to raise additional equity capital through the issue of new ordinary shares via its placing programme. The new shares will be issued at a price which will be published on the day following the closing date of the placing, set […]
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21 Jan 2022 1 min read
Polar Capital Global Financials Trust – going like hot cakes
Polar Capital Global Financials Trust (PCFT) has announced today (21st January 2021) that it is considering an equity issue under its placing programme. There is currently strong interest in the financials sector and, reflecting this, strong demand for PCFT’s shares. Since 30 November 2020 to 20 January 2022, PCFT says that it has raised some […]
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14 Jan 2022 1 min read
Polar Capital Financials in hot demand
Polar Capital Global Financials Trust (PCFT) has published a shareholder circular convening a General Meeting for Tuesday, 1 February 2022. The purpose of the meeting is to ask shareholders to renew the board’s authority to issue new ordinary shares (while disapplying the pre-emption rights in respect of such allotments). Since its 2021 AGM, PCFT has […]
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11 Aug 2021 3 min read
QuotedData’s morning briefing 11 August 2021
In QuotedData’s morning briefing 11 August 2021: Round Hill Music Royalty (RHM) has made its first open market acquisition since its IPO by acquiring the music catalogue of Yes guitarist and film score composer, Trevor Rabin. This includes 3,528 cues from films such as Armageddon, Enemy of the State and Bad Boys II and songs such as Owner of a Lonely […]
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02 Jul 2021 1 min read
QuotedData’s weekly news show 2 July 2021
QuotedData’s weekly news show 2 July 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew and Jayna Rana covered the week’s top stories: Bluefield Solar Income Fund plan to buy 109 wind turbines Genesis Emerging Markets – Fidelity […]
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2 min read
QD view – Told you so!
There is a fair bit going on in the sector this week but I thought I would highlight the interim results from Polar Capital Global Financials Trust. We don’t always write about interims – six months’ worth of performance is a bit short-term to make a fuss about – but in this case we made […]
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2 min read
Polar Capital Global Financials reports on excellent period for financials
Polar Capital Global Financials (PCFT) has released its interim results for the six months ended 31 May 2021, which its managers (Nick Brind, John Yakas & George Barrow) describe as an “excellent one for financials in both absolute terms and relative to wider equity markets”. The period saw a significant turnaround in sentiment towards the […]
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11 Jun 2021 1 min read
Banking on a recovery in one of the world’s largest sectors
As the most sensitive sector to the reflationary trade, financials stand to be a primary beneficiary of an upward shift in inflation and interest rate expectations, explains George Barrow, co-manager of the Polar Capital Global Financials Trust plc. Following strong demand in the financials sector, evidenced by PCFT shares trading at a premium to net […]
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12 May 2021 2 min read
Polar Capital Global Financials sets out growth plans with financials revival set to carry on
Further to the announcement on 22 April 2021 (click here to read our coverage and take on this) that the board of Polar Capital Global Financials (PCFT) was considering an issue of equity, proposals for a placing, the board has this morning announced an open offer, offer for subscription and intermediaries offer for a target […]
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22 Apr 2021 2 min read
Polar Capital Global Financials plans C share issue
Polar Capital Global Financials plans C share issue – The board of Polar Capital Global Financials Trust says that it notes the continued strong interest in the financials sector and consequent demand for the company’s shares. Since 30 November 2020, the company has re-issued 45,199,900 ordinary shares from treasury, across a large number of transactions, raising […]
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26 Mar 2021 2 min read
QD view – there’s more to emerging markets than China
We have just published a note on Aberdeen Emerging Markets Investment Company, following a meeting with its managers, and our guest on this week’s news show was Ross Teverson, manager of Jupiter Emerging & Frontier Income. This week’s QD view picks up on some of the themes that came out of our discussions. The first […]
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05 Mar 2021 3 min read
QD view – Inflation fears making waves
If you listened into this week’s interview with Nick Brind, one of the managers of Polar Capital Global Financials Trust, you will have heard how rising long-term interest rates are helping to drive a recovery in the financials sector, particularly for banks. Long-term interest rates are climbing in part because investors are expecting that inflation […]
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23 Feb 2021 2 min read
Polar Capital Global Financials matches benchmark in transformational year
Polar Capital Global Financials matches benchmark in transformational year – Over the year ended 30 November 2020, the trust delivered a return of -6.5%, just about in line with its benchmark, which returned -6.4%. Shareholders did better than this though as the discount narrowed, leaving them with a return of -1.6%. This was a year […]
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02 Feb 2021 1 min read
QuotedData’s morning briefing 2 February 2021
In QuotedData’s morning briefing 2 February 2021: BlackRock World Mining has revalued its investment in OZ Minerals Brazilian Royalty from $23.6m to $30.1m, adding 2.7p to its NAV. BlackRock Throgmorton Trust has appointed Merryn Somerset Webb as a non-executive director with effect from 24 March 2021. Merryn is the editor-in-chief of MoneyWeek, the UK personal finance magazine […]
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14 Jan 2021 2 min read
QuotedData’s morning briefing 14 January 2021
In QuotedData’s morning briefing 14 January 2021: Polar Capital Global Financials has published a circular to convene a meeting on 1 February at which shareholders will be asked to approve the issue of up to 70,375,000 shares from treasury without pre-emption (first offering them to existing shareholders). The shares will be issued at a premium and […]
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18 Dec 2020 2 min read
Polar Capital Global Financials mulls re-expansion
Polar Capital Global Financials mulls re-expansion – The board of Polar Capital Global Financials Trust says that it has noted the significant increase in interest in the financial sector and other out-of-favour sectors in November 2020, which resulted in a sharp jump in the share prices of financial stocks globally. It notes that, as a result […]
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04 Dec 2020 1 min read
QuotedData’s weekly news show 4 December 2020
QuotedData’s weekly news show 4 December 2020 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on youtube. In this week’s show, James Carthew covered the week’s top stories: Polar Capital Global Financials’ remarkable share price rise Invesco Income Growth’s planned merger Golden Prospect Precious Metals’ influx […]
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01 Dec 2020 1 min read
QuotedData’s morning briefing 1 December 2020
In QuotedData’s morning briefing 1 December 2020: Polar Capital Global Financials says that George Barrow has been appointed as joint fund manager of the trust, alongside Nick Brind and John Yakas. George joined Polar Capital in September 2010 and has over 10 years’ experience analysing Europe, Asia and emerging markets. Prior to joining Polar Capital, he […]
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30 Jun 2020 1 min read
QuotedData’s morning briefing 30 June 2020
In QuotedData’s morning briefing 30 June 2020: Polar Capital Global Financial declared a 2.4p interim dividend, in line with its commitment to maintain distributions to shareholders despite regulatory blocks to bank’s dividends. Redefine Properties has sold its 29.42% stake in RDI REIT to affiliates controlled by Starwood Capital Group. RDI REIT’s shares rose strongly on he […]
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04 May 2020 2 min read
Polar Capital Global Financials to maintain equivalent level dividend this year
Polar Capital Global Financials (PCFT) has announced that it expects to declare dividends for the current year, at levels equivalent to last year, in due course. The news will be well received by shareholders, who last month voted to indefinitely extend PCFT’s life. Distributable reserve facet of investment trusts to allow PCFT to support dividend at […]
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08 Apr 2020 1 min read
Shareholders vote to extend Polar Capital Global Financials’s life indefinitely
Shareholders have voted to extend Polar Capital Global Financials’s (PCFT’s) life indefinitely. following a general meeting held yesterday (7 April 2020). Results of the general meeting and tender offer “Subsequent to the company’s shareholder circular of 12 March 2020, in which proposals were put forward for the provision of a tender offer to shareholders together […]
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31 Mar 2020 1 min read
Polar Capital Global Financials update
Polar Capital Global Financials update “Today the banking sector is significantly better capitalised than it was in the years leading to the global financial crisis and regularly stress tested by its regulators to ensure it can withstand significant shocks. Furthermore, the recent extraordinary steps that central banks and governments worldwide have announced will significantly dampen […]
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20 Mar 2020 2 min read
Polar Capital Global Financials deserves a second chance
Polar Capital Global Financials deserves a second chance About a month ago, we published an update note on Polar Capital Global Financials (PCFT). This was timed to coincide with its announcement that it hoped to extend its life beyond its planned windup date and, if it could, raise more money. We explained why we thought […]
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09 Mar 2020 3 min read
Polar Capital Global Financials reports annual results as it prepares for life extension
Polar Capital Global Financials (PCFT) reported annual results to 30 November 2019. Over the year, the company delivered a total NAV return of +7.2%, while the shares increased by +8.9%. The main story is that PCFT is set to continue beyond its fixed life (31 May 2020), which we discussed in our recently published update note: Polar Capital Global […]
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06 Feb 2020 3 min read
Polar Capital Global Financials set to continue beyond fixed-life
Further to the announcement on 26 November 2019 (which we covered here) that Polar Capital Global Financials (PCFT) would explore a continuing vehicle as fixed-life end date approached, the trust has provided a further update on its future. Following meetings with major shareholders, PCFT says a majority have expressed a desire to maintain an exposure to the […]
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05 Feb 2020 1 min read
Marten & Co Income Strategies Conference 2020
Marten & Co Income Strategies Conference 2020 Many thanks to those of you who made it to our inaugral Marten & Co Income Strategies Conference. We had some great presentations from a diverse range of income funds. JLEN Environmental – Shires Income – Civitas Social Housing – Henderson Diversified Income – Polar Capital Global Financials The […]
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26 Nov 2019 1 min read
Polar Capital Global Financials to explore continuing vehicle as fixed-life end-date nears
Polar Capital Global Financials to explore continuing vehicle as fixed-life end date nears – Polar Capital Global Financials (PCFT) announced that in light of the backstop date of 31 May 2020 by which PCFT is due to be placed into liquidation in accordance with its articles of association, the company’s board is in the process of considering […]
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10 Jul 2019 1 min read
QuotedData’s other news 10 July 2019
In QuotedData’s other news 10 July 2019 One of the smallest listed investment companies, SVM UK Emerging, published results for the year ended 31 March 2019. It underperformed its benchmark, returning -1.8% in NAV terms and -6.7% in share price terms against a 2.8% return for the IA UK All Companies sector average [no we don’t […]
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09 Jul 2019 1 min read
Polar Capital Global Financials edges further ahead
Polar Capital Global Financials edges further ahead – in its interim results, covering the six months ended 31 May 2019, Polar Capital Global Financials Trust reports that it delivered a return of 2.0% in NAV terms ahead of a 1.4% return on its benchmark, MSCI World Financials plus Real Estate. The trust has now outperformed […]
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03 Jun 2019 12 min read
Polar Capital on fintech – is it really the demise of incumbents?
The growth of fintech is having a profound impact across financial services with digital transformation set to accelerate the division between winners and losers. However, the discussion on the outlook for the sector is often framed as the rise of fintech and the demise of the incumbents. While complacent companies are certainly at risk of […]
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03 May 2019 1 min read
Simon Cordery joins Polar Capital Global Financials Trust board
Polar Capital Global Financials Trust (PCFT) has announced that Mr. Simon Cordery has been appointed as an independent, non-executive director, with effect from 1 July 2019. Mr. Cordery has considerable and detailed knowledge of the investment trust industry and remains actively involved with the Association of Investment Companies. A resolution proposing the election of Mr. […]
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12 Feb 2019 4 min read
Polar Capital Global Financials navigates a topsy-turvy year
Polar Capital Global Financials Trust (PCFT) has announced its annual results for the year ended 30 November 2018. In what the chairman’s statement describes as a topsy-turvy year for global equity markets, PCFT provided NAV and share price total returns of -1.5% and -1.7% respectively, which it says compares against a total return for its […]
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08 Feb 2018 2 min read
Polar Capital Financials Trust beats benchmark as banks do well
Polar Capital Financials Trust beats benchmark as banks do well – Polar Capital Financials Trust has published results for the year ended 30 November 2017. Over the period, the benchmark, the MSCI World Financials + Real Estate (RE) Index, rose by 14.2% but the fund beat this, delivering an NAV total return of 16.4%. The total […]
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18 Jan 2018 4 min read
Independent publishes results for phenomenal year
Independent publishes results for phenomenal year – Over the year to 30 November 2017, Independent Investment Trust produced a net asset value (NAV) total return of 54.8%. However one measures performance this was, by some margin, the best annual result in the history of the Independent: theoretical investments in the All-Share Index and the World Index would […]
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01 Aug 2017 2 min read
Polar Capital Global Financials gets subscription shares exercised
Polar Capital Global Financials gets subscription shares exercised – it has announced that it has applied for the listing of 24,952,723 new ordinary shares of 5p each. It is expected that admission to trading will take place on 2 August 2017. Applications have been made following the exercise of the rights represented by 24,952,723 subscription shares to subscribe in […]
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10 Mar 2017 1 min read
Polar Capital Global Financials held back by US underweight
Polar Capital Global Financials returned 22.2% over the year ended 30 November 2016 in NAV terms, a bit behind the benchmark (MSCI World Financials Index to 31 August 2016, and the MSCI World Financials Index + Real Estate, for the period 1 September to 30 November 2016) which returned 24.5%. Shareholders made 21.4% as the […]
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07 Feb 2017 1 min read
All trust sectors bar one made money in ’16
UK Smaller Companies was the only investment sector to lose money in 2016 despite a turbulent political and economic landscape, new research has revealed. See more here
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14 Jul 2016 3 min read
Housebuilding drags down Independent after a good six months
The six month period ending 31 May 2016 Independent Investment Trust produced a net asset value total return of 5.7%. The total returns notionally attributable to the FTSE All Share Index and the FTSE World Index were 0.1% and 3.9% respectively. The net asset value per share rose from 390.1p to 400.3p over the period, […]
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08 Jul 2016 1 min read
Polar Capital Global Financials just ahead of benchmark
During the six months to 31 May 2016 Polar Capital Global Financials generated a fully diluted Net Asset Value total return of -0.59%. The portfolio’s benchmark, the MSCI World Financials Index (Total Return with dividends reinvested), returned -0.84% over the same period. The price of the ordinary shares closed the period at 97.75p, a decline of […]
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02 Feb 2016 4 min read
Polar Capital Global Financial outperforms
Polar Capital Global Financial has reported a return on net assets of 5.3% for the year to the end of November 2015. this compares well to a total return of 0.9% for the benchmark MSCI World Financials Index, and total return of 3.8% delivered by the broad MSCI World Index. The Company’s share price total return […]
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28 Jul 2015 1 min read
Polar Financials bet on UK challenger banks pays off
Polar Capital Global Financials beat its benchmark over the six months ended 31 May 2015 generating a return on net assets of 8.1% as compared to 4.9% on the MSCI World Financials Index. The share price total return was 7.6% as the discount widened to 8.3%. The interim dividend is 1.85p up from 1.75p last […]
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24 Jul 2015 2 min read
Bumper period for Throgmorton as CFDs pay off
BlackRock Throgmorton says it generated a 19.85 return on net assets over the six months ended 31 May 2015 – ahead of the 15.7% return posted by the Numis Smaller Companies excluding AIM and investment companies index. Shareholders did even better as the discount narrowed taking their return to 23.8%. The interim dividend has been […]
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24 Apr 2015 1 min read
Cayenne Trust says considering proposals for future of the company
The Cayenne Trust’s results for the year ended 31 January 2015 have been published. The company’s net asset value total return and share price total return were both 12.1% for the period. This compares to an 11.6% return on the FTSE All-Share Equity Investments Index. The dividend has been increased from 1.2p to 3.8p. The […]
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03 Feb 2015 1 min read
Widening discount hits Polar Capital Global Financials
Polar Capital Global Financials Trust has published its accounts for the year ended 30 November 2014. over that period the net asset value total return was 9.8%, a little behind the fund’s benchmark, MSCI World Financials Index, which returned 11%. Financials lagged the wider market, the MSCI World Index rose by 14.8%. To compound the […]
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24 Jul 2014 1 min read
Polar Capital Global Financials : PCFT – interims
Polar Capital Global Financials released interims for the six months ended 31 May 2014. Over this period the fund generated a net asset value total return of 3.2% – ahead of the 1.6% return on the MSCI World Financials Index. The premium on Polar Capital Global Financial narrowed however and the return to shareholders was 0.6%. […]
Videos
In The Press
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06 Aug 2026 1 min read
Investment trust insider on private credit
James Carthew: Is disaster looming for trusts exposed to private credit? Law Debenture CEO Denis Jackson recently warned that ‘the floor of the coal mine is piling up with dead canaries’ when it comes to private credit – are investors right to be worried? Law Debenture (LWDB) published a decent set of interim results at […]
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16 Jun 2026 1 min read
Investment trust insider on AI winners and losers
James Carthew: Are trusts really backing AI winners – or funding the losers? The likes of HgCapital and Lindsell Train have come under fire for their AI holdings, but is the upside potential as powerful as they claim? I recently attended HgCapital’s (HGT) capital markets day where the main focus was the effect of AI […]
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17 Jun 2025 1 min read
Polar Capital Global Financials comes through tender offer
Lotte Edwards, Citywire Investment Trust Insider, 17 June 2025: The results of a tender offer at Polar Capital Global Financials (PCFT) are out, revealing close to half the share capital elected to sell out at net asset value (NAV) less costs. An update from the trust today specified that 133m shares were tendered, equalling 44% […]
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1 min read
Polar Capital Global Financials completes tender offer
Christian Mayes, Portfolio Adviser, 17 June 2025: Polar Capital Global Financials has retained almost 60% of its issued share capital following the completion of a tender offer. Overall, 43.83% of shares in the trust were tendered. Polar Capital Global Financials offers shareholders the chance to exit through a tender offer every five years. “Retaining close […]
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22 May 2025 1 min read
What tender offer means for Polar Capital Global Financials Trust investors
Investment trust Polar Capital Global Financials Trust (PCFT) is offering shareholders an easy exit at a premium to the current share price, cutting fees and boosting its commitment to future dividends in sweeping changes. The investment trust has launched a tender offer of its issued share capital (excluding treasury shares), providing investors with an opportunity […]
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19 May 2025 1 min read
Investment trust insider on Polar Capital Global Financials
James Carthew: Give this financials trust another five years (at least) The Polar Capital Global Financials investment trust is revving up for its latest unlimited tender offer. Last November, when I wrote a few articles speculating on the impact of a Trump presidency, one focused on the outlook for the financials sector. As Polar Capital […]
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23 Jan 2025 1 min read
The investment trusts offering shareholders a way out
by Val Cipriani, Investors’ Chronicle, January 23, 2025: A number of investment trusts are set to offer exit options in 2025, giving investors the opportunity to cash in their investments at or near net asset value (NAV). Investors will have to weigh up whether to stay invested in the trusts for the long term, take […]
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15 Jan 2025 1 min read
Investment trust insider on rising bond yields
Investment trust insider on rising bond yields – James Carthew: Higher bond yields deal blow to small-cap recovery Sliding sterling and elevated gilt yields have made for a painful month for small-cap and renewables trusts, and investors now need to be patient. I am going to press pause on the Saba saga this week (although […]
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17 Dec 2024 1 min read
Investment trust insider looks back at 2024
Investment trust insider looks back at 2024 – James Carthew: Shrinking trusts provide multiple opportunities Share price discounts remain stubbornly wide despite a huge number of buybacks and corporation actions in 2024. Nevertheless, there have been some big winners this year. This year has seen the investment companies sector shrink as boards have made big […]
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11 Nov 2024 1 min read
Investment trust insider on Trump and financials
Investment trust insider on Trump and financials – James Carthew: The winners of Trump’s regulation bonfire Trusts that will leap on Donald Trump’s looser financial regulations and an environment of higher-for-longer interest rates. It will take some time for the dust to settle following the US election. The US equity market responded positively, but US […]
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20 Jun 2024 1 min read
One way to beat the banks
By James Carthew, QuotedData, 20 June 2024: One of the great rules of investing is don’t buy something that you don’t understand. Fortunately, most businesses are reasonably straightforward, but one sector that is riddled with complexity is financials, especially when it comes to the banks, insurance and life assurance companies that make up the majority […]
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20 Jun 2023 1 min read
Investment trust insider on Polar Capital Global Financials Trust
James Carthew: Rate fears help case for Polar Capital Global Financials While there have been no front-page headlines for a few weeks, there still seems to be an undercurrent of concern about the health of the banking sector. The main problem is perceived to be exposure to the commercial property sector, where falling property values […]
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09 May 2023 1 min read
Investment trust boards: what do they do, and do they add value?
by Faith Glasgow from interactive investor, 9 May 2023: The recent widely publicised spat between members of Scottish Mortgage’s board of directors has once again focused attention on investment trust boards as a unique aspect of the closed-ended fund structure… Investment trusts are required to have independently elected boards of directors because they are structured […]
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18 Oct 2022 1 min read
Investment trust insider opportunities in troubled times
Investment trust insider opportunities in troubled times – James Carthew: Where trust opportunities lie after another Tory regime collapse The U-turns, clumsy mistakes, muddled thinking and general ineptitude of current UK economic policy may have killed any hope of a relatively shallow recession in the UK. For investors, the way forward is hard to fathom, […]
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28 Mar 2022 1 min read
Investment trust insider on performance triggered tenders
Investment trust insider on performance triggered tenders – James Carthew: Back to the drawing board Aberdeen India If I could devise and patent one simple and guaranteed way to tackle discounts on investment companies, I would probably make a fortune. I am not sure that such a thing exists, however. Over the years, boards have […]
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15 Nov 2021 2 min read
The alternative trusts allowing investors to capture new trends
Investment trusts enjoy record year for fundraising as they back a new wave of innovation November 11, 2021, Investors Chronicle, By Mary McDougall Investment trust fundraising amounted to £11.4bn in the first 10 months of the year, a record for the ancient fund structure which is now financing a new wave of innovation. Most striking is the […]
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21 Jul 2021 2 min read
QuotedData’s top investment company picks for H2 2021
Five companies to keep on your radar QuotedData, Investment Week, 21 July 2021 • 1 min read Apax Global Alpha invests in a range of private equity funds raised and advised by Apax Partners. To avoid the problem of uninvested cash dragging on returns, the trust invests surplus liquidity in a portfolio of derived investments […]
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22 Mar 2021 1 min read
It is possible to invest in nation’s thirst for all things financial
It is possible to invest in nation’s thirst for all things financial – banks, asset managers and financial technology companies are benefiting as people utilise some of their lockdown savings By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:52, 20 March 2021 | UPDATED: 14:47, 21 March 2021 One of the unexpected effects of the pandemic is that we’ve become […]
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11 Mar 2021 1 min read
Recovery and income potential make Polar Financials stand out
Recovery and income potential make Polar Financials stand out Shares Magazine, 11 March 2021 This investment trust is a good way to play brighter prospects for the financials sector There is a growing consensus that as the global economy recovers from the pandemic and long term interest rates – such as the US 10-year Treasury […]
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08 Mar 2021 1 min read
PCFT: A £221m trust well placed for the recovery
POLAR CAPITAL GLOBAL FINANCIALS TRUST: A £221m trust well placed for the recovery By JEFF PRESTRIDGE, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:52, 6 March 2021 | UPDATED: 16:32, 7 March 2021 Investment trust Polar Capital Global Financials represents a big market play on economic recovery. If the world economy bounces back as many experts anticipate it will, the trust should enjoy […]
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01 Mar 2021 1 min read
Investment trust insider on financials
Investment trust insider on financials – James Carthew: How to play financials as yields keep rising Back in the summer of 2020, I wrote an article about Polar Capital Global Financials (PCFT), highlighting the undervaluation of the financials sector and banks, in particular. That does not apply to UK banks, none of which have been good […]
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07 Jan 2021 1 min read
Questions of Trust
QUESTIONS OF TRUST In: Portfolio Adviser, The Professionals’ Guide to Value Investing James Carthew, Director, QuotedData If you believe last November’s bounce in value stocks heralds the start of a renaissance for the strategy, who are the potential beneficiaries in the investment trust sector? Last year turned out to be a bumper one for all […]
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05 Aug 2020 1 min read
Investment trust insider on Polar Capital Global Financials
Investment trust insider on Polar Capital Global Financials – James Carthew: here’s a good yield while banks recover Thanks to dividend cuts, fears of soaring bad debts and, for a couple of them, political strife in Hong Kong, UK-listed banks have been poor performers in 2020. Globally, the MSCI Banks index has tumbled 26% in sterling […]
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1 min read
Bargain Hunter: cheapest equity investment trusts revealed
Bargain Hunter: cheapest equity investment trusts revealed by Kyle Caldwell from interactive investor | 4th August 2020 12:53 Research in the equity investment trust universe highlights the biggest potential bargains… Research for interactive investor by QuotedData screened the equity investment trusts with assets of at least £10 million for potential bargains. The data (as at 3 August) shows some trusts […]
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28 May 2020 1 min read
Bargain Hunter: three investment trust picks
Bargain Hunter: three out-of-form investment trusts with cheap price tags Following the steep market falls two months ago there remain numerous examples of investment trusts trading on wider discounts than their 12-month average discount figure. May 28, 2020 by Kyle Caldwell Heavy stock market falls during a six-week period in February and March negatively impacted the majority of investment […]
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08 May 2020 1 min read
Polar Capital Global Financials promises to hold dividend despite bank cuts
Polar Capital Global Financials promises to hold dividend despite bank cuts By Jeremy Gordon 05 May, 2020, Investment Trust Insider Polar Capital Global Financials (PCFT), the only investment trust specialising in banks and insurers, has reassured investors it can maintain its dividend this year despite many UK banks and insurers cutting distributions in the coronavirus crisis. The board of the £121m investment […]
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1 min read
PCFT to maintain dividend despite mounting pressure on financials
PCFT to maintain dividend despite mounting pressure on financials Mike Sheen, 04 May 2020, Investment Week Uses £9m reserves The board of the Polar Capital Global Financials trust (PCFT) has opted to maintain dividends due to its shareholders this August and in February 2021 despite widespread dividend cuts across its investable universe. In a statement […]
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27 Jun 2019 1 min read
QuotedData’s Matthew Read on the Global Financial Sector
QuotedData’s Matthew Read on the Global Financial Sector – It is more than 10 years since the Global Financial Crisis. You might have thought that the financials sector would have rebounded since then and would be back in favour with investors. …There is a lingering negative sentiment towards the sector. After all, for many of us, […]
