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AUM 30.06.2025
The objective of the Strategy is to achieve an attractive level of income by investing primarily in the senior and subordinated debt securities of financial companies globally.
The Portfolio Manager's investment philosophy is based on a disciplined, consistent and repeatable process. Utilising fundamental quantitative and qualitative analysis, this process enables the Strategy to invest across the capital structure of global financial companies.
Nick joined Polar Capital following the acquisition of HIM Capital in September 2010, and is co-manager of Polar Capital Global Financial Trust and lead manager of the Polar Capital Financial Credit Fund. He has investment experience across a wide range of asset classes but since 2003 has focused on global financials.
Before joining HIM Capital, Nick worked at New Star Asset Management. While there, he managed the New Star Financial Opportunities Fund, a high-income financials fund investing in the equity and fixed-income securities of European financials companies. Previous to that, he worked at Exeter Asset Management and Capel-Cure Myers.
Jack joined as an analyst in October 2017 working closely with Nick Brind on the Financial Credit Strategy. Prior to this, he worked at DBRS Ratings, covering the Swiss market as a lead analyst, as well as UK, Dutch, Japanese and Australian banks. Before DBRS, Jack worked in the Markets Division of the Bank of England for four years, assessing financial institutions with a view to determining access to the Bank's Sterling Monetary Framework (SMF) facilities, and internal counterparty trading limits.
George joined Polar Capital in September 2010 as an analyst on the Financials Team. He is a co-manager on the Polar Capital Global Financials Trust, with Nick Brind and Tom Dorner.
He has over 10 years’ experience analysing Europe, Asia and emerging markets. Prior to joining Polar Capital, he was an analyst at HIM Capital from 2008 where he completed his IMC.
Tom joined Polar Capital as a Portfolio Manager in the Financials team in December 2023. He is a co-manager on the Polar Capital Global Financials Trust, with Nick Brind and George Barrow.
He joined from Aberdeen where he was a Senior Investment Director in the Developed Markets team and managed the Aberdeen Europe ex UK Income Equity Fund. He was responsible for analytical coverage of European financials and managed a number of other European investment funds during his nine years there. Prior to this, he was an analyst specialising in the European Insurance sector at Citi and Lehman Brothers in London.
Nabeel joined the Polar Capital Financials team as an analyst in August 2013 working closely with Nick Brind, focusing on the US, Latin America & Australia.
Prior to this, Nabeel worked as an operations executive at Polar Capital. Nabeel began his career in August 2008 with Habib Bank, where he worked within a variety of functions.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Financial Credit Strategy (the “Strategy”) is a Strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This website does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.
Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.
Benchmark: The Strategy is actively managed and uses the ICE BofA Global Financial Index as a performance target. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Strategy invests. The performance of the Strategy is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found at https://www.ice.com/iba. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.
Country Specific Disclaimers: When considering an investment into the Strategy, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.
Our integrated approach ensures that we are considering a wide range of Environmental, Social and Governance factors as part of the Strategy's investment process. This enables us to build a holistic view of a company’s ESG profile, identifying laggards and areas for ongoing engagement.
We place a strong emphasis on good governance, which we believe is critical to the performance of financial institutions and helps to drive change and progress on environmental and social factors.
Whilst the Financial Credit Strategy implicitly avoids certain sectors due to its thematic focus, its initial investment universe is also subject to the following two exclusion criteria. Ideas which do not suitably align with either of these are unsuitable for investment, and are not considered any further for inclusion into the portfolio. For the avoidance of doubt, these normative and negative screens apply to investments made in equity and corporate bond issuers. However, the exclusion criteria does not apply to Sovereign exposure. The following are explicitly excluded:
This ensures that potential investee companies that are involved in controversial practices are excluded from investment. We consider a number of different international conventions as part of this process, such as the UN’s Global Compact.
We also exclude companies we believe may have a negative impact on the world by virtue of their business activities. This includes companies that derive more than five percent of their revenues from the following:
The Management metric includes an ESG score and qualitative ESG overlay, based on an assessment of a company’s governance framework. If a company, corporate bond issuer or Sovereign performs poorly against these screening metrics, it will not be considered eligible for investment. If it screens well, further fundamental analysis is undertaken.
Following the initial screening exercises, we evaluate potential investee companies, corporate bond issuers and Sovereigns against a variety of ESG indicators. Following evaluation against this framework, they are scored across three weighted categories, then combined to reach a final ESG rating between AAA and CCC.
Governance factors are assigned the largest weighting in the methodology, as the Financials team believe good governance is critical to the performance of financial institutions, helping to drive change from an environmental and social perspective.
Companies, corporate bond issuers and Sovereigns scoring CCC and below are deemed not suitable for investment, as are companies that score a CCC in the Governance category specifically. ESG indicators include but are not limited to:
GHG emissions, extent of environmental disclosure, and attainability of net zero targets.
Level of gender diversity in the workforce, level of human capital development within a company, and the quality of data security.
Level of shareholder alignment and engagement, board experience, diversity and independence, director remuneration and tax compliance.
Portfolio holdings with a rating of B (immediately above the CCC threshold) are automatically subject to advanced due diligence. The Financials team engage with the company or corporate bond issuer to address any identified weakness with management and obtain reassurance that shortfalls are being addressed.
Engagement is not, however, confined to companies with a B rating only. The Financials team regularly interact with investee companies on a wide range of ESG-related topics. Engagement is not undertaken with issuers of Sovereign bonds. Forms of engagement include:
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Financial Credit Strategy (the “Strategy”) is a Strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This website does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.
Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.
Country Specific Disclaimers: When considering an investment into the Strategy, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.
| Investec Pref | 3.4 |
| JPMorgan Chase & Co 3.5% 12/2026 | 3.1 |
| DNB Bank Asa 1.535% 05/2027 | 2.9 |
| Skandinaviska Enskilda 4% 11/2026 | 2.8 |
| Intesa Sanpaolo Spa 8.505% 09/2032 | 2.8 |
| NatWest Group 9% Perp | 2.5 |
| Intl Personal Finance Pl 10.75% 12/2029 | 2.4 |
| IG Group Holdings 3.125% 11/2028 | 2.4 |
| Swedbank Ab 6.136% 09/2026 | 2.4 |
| Newcastle Building Socty 14% | 2.3 |
| Total |
| Senior | 37.0 |
| Tier 2 | 32.6 |
| Preference Shares | 5.8 |
| AT1 | 4.9 |
| Government | 4.0 |
| RT1 | 3.1 |
| Loans | 1.6 |
| Tier 1 | 0.7 |
| Convertibles | 0.3 |
| Investment grade | 48.2 |
| High yield | 32.8 |
| Other | 5.0 |
| Government | 4.0 |
| Cash | 10.0 |
| Credit Hedge | -5.35 |
Note: Totals may not sum due to rounding.
It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Financial Credit Strategy (the “Strategy”) is a Strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This website does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.
Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
Holdings: Portfolio data is “as at” the date indicated and should not be relied upon as a complete or current listing of the holdings (or top holdings) of the Strategy. The holdings may represent only a small percentage of the aggregate portfolio holdings, are subject to change without notice, and may not represent current or future portfolio composition. Information on particular holdings may be withheld if it is in the Strategy’s best interest to do so. A historic complete list of the portfolio holdings may be made available upon request. It should not be assumed that recommendations made in the future will be profitable or will equal performance of the securities. A list of all recommendations made within the immediately preceding 12 months is available upon request. This webpage is designed to provide updated information to institutional investors to enable them to monitor the Strategy. No other persons should rely upon it. The information provided on this webpage should not be considered a recommendation to purchase or sell any particular security.
Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.
Benchmark: The Strategy is actively managed and uses the ICE BofA Global Financial Index as a performance target. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Strategy invests. The performance of the Strategy is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found at https://www.ice.com/iba. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.
Allocations: The Strategy allocation percentages set forth in this document are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the same comparable risks and returns. Please see the private placement memorandum for a description of the investment allocations as well as the risks associated therewith. Please note that the Strategy may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Strategy is dependent on the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return to the Strategy while minimizing its risk. The actual investments in the Strategy may or may not be the same or in the same proportion as those shown herein.
Country Specific Disclaimers: When considering an investment into the Strategy, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.
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