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AUM 30.09.2024
Figures are representative and are used here for illustrative purposes only.
The Strategy aims to provide long-term capital growth by investing primarily in the securities of financial sector companies globally.
The Strategy tries to identify stocks that offer the highest profitability for the lowest risk; this is significant as it is a focus on profitable risk-adjusted growth rather than absolute growth which drives the portfolio. The Portfolio Manager conducts a detailed income statement and balance sheet analysis which can result in investments becoming long-term holdings in the portfolio. The Portfolio Manager also runs a valuation approach which double checks their thinking by looking at the return on equity of the stock against the cost of capital, the latter including macro elements. All stocks are run through the scoring system which provides a ranking of each stock on the basis of profitability, risk, value and growth. Everything is underpinned by regular trips to the US, Europe and Asia, access to a wider view of global financials through the rest of the team and long-standing links with management in the regions.
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.
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 Fund 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 abrdn where he was a Senior Investment Director in the Developed Markets team and managed the abrdn 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.
Jack joined as an analyst in October 2017 working closely with Nick Brind on the Income Opportunities Fund. 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.
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 Global Financials 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 MSCI ACWI Financials Net TR Index as a performance target and to calculate the performance fee. 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 www.mscibarra.com. 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.
| JPMorgan | 6.9 |
| Mastercard | 4.7 |
| Fidelity National Information | 2.9 |
| Intercontinental Exchange | 2.8 |
| Nasdaq | 2.6 |
| KKR & Co Inc | 2.5 |
| Arch Capital | 2.4 |
| Blackstone | 2.3 |
| RenaissanceRe Holdings | 2.3 |
| Berkshire Hathaway | 2.3 |
| Total |
| Large Cap (>US$10bn) | 81.0 | |
| Mid Cap (US$1 - 10bn) | 16.5 | |
| Small Cap (<US$1bn) | 2.6 |
| Diversified Banks | 35.5 | |
| Asset Management & Custody Banks | 15.0 | |
| Transaction & Payment Processing Services | 9.3 | |
| Financial Exchanges & Data | 8.8 | |
| Property & Casualty Insurance | 8.4 | |
| Investment Banking & Brokerage | 4.4 | |
| Reinsurance | 3.7 | |
| Life & Health Insurance | 2.4 | |
| Multi-Sector Holdings | 2.3 | |
| Broadline Retail | 1.9 | |
| Specialised Finance | 1.5 | |
| Insurance Brokers | 1.3 | |
| Diversified Capital Markets | 1.3 | |
| Commercial & Residential Mortgage Finance | 1.1 | |
| Other | 1.1 | |
| Cash | 2.3 | |
| United States | 46.4 | |
| United Kingdom | 10.0 | |
| Italy | 5.0 | |
| Bermuda | 4.7 | |
| Spain | 3.8 | |
| India | 3.5 | |
| South Korea | 2.9 | |
| Japan | 2.9 | |
| Germany | 2.9 | |
| Austria | 2.3 | |
| Indonesia | 2.1 | |
| Uruguay | 1.9 | |
| Philippines | 1.9 | |
| Sweden | 1.6 | |
| Other | 5.9 | |
| Cash | 2.3 | |
Note: Totals may not sum due to rounding.
The portfolios shown are for illustration only.
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 Global Financials 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 MSCI ACWI Financials Net TR Index as a performance target and to calculate the performance fee. 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 www.mscibarra.com. 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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