Update research from QuotedData

Polar Capital Global Financials Tst

13 June 2024

 

 

Polar Capital Global Financials Trust- Update from QuotedData

13^th June 2024

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 share price discount to NAV has narrowed. Next year's liquidity opportunity (see page 12) ought to help the discount narrow further.

It is early days, but the team reviewed the investment process with the recent hiring of new co-manager Tom Dorner (see page 14). Active share has increased, and the trust has reduced its exposure to banks (which has been a headwind to performance historically). The managers are cautiously optimistic.

As we explore in this note, they have identified five core themes that they feel will help drive further outperformance: alternative asset managers; a strong pricing environment for reinsurance companies; growth and reform within emerging markets; undervalued small- and mid-caps; and a need to be selective in PCFT's exposure to banks.

Full Research:

https://quoteddata.com/research/polar-capital-global-financials-trust-handful-of-themes-to-drive-performance-qd/

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NB: Marten & Co was paid to produce this note on Polar Capital Global Financials Trust Plc, and it is for information purposes only. It is not intended to encourage the reader to deal in the security or securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the Financial Conduct Authority. Marten & Co is not permitted to provide investment advice to individual investors categorised as Retail Clients under the rules of the Financial Conduct Authority.

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