Financials outperformance
Financials have outperformed broader equity markets for three of the last four years; a more favourable economic backdrop with interest rates normalising has improved the profitability of the sector.
A leading investment team
3 months
YTD
Ordinary Share Price (TR)
NAV per Share (TR)
Relative
+1.5%
+9.1%
-0.9%
+9.36%
-9.66%
+18.23%
As at 30 May 2025. Past performance is not indicative or a guarantee of future results. Source: Bloomberg and HSBC Securities Services (UK) Limited, percentage growth, Net of Fees in GBP terms. More information on performance can be found in the Share Price & Performance tab. The tender offer was carried out on 22 April 2020 following approval to extend the Company's life indefinitely.
We believe Financials are an exciting place to be invested. At this juncture, markets are very concentrated and particularly considering recent volatility we think Financials offer investors an opportunity to diversify their portfolios. With higher interest rates improving profitability for the sector and other tailwinds like a reducing regulation, we see huge opportunities in this dynamic yet unloved sector.
Nick Brind,
Fund Manager
Download fund overview
Fund Manager Tom Dorner explains why Financials offer a great way to diversify portfolios. The operating environment for the sector has improved considerably, driving greater profitability and performance of the sector over the past few years, whilst fundamentals remain compelling.
Consequently, when combined with expected deregulation and attractive valuations, the Polar Capital Global Financials team believe there remain plenty of tailwinds for the sector to continue its strong performance.
Diversification offers opportunities
When it comes to Financials, investors tend to narrowly focus on UK banks, however this leads to concentration risk and ignores the much broader sector opportunity.
PCFT is actively managed, with the team seeking to take advantage of different regional and subsector dynamics to produce a balanced and diversified portfolio. Going global is a natural solution as it opens a diverse range of opportunities including fast-growing businesses that are undervalued, from mega-cap businesses to newer, smaller ones. Meanwhile each subsector has its own distinct drivers, offering compelling stock picking opportunities.
George Barrow,
Fund Manager
Truly specialist offering
The only UK-listed investment trust focused solely on financials
Underpinned by solid fundamentals and several long-term structural tailwinds, Financials are poised to continue their recent strong performance, whilst still offering attractive value.
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+25.4%
+18.1%
1 year
As one of the largest investment sectors globally, Financials offers far more diversification than many realise, with a broad range of different subsectors playing a vital role in the health and development of modern economies.
Polar Capital Global Financials Trust (PCFT), with its dual focus on dividends and capital growth, is an actively managed, globally diversified portfolio that seeks to find the best investment opportunities across this broad and vital sector.
Proven approach
Investing in stocks with strong track records of value creation
Offering a dual focus
Seeking both dividend income and capital growth
Well-resourced team
Five sector specialists with +100 years’ experience
Globally diversified portfolio
Embracing different subsectors with no minimum fixed income allocation
Nick Brind
Fund Manager
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.
George Barrow
MA (Merit) in International Studies
SOAS (School of Oriental and African Studies), London
Academic qualifications
17 years
Industry experience
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.
Nick Brind
MSc in Finance, London Business School Diploma
CISI (Chartered Institute for Securities & Investment), London
Academic qualifications
31 years
Industry experience
1 month
+6.2%
+5.2%
+10.56%
Professional qualifications
IMC. Advanced Certificate in Equity & Fixed Income Investment
Our experience and specialisation working in the London insurance market would prove a solid foundation to manage a Fund that invested exclusively within the insurance industry focusing predominantly on non-life property and casualty.
Five reasons to consider Financials
Tom Dorner
Fund Manager
George Barrow
Fund Manager
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 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.
Tom Dorner
BA (Hons) in War Studies, Kings College London
MA in Philosophy, University of Nottingham
Academic qualifications
Professional qualifications
23 years
Qualified as a Chartered Accountant with Ernst & Young in the Insurance Audit practice
Industry experience
MSCI ACWI Financials (NTR)
+4.5%
-2.2%
+6.3%
+4.9%
+20.4%
+133.8%
+142.8%
+138.0%
Since April 2020 Tender Offer
Past performance is not indicative or a guarantee of future returns. Source: Polar Capital and Bloomberg, 30 September 2024.
Fund Highlights
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Jack Deegan
Fund Manager
Nabeel Siddiqui
Fund Manager
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.
Nabeel Siddiqui
BSc (Hons) in Computer Science, Lahore University of Management Sciences
MSc in Money and Banking, University of Exeter
Academic qualifications
Professional qualifications
Passed CFA Level III
14 years
Industry experience
Jack joined as an analyst in October 2017 working closely with Nick Brind on the Income Opportunities Fund. He is a Fund Manager on the Financial Credit 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.
Jack Deegan
BA, Classical Archaeology & Ancient History, Oxford University
MA, Islamic Politics, SOAS (School of Oriental and African Studies), London
Academic qualifications
Industry experience
15 years
In addition, there are many broader themes that we expect will continue to drive the performance of the sector going forward.
Source: Polar Capital, Bloomberg, 30 May 2025. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital. 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 makes any express or implied warranties or representations.
US Lenders
A key beneficiary of deregulation
European Banks
Generating higher returns on equity
Alternative Asset Managers
Growth of private markets
Payments
Growth in e-commerce and value-added services
Exchange/Platforms
Beneficiaries of increased volumes
Insurance
Defensive and more profitable
Emerging Market Financials
Low penetration of financial services and FinTech innovation
Polar Capital Global Financials Trust: A proven track record
Cumulative performance (%)
With over 100 years' experience investing across market cycles, the Polar Capital Global Financials team has built up an enviable track record
Nick Brind
Fund Manager
George Barrow
Fund Manager
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.
Nick Brind
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.
George Barrow
Why financials?
Ordinary Share Price (TR)
NAC per Share (TR)
-6.2%
+2.2%
+6.4%
28.05.21
31.05.22
+38.7%
+62.3%
+45.3%
29.05.20
28.05.21
MSCI ACWI Financials (NTR)
+25.4%
+18.1%
+20.4%
31.05.24
30.05.25
+28.8%
+25.5%
+26.8%
31.05.23
31.05.24
-8.8%
-3.9%
-3.9%
31.05.22
31.05.23
Discrete performance (%)
Ordinary Share Price (TR)
View fact sheet
As one of the largest investment sectors globally, Financials offers far more diversification than many realise, with a broad range of different subsectors playing a vital role in the health and development of modern economies.
Polar Capital Global Financials Trust (PCFT), with its dual focus on dividends and capital growth, is an actively managed, globally diversified portfolio that seeks to find the best investment opportunities across this broad and vital sector.
Trust Highlights
BSc (Hons) in Computer Science, Lahore University of Management Sciences
MSc in Money and Banking, University of Exeter
Academic qualifications
As one of the largest investment sectors globally, Financials offers far more diversification than many realise, with a broad range of different subsectors playing a vital role in the health and development of modern economies.
Polar Capital Global Financials Trust (PCFT), with its dual focus on dividends and capital growth, is an actively managed, globally diversified portfolio that seeks to find the best investment opportunities across this board and vital sector.
Unlocking hidden value in Financials
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View fact sheet
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