A long-term track record of outperformance
Since launch, the Polar Capital Global Insurance Fund has built an exceptional performance track record over the long-term, compounding returns at c10% per annum for 25 years and remaining resilient throughout financial crisis and times of elevated catastrophe events.
A leading investment team
1 year
3 years
Since Inception
GBP Class R Acc
Index
Relative
20.3%
62.9%
24.3%
53.7%
375.5%
+9.36%
-9.66%
+18.23%
Past performance is not indicative or a guarantee of future returns. Source: Polar Capital and Bloomberg, 30 September 2024. Basis: Net of fees and expenses, includes the reinvestment of dividends and capital gain distributions, in Pounds Sterling. Fund performance is representative of the GBP Retail Accumulation Share Class. Performance data takes account of fees paid by the fund but does not take account of any commissions or costs you may pay to third parties when subscribing for or redeeming shares or any taxes or securities account charges that you may pay on your investment in the fund Such charges will reduce the performance of your investment A 5% subscription fee can be charged at the Investment Managers discretion. The HIM Capital Financials team joined Polar Capital in September 2010. Alec Foster was the lead fund manager of the Hiscox Insurance Portfolio Fund since its launch in 1998 and is advisor to the Polar Capital Global Insurance Fund, which was launched on 27 May 2011 and into which the Hiscox Insurance Portfolio Fund was merged. Whilst the investment management team and strategy are identical between the Hiscox Insurance Portfolio Fund and the Polar Capital Global Insurance Fund, please note not all terms are consistent, including fees. Performance is not dated since inception of the Fund 16 October 1998 but from the launch of the MSCI Daily TR World Net Insurance Index on 30 October 1998.
1142.6%
A well-run insurance company
is a compounding machine... In order for the magic of compounding to work it is critical to avoid a significant loss. After all, if a stock loses half its value it must double to get back to even.
Nick Martin,
Lead Fund Manager
Download fund overview
Launched on 16 October 1998, the Polar Capital Global Insurance Fund has for 25 years stayed true to its long-term investment philosophy, through good markets and tough. This faithful approach has served it well.
Here, Lead Fund Manager Nick Martin and Fund Manager Dominic Evans, reflect on the history and performance of the Fund, as well as looking forward to how the insurance sector must adapt as we face living in the ‘Age of Risk'.
Building a diversified underwriting portfolio
The Polar Capital Global Insurance Fund is a high conviction portfolio of 30-35 best-in-class underwriting specialists that when combined, offers that all important diversification. Underwriting is key, and this naturally leads the Fund to invest in companies that have more focused underwriting strategies, where management have a meaningful ownership stake and are incentivised on growing book value per share and dividends over time. The Global Insurance Team believe this is the ultimate driver of share price performance over the long term.
Dominic Evans,
Fund Manager
Past performance is not indicative or a guarantee of future results.
Source: 1. Polar Capital and Bloomberg, GBP R Acc Share Class, 30 September 2024, which was launched 16 October 1998. Hiscox Insurance Portfolio Fund launched 16 October 1998, and was merged into the Polar Capital Global Insurance Fund on 27 May 2011. Whilst the investment management team and strategy are identical, not all terms are consistent, including fees. Please refer to the Fund Prospectus for details of the Polar Capital Global Insurance Fund. Prior to the amalgamation of both funds, the benchmark was the Datastream World Insurance Index (£). The benchmark was changed at the launch of the Polar Capital Global Insurance Fund to the MSCI Daily TR World Net Insurance Index which is the benchmark upon which performance fees are calculated. FE Alpha Manager Ratings and FE Crown Fund Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. © 2024 FE. All rights reserved. ©2024 Morningstar, Inc. All Rights Reserved. Rating representative of the I GBP Acc Share Class, as at 02 June 2022. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about the Morningstar’s Medalist rating, including its methodology, please go to: https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.For disclosure and detailed information about this fund please request the full Morningstar Managed Investment Report from investorrelations@polarcapitalfunds.com. Nick Martin has been awarded an + rating by Citywire for his 3 year risk-adjusted performance for the period 31/08/2021 - 31/08/2024.
Fund Highlights
Conviction portfolio
30-35 stocks, well-run insurance companies that compound over time
The first 25 years
We like to find big fish swimming in small ponds run by management teams that are prudent and stay within their circle of competence. Here management ownership focuses the mind.
†
57.8%
66.2%
+11.91%
5 years
In an increasingly global, complex world with accelerating technologies, the value of insurance in helping to manage risk is rising. Less sensitive to macroeconomic conditions and supported by the best underwriting market in a decade, the insurance sector offers an attractive source of returns over the long-term while providing investors with stability amongst short-term volatility.
Launched 25 years ago, the Polar Capital Global Insurance Fund is an actively managed, global multi-cap portfolio run by a team with deep experience of investing across non-life insurers.
Building an impressive track record
Annualised return of 10.2% since launch1
Counter cyclical
Sector performance typically counter cyclical,
providing diversification
Defensive characteristics
Demand less sensitive to macroeconomic conditions; industry less vulnerable to big tech disruptors
1
Highly specialised
Experienced team of sector specialists, the only European fund solely dedicated to global insurance1
Analyst-Driven 100%
Data Coverage 100%
View fact sheet
Performance indicators
Sharpe ratio
0.8
Sortino ratio
1.2
Alpha
4.2%
Information ratio (net of fees)
0.2
2. Lipper, 31 July 2024. Peer Group: Lipper Financials. Source: Polar Capital and Bloomberg, GBP R Acc Share Class, 16 October 1998 to 30 September 2024. Benchmark: MSCI Daily Total Return Net Insurance Index (GBP). Past performance is not indicative or a guarantee of future results.
Dominic Evans
Fund Manager
Nick Martin
Lead Fund Manager
Dominic joined Polar Capital as an investment analyst in October 2012 from KPMG and, since March 2022, is a fund manager on the Global Insurance Fund.
Dominic previously worked as part of KPMG's insurance segment which he joined as a graduate trainee. At KPMG, he obtained broad experience working on a range of global insurance companies through roles within M&A and IPO due diligence, audit and markets. Prior to KPMG he worked for a year in corporate finance focusing on natural resource companies.
Dominic Evans
BA (1st Class Hons) in History, University of Newcastle-upon-Tyne
Academic qualifications
16 years
Industry experience
Nick joined Polar Capital in September 2010 and is fund manager of the Polar Capital Global Insurance Fund (previously the Hiscox Insurance Portfolio Fund).
Nick has worked on the Fund since 2001 when he joined Hiscox plc. He participated in the management buyout of Hiscox Investment Management in 2007 when the business was renamed HIM Capital Ltd. He has developed a broad knowledge of the insurance sector during this time and from working for the chartered accountants, Mazars Neville Russell, where he specialised in audit and consultancy work for insurance companies and brokers.
Nick Martin
BSc (1st Class Hons) in Econometrics and Mathematical Economics, London School of Economics and Political Science
Academic qualifications
Chartered Accountant. Member of the ICAEW
Professional qualifications
26 years
Industry experience
YTD
21.9%
19.8%
+10.56%
Universe quartile
2
2
Professional qualifications
Chartered Accountant. Member of the ICAEW
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.
264.9%
223.5%
10 years
53.7%
Read The First 25 Years
264.9%
223.5%
10 years
Past performance is not indicative or a guarantee of future returns. Source: Polar Capital and Bloomberg, 30 September 2024.
The First 25 Years
Relative
-4.0%
9.3%
2.1%
-8.4%
767.0%
41.4%
-4.0%
9.3%
767.0%
2.1%
Return
-8.4%
41.4%
