AUM 31.07.2019
- US$ Class I Acc
- US$ Class I Dist
- GBP Class I Acc
- GBP Class I Dist
- EUR Class I Acc
- EUR Class I Dist
- US$ Class R Acc
- US$ Class R Dist
- GBP Class R Acc
- GBP Class R Dist
- EUR Class R Acc
- EUR Class R Dist
Fund Overview
Investment Objective
The Fund aims to provide long-term capital growth by investing primarily in the securities of financial sector companies globally.
Investment Philosophy
The Fund 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 Fund Manager conducts a detailed income statement and balance sheet analysis which can result in investments becoming long-term holdings in the portfolio. The Fund 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.
Key Facts
- Team of 7 sector specialists
- Award-winning managers, 110+ years of combined experience
- 20+ year track record of running specialist financial sector funds
- Typically 40‑80 positions
- No benchmark or tracking error constraints
- Fundamentally-driven analysis and stock selection
Fund Managers & Analysts
John Yakas
George Barrow
Nick Brind
Nabeel Siddiqui
Nick Martin
Dominic Evans
Jack Deegan
John Yakas
John joined Polar Capital in September 2010 and is fund manager of the Polar Capital Asian Opportunities Fund, Polar Capital Financial Opportunities Fund and co-manager of the Polar Capital Global Financials Trust Plc.
Previously, John worked for HSBC as a banker based in Hong Kong and was the head of Asian research at Fox-Pitt, Kelton. In 2003 he joined Hiscox Investment Management which later became HIM Capital. John has won Lipper awards in the equity sector banks and other financials sector in 2010, 2011, 2012 and 2013 for the performance of the Polar Capital Asian Opportunities Fund.
- BSc in Economics, London School of Economics and Political Science MBA, London Business School
- 31 years
George Barrow
George joined Polar Capital in September 2010 and works closely with John Yakas on the Polar Capital Financial Opportunities Fund and the Polar Capital Asian Opportunities Fund.
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.
- MA (Merit) in International Studies, SOAS (School of Oriental and African Studies), London
- IMC. Advanced Certificate in Equity & Fixed Income Investment
- 11 years
Nick Brind
Nick joined Polar Capital in September 2010 following the acquisition of HIM Capital, and is manager of the Polar Capital Income Opportunities Fund and co-manager of the Polar Capital Global Financials Trust Plc.
Prior to 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, which outperformed its benchmark index in all six years that Nick managed it. Previously, Nick worked at Exeter Asset Management and Capel-Cure Myers. At Exeter Asset Management, Nick managed the Exeter Capital Growth Fund from 1997 to 2003 which over this period was in the top decile of the IMA UK All Companies Sector.
- MSc in Finance, London Business School Diploma, CISI (Chartered Institute for Securities & Investment), London
- 25 years
Nabeel Siddiqui
Nabeel joined the Polar Capital Financials team as an analyst in August 2013 working closely with John Yakas and 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.
- BSc (Hons) in Computer Science, Lahore University of Management Sciences MSc in Money and Banking, University of Exeter
- Passed CFA Level III
- 8 years
Nick Martin
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.
- BSc (1st Class Hons) in Econometrics and Mathematical Economics, London School of Economics and Political Science
- Chartered Accountant. Member of the ICAEW
- 20 years
Dominic Evans
Dominic joined Polar Capital in October 2012 and is an investment analyst working with Alec Foster and Nick Martin on the Polar Capital Global Insurance Fund.
Dominic previously worked as part of KPMG’s insurance segment which he joined as a graduate trainee. At KPMG, Dominic 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.
- BA (1st Class Hons) in History, University of Newcastle-upon-Tyne
- Chartered Accountant. Member of the ICAEW
- 10 years
Jack Deegan
Jack joined the Polar Capital Financials team 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.
- BA, Classical Archaeology & Ancient History, Oxford University MA, Islamic Politics, SOAS (School of Oriental and African Studies), London
- 9 years
Fund Performance
- US$ Class I Acc
- US$ Class I Dist
- US$ Class R Dist
Invalid Dates
Update chartCumulative Performance (%)
| Since Launch | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Cumulative | Annualised | |
| US$ Class I Acc | -0.36 | -1.29 | 14.61 | -5.48 | 31.52 | 20.19 | - | 36.06 | 5.37 |
| Index | -0.19 | -0.67 | 14.28 | -1.15 | 37.32 | 26.46 | - | 40.45 | 5.94 |
Source: Northern Trust International Fund Administration Services (Ireland) Ltd, monthly percentage growth, US$ and has been calculated to account for the deduction of fees. Fund performance does not take account of any commissions or costs incurred by investors when subscribing for or redeeming shares. The US$ Class I Acc was launched on 09 September 2013. The index performance figures are sourced from Bloomberg and are in US$ terms. These figures refer to the past. Investments in funds are subject to risk. Past performance is not a reliable indicator of future returns. The money invested in a fund can increase and decrease in value and past performance is not a reliable indicator that you will get back the full amount invested. The performance calculation is based on US$. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.
Discrete Annual Performance (%)
| 12 months to | 31.07.19 | 31.07.18 | 31.07.17 | 29.07.16 | 31.07.15 |
|---|---|---|---|---|---|
| US$ Class I Acc | -5.48 | 5.95 | 31.33 | -18.10 | 11.58 |
| Index | -1.15 | 5.20 | 32.06 | -10.38 | 2.76 |
Portfolio Exposure
Top 10 Positions (%)
| JPMorgan | 6.0 |
| Arch Capital | 5.3 |
| AIA Group | 4.1 |
| Mastercard | 4.0 |
| Chubb | 4.0 |
| Bank of America | 3.9 |
| Citizens Financial Group | 3.3 |
| PayPal Holdings | 2.9 |
| DNB | 2.6 |
| HDFC Bank | 2.4 |
| Total |
Market Capitalisation Exposure (%)
| Large Cap (>US$10bn) | 83.4 | |
| Mid Cap (US$1 - 10bn) | 10.9 | |
| Small Cap (<US$1bn) | 5.7 |
Sector Exposure (%)
| Diversified Banks | 41.9 | |
| Regional Banks | 15.2 | |
| Property & Casualty Insurance | 10.9 | |
| Data Processing & Outsourced Services | 10.4 | |
| Life & Health Insurance | 7.0 | |
| Asset Management & Custody Banks | 3.3 | |
| Thrifts & Mortgage Finance | 2.1 | |
| Specialised Finance | 1.3 | |
| Multi-line Insurance | 1.3 | |
| Investment Banking & Brokerage | 1.0 | |
| Cash | 4.8 | |
Geographic Exposure (%)
| United States | 44.9 | |
| United Kingdom | 8.2 | |
| Bermuda | 6.4 | |
| Hong Kong | 5.3 | |
| India | 4.9 | |
| Canada | 3.7 | |
| Netherlands | 3.1 | |
| Norway | 2.6 | |
| Spain | 2.0 | |
| Indonesia | 1.9 | |
| Singapore | 1.8 | |
| Thailand | 1.5 | |
| China | 1.4 | |
| Japan | 1.4 | |
| Other | 6.1 | |
| Cash | 4.8 | |
Note: Totals may not sum due to rounding.
It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.
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Manager Updates
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Fund Literature
Fact Sheet History
- US$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I Acc
- US$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I Dist
- US$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R Dist
- US$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I AccUS$ Class I Acc
- US$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I DistUS$ Class I Dist
- US$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R AccUS$ Class R Acc
- US$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R DistUS$ Class R Dist
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