Investing primarily in non-life insurers to generate long-term returns
The Fund aims to provide an attractive total return, irrespective of broader economic and financial market conditions, by investing in companies operating within the international insurance sector.
The portfolio is managed as a pool of underwriting capital on behalf of the Fund’s shareholders. The Fund seeks to identify 30-35 underwriting specialists that when combined offer a level of diversification that is important in investing in this sector. The Fund Manager flexes the portfolio composition to particular classes of business as premium rates, terms and conditions, and loss activity change. The Fund Manager seeks to identify and allocate capital to the best in class proven companies, where underwriting is absolutely key. This naturally leads the Fund Manager to invest in companies which have more focused underwriting strategies and where management have a meaningful ownership stake and are incentivised on growing book value per share and dividends over time. We believe this is the ultimate driver of share price performance over the long term.
The team do all their own analysis and research with great importance placed on meeting management. Insurance is a promise to pay and therefore an assessment of management integrity is a key part of the investment process.
- Managed by industry professionals
- Low correlation to broader equity markets
- 20+ year track record (since launch)
- Typically own 30‑35 holdings with low turnover
- No benchmark or tracking error constraints
- Fundamentally-driven analysis and stock selection
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. All rights reserved.
Fund Managers & Analysts
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
- 21 years
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
- 11 years
Cumulative Performance (%)
|GBP Class R Acc||-0.26||-4.50||22.62||22.62||31.23||100.20||297.03||652.06||9.99|
Discrete Annual Performance (%)
Top 10 Positions (%)
|Marsh & McLennan||7.3|
|Fairfax Financial Holdings||4.2|
|Intact Financial Corp||4.1|
Market Capitalisation Exposure (%)
|Large Cap (>US$5bn)||90.2|
|Mid Cap (US$1 - 5bn)||7.4|
|Small Cap (<US$1bn)||2.4|
|Life and Health||6.5|
Fact Sheet History
Tax & Distribution Reporting
Report & Accounts
Codes & Fees
|GBP Class R Acc||PCFIRGA ID||IE00B4X2MP98||B4X2MP9||1.37%||-|
|GBP Class R Dist||PCFIRGD ID||IE00B51X0H96||B51X0H9||1.37%||-|
|US$ Class R Acc||PCFIRUA ID||IE00B5164B09||B5164B0||1.37%||-|
|US$ Class R Dist||PCFIRUD ID||IE00B4X9QT28||B4X9QT2||1.37%||-|
|EUR Class R Acc||PCFIREA ID||IE00B52VLZ70||B52VLZ7||1.37%||-|
|EUR Class R Dist||PCFIRED ID||IE00B547TM68||B547TM6||1.37%||-|
|GBP Class RA Dist||SNGIHPI ID||IE00B5NH4W20||B5NH4W2||1.37%||*|
|GBP Class RB Acc||SNGIHPA ID||IE00B63V4760||B63V476||1.37%||*|
|GBP Class I Acc||PCFIIGA ID||IE00B5339C57||B5339C5||0.87%||-|
|GBP Class I Dist||PCFIIGD ID||IE00B530JS22||B530JS2||0.87%||-|
|US$ Class I Acc||PCFIIUA ID||IE00B4Y53217||B4Y5321||0.87%||-|
|US$ Class I Acc Hedged||PCGIIHU ID||IE00BD3BW042||BD3BW04||0.87%||-|
|US$ Class I Dist||PCFIIUD ID||IE00B503VV16||B503VV1||0.87%||-|
|EUR Class I Acc||PCFIIEA ID||IE00B55MWC15||B55MWC1||0.87%||-|
|EUR Class I Acc Hedged||PCGIIHE ID||IE00BD3BW158||BD3BW15||0.87%||-|
|EUR Class I Dist||PCFIIED ID||IE00B4V4LB63||B4V4LB6||0.87%||-|
|GBP Class I Dist (E)||HISIPEI ID||IE00B4XZ9Q84||B4XZ9Q8||0.87%||*|
|GBP Class I Acc (F)||HISIPFA ID||IE00B61MW553||B61MW55||0.87%||*|
OCF is correct as at the date of the latest published KIID.
Countries in which this fund is available
Please click on each country to see share class availability