Polar Capital Global Financials (ticker: PCFT) was launched in 2013 with a seven-year fixed life. As the name suggests, it focuses on the financial sector, which is the second-largest globally after technology. In 2020, its shareholders opted to replace its fixed-life structure with five-yearly 100% tender offers. The first tender offer in 2020 saw 39% of shares bought back, but was followed by a strong period of regular share issuance and a large C share issue, resulting in the share count almost tripling. The second offer in June 2025 saw 44% of shares bought back, and the trust's net assets...
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UPDATE: This trust has been taken over by Verdane for 111p a share.
Augmentum Fintech (AUGM) invests in early-stage financial technology companies that are based in the UK and Europe. It was launched in 2018 with a portfolio of five companies bought from the Augmentum partnership, which had been set up in 2010 by the trust's managers, Tim Levene and Richard Matthews, and with the backing of RIT Capital Partners. Follow-on equity fundraises in 2019, 2020, and 2021 allowed AUGM to build up its portfolio to around two dozen investments. Eight disposals have been made so far including Interactive...
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