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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Polar Capital Global Financials has had a very eventful two years. It was launched in 2013 with a seven-year fixed life but in April 2020 shareholders voted to extend it indefinitely although 39% opted to have their cash returned in a tender offer. The trust's shares have risen by over 70% since then and the number in issue has risen from 123m to 312m, thanks to regular share issuance, a C share offer, and a placing completed this past week. Polar Capital Global Financials is the only trust in the AIC's Financials sector and it has marginally outperformed its benchmark since its IPO. Financial...
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Jonathan Davis These notes are currently presented in a diary format and are normally updated day by day. My plan now is to keep updating the entries until the weekend when you can read all the entries in one go, alongside the trust news and data posts, should you prefer. By their nature these notes are somewhat transitory in nature and occasionally delayed for technical reasons.
Tuesday April 6th Here are a couple of charts from Winterfloods that I describe in the market review video, summarising the performance of the investment trust sector in the first quarter of 2021. I repeat them her...
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