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 Healthcare (ticker: PCGH) was launched in 2010 with a dual income and growth mandate. After a promising start, its returns then lagged its benchmark for a number of years and this resulted in a strategy change when the trust was reconstructed in 2017 as it approached the end of its initial fixed life. The portfolio was shifted more towards growth, the number of holdings was cut, a modest level of gearing was introduced using ZDPs, the dividend was halved, and the trust's life was extended to 2025. Performance since the reconstruction has marginally been ahead of the MSCI W...
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Polar Capital Technology (ticker: PCT) began trading in 1996 as a roll-over vehicle for TR Technology Trust. It was initially called Henderson Technology but in late 2000 its managers left Henderson to set up a new company called Polar Capital. The trust stuck with them and appointed Polar Capital as its new management firm. Ben Rogoff, PCT's current lead manager, joined Polar Capital in 2003 and has been responsible for running its portfolio since 2006. PCT's shares are currently around 1,900p, representing an annualised gain of 12% since its IPO, although they have fallen from a peak of arou...
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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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