Polar Capital Global Financials Trust NAV up 16.4%
Source - SMW
Polar Capital Global Financials Trust delivered a net asset value (NAV) total return of 16.4% in the year ending 30 November 2017.
The company's benchmark, the MSCI World Financials + Real Estate (RE) Index, increased by 14.2%.
Since launch, the trust's NAV total return has been 70.5% compared to its benchmark total return of 68.8% and compares very well with other funds available in this sector over the same period.
The trust's chairman Robert Kyprianou said the investment manager's bottom up process led to a significant overweight in the banking sector and a significant underweight in REITs, the two biggest sector contributors to the manager's excess return relative to benchmark.
He added: "The breadth of the manager's reach was demonstrated by the importance of the Asia Pacific region (ex. Japan) in the overall value added, and by the ability of the manager to derive excess returns across the full spectrum of small, mid and large cap stocks."
The investment management agreement provides for the possibility of a performance fee to be paid at the end of the trust's life based on a hurdle rate of return above the benchmark return. To date no performance fees have been accrued, as at 30 November 2017 performance was 4.1% below the hurdle rate.
At 9:31am: (LON:PCFT) Polar Capital Global Financials Trust Plc share price was -1p at 142.5p