Polar Capital Global Financials Trust (PCFT) at Mello November 2019

By Nick Brind, Fund Manager

Introduction – 00:18
The financial sector 10 yr performance – 01:38
Bank balance sheets – 02:10
Banks appetite for risk reduced – 03:32
Few signs of balance sheet stress – 05:19
Banks have significantly more liquidity – 06:17
FinTech – 07:37
Monzo & Revolut v One Savings Bank & Close Brothers v peer to peer – 08:30
Peak regulations for banks? – 14:00
How are the banks reacting to challengers? – 16:03
Capital return – 18:20
US Consumer leverage has fallen – 19:27
Have macro concerns outweighed fundamentals – 21:07
Bank have significantly de-rated – 22:40
Polar Capital Global Financials Trust – 25:43
PCFT performance v UK banks and competitor funds – 26:43
Top holdings & Geographic exposure – 27:25

Q&A – 28:18

Polar Capital Global Financials Trust plc is an investment trust company. The Company’s investment objective is to generate for investors a growing dividend income together with capital appreciation. The Company seeks to achieve its objective by investing in a global portfolio consisting of listed or quoted securities issued by companies in the financial sector operating in the banking, insurance, property and other sub-sectors. The portfolio is diversified by geography, industry sub-sector and stock market capitalisation. It may invest through equities, index-linked and other debt securities, cash deposits, money market instruments, foreign currency exchange transactions, forward transactions, index options and other instruments, including derivatives. It offers investors a range of funds diversified by asset class, geographical and sectorial specialisation. The Company’s investment manager and advisor is Polar Capital LLP.


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