LONDON (Alliance News) - Polar Capital Global Financials Trust PLC on Tuesday said its net asset value per share grew in the year to the end of November, despite a volatile year in markets, and said it managed to beat its benchmark on a total return basis.
The trust said its net asset value per share grew 2.2% in the year to 111.49 pence, up from 109.06p a year earlier. Its net asset value total return for the year was 5.3%, ahead of the 0.9% return for its benchmark, the MSCI World Financials Index.
The trust said the year had been unusually volatile, hit by the debate over the timing of the US Federal Reserve rate hike, the Greek elections and growing concerns about the economic slowdown in China.
The fund said it managed to navigate through the problems well, helped by good stock-picking by its manager and investments made in young and start-up companies in Europe.
Shares in the trust were down 0.7% to 93.375p Tuesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Polar Cap Gbl (PCFT)