4th Mar 2014 12:56
LONDON (Alliance News) - Polar Capital Global Financials Trust PLC Tuesday said it under-performed its benchmark in its last financial year but has since begun to recover, with its performance now just behind the index.
Reporting its results for the year ended November 30, the trust said its net asset value total return was 3.73% in the period, while the MSCI World Financials Index Total return in sterling rose by 6.44%.
"In addition to the initial costs of establishing the investment portfolio, the under-performance reflected the background of sharply rising markets and currency volatility at the time of the company's launch," Chairman Robert Kyprianou said in a statement.
"The company's investment performance has already begun to recover the initial underperformance, and, as at February 28, had achieved a NAV total return of 4.93% since launch, compared with the benchmark return of 4.95%," Kyprianou added.
The company's July 1, 2013 initial public offering raised GBP153 million before expenses through an issue of 153.0 million shares. Its investment objective is to generate a growing dividend income, together with capital appreciation, by investing primarily in a global portfolio of listed or quoted securities issued by companies in the banking, insurance, property and other financial sectors.
The trust's shares were Tuesday quoted at 105.60 pence, down 0.1%.
By Samuel Agini; [email protected]; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Polar Cap GblPCFS.L