Fact sheet: Polar Capital Global Insurance

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
SPECIALIST
Sector
FO Equity - Financial
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates Polar Capital Global Insurance

Rated Fund 2016-2017. Potential for growth regardless of economic conditions

This Dublin-domiciled fund invests in different types of companies operating in the insurance industry, such as reinsurers, health insurers and brokers. It was set up in 2011 to order to take over the Hiscox Insurance Portfolio fund.

The original investment team had moved to Polar Capital and the same investment strategy was maintained. The fund is now run by Nick Martin, with Alec Foster - the original manager who stepped down in January 2016 - acting as an adviser. Martin had worked with Foster on the fund since 2001.

Martin's aim is to invest in quality insurers that can produce sustainable underwriting profits. These companies tend to have management teams that are underwriting with their own money through material stock ownership.

He believes management ownership is crucial to a good outcome. Typically he has between 30-35 companies in the portfolio. Its highest exposures are normally to the US and Bermuda, which jointly accounted for 75 per cent of the portfolio at the end of 2016.

Martin notes that 2016 was one of the costliest 12 months for natural catastrophe losses for some years. Many such losses are uninsured. He points out that this protection gap represents a significant long-term growth opportunity for the insurance industry.

However, he says non-life insurance generally remains a non-discretionary purchase and is relatively insensitive to macroeconomic conditions. He therefore expects the companies he holds to continue to deliver strong growth in book value, which is the ultimate driver of long-term performance.

3 Year Performance
Fund Performance56%
Average of Rated Funds Group47.9%
Sector Performance28.8%
Fund information
Fund name
Polar Capital Global Insurance I Acc GBP
Fund manager company
Polar Capital
Fund type
OEIC
Fund managers
  • Nick Martinsince 31/08/2001
Accolades
Fund objective
The Fund aims to provide an attractive total return, irrespective of broader economic and financial market conditions, by investing in companies operating within the international insurance sector.
Benchmark
  • MSCI Daily TR World Net Insurance
Investment style
Active,Concentrated
Investment method
Shares
Quick stats
1 Year return
2.3%
1 Year rank in sector
10/11
Sector
FO Equity - Financial
Yield
-
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.91%
Fund size
£1,076m (£733m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
96
Top in this sector
Fund name1 Year
Boost EURO STOXX Bks 3xLevgeDly ETP35.1%
BlackRock GF World Fincl33.5%
Boost FTSEMIBBnksETP30.2%
Robeco New Wld Financl Eq30%
JPM Global Fins23.8%
...more in FO Equity - Financial

Performance snapshot

Holdings snapshot

  • USA48.1%
    Bermuda20.6%
    UK12.8%
    Canada7.7%
    Money Market3.8%
  • Insurance36.7%
    Trade34.6%
    Retail18.8%
    Health Care6%
    Money Market3.8%
  • US Equities68.7%
    UK Equities12.8%
    Canadian Equities7.7%
    European Equities4.2%
    Money Market3.8%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-0.7%-2.9%-1.9%2.3%56%111.6%
Sector-2.3%4%6.3%13.6%28.8%59.7%
Rank within sector3 / 1111 / 1111 / 1110 / 112 / 111 / 10
Quartile2nd4th4th4th1st1st
Calendar performance
 YTD - 20182017201620152014
Fund-1.5%6.5%34.7%14.1%12.5%
Sector0.9%18.8%8.6%1.7%7.6%
Rank within sector9 / 1111 / 112 / 111 / 114 / 11
Quartile4th4th1st1st2nd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
15.14
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.2
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1.45
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
9.5
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
14.24
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.4
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.07
Price movement
52 week high6.15
52 week low5.59
Current bid price-
Current offer price-
Current mid price5.93
Region
1USA48.09%
2Bermuda20.59%
3UK12.79%
4Canada7.72%
5Money Market3.84%
6Finland1.97%
7Hong Kong1.44%
8China1.33%
9Germany1.17%
Industry sector
1Insurance36.7%
2Trade34.61%
3Retail18.82%
4Health Care6.03%
5Money Market3.84%
Asset type
1US Equities68.7%
2UK Equities12.8%
3Canadian Equities7.7%
4European Equities4.2%
5Money Market3.8%
6Asia Pacific Equities2.8%
Individual holdings
1CHUBB LTD6.47%
2MARSH & MCLENNAN COS INC6.25%
3ARCH CAPITAL GROUP6.05%
4MARKEL CORP4.71%
5ALLEGHANY CORP4.55%
6BERKLEY(W.R.)CORP4.53%
7BERKSHIRE HATHAWAY INC4.28%
8FAIRFAX FINL HLDGS LTD4.26%
9JARDINE LLOYD THOMPSON GROUP3.98%
Management
Fund manager group
Polar Capital
Fund manager company
Polar Capital
Fund type
OEIC
Fund objective
The Fund aims to provide an attractive total return, irrespective of broader economic and financial market conditions, by investing in companies operating within the international insurance sector.
Benchmark
  • MSCI Daily TR World Net Insurance
Investment style
Active,Concentrated
Investment method
Shares
Fund managers
NameSinceBiography
Nick Martin31/08/2001Nick Martin joined Polar Capital in September 2010 and is manager of the Polar Capital Global Insurance Fund (previously the Hiscox Insurance Portfolio Fund). Nick has worked closely with Alec Foster since 2001 when he joined Hiscox plc. He participated in the management buyout of Hiscox Investment Management in 2007 when the business was renamed HIM Capital Ltd. He has developed a broad knowledge of the insurance sector during this time and from working for the chartered accountants, Mazars Neville Russell, where he specialised in audit and consultancy work for insurance companies and brokers. He is a qualified chartered accountant and obtained a first class honours degree in Econometrics and Mathematical Economics at the London School of Economics.
Compliance
Transparent for Austrian Tax, Transparent for Swiss Tax, IA Recognised, Reporting Fund Status, UCITS IV Compliant, UCITS V Compliant
Domicile
No data available.
Fund for sale in
Austria, Belgium, Switzerland, Germany, Denmark, Spain, Finland, France, United Kingdom, Guernsey, Ireland, Italy, Jersey, Luxembourg, Netherlands, Norway, Offshore, Singapore, Sweden
Polar Capital Global Insurance A Inc GBP
Initial charge5%
Annual charge1.25%
Min single investment£1,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)1.41%
Total expense ratio (TER)1.44%
Bid price-
Offer price-
Mid price4.6803
CurrencyGBP
Price updated14/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeKW16
Polar Capital Global Insurance B Acc GBP
Initial charge5%
Annual charge1.25%
Min single investment£1,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)1.41%
Total expense ratio (TER)1.44%
Bid price-
Offer price-
Mid price5.843
CurrencyGBP
Price updated14/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeKW12
Polar Capital Global Insurance E Inc GBP
Initial charge5%
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.91%
Total expense ratio (TER)0.94%
Bid price-
Offer price-
Mid price4.8438
CurrencyGBP
Price updated14/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeFVI3
Polar Capital Global Insurance F Acc GBP
Initial charge5%
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.91%
Total expense ratio (TER)0.94%
Bid price-
Offer price-
Mid price6.1008
CurrencyGBP
Price updated14/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeFVI2
Polar Capital Global Insurance I Acc EUR
Initial charge5%
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.91%
Total expense ratio (TER)0.94%
Bid price-
Offer price-
Mid price6.6731
CurrencyEUR
Price updated14/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeNAU2
Polar Capital Global Insurance I Acc GBP
Initial charge5%
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.91%
Total expense ratio (TER)0.94%
Bid price-
Offer price-
Mid price5.9288
CurrencyGBP
Price updated14/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeNAU4
Polar Capital Global Insurance I Acc USD
Initial charge5%
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.89%
Total expense ratio (TER)0.94%
Bid price-
Offer price-
Mid price8.279
CurrencyUSD
Price updated14/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeNAU0
Polar Capital Global Insurance I Hedged Acc EUR
Initial charge5%
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.91%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price11.7183
CurrencyEUR
Price updated14/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeNFFG
Polar Capital Global Insurance I Hedged Acc USD
Initial charge5%
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.91%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price11.9831
CurrencyUSD
Price updated14/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeNFFF
Polar Capital Global Insurance I Inc EUR
Initial charge5%
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.91%
Total expense ratio (TER)0.94%
Bid price-
Offer price-
Mid price5.3421
CurrencyEUR
Price updated14/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeNAU1
Polar Capital Global Insurance I Inc GBP
Initial charge5%
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.91%
Total expense ratio (TER)0.94%
Bid price-
Offer price-
Mid price4.7462
CurrencyGBP
Price updated14/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeNAU3
Polar Capital Global Insurance I Inc USD
Initial charge5%
Annual charge0.75%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.89%
Total expense ratio (TER)0.94%
Bid price-
Offer price-
Mid price6.6276
CurrencyUSD
Price updated14/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeNAT9
Polar Capital Global Insurance R Acc EUR
Initial charge5%
Annual charge1.25%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.41%
Total expense ratio (TER)1.44%
Bid price-
Offer price-
Mid price6.4085
CurrencyEUR
Price updated14/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNAT6
Polar Capital Global Insurance R Acc GBP
Initial charge5%
Annual charge1.25%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.41%
Total expense ratio (TER)1.44%
Bid price-
Offer price-
Mid price5.6937
CurrencyGBP
Price updated14/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNAT8
Polar Capital Global Insurance R Acc USD
Initial charge5%
Annual charge1.25%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.39%
Total expense ratio (TER)1.44%
Bid price-
Offer price-
Mid price7.9507
CurrencyUSD
Price updated14/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNAT4
Polar Capital Global Insurance R Inc EUR
Initial charge5%
Annual charge1.25%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.41%
Total expense ratio (TER)1.44%
Bid price-
Offer price-
Mid price5.1633
CurrencyEUR
Price updated14/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNAT5
Polar Capital Global Insurance R Inc GBP
Initial charge5%
Annual charge1.25%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.41%
Total expense ratio (TER)1.44%
Bid price-
Offer price-
Mid price4.5874
CurrencyGBP
Price updated14/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNAT7
Polar Capital Global Insurance R Inc USD
Initial charge5%
Annual charge1.25%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.39%
Total expense ratio (TER)1.44%
Bid price-
Offer price-
Mid price6.4059
CurrencyUSD
Price updated14/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNAT3
Data provided by

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