Polar Capital Global Financials Trust
As inflation seems to be easing and its looks increasingly like interest rates may have peaked for now, one potential negative overhanging the financials sector is the thought that central banks may have overdone their tightening efforts and that a recession could contribute to a sharp rise in defaults. The managers of Polar Capital Global Financials Trust (PCFT) believe both that the sector is more than pricing in a worst-case scenario and that we are more likely to experience a shallow recession.The consensus seems to be shifting in their direction on the latter point, but the managers observe that this is not yet reflected in the ratings of financials stocks, which are at or close to historic lows. The managers suggest that if you couple this with a share price discount on the trust that is relatively wide, this looks like a good time to back PCFT.
Polar Capital Global Financials Trust is an investment trust company. Co. invests primarily in a portfolio consisting of listed or quoted securities issued by companies in the financial sector operating in the banking, insurance, property and other sub-sectors. Co. has contracted Polar Capital LLP to act as the Alternative Investment Fund Manager.
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