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Polar Capital Global Insurance

Elite Rated by FundCalibre

There are few fund managers with a more intimate knowledge of their market than the managers of this fund. Their many years of experience in the risk and casualty insurance markets are fundamental to the success of this fund, which provides access to this specialist and often undervalued sector.

Company Description

Founded in 2001, Polar Capital supports over 10 investment teams. Managing more than 20 funds, they focus on a range of long-only and alternative products. Listed on the London Alternative Investment Market as of 2007, they hold various offices globally and have a high level of their equity ownership allocated to Polar Capital staff.

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Fund Manager

Nick Martin has run this fund since September 2001. He has 17 years’ industry experience and previously joined Hiscox Plc, which was eventually taken over and renamed by Polar Capital. Nick is a qualified chartered accountant and achieved a degree in Econometrics and Mathematic Economics at the London School of Economics.

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We look to invest in quality insurers that can produce sustainable underwriting profits. These tend to have management teams who are underwriting with their own money through material stock ownership. Management ownership is crucial – as Warren Buffett says, no-one ever washes a rented car.

Nick Martin - Fund Manager

The Investment Process

The team’s extensive knowledge of the insurance industry means the focus is squarely on selection-based stock-picking. Although a global mandate, the fund is mostly invested in large-cap US companies, giving it high exposure to the US dollar, which can affect returns for UK investors.

Risk

This is a global equity fund and, although liquidity is good as it invests in large companies, it does invest principally in US equities so currency fluctuations will affect performance. Otherwise, despite being a specialist fund, volatility is relatively low.

Our Opinion

Everything around us is insured, regardless of economic boom or bust, so this defensive characteristic and the management teams’ knowledge and experience of the intricacies of the insurance world, provide the comfort needed by investors in a specialist sector fund.

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©2014 FundCalibre Limited. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not ,guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating.