020 7189 9999
Bestinvest rating
POLAR CAPITAL GLOBAL INSURANCE I GBP

POLAR CAPITAL GLOBAL INSURANCE I GBP - Overview

Overview of POLAR CAPITAL GLOBAL INSURANCE I GBP Buy in ISA Buy in Investment Account

The fund's aim is long term capital growth through investment in companies operating in the international insurance sector. The fund benefits from the experience of Alec Foster, who has spent his entire career, over 40 years in the insurance market. Research is generated internally, leveraging off individual company contacts, and in-house specialist knowledge. Although the fund's performance will be vulnerable to the insurance cycle, it can also be considered as a long term investment. Investors in this fund are exposed to US dollar currency risk.

  • Standard Initial Charge 5.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector
Structure OFFSHORE FUND
Launched May, 2011
Size £869m
Yield 1.4%
Charging basis
Dividends paid 30 Apr, 31 Oct

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.88%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

This fund benefits from the experience of Alec Foster, who has spent his entire career in the insurance market. Research is generated internally, leveraging off individual company contacts, and in-house specialist knowledge. Although the fund's performance will be vulnerable to the insurance cycle, it can also be considered as a long term investment. Note investors in this fund are exposed to US dollar currency risk.

Portfolio

Allocation Proportion(%)
Equity 97
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 3
Allocation Proportion(%)
UK 10
Europe 7
North America 79
Japan 0
Pacific 0
Emerging Markets 4
Allocation Proportion(%)
Large Caps 70
Mid Caps 24
Small Caps 6
View all performance data for this fund

Investment process

The fund's aim is long term capital growth through investment in companies operating in the international insurance sector. Such companies may include, Property/Casualty, Lloyd's vehicles, Re-insurers and Life Assurance companies. The fund can also hold bonds and cash. The manager adopts a bottom up investment style and pays close attention to company value. In depth knowledge of portfolio companies is gained from industry contacts, as well as a short list of firms who specialise in researching the insurance industry. Generally there are four things that the manager considers for a prospective investment: (i) What is the company underwriting; (ii) Are they making an underwriting profit; (iii) Quality of management and (iv) Reserving. The fund's reference benchmark is the MSCI World Insurance Index, the managers are eligible for a performance fee of 10% of any outperformance of the benchmark index.

Live feed

Bid price(inc) 479.15p
Accum units 594.55p
Fund commentary
Fund data updated on 21/07/17

Asset allocation

Allocation Proportion(%)
Equity 97
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 3

Equity Geographic

Allocation Proportion(%)
UK 10
Europe 7
North America 79
Japan 0
Pacific 0
Emerging Markets 4

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 70
Mid Caps 24
Small Caps 6

Top 10 holdings

As at: 31/03/2011
7.4% Arch Capital Group
6.9% Berkley(w.r.)corp
6.6% Berkshire Hathaway Inc
6.1% Partnerre
5.1% Ace Limited
4.9% Amlin
4.3% Markel Corp
4.3% Munchener Ruckversicherungs Ag
4.1% Transatlantic Hldgs Inc
3.8% Alleghany Corp
Source: Trustnet

Sector breakdown

Insurance 100%
Insurance 100%

Portfolio details

The portfolio is focused with 20-30 stocks. The majority of investment opportunities are usually US based.

Constraints

No information available.

Average monthly relative returns Bestinvest MRI
12/13 13/14 14/15 15/16 16/17   3 years 5 years Career 3 years 5 years Career
-0.15% 0.81% 2.47% 0.19%   0.55% 96.50%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Alec Foster

Manager. Born 1945 Foster has been working within the insurance sector since 1967 and joined Hiscox Plc in 1976 where he was Group Investment Officer until 2008. In 2008 he led a management buy out of Hiscox Investment Management from Hiscox Ltd, the new business now trades as HIM Capital. He was also Chairman of Universal Salvage until 2007, when the company was sold to Copart Inc of America. Foster is also assisted by Nick Martin (Analyst), the majority of research is undertaken in-house. New Street have been bought out by Polar Capital

Track record

Alec Foster has 12.6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.55%. During the worst period of relative performance (from February 2009 - November 2009) there was a decline of 27% relative to the index. The worst absolute loss has been 24%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 97%.

Periods of worst performance
Absolute -24% (June 2001 - September 2002)
Relative -27% (February 2009 - November 2009)

Other funds managed

  Start Date
POLAR CAPITAL GLOBAL INSURANCE A GBPMay 2011

Sector record since November 1998 (13 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Your Session will expire soonclose overlay

As you have been inactive for nearly 15 minutes you will soon be logged out of the secure area of our website. Click OK to remain logged in.