Polar Capital's Brind: 'I feel like a kid in a candy shop' as financials return to favour

Financials are back in vogue as the growth to value rotation beds in and Nick Brind, manager of the Polar Capital Global Financials (the only trust within the Financials sector) feels “like a kid in a candy shop” as he looks at different ways of playing the tailwind of rising rates.

The £560m trust sat on a discount from 2017 until the end of 2020, but is now on a 1% premium, according to Morningstar data.  At the beginning of the month (1 February), the trust announced it had raised £29.4m through a placing and Nick Brind said the "interesting statistic" following the raising was that the market cap of the trust is now five times the low of around £110m it reached during the pandemic.  The trust, which launched in 2013, had a fixed life until May 2020. In that year the company put forward proposals to extend the life of the company and allow people to take their...