Polar Capital Global Financials Trust (LSE:PCFT), an investment company that invests in banks, insurers and other financial stocks worldwide, delivered a net asset value total return of 4.8% in the six months to 31 May.
That outpaced its benchmark, the MSCI ACWI Financials index, which returned 3.1% over the period.
A narrowing of the discount at which the shares trade lifted the share price total return to 5.7%.
The discount ended the half at 4.3%, down from 5.1% at the end of the previous financial year.
The trust bought back 6.78 million shares during the period and up to 9 July, equivalent to 4.1% of the share capital in issue at the start of the half.
Net asset value per share rose to 235.7 pence, from 229.7 pence at the end of November.
Total net assets fell to 372 million pounds, down from 645 million pounds a year earlier, largely reflecting a tender offer in June 2025 that returned capital to shareholders.
Chair Simon Cordery said financial stocks hit all-time highs in February before selling off as conflict in the Middle East and the closure of the Strait of Hormuz stoked fears over economic growth.
He said the oil supply disruption was larger than those seen in the 1970s, but the sector recovered most of its losses as strategic reserves were released and supply was rerouted.
Financials nonetheless lagged wider equity markets, which set fresh records in April and May led by technology stocks.
The trust has adopted an enhanced dividend policy, aiming to pay roughly 4% of net asset value each year in quarterly instalments.
A second interim dividend of 2.36 pence per share, declared on 15 June, will be paid on 30 July.
The company also appointed Canaccord Genuity (TSX:CF, LSE:CF) as corporate broker in January, after Stifel Nicolaus Europe stopped making markets in investment companies.
The portfolio was 1.3% net cash as of 9 July.
Cordery said strong balance sheets, good profitability and a more pragmatic regulatory framework provided solid foundations for the sector to keep generating attractive returns, despite its recent lag behind wider markets.
