Polar Capital Global Healthcare Trust plc (the "Company"): The Company is an investment company with investment trust status and its shares are excluded from the Financial Conduct Authority’s (“FCA”) restrictions on the promotion of non-mainstream investment products. The Company conducts its affairs, and intends to continue to conduct its affairs, so that the exemption will apply.
The Company is an Alternative Investment Fund under the EU's Alternative Investment Fund Managers Directive 2011/61/EU as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018.
The Investment Manager: Polar Capital LLP is the investment manager of the Company (the "Investment Manager"). The Investment Manager is authorised and regulated by the FCA and is a registered investment adviser with the United States' Securities and Exchange Commission.
Key Risks
- Investors' capital is at risk and there is no guarantee the Company will achieve its objective.
- Past performance is not a reliable guide to future performance.
- The value of investments may go down as well as up.
- Investors might get back less than they originally invested.
- The value of an investment’s assets may be affected by a variety of uncertainties such as (but not limited to): (i) international political developments; (ii) market sentiment; and (iii) economic conditions.
- The shares of the Company may trade at a discount or a premium to Net Asset Value.
- The Company may use derivatives which carry the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions.
- The Company invests in assets denominated in currencies other than the Company's base currency and changes in exchange rates may have a negative impact on the value of the Company's investments.
- The Company invests in a concentrated number of companies based in one sector. This focused strategy can lead to significant losses. The Company may be less diversified than other investment companies.
- The Company may invest in emerging markets where there is a greater risk of volatility than developed economies, for example due to political and economic uncertainties and restrictions on foreign investment. Emerging markets are typically less liquid than developed economies which may result in large price movements to the Company.
Important Information
Not an offer to buy or sell: This document is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, and under no circumstances is it to be construed as a prospectus or an advertisement. This document does not constitute, and may not be used for the purposes of, an offer of the securities of, or any interests in, the Company by any person in any jurisdiction in which such offer or invitation is not authorised.
Information subject to change: Any opinions expressed in this document may change.
Not Investment Advice: This document does not contain information material to the investment objectives or financial needs of the recipient. This document is not advice on legal, taxation or investment matters. Prospective investors must rely on their own examination of the consequences of an investment in the Company. Investors are advised to consult their own professional advisors concerning the investment.
No reliance: No reliance should be placed upon the contents of this document by any person for any purposes whatsoever. None of the Company, the Investment Manager or any of their respective affiliates accepts any responsibility for providing any investor with access to additional information, for revising or for correcting any inaccuracy in this document.
Performance and Holdings: All data is as at the document date unless indicated otherwise. Company holdings and performance are likely to have changed since the report date. Company information is provided by the Investment Manager.
Benchmark: The Company is actively managed and uses the MSCI All Country World Index/Healthcare as a performance target. The benchmark is considered to be representative of the investment universe in which the Company invests. The performance of the Company is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found at: www.mscibarra.com.
Third-party Data: Some information contained in this document has been obtained from third party sources and has not been independently verified. Neither the Company nor any other party involved in compiling, computing or creating the data makes any warranties or representations with respect to such data, and all such parties expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained within this document.
Country Specific Disclaimers
United States: The information contained within this document does not constitute or form a part of any offer to sell or issue, or the solicitation of any offer to purchase, subscribe for or otherwise acquire, any securities in the United States or in any jurisdiction in which such an offer or solicitation would be unlawful. The Company has not been and will not be registered under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”) and, as such, the holders of its shares will not be entitled to the benefits of the Investment Company Act. In addition, the offer and sale of the Securities have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). No Securities may be offered or sold or otherwise transacted within the United States or to, or for the account or benefit of U.S. Persons (as defined in Regulation S of the Securities Act). In connection with the transaction referred to in this document the shares of the Company will be offered and sold only outside the United States to, and for the account or benefit of non-U.S. Persons in “offshore- transactions” within the meaning of, and in reliance on the exemption from registration provided by Regulation S under the Securities Act. No money, securities or other consideration is being solicited and, if sent in response to the information contained in this document, will not be accepted. Any failure to comply with the above restrictions may constitute a violation of such securities laws.
Further Information about the Company: Investment in the Company is an investment in the shares of the Company and not in the underlying investments of the Company. Further information about the Company and any risks can be found in the Company’s Key Information Document, the Annual Report and Financial Statements and the Investor Disclosure Document which are available on the Company's website, found at: https://www.polarcapitalglobalhealthcaretrust.co.uk
Fund Manager Commentary As at 29 August 2025
Market and sector review
Global equity markets ended the month of August in positive territory, led by small and mid-cap stocks and sectors such as materials, healthcare, communication services and consumer discretionary. Larger capitalisation equities, and sectors seen as beneficiaries of AI (e.g. information technology and utilities) lagged. As hinted above, healthcare outperformed the broader market, with managed care, facilities, healthcare services posting strong returns, while healthcare supplies and equipment, distributors, and biotechnology had more muted performance.
As the noise around tariffs between the US and the rest of the world seemed to dissipate, following a series of trade deals and implementation delays such as another 90-day “pause” on China’s tariffs, investors’ focus shifted back to the health of the US economy and to what the Federal Reserve (“Fed”) will do next. Although GDP growth remains resilient, underlying inflation is re-accelerating on the back of tariffs, and at the same time the labour market is showing signs of weakness as evidenced by slowing job growth and higher jobless claims. Given its dual mandate of controlling inflation and the promotion of maximum employment, the Fed needs to decide which one of its goals will prevail. At the Fed’s Jackson Hole conference, not only did the Fed’s chairman Jerome Powell reveal a revised policy framework -effectively reverting to its pre-Covid iteration - but he also suggested that the health of the job market is top of mind and opened the door to possible rate cuts soon. Unsurprisingly, this was taken positively by investors and areas more sensitive to interest rates, such as small-cap stocks.
Fund performance
The Company’s NAV increased by 3.4% in August, ahead of its benchmark, the MSCI All Country World Daily Net Total Return Health Care Index, which was up 2.7% (both figures in sterling terms).
Positive contributors relative to the benchmark in August were Zealand Pharma, Avidity Biosciences and H Lundbeck.
There was no company-specific news for Zealand Pharma during the month, although US pharma major Eli Lilly disclosed clinical trial results for its oral obesity drug, Orforglipron, that underwhelmed both on efficacy and tolerability. That disappointment removes a worst-case threat from those developing next-generation injectable drugs for the treatment of obesity, with Zealand Pharma a case in point.
There was no company-specific news flow for Avidity Biosciences but there were reports that Novartis has approached the company for a potential takeover. Both Avidity Biosciences and Novartis declined to comment.
H Lundbeck pre-announced a strong set of 2Q25 financial results and raised guidance, with the key strategic brands in areas such as migraine and agitation associated with Alzheimer’s disease driving the upgrade.
Negative relative contributors in the period under review were Medley, Bruker and Alcon.
Medley announced a weak set of 2Q25 results, with the HR platform business their key concern.
Bruker also disappointed, as the demand for life-sciences instruments continues to be under pressure. With issues across the board, the company downgraded guidance for 2025.
Ophthalmology company Alcon once again disappointed with its financial results and downgraded expectations for the 2025 fiscal year. A frustrating update, the main challenge appears to be a sluggish surgical market, with increasing competition highlighted.
Fund activity
We added positions in RadNet, DexCom, and iRhythm Technologies during August.
RadNet operates the largest network of imaging centres in the US and also offers software and technology to run imaging centres more efficiently as well as to help radiographers with diagnosing cancer. The underlying business fundamentals are strong, driven by the shift to new imaging modalities and geographical expansion. The software business is in the middle of a new product launch and the valuation is attractive for the potential growth on offer.
After a period of poor execution, we believe DexCom, one of the leading providers of continuous glucose monitors globally, is back on track to deliver mid-teens revenue growth while also expanding margins at a faster pace than consensus expectations.
Finally, iRhythm Technologies specialises in portable heart monitoring devices. The business has strong momentum, which looks sustainable in the near term with the company set to launch a new mobile cardiac telemetry product.
The new additions were funded by exiting Alcon, AptarGroup, bioMerieux, Bruker and Stevanato Group.
James Douglas
James studied medicinal chemistry and has worked in healthcare, in sales, research and fund management, throughout his career
Gareth Powell
Gareth worked at a pharmaceutical company and in academic laboratories before setting up the healthcare team in 2007
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