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2. Source: Lipper. As at market close.
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2. Source: Lipper. As at market close.
Polar Capital Global Healthcare Trust is an actively managed, global portfolio seeking the very best growth opportunities from this innovative and rapidly advancing industry.
Past performance is not a reliable indicator of future returns.
The Company’s investment objective is to generate capital growth by investing in a global portfolio of healthcare stocks.
The Company will seek to achieve its objective by investing in a diversified global portfolio consisting primarily of listed equities. The portfolio is diversified by factors such as geography, industry sub-sector and investment size. The portfolio will comprise a single pool of investments, but for operational purposes, the Investment Manager will maintain a growth portfolio and an innovation portfolio. Innovation companies are broadly defined by the Investment Manager as small/mid cap innovators that are driving disruptive change, giving rise not only to new drugs and surgical treatments but also to a transformation in the management and delivery of healthcare. The growth portfolio is expected to comprise a majority of the Company’s assets; for this purpose, once an innovation stock’s market capitalisation has risen above US $5bn, it will ordinarily then be treated as a growth stock.
The relative ratio between the two portfolios may vary over the life of the Company due to factors such as asset growth and the Investment Manager’s views as to the risks and opportunities offered by investments in each pool and across the combined portfolio. While there is no restriction on geographical exposure, it is expected that the majority of the companies in the initial growth portfolio will be US listed or traded and/or headquartered in the US, although this may change over the life of the Company.
It was originally anticipated that the number of investments would be limited to 50 however, to enhance fund management flexibility the Board has authorised an increase to a maximum of 65 investments.
The combined portfolio will therefore be made up of interests in up to 65 companies, with no single investment accounting for more than 10% (or 15% in the case of an investment in another fund managed by the Investment Manager) of the Gross Assets at the time of investment. The innovation portfolio may include stocks which are neither quoted nor listed on any stock exchange but the exposure to such stocks, in aggregate, will not exceed 5% of Gross Assets at the time of investment. In the event that the Investment Manager launches a dedicated healthcare innovation fund, the Company’s exposure to innovation stocks may be achieved in whole or in part by an investment in that fund. In any event, the Company will not, without the prior consent of the Board, acquire more than 15% of any such healthcare innovation fund’s issued share capital.
Important Information: The information provided on this website is for the sole use of the intended recipient and is not a financial promotion it shall not and does not constitute an offer or solicitation of an offer to make an investment into any Fund or Company managed by Polar Capital. It may not be reproduced in any form without the express permission of Polar Capital. The law restricts distribution of this information in certain jurisdictions; therefore, it is the responsibility of the reader to inform themselves about and observe any such restrictions. It is the responsibility of any person/s in possession of this webpage to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Polar Capital Global Healthcare Trust plc and its subsidiary, PCGH ZDP plc are investment companies with investment trust status and as such their shares are excluded from the FCA’s (Financial Conduct Authority’s) restrictions which apply to non-mainstream investment products. The Companies conduct their affairs and intend to continue to do so for the foreseeable future so that the exclusion continues to apply. It is not designed to contain information material to an investor’s decision to invest in Polar Capital Global Healthcare Trust plc or PCGH ZDP plc, Alternative Investment Funds under the Alternative Investment Fund Managers Directive 2011/61/EU (“AIFMD”) managed by Polar Capital LLP the appointed Alternative Investment Manager. In relation to each member state of the EEA (each a “Member State”) which has implemented the AIFMD, this webpage may only be distributed and shares may only be offered or placed in a Member State to the extent that (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD; or (2) this webpage may otherwise be lawfully distributed and the shares may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). As at the date of this webpage, the Companies have been approved, notified or registered in accordance with the AIFMD for marketing to professional investors in Ireland only. The Companies have not been approved notified or registered in accordance with the AIFMD for marketing to professional investors in any other member state of the EEA. However, additional such approval may be sought or additional such notification or registration may be made in the future. Therefore this webpage is only transmitted to an investor in an EEA Member State at such investor’s own initiative. SUCH INFORMATION, INCLUDING RELEVANT RISK FACTORS, IS CONTAINED IN THE COMPANIES OFFERING DOCUMENTS WHICH MUST BE READ BY ANY PROSPECTIVE INVESTOR.
Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
Benchmarks: The following benchmark index is used: MSCI All Country World Index/Healthcare. This benchmark is generally considered to be representative of the Healthcare Equity universe. This benchmark is a broad-based index which is used for comparative/illustrative purposes only and has been selected as it is well known and is easily recognizable by investors. Please refer to www.mscibarra.com for further information on this index. Comparisons to benchmarks have limitations as benchmarks volatility and other material characteristics that may differ from the Companies. Security holdings, industry weightings and asset allocation made for the Companies may differ significantly from the benchmark. Accordingly, investment results and volatility of the Companies may differ from those of the benchmark. The indices noted in this webpage are unmanaged, unavailable for direct investment, and are not subject to management fees, transaction costs or other types of expenses that the Companies may incur. The performance of the indices reflects reinvestment of dividends and, where applicable, capital gain distributions. Therefore, investors should carefully consider these limitations and differences when evaluating the comparative benchmark data performance. Information regarding indices is included merely to show general trends in the periods indicated and is not intended to imply that the Companies was similar to the indices in composition or risk.
Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.
Country Specific disclaimers: The Companies have not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act") and 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 webpage the shares of the Companies 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 herein, will not be accepted. Any failure to comply with the above restrictions may constitute a violation of such securities laws.
Last updated {{time}} {{Date}}
2. Source: Lipper. As at market close.
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Source: London Stock Exchange. Delayed by at least 15 minutes.
Invalid Dates
Update chart1 month | 3 month | YTD | 1 year | Since 20.06.17 | Since Launch | |
---|---|---|---|---|---|---|
Ordinary Share Price (TR) | -5.82 | 0.19 | -3.11 | 11.51 | 13.34 | 184.55 |
NAV per Share (TR) | -2.65 | -1.37 | -1.50 | 12.21 | 26.89 | 246.57 |
MSCI ACWI / Healthcare TR | -4.53 | -2.95 | -3.98 | 12.02 | 31.98 | 305.34 |
NYSE Arca Pharmaceutical CR* | -4.02 | -2.29 | -2.92 | 7.92 | 27.47 | 257.53 |
Source: Bloomberg & HSBC Securities Services (UK) Limited, percentage growth, Net of Fees in GBP terms. Past performance is not indicative or a guarantee of future results.
The ordinary share price has been adjusted for dividends paid in the period in GBP and reinvested at the ex-dividend date.
The NAV per share is adjusted to show dividends reinvested on the payment date in ordinary shares at their Net Asset Value; to remove the dilution of the exercise of the subscription rights and, to remove any effects from any issuance or repurchase of ordinary shares. This is the metric used by the Company when assessing the investment manager’s performance.
The Company was restructured on 20 June 2017.
*NYSE Arca Pharmaceutical Index shown for illustrative purposes only.
YTD | 30.09.19 - 30.09.20 | 28.09.18 - 30.09.19 | 29.09.17 - 28.09.18 | 30.09.16 - 29.09.17 | |
---|---|---|---|---|---|
Ordinary Share Price (TR) | 1.05 | 7.81 | -1.35 | 13.72 | 3.41 |
NAV per Share (TR) | -0.46 | 14.14 | -1.26 | 19.83 | 0.60 |
MSCI ACWI / Healthcare TR | -2.45 | 15.95 | 3.14 | 17.24 | 8.60 |
NYSE Arca Pharmaceutical CR* | -3.62 | 10.53 | 7.75 | 15.43 | 6.35 |
Important Information: The information provided on this website is for the sole use of the intended recipient and is not a financial promotion it shall not and does not constitute an offer or solicitation of an offer to make an investment into any Fund or Company managed by Polar Capital. It may not be reproduced in any form without the express permission of Polar Capital. The law restricts distribution of this information in certain jurisdictions; therefore, it is the responsibility of the reader to inform themselves about and observe any such restrictions. It is the responsibility of any person/s in possession of this webpage to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Polar Capital Global Healthcare Trust plc and its subsidiary, PCGH ZDP plc are investment companies with investment trust status and as such their shares are excluded from the FCA’s (Financial Conduct Authority’s) restrictions which apply to non-mainstream investment products. The Companies conduct their affairs and intend to continue to do so for the foreseeable future so that the exclusion continues to apply. It is not designed to contain information material to an investor’s decision to invest in Polar Capital Global Healthcare Trust plc or PCGH ZDP plc, Alternative Investment Funds under the Alternative Investment Fund Managers Directive 2011/61/EU (“AIFMD”) managed by Polar Capital LLP the appointed Alternative Investment Manager. In relation to each member state of the EEA (each a “Member State”) which has implemented the AIFMD, this webpage may only be distributed and shares may only be offered or placed in a Member State to the extent that (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD; or (2) this webpage may otherwise be lawfully distributed and the shares may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). As at the date of this webpage, the Companies have been approved, notified or registered in accordance with the AIFMD for marketing to professional investors in Ireland only. The Companies have not been approved notified or registered in accordance with the AIFMD for marketing to professional investors in any other member state of the EEA. However, additional such approval may be sought or additional such notification or registration may be made in the future. Therefore this webpage is only transmitted to an investor in an EEA Member State at such investor’s own initiative. SUCH INFORMATION, INCLUDING RELEVANT RISK FACTORS, IS CONTAINED IN THE COMPANIES OFFERING DOCUMENTS WHICH MUST BE READ BY ANY PROSPECTIVE INVESTOR.
Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.
Benchmarks: The following benchmark index is used: MSCI All Country World Index/Healthcare. This benchmark is generally considered to be representative of the Healthcare Equity universe. This benchmark is a broad-based index which is used for comparative/illustrative purposes only and has been selected as it is well known and is easily recognizable by investors. Please refer to www.mscibarra.com for further information on this index. Comparisons to benchmarks have limitations as benchmarks volatility and other material characteristics that may differ from the Companies. Security holdings, industry weightings and asset allocation made for the Companies may differ significantly from the benchmark. Accordingly, investment results and volatility of the Companies may differ from those of the benchmark. The indices noted in this webpage are unmanaged, unavailable for direct investment, and are not subject to management fees, transaction costs or other types of expenses that the Companies may incur. The performance of the indices reflects reinvestment of dividends and, where applicable, capital gain distributions. Therefore, investors should carefully consider these limitations and differences when evaluating the comparative benchmark data performance. Information regarding indices is included merely to show general trends in the periods indicated and is not intended to imply that the Companies was similar to the indices in composition or risk.
Performance/Investment Process/Risk: Performance is shown net of fees and expenses and includes the reinvestment of dividends and capital gain distributions. Factors affecting the Companies’ performance may include changes in market conditions (including currency risk) and interest rates and in response to other economic, political, or financial developments. The Companies’ investment policy allows for it to enter into derivatives contracts. Leverage may be generated through the use of such financial instruments and investors must be aware that the use of derivatives may expose the Companies to greater risks, including, but not limited to, unanticipated market developments and risks of illiquidity, and is not suitable for all investors. Those in possession of this webpage must read the Companies Investment Policy and Annual Report for further information on the use of derivatives. Past performance is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Investments are not insured by the FDIC (or any other state or federal agency), or guaranteed by any bank, and may lose value. No investment process or strategy is free of risk and there is no guarantee that the investment process or strategy described herein will be profitable.
Country Specific disclaimers: The Companies have not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act") and 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 webpage the shares of the Companies 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 herein, will not be accepted. Any failure to comply with the above restrictions may constitute a violation of such securities laws.
UnitedHealth Group | 6.6 | |
Medtronic | 5.1 | |
AstraZeneca | 4.5 | |
Amgen | 4.4 | |
Roche | 4.4 | |
Bio-Rad Laboratories | 4.0 | |
Bristol Myers Squibb | 3.9 | |
Sanofi | 3.7 | |
Baxter International | 3.5 | |
Zimmer Biomet Holdings | 3.1 | |
Top 10 Holdings | 43.3 | |
Rest of Portfolio | 56.7 |
Total Number of Positions44
Fund | Relative | ||
---|---|---|---|
Healthcare Equipment | 22.6 | 1.8 | |
Pharmaceuticals | 19.4 | -18.5 | |
Biotechnology | 19.3 | 5.5 | |
Life Sciences Tools & Services | 11.8 | 3.3 | |
Managed Healthcare | 11.2 | 3.9 | |
Healthcare Distributors | 5.8 | 4.4 | |
Healthcare Facilities | 5.2 | 3.8 | |
Healthcare Technology | 3.1 | 0.6 | |
Healthcare Supplies | 2.7 | 0.2 | |
Metal & Glass Containers | 2.0 | 2.0 | |
Healthcare Services | 0.0 | -3.8 | |
Cash | -3.0 | -3.0 | |
Note: Totals may not sum due to rounding.
Key | GBP | |
Total Gross Assets | £354.6m | |
Total Net Assets | £322.4m | |
AIC Gearing Ratio | 3.16% | |
AIC Net Cash Ratio | n/a | |
Large Cap (>US$10bn) | 76.8 | |
Mid Cap (US$5 - 10bn) | 14.0 | |
Small Cap (<US$5bn) | 12.3 | |
Cash | -3.0 |
Fund | Relative | ||
---|---|---|---|
United States | 69.4 | 5.4 | |
Ireland | 6.3 | 3.8 | |
United Kingdom | 5.6 | 2.2 | |
Switzerland | 5.6 | -2.2 | |
France | 3.7 | 1.8 | |
Netherlands | 2.8 | 1.7 | |
Australia | 2.7 | 0.9 | |
Germany | 2.1 | -0.1 | |
Japan | 2.0 | -3.8 | |
Sweden | 1.5 | 1.5 | |
Denmark | 1.3 | -1.5 | |
China | 0.0 | -3.0 | |
India | 0.0 | -0.6 | |
South Korea | 0.0 | -0.9 | |
Cash | -3.0 | -3.0 | |
Important Information: The information provided on this website is for the sole use of the intended recipient and is not a financial promotion it shall not and does not constitute an offer or solicitation of an offer to make an investment into any Fund or Company managed by Polar Capital. It may not be reproduced in any form without the express permission of Polar Capital. The law restricts distribution of this information in certain jurisdictions; therefore, it is the responsibility of the reader to inform themselves about and observe any such restrictions. It is the responsibility of any person/s in possession of this webpage to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Polar Capital Global Healthcare Trust plc and its subsidiary, PCGH ZDP plc are investment companies with investment trust status and as such their shares are excluded from the FCA’s (Financial Conduct Authority’s) restrictions which apply to non-mainstream investment products. The Companies conduct their affairs and intend to continue to do so for the foreseeable future so that the exclusion continues to apply. It is not designed to contain information material to an investor’s decision to invest in Polar Capital Global Healthcare Trust plc or PCGH ZDP plc, Alternative Investment Funds under the Alternative Investment Fund Managers Directive 2011/61/EU (“AIFMD”) managed by Polar Capital LLP the appointed Alternative Investment Manager. In relation to each member state of the EEA (each a “Member State”) which has implemented the AIFMD, this webpage may only be distributed and shares may only be offered or placed in a Member State to the extent that (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD; or (2) this webpage may otherwise be lawfully distributed and the shares may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). As at the date of this webpage, the Companies have been approved, notified or registered in accordance with the AIFMD for marketing to professional investors in Ireland only. The Companies have not been approved notified or registered in accordance with the AIFMD for marketing to professional investors in any other member state of the EEA. However, additional such approval may be sought or additional such notification or registration may be made in the future. Therefore this webpage is only transmitted to an investor in an EEA Member State at such investor’s own initiative. SUCH INFORMATION, INCLUDING RELEVANT RISK FACTORS, IS CONTAINED IN THE COMPANIES OFFERING DOCUMENTS WHICH MUST BE READ BY ANY PROSPECTIVE INVESTOR.
Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
Holdings: Portfolio data is “as at” the date indicated and should not be relied upon as a complete or current listing of the holdings (or top holdings) of the Companies. The holdings may represent only a small percentage of the aggregate portfolio holdings, are subject to change without notice, and may not represent current or future portfolio composition. Information on particular holdings may be withheld if it is in the Companies’ best interest to do so. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this webpage. A list of all recommendations made within the immediately preceding 12 months is available upon request. This webpage is not a recommendation to purchase or sell any particular security. It is designed to provide updated information to professional investors to enable them to monitor the Companies.
Benchmarks: The following benchmark index is used: MSCI All Country World Index/Healthcare. This benchmark is generally considered to be representative of the Healthcare Equity universe. This benchmark is a broad-based index which is used for comparative/illustrative purposes only and has been selected as it is well known and is easily recognizable by investors. Please refer to www.mscibarra.com for further information on this index. Comparisons to benchmarks have limitations as benchmarks volatility and other material characteristics that may differ from the Companies. Security holdings, industry weightings and asset allocation made for the Companies may differ significantly from the benchmark. Accordingly, investment results and volatility of the Companies may differ from those of the benchmark. The indices noted in this webpage are unmanaged, unavailable for direct investment, and are not subject to management fees, transaction costs or other types of expenses that the Companies may incur. The performance of the indices reflects reinvestment of dividends and, where applicable, capital gain distributions. Therefore, investors should carefully consider these limitations and differences when evaluating the comparative benchmark data performance. Information regarding indices is included merely to show general trends in the periods indicated and is not intended to imply that the Companies was similar to the indices in composition or risk.
Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.
Allocations: The strategy allocation percentages set forth in this webpage are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the same comparable risks and returns. Please see the private placement memorandum or prospectus for a description of the investment allocations as well as the risks associated therewith. Please note that the Companies may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Companies is dependent on the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return to the Companies while minimizing its risk. The actual investments in the Companies may or may not be the same or in the same proportion as those shown herein.
Country Specific disclaimers: The Companies have not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act") and 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 webpage the shares of the Companies 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 herein, will not be accepted. Any failure to comply with the above restrictions may constitute a violation of such securities laws.
Important Information: The information provided on this website is for the sole use of the intended recipient and is not a financial promotion it shall not and does not constitute an offer or solicitation of an offer to make an investment into any Fund or Company managed by Polar Capital. It may not be reproduced in any form without the express permission of Polar Capital. The law restricts distribution of this information in certain jurisdictions; therefore, it is the responsibility of the reader to inform themselves about and observe any such restrictions. It is the responsibility of any person/s in possession of this webpage to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Polar Capital Global Healthcare Trust plc and its subsidiary, PCGH ZDP plc are investment companies with investment trust status and as such their shares are excluded from the FCA’s (Financial Conduct Authority’s) restrictions which apply to non-mainstream investment products. The Companies conduct their affairs and intend to continue to do so for the foreseeable future so that the exclusion continues to apply. It is not designed to contain information material to an investor’s decision to invest in Polar Capital Global Healthcare Trust plc or PCGH ZDP plc, Alternative Investment Funds under the Alternative Investment Fund Managers Directive 2011/61/EU (“AIFMD”) managed by Polar Capital LLP the appointed Alternative Investment Manager. In relation to each member state of the EEA (each a “Member State”) which has implemented the AIFMD, this webpage may only be distributed and shares may only be offered or placed in a Member State to the extent that (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD; or (2) this webpage may otherwise be lawfully distributed and the shares may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). As at the date of this webpage, the Companies have been approved, notified or registered in accordance with the AIFMD for marketing to professional investors in Ireland only. The Companies have not been approved notified or registered in accordance with the AIFMD for marketing to professional investors in any other member state of the EEA. However, additional such approval may be sought or additional such notification or registration may be made in the future. Therefore this webpage is only transmitted to an investor in an EEA Member State at such investor’s own initiative. SUCH INFORMATION, INCLUDING RELEVANT RISK FACTORS, IS CONTAINED IN THE COMPANIES OFFERING DOCUMENTS WHICH MUST BE READ BY ANY PROSPECTIVE INVESTOR.
Statements/Opinions/Views: All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital. This material does not constitute legal or accounting advice; readers should contact their legal and accounting professionals for such information. All sources are Polar Capital unless otherwise stated.
Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.
Holdings: Portfolio data is “as at” the date indicated and should not be relied upon as a complete or current listing of the holdings (or top holdings) of the Companies. The holdings may represent only a small percentage of the aggregate portfolio holdings, are subject to change without notice, and may not represent current or future portfolio composition. Information on particular holdings may be withheld if it is in the Companies’ best interest to do so. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this webpage. A list of all recommendations made within the immediately preceding 12 months is available upon request. This webpage is not a recommendation to purchase or sell any particular security. It is designed to provide updated information to professional investors to enable them to monitor the Companies.
Benchmarks: The following benchmark index is used: MSCI All Country World Index/Healthcare. This benchmark is generally considered to be representative of the Healthcare Equity universe. This benchmark is a broad-based index which is used for comparative/illustrative purposes only and has been selected as it is well known and is easily recognizable by investors. Please refer to www.mscibarra.com for further information on this index. Comparisons to benchmarks have limitations as benchmarks volatility and other material characteristics that may differ from the Companies. Security holdings, industry weightings and asset allocation made for the Companies may differ significantly from the benchmark. Accordingly, investment results and volatility of the Companies may differ from those of the benchmark. The indices noted in this webpage are unmanaged, unavailable for direct investment, and are not subject to management fees, transaction costs or other types of expenses that the Companies may incur. The performance of the indices reflects reinvestment of dividends and, where applicable, capital gain distributions. Therefore, investors should carefully consider these limitations and differences when evaluating the comparative benchmark data performance. Information regarding indices is included merely to show general trends in the periods indicated and is not intended to imply that the Companies was similar to the indices in composition or risk.
Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.
Forecasts: References to future returns are not promises or estimates of actual returns Polar Capital may achieve. Forecasts contained herein are for illustrative purposes only and does not constitute advice or a recommendation. Forecasts are based upon subjective estimates and assumptions about circumstances and events that have not and may not take place.
Performance/Investment Process/Risk: Performance is shown net of fees and expenses and includes the reinvestment of dividends and capital gain distributions. Factors affecting the Companies’ performance may include changes in market conditions (including currency risk) and interest rates and in response to other economic, political, or financial developments. The Companies’ investment policy allows for it to enter into derivatives contracts. Leverage may be generated through the use of such financial instruments and investors must be aware that the use of derivatives may expose the Companies to greater risks, including, but not limited to, unanticipated market developments and risks of illiquidity, and is not suitable for all investors. Those in possession of this webpage must read the Companies Investment Policy and Annual Report for further information on the use of derivatives. Past performance is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Investments are not insured by the FDIC (or any other state or federal agency), or guaranteed by any bank, and may lose value. No investment process or strategy is free of risk and there is no guarantee that the investment process or strategy described herein will be profitable.
Allocations: The strategy allocation percentages set forth in this webpage are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the same comparable risks and returns. Please see the private placement memorandum or prospectus for a description of the investment allocations as well as the risks associated therewith. Please note that the Companies may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Companies is dependent on the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return to the Companies while minimizing its risk. The actual investments in the Companies may or may not be the same or in the same proportion as those shown herein.
Country Specific disclaimers: The Companies have not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act") and 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 webpage the shares of the Companies 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 herein, will not be accepted. Any failure to comply with the above restrictions may constitute a violation of such securities laws.
Ordinary shares | ZDP shares | |
---|---|---|
Ordinary shares | ZDP shares | |
ISIN | GB00B6832P16 | GB00BDHXP963 |
SEDOL | B6832P1 | BDHXP96 |
London Stock Exchange | PCGH | PGHZ |
LEI | 549300YV7J2TWLE7PV84 | 5493004C3YRF9HEVQI09 |
LEI Polar Capital LLP | 4YW3JKTZ3K1II2GVCK15 |
Management | 0.75% |
Performance | 10% over performance hurdle |
Ongoing Charges | 1.01% |
All fees, with the exception of performance fees, are allocated 80% to capital and 20% to income. Performance fees are allocated 100% to capital. The management fee is based on the lower of the Group Market Capitalisation or Adjusted NAV (which includes all assets referable to the ZDP Shares). The performance fee hurdle is equal to the relaunch NAV multiplied by the benchmark total return plus 1.5% compounded annually. Ongoing charges are calculated at the latest published year end date, excluding any performance fees.
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Fund Manager Commentary As at 26 February 2021
Global equity markets’ uncertain start to 2021 was evident once again in February, delivering very modest gains, with healthcare a noticeable under-performer. Discussed in greater detail below, rising rates and upwards inflationary pressure are weighing on certain sectors, including pockets of healthcare, with those that fall into the “momentum/growth” bucket suffering the most. Looking at the subsectors in greater detail, facilities and managed healthcare were the best performers in February, with life sciences and tools, biotechnology and pharmaceuticals struggling. The Company’s NAV declined 2.7% in February, which was ahead of the benchmark (MSCI AC World Daily TR Net Health Care Index) which declined 4.5% for the month.
Rising rates, a steepening yield curve and inflation were very much the focus of attention during February. An environment that can be problematic in the short term for highly valued, long-duration assets such as technology, and to a lesser degree biotechnology, life sciences and tools, and pharmaceuticals. As a result, we believe there is some near-term rotation as portfolios reduce their exposure to technology, and pockets of healthcare, and increase their exposure to areas like financials, basic resources, and oil and gas. Positive real-world COVID-19 vaccine data is also adding momentum to the re-opening trade, an observation that is encouraging for areas of the market including travel and leisure. AstraZeneca’s vaccine, for example, is able to reduce the risk of COVID-19-related hospitalisations by 94% after the first dose (which compares favourably to Pfizer/BioNTech’s vaccine at 85%).
February contained a number of updates that are supportive of some of the underlying themes in healthcare that we believe will drive medium-term growth and, hopefully, yield interesting investment opportunities. We continue to see evidence that the healthcare industry is investing in technologies and services that will make the delivery of healthcare more efficient. During the reporting period, Brookdale Senior Living announced it has agreed to sell 80% of the equity in its hospice, home health and outpatient business to US hospital operator HCA Holdings. This is an interesting investment by HCA in a business that operates 84 outpatient centres, 57 home health agencies and 22 hospices – all locations that could offer lower-cost settings to deliver care. Along similar lines (i.e. delivering care in a lower-cost setting), Cigna announced its intention to acquire MDLive, one of the largest telehealth vendors in the US with particular expertise in the fields of behavioural care and dermatology.
Outsourcing is another industry mega-trend we believe is gathering sustainable momentum, with clinical research organisations (CROs) very well positioned to capitalise. In alphabetical order, CROs IQVIA, PPD, PRA Health Sciences and Syneos Health all produced strong Q4 2020 financial results, coupled with robust outlooks for 2021. On the theme of consolidation, we witnessed a couple of deals in February, with ICON looking to acquire CRO peer PRA Health Sciences, and US pharmaceutical company Merck & Co looking to acquire biotechnology company Pandion Therapeutics. On 26 February, ICON announced it has entered into a definitive agreement to acquire PRAH Health Sciences for a consideration of approximately $12bn. With modest customer overlap, ICON believes the combination will address the growing need for decentralised trial solutions. Interestingly, technology appears to be at the fore with the company focussing on mobile solutions, connected health platforms, home health services and wearables expertise. Merck & Co’s proposed acquisition of Pandion brings with it a pipeline of immune modulators with potential utility in auto-immune disease such as ulcerative colitis and systemic lupus erythematosus.
Positive contributors from active positions were Horizon Pharma, PRA Health Sciences and Hill-Rom Holdings. Horizon Pharma continues on a path of exceptional execution, with lead drug Tepezza for thyroid eye disease (TED) generating sales >$800m in 2020 (which compares very favourably to the original guidance of $35m-$40m). The stock also benefitted from a competitor update, with Immunovant announcing they were pausing their TED studies due to evidence of increased LDL cholesterol levels with their asset. PRA Health Sciences’ strong execution continues, but it was the $12bn bid from ICON that was the primary driver of the outperformance in the period. Hill-Rom Holdings had no material news in the reporting period other than another strong set of financial results (Q1 2021).
Negative contributors from active positions were Quotient, Incyte and Medley. Quotient was weak due to COVID-19 still impacting timelines on their diagnostic development programs, which remains hugely frustrating but reflects the challenges that a number of development stage companies are still coping with. The technology remains disruptive and the company out of favour with investors but we retain our optimism. Medley announced encouraging long-term revenue and margin goals but over the short to mid-term will invest more than was expected, causing the underperformance. Medley also suffered from the selloff in higher growth companies in favour of more cyclical investments. While exposure to high growth in the portfolio is limited, the long-term potential for Medley should offer the potential for substantial outperformance. Incyte has struggled since reporting a solid set of financial results. The biotech sector has been weak, but Incyte appears to be struggling from a lack of confidence in its late-stage pipeline in the areas of atopic dermatitis and oncology. Updates over the next six months will be critical to addressing those concerns.
In terms of portfolio changes, we took profits in Align Technology, Sartorius and PRA Health Sciences. Both high-quality companies, with strong footholds in large, fast-growing markets, Align Technology (dental) and Sartorius (bioprocessing) are carrying valuations that are starting to feel a little stretched in the near term so felt it prudent to take profits. As mentioned above, PRA Health Sciences was subject to a bid from CRO peer ICON so we exited the position. We also sold Fresenius Medical Care and US managed care organisation Humana. Alongside the profit warning, Fresenius’ management team did reiterate its medium-term financial guidance, but to get there they will have to navigate a challenging and lengthy restructuring program. We continue to be constructive on the managed care industry but feel that concerns surrounding solvency of the Medicare Trust Fund could prove to be a near-term overhang for Humana given its exposure to the Medicare marketplace.
We re-cycled the proceeds from the sales into a number of investments that we believe feed directly into our core investment themes. One was Aptar Group, a contract development and manufacturing organisation (CDMO) should benefit from outsourcing tailwinds. We also started a position in Cooper Companies, a US-based medical device company with a potentially disruptive myopia technology, and Molina Healthcare, a business that provides managed healthcare services under the Medicaid and Medicare programs. Last, but not least, we started a position in Arcutis Biotherapeutics, a small-cap biotechnology company with an innovative, late-stage asset for the topical treatment of plaque psoriasis.
Following on from January, February contained a number of updates that underpin our enthusiasm for underlying themes and the opportunity set that healthcare presents. Management teams are continuing to make investments today, both organically and inorganically, that should drive much-needed efficiencies over the medium term. Outsourcing will continue to be an opportunity, with ICON’s proposed acquisition of PRAH Health Science providing further evidence that, especially in the world of CROs, is it not just a short-term phenomenon. We believe that strong balance sheets will continue to be deployed in a highly fragmented market, as companies look to acquire technologies and platforms as well as pursuing external avenues of growth. Last, but not least, prevention may also continue to be a central pillar of healthcare systems, with no better example offered than the COVID-19 vaccines’ ability to keep patients out of hospital.
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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