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 31 July 2026
Market and sector review
Global equity markets traded sideways in July, but the apparent lack of direction of the price action masks what was a sharp rotation in the month: the AI trade began to wobble, market leadership that had been so far very narrow broadened out and momentum stocks lost steam. Renewed doubts about whether the enormous AI capital spending will pay off, rising yields and continued geopolitical uncertainty all contributed to this change in investors’ positioning.
Healthcare has been a notable beneficiary of the shift, ranking among the strongest sectors in July. Within healthcare, Distributors, Life Sciences Tools & Services and Healthcare Equipment were the strongest performing subsectors, while Managed Healthcare, Healthcare Supplies and Pharmaceuticals were the main laggards.
A sharp re-escalation of the war in the Middle East and its knock-on effects for inflation and interest rates were once again the focus of investors in July. Early in the month the June ceasefire unravelled, with President Trump declaring it "over" and US forces carrying out consecutive rounds of strikes. With the conflict spilling beyond Iran's borders and into the Red Sea, the oil price surged and Brent crude briefly crossed $100 for the first time since May, reigniting inflation fears. Even though a new ceasefire took place towards the end of the month, sending oil prices down, the commodity remains almost 40% more expensive than it was at the start of the year.
The move in oil complicates what had briefly looked like an improving inflation story. The June Consumer Price Index (CPI) annual rate came in at 3.5%, against expectations of 3.8%, evidence perhaps that the spring energy spike was fading. Yet the July oil rally and fresh tariffs of 10-12.5% on 60 countries announced by Trump on 24 July threaten to undo that progress before it reaches core prices. The Federal Reserve (Fed) therefore faces a classic supply/shock dilemma: tighten into an energy-driven price rise and risk choking demand or look through it and risk second-round effects in wages and services. So far, given the continued rise in US yields despite the Fed holding interest rates unchanged, the market is predicting that the former scenario is more likely. Unless Fed Chair Kevin Warsh’s resolve to make inflation “a thing of the past” starts to falter, a hike in September is becoming more and more likely.
Fund performance
The Company’s net asset value (NAV) declined by 1.7% in July, behind its benchmark, the MSCI All Country World Daily Net Total Return Health Care Index, which returned 0.2% for the month (both figures in sterling terms).
Positive contributors relative to the benchmark in July included IQVIA Holdings, Thermo Fisher Scientific and Intuitive Surgical.
IQVIA Holdings’ positive performance came on the back of a strong set of second quarter (Q2) 2026 financial results, with the highlights being strong new orders relative to revenue billed, solid margins and comfort that AI is emerging as a tailwind as opposed to a headwind.
After a long period of anaemic revenue growth, Thermo Fisher Scientific delivered an upbeat set of Q2 financial results coupled with constructive commentary for the rest of the year.
Intuitive Surgical delivered a decent set of Q2 results but offered some cautionary statements around US procedure volumes in the second half of the year that pressured the stock.
Negative relative contributors in the period under review included Ionis Pharmaceuticals, Argenx and Cytokinetics.
Ionis Pharmaceuticals suffered a material setback during July, announcing that a key pipeline asset, eplontersen, designed to treat cardiomyopathy, failed to hit its primary endpoint in its pivotal Phase III study.
There was no thesis-changing news for either Argenx or Cytokinetics, both of which appeared to struggle alongside an indifferent biotechnology sector.
We initiated new positions in Abbott Laboratories and IQVIA Holdings during July.
Abbott Laboratories reported a solid set of Q2 results but, more importantly, could see accelerating revenue growth driven by new product launches. Contract Research Organisation IQVIA Holdings is starting to benefit from the strong biotechnology funding environment which we believe should benefit near-term bookings and a positive impact on near and medium-term revenue. Importantly, the company’s AI offerings are gaining further traction with increasing customer adoption. The positions were funded, in part, by exits from Thermo Fisher Scientific and Centene.
Outlook
The Q2 earnings season, so far, has been a positive one for the healthcare sector both in terms of surprises and upwards revisions to consensus estimates. This is an important observation, given attractive valuations alone may not be enough to generate interest in the sector. The innovation is there, as are the new product cycles, but their importance cannot be divorced from strong and consistent execution.
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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