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 30 June 2026
Market and sector review
The modest decline in global equity indices in June masked significant volatility across much of the market. The AI trade took centre stage once again, with the month seeing a dramatic valuation and positioning reset in the most crowded areas of the market. Year-to-date winners such as hyperscalers, semiconductors and memory stocks sold off, amid a combination of valuation concerns, tighter financial conditions and fears that hyperscalers may be unable to monetise AI sufficiently to earn a return on their vast capex. This shift in sentiment away from the AI leaders benefited industrials, along with areas of the market that had trailed so far, such as healthcare, utilities and financials, either being considered ‘AI hedges’ or second-derivative beneficiaries of the AI infrastructure buildout.
Within healthcare, managed care, healthcare services, biotechnology, pharmaceuticals and distributors were the strongest performing subsectors, while healthcare equipment, facilities and life sciences tools and services lagged.
June 2026 was defined by a fragile move towards peace in the Middle East and a hawkish debut for the new chair of the Federal Reserve, Kevin Warsh. The US and Iran signed a memorandum of understanding on 17 June to end nearly four months of war, reopen the Strait of Hormuz and begin 60 days of negotiations. The oil price fell sharply as tanker traffic resumed. US bond yields, however, spiked the same day, as Warsh's first meeting of the Federal Open Market Committee as chair held interest rates steady amid stubbornly high inflation readings.
Warsh stressed that the Fed is committed to price stability and the overall tone read as hawkish. Nine of 18 participants projected at least one hike, and the inflation forecast was raised to 3.6%. Even so, as the month progressed and oil prices continued to fall, US yields began to ease, which helped smaller-cap stocks perform strongly as did longer-duration assets whose valuations had been compressed by the spike in oil prices.
Fund performance
The Company’s NAV increased by 6.4% in June, behind its benchmark, the MSCI All Country World Daily Net Total Return Health Care Index, which was up 6.5% for the month (both figures in sterling terms).
Positive contributors relative to the benchmark in June were Apotex Health, CVS Health and Pfizer.
Apotex Health enjoyed a positive debut on the stock market following its IPO, rerating from what was considered an attractive valuation at inception.
US healthcare services company CVS Health continues to respond well to positive revisions, with the market becoming more and more comfortable with this idea that the managed care industry in the US is on a path to recovery, from trough margins, following a challenging couple of years.
The Fund had no exposure to Pfizer during the period under review with the stock struggling after announcing disappointing results for a key pipeline asset, sigvotatug vedotin, for the treatment of lung cancer. In short, the asset did not show a statistically significant improvement in the primary endpoint of overall survival compared to chemotherapy.
Negative contributors included AbbVie, Teva Pharmaceutical Industries and Novo Nordisk.
The primary driver behind AbbVie’s strong performance was an overwhelmingly positive response to its proposed acquisition of Apogee Therapeutics, a biotechnology company whose lead asset is in late-stage development for the treatment of atopic dermatitis.
There was no thesis-changing news for Teva Pharmaceutical Industries although we do note there may be caution ahead around upcoming news flow for key pipeline assets in the field of auto-immune disorders such as vitiligo, a chronic autoimmune disorder where the immune system attacks and destroys melanocytes – the cells that produce pigment in the hair and skin.
The Fund was underweight Novo Nordisk which is experiencing positive momentum driven by the impressive uptake of Oral Wegovy for the treatment of chronic weight management.
Fund activity
During the period we initiated positions in Apotex Health, Enliven Therapeutics, Johnson & Johnson and Solventum.
We participated in the IPO of Canadian generics company Apotex Health given the attractive valuation and positive outlook for the business. Enliven Therapeutics is a US-based biotechnology company with a pipeline asset, ELVN-001, that has the potential to be a best-in-class therapy for the treatment of Chronic Myeloid Leukemia (CML), a slow-growing blood cancer that causes the bone marrow to produce too many abnormal white blood cells.
A significant index constituent, Johnson & Johnson, was added to the portfolio given it is delivering on multiple fronts in commercially attractive disease areas such as psoriasis, bladder cancer and lung cancer.
Solventum is currently going through a dynamic transformation that includes divesting non-core assets, rationalising stock-keeping units and cost saving programmes, all of which could release significant shareholder value.
The new positions were funded, in part, with exits from Corvus Pharmaceuticals, H Lundbeck, Novo Nordisk, Nuvalent and RadNet.
Outlook
The fundamentals of the healthcare industry have been robust for some time, a statement backed up by high levels of innovation, a supportive regulator and a buoyant M&A environment, especially in the world of bio-pharmaceuticals. However, two recent catalysts appear to have reignited interest in the sector. First, hope there will be a resolution to the conflict in the Middle East, easing pressure on energy costs and input costs for the pockets of the industry. Second, healthcare has likely been and could continue to be a significant beneficiary from rotation out of areas such as AI and technology.
We believe the standalone story with healthcare is compelling, but a sustained period of rotation could really add sustained momentum to the recent rally.
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
Historical Fact Sheets