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 April 2026
Market and sector review
Global equities performed strongly in April. The bulk of returns came from more economically sensitive sectors, supported by an improved geopolitical backdrop (consumer discretionary and industrials) and continued investor appetite for the artificial intelligence theme (communication services and information technology).
Healthcare materially underperformed the broader market. Within the sector, managed care, healthcare services, healthcare supplies and healthcare information technology were the strongest performing sub-industries, while healthcare facilities, distributors and equipment had a more challenging month.
April 2026 was dominated by the fallout from the war in the Middle East, with the conflict between the US/Israel and Iran continuing to drive energy markets, inflation expectations and central bank positioning. A two-week ceasefire announced on 7 April pushed oil prices lower and triggered a market rally, but the agreement was temporary and tied to the reopening of the Strait of Hormuz, leaving its durability in doubt.
Against this backdrop, and with oil still well above levels seen two months ago, the IMF used its April World Economic Outlook to cut its 2026 global growth forecast to 3.1% under a "reference forecast". This assumes a limited conflict, warning that rising commodity prices, firmer inflation expectations and tighter financial conditions are testing recent resilience.
The US economy has so far held up (Q1 GDP accelerated to 2% quarter-on-quarter and private sector employment growth came in ahead of expectations). However, the Federal Reserve maintained a hawkish tone, stressing that controlling inflation remains its priority. It is too early to judge whether the US/Israel-Iran conflict will spark a renewed bout of inflation, but if it does, the Fed will once again have to walk a tightrope between containing prices and avoiding undue damage to demand.
During April, several companies within the healthcare sector posted their Q1 financial results. Generally, for those companies that reported, managed care organisations beat low expectations, helped by improving medical cost trends and decelerating utilisation of healthcare services. On the opposite side of the equation, healthcare facilities had a tougher quarter on the back of weaker patient volumes, with results that disappointed the market. Life sciences tools and services also fell short of expectations, reflecting the continued challenging dynamics in the industry, though some companies pointed to leading indicators turning positive, notably equipment orders. Pharmaceuticals and healthcare equipment were mixed, while biotechnology continues to trade off M&A activity and clinical trial readouts.
Fund performance
The Company’s net asset value (NAV) increased by 2.3% in April, ahead of its benchmark, the MSCI All Country World Daily Net Total Return Health Care Index, which was down 3.2% (both figures in sterling terms).
Positive contributors relative to the benchmark in April were Centene, Teva Pharmaceutical Industries (Teva) and CVS Health.
US managed care company Centene has had a strong start to the year, citing increased visibility and good progress with its Medicaid and Medicare businesses. All of this offered enough confidence to raise the earnings outlook for FY26.
Teva’s positive contribution was driven by a strong operational start to the year, with a pipeline that not only remains on track but also surprised the market by announcing an acquisition that was well received. On the same day as the results, Teva announced it has entered a definitive agreement to acquire Emalex Biosciences for $700m in cash, with a further $200m on future milestones and royalties. The acquisition adds a late-stage pipeline asset for the treatment of Tourette’s Syndrome, an area that aligns well with Teva’s existing commercial footprint.
CVS Health moved up in sympathy with the managed care group, with strong results across the company’s peers.
Negative relative contributors in the period under review included UnitedHealth Group, Elevance Health and Hansa Biopharma.
UnitedHealth Group and Elevance Health were underweights relative to the benchmark during the month, with both performing strongly off the back of strong 1Q26 financial results. As a collective, US managed care companies are starting to show green shoots of recovery after a period of inflated medical cost trends.
Hansa Biopharma struggled in April, following an underwhelming 1Q26 sets of results. However, management provided reassurance that key development timelines remain on track.
We initiated a position in US managed care company UnitedHealth Group during the month. The primary drivers of the investment decision were its valuation and a view that the company had adopted a conservative posture with its guidance across most of the company’s business lines. We also exited the position in Belgian pharmaceuticals company UCB. It continues to execute operationally but is entering a period that looks light on clinical and commercial catalysts.
Outlook
April was extremely challenging for healthcare on a relative basis, with geopolitical unrest in the Middle East and the market’s preference for AI/technology subsectors key factors. Importantly, however, the earnings season has been broadly positive, pipeline news flow continues to highlight the high levels of innovation, and a number of healthcare subsectors are starting to look very oversold.
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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