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2. Source: Lipper. As at market close.
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Polar Capital Global Healthcare Trust is an actively managed, global portfolio seeking the very best growth opportunities from this innovative and rapidly advancing industry.
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) | 2.88 | 10.62 | 2.88 | 8.69 | 20.35 | 202.14 |
NAV per Share (TR) | 1.18 | 5.33 | 1.18 | 11.14 | 30.35 | 256.00 |
MSCI ACWI / Healthcare TR | 0.58 | 7.19 | 0.58 | 13.02 | 38.25 | 324.59 |
NYSE Arca Pharmaceutical CR* | 1.15 | 8.02 | 1.15 | 6.94 | 32.81 | 272.53 |
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) | 7.30 | 7.81 | -1.35 | 13.72 | 3.41 |
NAV per Share (TR) | 2.25 | 14.14 | -1.26 | 19.83 | 0.60 |
MSCI ACWI / Healthcare TR | 2.18 | 15.95 | 3.14 | 17.24 | 8.60 |
NYSE Arca Pharmaceutical CR* | 0.42 | 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 | |
Amgen | 4.7 | |
Becton Dickinson | 4.3 | |
Medtronic | 3.9 | |
Bristol Myers Squibb | 3.9 | |
AstraZeneca | 3.9 | |
Bio-Rad Laboratories | 3.5 | |
Sanofi | 3.4 | |
Roche | 3.4 | |
Baxter International | 2.9 | |
Top 10 Holdings | 40.3 | |
Rest of Portfolio | 59.7 |
Total Number of Positions45
Fund | Relative | ||
---|---|---|---|
Healthcare Equipment | 22.6 | 2.3 | |
Biotechnology | 19.3 | 5.4 | |
Pharmaceuticals | 17.6 | -20.6 | |
Life Sciences Tools & Services | 12.7 | 4.0 | |
Managed Healthcare | 11.9 | 4.9 | |
Healthcare Facilities | 4.7 | 3.4 | |
Healthcare Distributors | 4.4 | 3.0 | |
Healthcare Technology | 3.5 | 0.9 | |
Healthcare Supplies | 3.1 | 0.5 | |
Healthcare Services | 2.8 | -1.1 | |
Cash | -2.6 | -2.6 | |
Note: Totals may not sum due to rounding.
Key | GBP | |
Total Gross Assets | £364.6m | |
Total Net Assets | £332.5m | |
AIC Gearing Ratio | 2.57% | |
AIC Net Cash Ratio | n/a | |
Large Cap (>US$10bn) | 77.8 | |
Mid Cap (US$5 - 10bn) | 14.8 | |
Small Cap (<US$5bn) | 10.0 | |
Cash | -2.6 |
Fund | Relative | ||
---|---|---|---|
United States | 67.4 | 3.8 | |
Germany | 7.1 | 4.8 | |
United Kingdom | 5.1 | 1.5 | |
Switzerland | 5.0 | -2.8 | |
Ireland | 4.7 | 2.4 | |
France | 3.4 | 1.5 | |
Australia | 2.3 | 0.6 | |
Netherlands | 2.3 | 1.3 | |
Japan | 2.3 | -3.8 | |
Sweden | 1.7 | 1.7 | |
Denmark | 1.3 | -1.4 | |
China | 0.0 | -3.0 | |
India | 0.0 | -0.6 | |
South Korea | 0.0 | -0.9 | |
Cash | -2.6 | -2.6 | |
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.
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.
Fund Manager Commentary As at 29 January 2021
Global equity markets have had an uncertain start to 2021, with healthcare modestly out-performing the broader markets. With both Moderna and Pfizer/BioNTech having set very high bars with their COVID-19 vaccine data late in 2020, the market appears to be less enthusiastic about the recent updates from Johnson & Johnson (JNJ) and Novavax, possibly an unjust assessment. Looking at the healthcare subsectors, life sciences and tools and healthcare services were strong during January whereas managed healthcare and facilities lagged. Pharmaceuticals and biotechnology were both in modest, positive territory. The Company’s NAV increased 1.2% in January, which was ahead of the benchmark (MSCI AC World Daily TR Net Health Care Index) which was up 0.6% for the month.
The first three weeks of January contained a number of the ingredients that underpin our constructive stance on the healthcare sector as we look at 2021 and beyond, namely companies investing in technologies that drive efficiencies. Here, both Boston Scientific and Hill-Rom are looking to acquire assets that remotely monitor patients’ cardiac activity, highlighting the need for early detection and management of cardiac disease. January also witnessed some clinical updates that were well received by the market in the areas of Alzheimer’s (Eli Lilly) and polyneuropathy (Alnylam), with the positive COVID-19 vaccine data from JNJ and Novavax coming later in the month.
M&A was also buoyant in January with half a dozen deals announced in the first week alone. Last but not least, the start to the reporting season has been positive with bellwethers United Healthcare, JNJ, Abbott Laboratories and Danaher all reporting strong 2020 earnings with in-line to better guidance for 2021. Unfortunately, the strong start to the year and early enthusiasm was tempered with a marked selloff as we approached the month end. The catalyst for the selloff, we believe, was triggered by the ever-growing influence of retail investors and the decision for pockets of the market to reduce near-term risk exposure via de-grossing.
In terms of material catalysts during the reporting period, Eli Lilly’s phase II Alzheimer’s data was probably the highlight. Eli Lilly’s donanemab, an antibody that targets a modified form of beta amyloid called N3pG, showed a significant slowing of decline in a measure of cognition and daily function in patients with early symptomatic Alzheimer's disease compared to a placebo. In the trial, donanemab slowed decline by 32% relative to the placebo which is a statistically significant outcome. In terms of next steps, Eli Lilly is running another clinical trial but is also in discussion with the US FDA to assess the regulatory path forward. US biotechnology company Alnylam also disclosed positive topline results for its next-generation asset vutrisiran. Vutrisiran, being developed for the treatment of polyneuropathy (a disease where multiple peripheral nerves become damaged), met the primary and all secondary endpoints. A major de-risking event, the update was very well received by the market.
There were also two COVID-19 vaccine updates in the reporting period, from JNJ and Novavax. JNJ’s vaccine candidate was 72% effective in the US and 66% effective overall at preventing moderate to severe COVID-19 28 days after vaccination. An underwhelming headline, perhaps, but the vaccine was 85% effective in preventing severe disease and also demonstrated complete protection against COVID-19-related hospitalisation and death. Given the single dose, and the ease of storage (the vaccine candidate is estimated to remain stable for at least three months at temperatures of 2-8°C), then the vaccine could well play an important role in tackling the COVID-19 crisis globally. Novavax also disclosed encouraging results for its vaccine, with 89.3% efficacy in its phase III UK study, with 85.6% efficacy against the UK-variant strain. Novavax also conducted a phase III South African study with the vaccine showing 60% efficacy.
Positive contributors from active positions were Renalytix AI, Alnylam Pharmaceuticals and Neurocrine Biosciences. Renalytix AI was especially strong in the period, with the market reacting positively to two updates. First, Renalytix AI announced a partnership with US dialysis provider DaVita. The objective of the partnership is to improve patient outcomes and provide meaningful cost reductions for healthcare providers and payers by enabling earlier intervention for patients with early-stage kidney disease through actionable risk assessments and end-to-end care management. Second, and more importantly, the Centers for Medicare & Medicaid Services in the US announced the establishment of the Medicare Coverage of Innovative Technology to provide a coverage pathway for Medicare beneficiaries to have faster access to new, innovative medical devices and diagnostic tests designated under the Breakthrough Device review program. As a reminder, Renalytix AI’s lead product, KidneyIntelX, was granted FDA breakthrough designation back in May2019.
Alnylam Pharmaceuticals reacted positively to a clinical update early in the month, as discussed previously. Neurocrine’s momentum was in response to a solid set of preliminary financial results, with lead asset Ingrezza (for the treatment of tardive dyskinesia – involuntary, repetitive body movements) showing stability after a challenging period, which was driven by a high percentage of psychiatric practices not taking face-to-face meetings with patients. Negative contributors from active positions were ACADIA Pharmaceuticals, Zealand Pharma and Humana. There were no material updates from US biotech ACADIA Pharmaceuticals during the reporting period, with the stock possibly caught up in the de-grossing momentum. Zealand Pharma’s weakness was in response to a capital raise announced on 27 January. Managed care company Humana actually offered an encouraging update at an investor conference in early January but suffered alongside the managed care group, a group that appears to be very much out of favour at present.
In terms of portfolio changes, we added a position in Australian healthcare services company, Ramsay Health Care. Ramsay Health Care is a leading private hospital operator in Australia, a business that has been adversely impacted by the COVID-19 crisis. With a growing backlog, we believe that surgery volumes could accelerate in the coming months, a scenario that is not necessarily fully reflected in the current valuation.
The additions to the portfolio were funded by sales in Chugai Pharmaceuticals and Eli Lilly, both which have enjoyed significant, positive momentum in recent months. Following a marked derating heading into the US elections, Chugai Pharmaceuticals has benefitted from a rapid, post-election rerating as the market digested the positive implications of a Democratic President but a divided Congress. Eli Lilly has also rerated in spectacular fashion following a positive financial update in December 2020, some positive newsflow for its key diabetes asset, tirzepatide, and the previously mentioned Alzheimer’s data.
Oxford Immunotec was also sold following the announcement that US-based life sciences and tools company, Perkin Elmer, has reached an agreement to acquire the company.
January has been a hugely frustrating month, but one that leaves us with heightened enthusiasm for the healthcare sector given what lies ahead. The frustration comes from the end-of-month selloff following what was a really strong start to the year, both in terms of newsflow and operational momentum. The enthusiasm is borne from the observation that some of the key investment themes we have identified are evident and accelerating. The healthcare industry is continuing to invest in products, technologies and services that will drive efficiencies and coordinate care to yield better outcomes for patients. The pace of innovation is unlikely to slow, and there is strong rationale that M&A will continue to be an important source of growth as companies look to complement their internal assets. Prevention is super-critical, and there is hope that the accelerated investment in diagnostics infrastructure will prove to be valuable once we move past the COVID-19 crisis and healthcare systems start to screen for a wider menu of diseases. With the political landscape in the US also becoming clearer, given the Biden administration is appearing to adopt a more supportive and inclusive philosophy, we think an optimistic stance is the right one.
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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