Positive short to medium-term tailwinds, including new product cycles and clarity on US healthcare policy, running alongside longer-term demographic drivers, could mark the turnaround for the healthcare sector.
Gareth and James explain precisely why they are so positive, as well as outlining a number of investment opportunities they are seeing. They also discuss the proposed shareholder-friendly changes to Trust and why they believe PCGH will continue to allow investors to benefit from an exposure to global growth opportunities within healthcare.
To find out more about the proposals for PCGH, please click here.
Definitions
High yields: Providing good returns
M&A: Mergers and acquisitions
Market capitalisation (cap): The total value of a company's shares in the stock market. At the time of investment in PCGH, mega cap is defined as a company with market cap of $100bn, large cap as $10bn-100bn, mid-cap as $5bn-10bn and small cap <$5bn
Stock buybacks: When a company uses its own cash to repurchase its own shares on the open market
Valuations: The attractive value of pharmaceutical companies
Gareth joined Polar Capital in 2007 to set up the Healthcare team. Prior to Polar Capital, Gareth worked at Framlington, where he began his career in investment management in 1999. Soon afterwards, he joined the Healthcare Team in 2001 and helped launch the Framlington Biotech Fund, which he managed from 2004 until his departure.
Gareth studied biochemistry at Oxford, during which time he worked at Yamanouchi, a leading Japanese pharmaceutical company (later to become Astellas). As well as this, Gareth worked for the Oxford Business School and various academic laboratories including the Sir William Dunn School of Pathology and the Wolfson Institute for Biomedical Research.
James Douglas, PhD
James joined Polar Capital in September 2015 and is a Fund Manager for the Healthcare team. He was appointed Co-Fund Manager for the Polar Capital Global Healthcare Trust alongside Gareth Powell in August 2019.
Prior to joining Polar Capital, James worked in equity sales specialising in global healthcare at Morgan Stanley, RBS and HSBC. James also has equity research experience garnered from his time at UBS, where he worked as an analyst in the European pharmaceutical and biotechnology team. Before moving across to the financial sector, he worked as a consultant for EvaluatePharma.
