The recent rotation seen by investors in the healthcare sector has resulted in large-cap healthcare stocks being embraced, and a marked shift away from small and mid-cap names as more growth orientated and speculative parts of the sector have struggled since the end of last year.

James Douglas, manager of the Polar Capital Global Healthcare Trust, explains the driving forces behind this and why he believes large-cap stocks are set to be beneficiaries in an inflationary, or even stagflationary environment. James also explores how the Trust is currently positioned, balancing long-term conviction with short-term caution on the wider market.