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POLAR CAPITAL GLOBAL HEALTHCARE TRUST

POLAR CAPITAL GLOBAL HEALTHCARE TRUST - Overview

Overview of POLAR CAPITAL GLOBAL HEALTHCARE TRUST Buy in ISA Buy in Investment Account

This is a LSE-listed UK investment trust with a fixed life expiring in January 2018, established to generate capital growth and income by investing in a global portfolio of healthcare stocks. It has a barbell strategy combining an Income Portfolio comprising large cap pharmaceutical companies and a Growth Portfolio of medical devices and services companies. Initially the two sub portfolios will be weighted 80% income to 20% growth. Target is 3p dividend in year 1 – paid quarterly.

  • Standard Initial Charge
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Spec:Biotech/Life Sc
Structure INVESTMENT TRUST
Launched June, 2010
Size £1m
Yield 1.5%
Charging basis 20% Income 80% Capital
Dividends paid Feb, May, Aug, Nov

Charges

Standard initial charge
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.85%
Ongoing charges figure 1.15%

Opening NAV 98p. Notice period: 1 year (after initial 2 year term).

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

No information available.

Portfolio

Allocation Proportion(%)
Equity 99
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 1
Allocation Proportion(%)
UK 14
Europe 26
North America 48
Japan 7
Pacific 2
Emerging Markets 3
Allocation Proportion(%)
Large Caps 75
Mid Caps 10
Small Caps 15
View all performance data for this fund

Investment process

The investment process is primarily based on bottom-up fundamental analysis. The global universe of listed healthcare securities is c.2,900 companies. The Manager uses a qualitative filter consisting of six key criteria to build up a watch-list of securities that is monitored on a regular basis. The coverage of securities is shared across the investment team based on sub-sector and geography. Due diligence is then carried out on the individual securities on the watch-list. Performance compared against the MSCI ACWI/Health Care Index (total return, in Sterling), although it will not seek to replicate the index in constructing its portfolio.

Live feed

Bid price(inc) 201.00p
Accum units 197.50p
Fund commentary
Fund data updated on 26/09/17

Asset allocation

Allocation Proportion(%)
Equity 99
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 1

Equity Geographic

Allocation Proportion(%)
UK 14
Europe 26
North America 48
Japan 7
Pacific 2
Emerging Markets 3

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 75
Mid Caps 10
Small Caps 15

Top 10 holdings

As at: 30/06/2017
7.3% Johnson & Johnson
4.9% Medtronic Plc
4.7% Sanofi
4.3% Merck & Co Inc(New)
4.2% Novartis Ag
3.9% Becton Dickinson & Co
3.9% Merck Kgaa
3.7% Hca Holdings
3.7% Unitedhealth Group Inc
3.6% Celgene Corp
Source: Trustnet

Sector breakdown

Pharmaceuticals 33%
Health Care 24%
Healthcare & Medical Products 22%
Biotechnology/Medical 13%
Hospital 6%
Money Market 1%
Others 1%

Portfolio details

50-80 companies; 15% London listed; 75% large cap (over U$5bn); 5% in companies under U$200m market cap;

Constraints

Max 15% borrowing; max 10% in a single holding.
There are some limits placed on the portfolio but these could result in significant divergences from the benchmark from time to time.

Average monthly relative returns Bestinvest MRI
12/13 13/14 14/15 15/16 16/17   3 years 5 years Career 3 years 5 years Career
-0.07% 0.35%   -0.24% 38.20%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Gareth Powell / Daniel Mahony

Manager. Powell and Mahony are portfolio Manager’s and co-head’s of the Manager's Healthcare Business unit at Polar Capital LLP. Powell has over 10 years' investment experience in the healthcare sector, with over 8 years as a portfolio Manager. He joined Polar Capital in 2007 and is currently co-manager of the Polar Healthcare Opportunities Fund. Mahony has more than 11 years' investment experience in the healthcare sector, with over 2 years as a Portfolio Manager and 9 years as a sell-side analyst. Prior to joining Polar Capital, he was Head of the European Healthcare Research Team at Morgan Stanley, which covered the European Biotechnology, Medical.

Track record

Gareth Powell / Daniel Mahony has 2.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.24%. During the worst period of relative performance (from May 2009 - May 2011) there was a decline of 14% relative to the index. The worst absolute loss has been 16%.

Periods of worst performance
Absolute -16% (March 2010 - July 2010)
Relative -14% (May 2009 - May 2011)

Sector record since May 2009 (3 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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