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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.
|Charging basis||20% Income 80% Capital|
|Dividends paid||Feb, May, Aug, Nov|
|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).
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.
No information available.
|High yield bonds||0|
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.
|Fund data updated on||21/02/18|
|High yield bonds||0|
As at: 29/12/2017
7.5% Johnson & Johnson
5.7% Novartis Ag
4.3% Unitedhealth Group Inc
3.7% Abbott Laboratories
3.7% Merck & Co Inc(New)
3.6% Anthem Inc
3.6% Danaher Corp
3.6% Fresenius Medical Care Ag & Co.kgaa
3.6% Takeda Pharmaceutical Co
3.5% Becton Dickinson & Co
|Healthcare & Medical Products||22%|
50-80 companies; 15% London listed; 75% large cap (over U$5bn); 5% in companies under U$200m market cap;
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|
|13/14||14/15||15/16||16/17||17/18||3 years||5 years||Career||3 years||5 years||Career|
|Performance figures are based on the average of monthly percentage returns relative to the benchmark index.|
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.
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)|
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.