Investment Policy

The Company seeks to achieve its objective by investing in a diversified global portfolio consisting primarily of listed equities issued by healthcare companies involved in pharmaceuticals, medical services, medical devices and biotechnology, with an emphasis on pharmaceutical stocks. Stocks are selected for inclusion in the portfolio after a due diligence process. The portfolio is diversified by geography, industry sub-sector and investment size.

The portfolio has a bias towards large-capitalisation companies, with a market capitalisation in excess of US$5 billion and the balance in mid and smaller capitalisation companies. Exposure to companies with a market capitalisation below US$200 million is not expected to exceed 5 per cent. of gross assets at the time of investment. The Company does not expect to have any material exposure to unlisted companies and, in aggregate, any such investments will not exceed 5 per cent. of Gross Assets at the time of investment.

The investment portfolio is made up of interests in 50-80 companies, with no single investment normally accounting for more than 10 per cent. of the portfolio at the time of investment.

The Company does not look to use bank borrowings to provide long-term structural gearing. The Company may borrow up to 15 per cent. of its Net Asset Value at the time of drawdown, and it is intended that any borrowing would only be used on a tactical basis on such occasions as the Company, as advised by the Manager, believes that gearing will enhance returns to Shareholders.

The Company may invest through equities, index linked, equity linked and other debt securities, cash deposits, money market instruments, foreign currency exchange transactions, forward transactions, index options and other interests including derivative instruments. Forward transactions and derivatives (including puts and call options on individual positions or indices) may be used to gain exposure to the securities of companies falling within the Company’s investment policy or to seek to generate income from the Company’s position in such securities, as well as for efficient portfolio management. Any use of derivatives for investment purposes will be made on the basis of the same principles of risk spreading and diversification that apply to the Company’s direct investments, as described in its investment policy. The Company may hedge exposure to foreign currencies if considered appropriate for efficient portfolio management.

Investment strategy

The Manager’s investment process is primarily based on bottom-up fundamental analysis. 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. Due diligence is then carried out on the individual securities on the watch-list.

The Company’s portfolio will comprise a single pool of investments, but for operational purposes there is an income portfolio and a growth portfolio. The majority of the investments in the income portfolio are in the pharmaceutical sector and have a market capitalisation in excess of US$5 billion.

All companies included in the income portfolio are expected to make regular dividend payments. The growth portfolio comprises investments that give exposure to pharmaceutical, medical services, medical devices and biotechnology companies and may include small market capitalisation companies.

Each individual holding is assessed on its own merits in terms of risk and reward. While the Company expects normally to be fully or substantially invested, the Company may hold cash or money market instruments pending deployment in the investment portfolio. In addition it has the flexibility, when the Manager perceives there to be actual or expected adverse equity market conditions, to maintain cash holdings as it deems appropriate.

The Company measures the Manager’s performance against the MSCI ACWI/Health Care Index (total return, in Sterling, with dividends reinvested (the ”Benchmark Index”)). The Benchmark Index is used to measure the performance of the Company, which does not seek to replicate the index in constructing its portfolio. The portfolio may, therefore, diverge substantially from the constituents of the Benchmark Index. Although the Company has a benchmark, this is neither a target nor an ideal investment strategy. The purpose of the Benchmark Index is to set a reasonable return for shareholders above which the Manager is entitled to a share of the extra performance it has delivered.


Important Legal Information

Launched in 2010, Polar Capital Global Healthcare Growth & Income Trust plc (“PCGHGIT”) has grown to become a leading European investor with a multi-cycle track record. Managed by a team of dedicated healthcare specialists, the PCGHGIT aims to maximise long-term capital growth by investing in a diversified portfolio of healthcare companies from around the world. The managers’ core belief in rigorous fundamental analysis, and being unconstrained by not following a benchmark, enables PCGHGIT to deliver global equity market outperformance through exposure to a universe of over 3,000 companies.

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General Risk Warning:

Please remember that past performance of an investment is not necessarily a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The market value of the shares of Polar Capital Global Healthcare Growth and Income Trust may not reflect the underlying net asset value of the investments held by Polar Capital Global Healthcare Growth and Income Trust. Polar Capital Global Healthcare Growth and Income Trust is able to borrow to raise further funds for investment purposes if the fund manager and the board of directors consider that it may be commercially advantageous to do so. This is generally described as “gearing”. An investment trust which has made investments as a result of gearing may have a more volatile share price as a result; gearing can increase shareholder returns in rising markets but conversely can increase the extent to which the value of the funds attributable to shareholders decreases in falling markets. Tax assumptions may change if the law changes, and the value of tax relief (if any) will depend upon your individual circumstances. Investors should consult their own tax advisers in order to understand any applicable tax consequences.


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