Emerging Markets Healthcare Fund

A specialist sector fund targeting long-term healthcare investment opportunities in emerging markets

Launch Date31.05.2024

Base CurrencyUSD

DenominationsUSD/GBP/EUR

DomicileIreland

IndexMSCI Emerging Markets Health Care Net Total Return Index

US$10.54

£8.40

€10.15

USD Class I Acc

NAV per share 19.12.2024

£1mAUM

AUM 31.10.2024

Holdings

57.58%Active Share

Article 6SFDR Classification

As at 31.10.2024

Fund Overview

Investment Objective

The Fund aims to achieve long-term capital appreciation by investing in a portfolio of healthcare companies which are domiciled, have their origin from, or exercise the predominant part of their economic activity, in emerging markets.

Investment Philosophy

The investment philosophy of the Polar Capital Emerging Markets Healthcare Fund is driven by a focus on five major themes which will drive long-term demand:

The size of the population within the investment universe, which is growing, is greatly underappreciated
Growth in income levels and wealth is leading to demand for better healthcare provision and access to latest medical breakthroughs
Increased government spending on healthcare and the formation of robust insurance markets drive access and therefore returns potential
Innovation gap between Developed and Emerging Markets healthcare is narrowing across all healthcare subindustries
Emerging Markets productivity is capturing Developed Market learnings to design and develop efficient healthcare systems which can generate significant investor returns

The portfolio will be geographically diversified, invest across a range of market capitalisations and in any healthcare subsector.

Key Facts

A specialist sector Fund run by an expert healthcare team leveraging institutional emerging markets expertise
The team has 145 years of combined industry experience
Typically 35-45 positions
High conviction and actively managed with a quality bias across over 40 countries
No benchmark or tracking error constraints
Fundamentally-driven analysis and stock selection

Key Fund Literature

Global Healthcare

Brett Pollard, PhD

Co-Lead Manager

Gareth Powell, CFA

Co-Lead Manager

David Pinniger, CFA

Fund Manager

Deane Donnigan, PharmD

Fund Manager

James Douglas, PhD

Fund Manager

Damiano Soardo, CFA

Investment Analyst

Leanne Smith

Investment Analyst

Tara Raveendran, PhD

Consultant - Healthcare Research

Brett Pollard, PhD

Brett joined the Polar Capital Healthcare team in September 2021 and has 22 years of healthcare industry experience, 13 of which have been in healthcare investing.

After completing a PhD in Molecular Virology at the University of St. Andrews, Brett worked as a healthcare research analyst, covering stocks in pharmaceutical, biotechnology, medical device and healthcare service subsectors. In 2008, he cofounded an in vitro diagnostics business where he initially led corporate and business development before taking on the role of Chief Operating Officer.

After time spent in strategic advisory services, Brett moved back into corporate development and investor relations’ roles before joining the Polar Capital Healthcare team. His extensive industry and investment experience has allowed him to rapidly build up detailed coverage of the healthcare sector in emerging markets.

Academic qualificationsStudied cell and molecular biology at the University of St. Andrews; PhD in molecular virology.
Professional qualificationsPhD
Industry experience14 years

Gareth Powell, CFA

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.

Academic qualificationsMBiochem in Biochemistry, University of Oxford
Professional qualificationsCFA Charterholder
Industry experience26 years

David Pinniger, CFA

David joined Polar Capital in August 2013 as a portfolio manager within the Healthcare team, to launch the Polar Capital Biotechnology Fund. Prior to joining Polar Capital, David was portfolio manager of the International Biotechnology Trust at SV Life Sciences.

Previously, David spent three years working at venture capital firm Abingworth as an analyst managing biotechnology investments held across the firm's venture and specialist funds, and four years at Morgan Stanley as an analyst covering the European pharmaceuticals and biotechnology sector.

Academic qualificationsBA (1st Class Hons) in Human Sciences, University of Oxford
Professional qualificationsCFA Charterholder
Industry experience24 years

Source & Copyright: CITYWIRE. David Pinniger has been awarded an AA rating by Citywire for his 3 year risk-adjusted performance for the period 31/10/2021 - 31/10/2024.

Deane Donnigan, PharmD

Deane joined Polar Capital in June 2013 and is the Lead Manager of the Polar Capital Healthcare Discovery Fund.

Prior to joining Polar Capital, Deane began her career at the Medical College of Georgia, before becoming a clinical specialist in Drug Information and Adult Internal Medicine with Emory University Hospital in Atlanta, Georgia. After several years, she moved to the UK to join Framlington (now AXA Framlington) as an analyst for the healthcare unit trust, led by Anthony Milford. She went on to become lead portfolio manager of the Framlington Healthcare and Framlington Biotechnology funds. Deane is both a US and UK citizen.

Academic qualificationsDoctor of Pharmacy (PharmD), Clinical Pharmacy, University of Georgia in conjunction with the Medical College of Georgia
Professional qualificationsBoard certified and licensed pharmacist, ACCP board certified pharmacotherapy specialist, IMRO qualified
Industry experience27 years

James Douglas, PhD

James joined Polar Capital in September 2015 and is a Fund Manager for the Healthcare team. He was appointed co-manager for the Polar Capital Global Healthcare Trust 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.

Academic qualificationsPhD and BSc (1st Class Hons) in Medicinal Chemistry, Newcastle University
Professional qualificationsACCA diploma in financial management (DipFM)
Industry experience25 years

Source & Copyright: CITYWIRE. James Douglas has been awarded an A rating by Citywire for his 3 year risk-adjusted performance for the period 31/10/2021 - 31/10/2024.

Damiano Soardo, CFA

Damiano joined the Polar Capital Healthcare team as an investment analyst in October 2020. He started at the company in 2016 as part of the Operations team before moving to the Risk team in 2019. Prior to joining Polar Capital, he worked as a technical consultant at a fintech company. Damiano has an MSc in Mathematics and Foundations of Computer Science from the University of Oxford and is a CFA charterholder.

Academic qualificationsMSc in Mathematics and Foundations of Computer Science, University of Oxford
Professional qualificationsCFA Charterholder
Industry experience8 years

Leanne Smith

Leanne joined the Polar Capital Healthcare Team as an Investment Analyst in October 2024. She started at the company in 2021 in the Client Services team as part of the Investment 20/20 scheme.

Academic qualificationsBA in Cells and Systems Biology from the University of Oxford
Professional qualificationsPassed level I of the CFA
Industry experience3 years

Tara Raveendran, PhD

Tara joined Polar Capital in September 2021, as a consultant focused on independent research for the team. Prior to joining Polar Capital, she was the Head of Healthcare & Life Sciences Research at Shore Capital.

Previously Tara spent over 15 years working in equity research, specialising in European pharmaceuticals, biotechnology and medtech at Lehman Brothers and Jefferies. She has also worked with a number of healthcare-focused startups through her life sciences consultancy, SSquared Consulting, most recently working with the UK government’s Vaccine Taskforce.

Academic qualificationsBSc in Biochemistry and PhD in Structural Biology from Imperial College, London
Professional qualificationsPhD
Industry experience18 years

Related Insights

Countries in which this fund is available

Please click on each country to see share class availability

Risks:

Capital is at risk and there is no guarantee the Fund will achieve its objective. Investors should make sure their attitude towards risk is aligned with the risk profile of the Fund before investing.

Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested as there is no guarantee in place.

The value of a fund’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Fund’s Prospectus for details of all risks.
The Fund invests in the shares of companies, and share prices can rise or fall due to several factors affecting global stock markets.
The Fund uses derivatives which carry the risk of reduced liquidity, substantial loss, and increased volatility in adverse market conditions, such as failure amongst market participants.
The Fund invests in assets denominated in currencies other than the Fund's base currency. Changes in exchange rates may have a negative impact on the Fund's investments. If the share class currency is different from the currency of the country in which you reside, exchange rate fluctuations may affect your returns when converted into your local currency.
The Fund invests in emerging markets where there is a greater risk of volatility due to political and economic uncertainties, restrictions on foreign investment, currency repatriation and currency fluctuations. Developing markets are typically less liquid which may result in large price movements to the Fund.

Important Information: This is a marketing communication and does not constitute a solicitation or offer to any person to buy or sell any related securities or financial instruments. Any opinions expressed may change. This website does not contain information material to the investment objectives or financial needs of the recipient. This website is not advice on legal, taxation or investment matters. Tax treatment depends on personal circumstances. Investors must rely on their own examination of the fund or seek advice. Investment may be restricted in other countries and as such, any individual who receives this website must make themselves aware of their respective jurisdiction and observe any restrictions.

A decision may be taken at any time to terminate the marketing of the Fund in any EEA Member State in which it is currently marketed. Shareholders in the affected EEA Member State will be given notification of any decision and provided the opportunity to redeem their interests in the Fund, free of any charges or deductions, for at least 30 working days from the date of the notification.

Investment in the Fund is an investment in the shares of the Fund and not in the underlying investments of the Fund. Further information about fund characteristics and any associated risks can be found in the Fund’s Key Investor Document or Key Investor Information Document (“KID” or “KIID”), the Prospectus (and relevant Fund Supplement), the Articles of Association and the Annual and Semi-Annual Reports. Please refer to these documents before making any final investment decisions. Investment in the Fund concerns shares of the Fund and not in the underlying investments of the Fund. These documents are available free of charge at Polar Capital Funds plc, Georges Court, 54-62 Townsend Street, Dublin 2, Ireland, via email by contacting Investor-Relations@polarcapitalfunds.com or at www.polarcapital.co.uk. The KID is available in the languages of all EEA member states in which the Fund is registered for sale; the Prospectus, Annual and Semi-Annual Reports and KIID are available in English.

The Fund is classified as an Article 6 fund under the SFDR. Accordingly, the Fund does not promote sustainable characteristics or have the objective of sustainable investment within the meaning of Article 8 or 9 of Regulation (EU) 2019/2088. In accordance with the provisions of Article 7 of Regulation (EU) 2020/852 (EU taxonomy), attention is drawn to the fact that the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. ESG and sustainability characteristics are further detailed on the investment manager’s website: (https://www.polarcapital.co.uk/#/professional/ESG-and-Sustainability/Responsible-Investing/)

A summary of investor rights associated with investment in the Fund is available online at the above website, or by contacting the above email address. A link to the document can be found here.

Polar Capital LLP is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom, and the Securities and Exchange Commission (“SEC”) in the United States. Polar Capital LLP’s registered address is 16 Palace Street, London, SW1E 5JD, United Kingdom.

Polar Capital (Europe) SAS is authorised and regulated by the Autorité des marchés financiers (AMF) in France. Polar Capital (Europe) SAS’s registered address is 18 Rue de Londres, Paris 75009, France.

Polar Capital LLP is a registered Investment Advisor with the SEC. Polar Capital LLP is the investment manager and promoter of Polar Capital Funds plc – an open-ended investment company with variable capital and with segregated liability between its sub-funds – incorporated in Ireland, authorised by the Central Bank of Ireland and recognised by the FCA. Bridge Fund Management Limited acts as management company and is regulated by the Central Bank of Ireland. Registered Address: Percy Exchange, 8/34 Percy Place, Dublin 4, Ireland.

Third-party Data: Some information contained herein has been obtained from third party sources and has not been independently verified by Polar Capital. Neither Polar Capital nor any other party involved in or related to compiling, computing or creating the data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained herein.

Information Subject to Change: The information contained herein is subject to change, without notice, at the discretion of Polar Capital and Polar Capital does not undertake to revise or update this information in any way.

Benchmark: The Fund is actively managed and uses the MSCI Emerging Markets Health Care Net Total Return Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found www.msci.com. The benchmark is provided by an administrator on the European Securities and Markets Authority (ESMA) register of benchmarks which includes details of all authorised, registered, recognised and endorsed EU and third country benchmark administrators together with their national competent authorities.

Country Specific Disclaimers When considering an investment into the Fund, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Top 10 Positions (%)

Celltrion	7.3
Samsung Biologics	7.3
BeiGene	5.0
Max Healthcare Institute	5.0
Apollo Hospitals Enterprise	4.6
Siloam International Hospitals	4.2
Bangkok Dusit Medical Services	3.9
Shenzhen Mindray Bio-Medical E	3.8
Hansoh Pharmaceutical Group	3.6
Richter Gedeon Nyrt	3.4
Total

Market Capitalisation Exposure (%)

	Large Cap (>US$10bn)	48.9
	Mid Cap (US$1 - 10bn)	42.0
	Small Cap (<US$1bn)	4.1
	Cash	5.0

	Fund	Relative
Pharmaceuticals	32.9	-5.5
Biotechnology	22.8	-0.4
Healthcare Facilities	22.0	3.6
Life Sciences Tools & Services	7.3	-5.2
Healthcare Equipment	6.8	5.3
Drug Retail	2.1	2.1
Healthcare Distributors	1.2	-1.0
Healthcare Supplies	0.0	-2.8
Managed Healthcare	0.0	-1.1
Cash	5.0	5.0


China	28.2
India	19.4
South Korea	18.1
Indonesia	5.2
Thailand	3.9
Hungary	3.4
South Africa	3.3
United States	3.3
Saudi Arabia	3.3
United Kingdom	3.0
Slovenia	2.6
Taiwan	1.3
Cash	5.0

Note: Totals may not sum due to rounding.

It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request.

Countries in which this fund is available

Please click on each country to see share class availability

Risks:

The value of a fund’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Fund’s Prospectus for details of all risks.
The Fund invests in the shares of companies, and share prices can rise or fall due to several factors affecting global stock markets.
The Fund uses derivatives which carry the risk of reduced liquidity, substantial loss, and increased volatility in adverse market conditions, such as failure amongst market participants.
The Fund invests in assets denominated in currencies other than the Fund's base currency. Changes in exchange rates may have a negative impact on the Fund's investments. If the share class currency is different from the currency of the country in which you reside, exchange rate fluctuations may affect your returns when converted into your local currency.
The Fund invests in emerging markets where there is a greater risk of volatility due to political and economic uncertainties, restrictions on foreign investment, currency repatriation and currency fluctuations. Developing markets are typically less liquid which may result in large price movements to the Fund.

A summary of investor rights associated with investment in the Fund is available online at the above website, or by contacting the above email address. A link to the document can be found here.

Holdings: Portfolio data is “as at” the date indicated and should not be relied upon as a complete or current listing of the holdings (or top holdings) of the fund. The holdings may represent only a small percentage of the aggregate portfolio holdings, are subject to change without notice, and may not represent current or future portfolio composition. Information on particular holdings may be withheld if it is in the fund’s best interest to do so. A historic complete list of the portfolio holdings may be made available upon request. It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. This document is designed to provide updated information to professional investors to enable them to monitor the Fund. No other persons should rely upon it. The information provided in this document should not be considered a recommendation to purchase or sell any particular security.

Allocations: The strategy allocation percentages set forth in this document are estimates and actual percentages may vary from time-to-time. The types of investments presented herein will not always have the same comparable risks and returns. Please see the private placement memorandum for a description of the investment allocations as well as the risks associated therewith. Please note that the Fund may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. Performance of the Fund is dependent on the Investment Manager’s ability to identify and access appropriate investments, and balance assets to maximize return to the Fund while minimizing its risk. The actual investments in the Fund may or may not be the same or in the same proportion as those shown herein.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Codes & Fees

Institutional Shares
Institutional S Shares

	Bloomberg	ISIN	SEDOL	OCF
EUR Class I Acc	POLEHIE ID	IE000UCC02G3	BPVFH30	1.30%	-
GBP Class I Acc	POLHLIG ID	IE00042AVX96	BPVFH18	1.30%	-
USD Class I Acc	POLMKIU ID	IE0006VMUUQ8	BPVFH07	1.30%	-
EUR Class S Acc	POLEMSE ID	IE0006J2U539	BPVFH74	0.79%	-
GBP Class S Acc	POLEMSG ID	IE0008VBRKD2	BPVFH52	0.79%	-
USD Class S Acc	POLHCSU ID	IE000UDR6LO4	BPVFH41	0.79%	-

OCF is correct as at the date of the latest published KIID.

Minimum investment

No minimum investment

Annual management fee

Performance fee

10%

Performance fee based on outperformance of index.

Countries in which this fund is available

Please click on each country to see share class availability

Risks:

The value of a fund’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Fund’s Prospectus for details of all risks.
The Fund invests in the shares of companies, and share prices can rise or fall due to several factors affecting global stock markets.
The Fund uses derivatives which carry the risk of reduced liquidity, substantial loss, and increased volatility in adverse market conditions, such as failure amongst market participants.
The Fund invests in assets denominated in currencies other than the Fund's base currency. Changes in exchange rates may have a negative impact on the Fund's investments. If the share class currency is different from the currency of the country in which you reside, exchange rate fluctuations may affect your returns when converted into your local currency.
The Fund invests in emerging markets where there is a greater risk of volatility due to political and economic uncertainties, restrictions on foreign investment, currency repatriation and currency fluctuations. Developing markets are typically less liquid which may result in large price movements to the Fund.

A summary of investor rights associated with investment in the Fund is available online at the above website, or by contacting the above email address. A link to the document can be found here.

The Fund is registered for sale to all investors in the countries listed above. Investors should make themselves aware of the relevant financial, legal and tax implications if they choose to invest.

Polar Capital Funds plc - Emerging Markets Healthcare Fund	5299007RCS9LZAAQZR21
Polar Capital Funds plc	AC04XZR030XL8IH7BK98
Polar Capital LLP	4YW3JKTZ3K1II2GVCK15

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SICAV

Thematic & Sector

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Investment Trusts

Emerging Markets Healthcare Fund

A specialist sector fund targeting long-term healthcare investment opportunities in emerging markets

Fund Overview

Investment Objective

Investment Philosophy

Key Facts

Key Fund Literature

Global Healthcare

Brett Pollard, PhD

Gareth Powell, CFA

David Pinniger, CFA

Deane Donnigan, PharmD

James Douglas, PhD

Damiano Soardo, CFA

Leanne Smith

Tara Raveendran, PhD

Brett Pollard, PhD

Gareth Powell, CFA

David Pinniger, CFA

David joined Polar Capital in August 2013 as a portfolio manager within the Healthcare team, to launch the Polar Capital Biotechnology Fund. Prior to joining Polar Capital, David was portfolio manager of the International Biotechnology Trust at SV Life Sciences.

Deane Donnigan, PharmD

James Douglas, PhD

James joined Polar Capital in September 2015 and is a Fund Manager for the Healthcare team. He was appointed co-manager for the Polar Capital Global Healthcare Trust in August 2019.

Damiano Soardo, CFA

Leanne Smith

Tara Raveendran, PhD

Related Insights

Countries in which this fund is available

Portfolio Exposure

Top 10 Positions (%)

Market Capitalisation Exposure (%)

Sector Exposure (%)Top Overweights & Underweights Relative to Index

Geographic Exposure (%)

Countries in which this fund is available

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Fund Literature

Key Fund Literature

Fact Sheet History

Regulatory Documents

Tax & Distribution Reporting

Report & Accounts

Corporate Documents

Further Literature

Dealing Forms

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Codes & Fees

Legal Entity Identifier (LEI)

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