Annual Report and Financial Statements for the year ended 30 September 2025
Polar Capital Global Healthcare Trust plc
2025 Annual Report and Financial Statements for the year ended 30 September 2025
Contents
Overview
Our Business at a Glance
1
Financial Highlights 2
Performance 3
Chair’s Statement 4
Board of Directors 6
Board at a Glance 7
Investment Team 8
Manager’s Report
Manager’s Report 11
Ten Largest Investments 21
Full Investment Portfolio 22
Environmental, Social and Governance
Corporate Responsibility for ESG 24
Investment Perspective 26
ESG Dashboard 28
Governance
Strategic Report 31
Section 172 Statement 38
Report of the Directors 42
Report on Corporate Governance 44
Audit Committee Report 52
Management Engagement Committee Report 58
Directors’ Remuneration Report 59
Statement of Directors’ Responsibilities 64
Independent Auditors’ Report 65
Financial Statements and Notes
Statement of Comprehensive Income 73
Statement of Changes in Equity 74
Balance Sheet 75
Cash Flow Statement 76
Notes to the Financial Statements 77
Shareholder Information
Alternative Performance Measures (APMs) 98
Glossary of Terms 100
Corporate Information - AGM 103
Corporate Information - Other 104
Contact Information 108
Purpose
The purpose of the Company is to
provide an investment vehicle for
investors which aims to deliver long
term capital growth to Shareholders
from a range of diversified global
healthcare stocks. This purpose is
achieved through implementation of the
Investment Objective and investment
policies incorporating parameters to
ensure excessive risk is not undertaken.
Investment Objective
The generation of capital growth
through investments in a global
portfolio of healthcare stocks.
See more at: polarcapitalglobalhealthcaretrust.co.uk
Overview
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 1
Our Business at a Glance
Management
The Company is an investment trust led by an experienced
Board of independent non-executive Directors with a variety
of expertise in investment and healthcare matters and with
experience in the regulatory and legal framework within
which the Company operates. The role of the Board is to
provide oversight of the Company’s activities and to seek to
ensure that the appropriate controls are in place to deliver the
Investment Objective and to manage the risks associated with
such activities.
The Investment Manager is Polar Capital LLP (“Polar Capital”)
and the appointed Portfolio Managers are Dr James Douglas
and Mr Gareth Powell supported by the wider Polar Capital
Healthcare Team. Polar Capital is also the Alternative
Investment Fund Manager for the purposes of AIFM
Regulations and is authorised and regulated by the Financial
Conduct Authority.
Life
At the Company’s General Meeting held on 27 November
2025, Shareholders approved changes to the Company’s
Articles of Association to remove the fixed life and extend the
Company’s life indefinitely. The revised Articles of Association
require the Company to make future tender offers at five
yearly intervals, with the first to commence on or before
31 March 2031.
Benchmark
The benchmark since launch has been the MSCI ACWI
Healthcare Index (total return in sterling with dividends
reinvested).
Capital structure
At 30 September 2025 the Company had in issue
124,149,256 Ordinary shares of 25 pence each of which
2,879,256 were held in treasury (2024: 124,149,256
Ordinary shares of which 2,879,256 were held in treasury).
In substitution of the fixed life, tender offer proposals were
made to Shareholders in November 2025. As a result, the
Company bought back 27,253,026 ordinary shares which
were placed into treasury. Following this tender offer
buyback, the Company’s issued share capital is 124,149,256,
of which 30,132,282 is held in treasury.
Subsequent to the tender offer process, 525,000 shares were
reissued from those purchased in the tender, resulting in an
issued share capital of 124,149,256 of which 29,607,282 are
held in treasury at 6 January 2026, the latest practicable date.
Gearing
The Articles of Association provide that the Company may
borrow up to 15% of its NAV at the time of drawdown for
tactical deployment when the Board believes that gearing will
enhance returns to shareholders. Following the completion
of the tender offer, the Company intends to seek alternative
forms of short-term gearing. The Board believes that the
ability to utilise gearing actively (where market conditions are
favourable), with the potential to enhance future returns, is a
key attraction of the investment trust structure.
Dividend policy
The Company’s focus remains on capital growth, and while
the Company continues to aim to pay two dividends per
year these are expected to be a small part of shareholder
total return.
Fees
Following the completion of the tender offer and effective
from 1 December 2025, the Investment Manager is entitled
to a management fee whereby a lower initial rate of 0.70%
(previously 0.75%) per annum (based on the lower of market
capitalisation and NAV) is payable on the first £500 million
and a lowered rate of 0.65% per annum is applicable
thereafter. The management fee is payable monthly in
arrears. There is no longer an additional performance fee.
Further details are included in the Strategic Report.
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 20252
Overview
Highlights
Financial Highlights
Highlights in detail for year to 30 September 2025
Performance
Net asset value per Ordinary share (total return)* -5.86%
Benchmark Index (MSCI ACWI Healthcare Index (total return in sterling with dividends reinvested)) -7.81%
Since restructuring
Net asset value per Ordinary share (total return) since restructuring*~ 81.33%
Benchmark index total return since restructuring 68.18%
Expenses 2025 2024
Ongoing charges* 0.90% 0.88%
Financials
As at
30 September 2025
As at
30 September 2024
Change
%
Total net assets £448,110,000 £479,073,000 -6.5%
Net asset value per Ordinary share 369.51p 395.05p -6.5%
Price per Ordinary share 355.00p 376.00p -5.6%
Discount per Ordinary share* 3.93% 4.82%
Net cash* (1.83%) (0.91%)
Ordinary shares in issue (excluding those held in treasury) 121,270,000 121,270,000 -
Ordinary shares held in treasury 2,879,256 2,879,256 -
Dividends
The Company has paid or declared the following dividends relating to the financial year ended 30 September 2025:
Pay Date
Amount per
Ordinary Share Record Date Ex-Date Declared Date
First interim: 29 August 2025 1.20p 8 August 2025 7 August 2025 10 July 2025
Second interim: 27 February 2026 1.00p 6 February 2026 5 February 2026 13 January 2026
Total (2024: 2.40p) 2.20p
* See Alternative Performance Measures on pages 98 and 99.
~ The Company’s portfolio was restructured on 20 June 2017. The total return NAV performance since restructuring is calculated by reinvesting the dividends in the assets of the Company
from the relevant payment date.
Net Asset Value per Ordinary Share (Total Return)*
Net Asset Value per Ordinary Share
2024
2025
369.51p
2024
2025
9.88%
Benchmark Index Price per Ordinary Share
2024
2025
355.00p
2024
2025
£448.1m
Total Net Assets Share Price Total Return*
395.05p
-7.81%
2024
2025
376.00p
£479.1m
-5.86%
14.95%
2024
2025
18.65%
-4.94%
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 3
Overview
Performance since launch (15 June 2010)
Performance since reconstruction (20 June 2017)
Performance
0
100
200
300
400
500
600
700
MSCI ACWI Healthcare Index in sterling with dividends reinvested (TR)
(TR: Total Return, rebased to 100 at launch on 15 June 2010)
Company reconstruction 20 June 2017
NAV per Share (TR) Ordinary Share Price (TR)
Sep
2025
Sep
2024
Sep
2023
Sep
2022
Sep
2021
Sep
2020
Sep
2019
Sep
2018
Sep
2017
Sep
2016
Sep
2015
Sep
2014
Sep
2013
Sep
2012
Sep
2011
Sep
2010
15 Jun
2010
MSCI ACWI Healthcare Index in sterling with dividends reinvested (TR)
(TR: Total Return, rebased to 100 at reconstruction on 20 June 2017)
Ordinary Share Price (TR) NAV per Share (TR)
75
100
125
150
175
200
225
Mar
2026
Sep
2025
Mar
2025
Sep
2024
Mar
2024
Sep
2023
Mar
2023
Sep
2022
Mar
2021
Sep
2021
Mar
2021
Sep
2020
Mar
2020
Sep
2019
Mar
2019
Sep
2018
Mar
2018
Sep
2017
Jun
2017
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 20254
Overview
Chair’s
Statement
Lisa Arnold
Chair
Dear Shareholders
On behalf of the Board, I am pleased to provide
to you the Company’s Annual Report for the year
ended 30 September 2025.
Life of the Company / Corporate Action
Tender Offer
The financial year under review marked a significant event in
the Company’s life with the Board focusing on the future of the
Company as it approached its fixed end of life. Shareholders
will be aware of the requirement for the Company to propose
liquidation at the first AGM to be held after 1 March 2025
(ordinarily taking place in early 2026) and the Board’s intention to
bring forward proposals for a corporate reorganisation ahead of
this requirement, in 2025.
Such proposals were put to Shareholders via a Circular published
on 22 October 2025, following extensive consultation with
Shareholders in respect of the Company’s strategy and structure
going forward, and included changes to the Company’s Articles
of Association to remove the fixed end of life and extend
the Company’s life indefinitely. Alongside this, the Company
proposed a 100% Tender Offer providing those Shareholders who
no longer wished to remain invested an opportunity to realise
their investment, in whole or in part, at the tender price.
Despite a difficult market backdrop and challenges faced by the
investment trust sector, only 22.47% of the issued share capital
was tendered, meaning nearly 80% remained invested. The Board
was pleased that proposals were passed by over 90% of the
votes cast, at a General Meeting held on 27 November 2025. The
tender price was finalised at 425.61p being the NAV per share
on 27 November 2025, less costs. In total, 27,253,026 shares,
representing the 22.47%, were repurchased by the Company and
placed into treasury.
Subsequent to the tender offer and repurchase of the shares, the
Board was further delighted to see some immediate demand,
resulting in the reissuance of 525,000 shares out of treasury from
those tendered, at an average price of 418.65p per share.
Performance
The Company delivered strong relative performance for the year
under review with the Net Asset Value (NAV) per share total
return outperforming its benchmark, the MSCI ACWI Healthcare
Index, Total Return by 1.95%. Despite the negative absolute
performance, we believe this was a strong outcome against a
particularly challenging period for US financial markets in the
second half, combined with the continuing negative sentiment
towards the healthcare sector for most of the year.
Against the performance of the investment trust sector in general,
I am delighted to report that the Company’s discount narrowed
slightly during the year, ending the financial year at 3.93%. This
is likely a result of the recent tender offer as some Shareholders
awaited the chance to exit at close to NAV. We were also pleased
that at the end of November 2025, the Company entered the
FTSE 250.
Further information about the Company’s portfolio performance
is covered by our portfolio managers, James Douglas and Gareth
Powell, in their Manager’s Report on pages 11 to 20.
Outlook
In the early months of the current financial year, sentiment
appeared to have improved for the healthcare sector, with
some outperformance against the wider market. As seen in the
Manager’s report, the portfolio managers remain encouraged
by the strong fundamentals of the healthcare industry, a view
underpinned by high levels of innovation. Demand for healthcare
products remains robust, whilst other long term drivers including
industry consolidation, accelerated demand in emerging markets
and the adoption of artificial intelligence technologies all support
a strong foundation to drive much needed efficiencies and better
patient outcomes.
The Board will continue to monitor performance but remains
very optimistic about the outlook for the healthcare sector and
the opportunities to generate returns for shareholders, especially
with the revised structure for which Shareholders have given their
support.
Further detail is provided in the Manager’s Report.
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 5
Overview
Dividends
The Company’s focus continues to remain on capital growth and
consequently dividends are expected to represent a relatively small
part of Shareholders’ total return. The Company has a policy to
pay two small dividends per year, but it is recognised that these
will not necessarily be of equal amounts and may be reduced.
In August 2025, the Company paid an interim dividend of 1.20p
per ordinary share. The Board has declared a further interim
dividend of 1.00p per ordinary share payable to Shareholders
on the register as at 6 February 2026. This will bring the total
dividend paid for the financial year under review to 2.20p per
ordinary share, an 8.3% decrease compared to the previous
financial year.
Share Capital
The Company’s share capital is divided into ordinary shares of 25p
nominal value each. At the year end, there were 124,149,256
ordinary shares in issue (2024: 124,149,256), of which 2,879,256
(2024: 2,879,256) were held in treasury by the Company. During
the year to 30 September 2025, no new shares were issued from
or bought back into treasury.
As mentioned above, in substitution of the fixed end of life,
tender offer proposals were made to Shareholders in November
2025 as a result of which, the Company bought back 27,253,026
ordinary shares, and these were placed into treasury. Following
this tender offer buyback, the Company’s issued share capital
is 124,149,256, of which 30,132,282 were held in Treasury.
Subsequent to the tender offer process, 525,000 shares were
reissued from those purchased in the tender, resulting in an issued
share capital of 124,149,256 of which 29,607,282 are held in
treasury at 6 January 2026, the latest practicable date.
The Company’s share price on 30 September 2025 was 355.00p
(2024: 376.00p). The Company’s market capitalisation at the
financial year end was £430.5m (2024: £456.0m).
The Board
As reported in the Company’s Half Year Report, a recruitment
process was undertaken during the year under review to find
and appoint two new non-executive directors to join the Board,
one of whom would assume the role of Chair of the Audit
Committee and succeed Neal Ransome. The process culminated
in the appointment of two new non-executive directors; Caroline
Gulliver as Audit Committee Chair Elect with effect from 15 May
2025 and Stacey Parrinder-Johnson as non-executive Director with
effect from 1 July 2025. Neal Ransome will step down as Chair of
the Audit Committee on 26 February 2026 and will be succeeded
by Caroline Gulliver; Neal Ransome will remain on the Board until
November 2026 to ensure a smooth and orderly transition.
Following this recruitment process, the Board is conscious that it
does not meet the FCA’s ethnicity recommendations; however,
it believes it has followed a stringent recruitment process and
appointed appropriate candidates with the requisite skillsets
required of the wider Board. The Board will consider diversity at
all stages of future recruitment to the Board and will work hard
to ensure the broadest range of candidates are found when
recruiting new directors.
Since the year-end our board apprentice, Ei-Lene Heng, has
completed her time with us. We wish Ei-Lene all the best with her
future endeavours.
The Directors’ biographical details are available on the Company’s
website and are provided in the Annual Report.
Annual General Meeting
The Company’s Annual General Meeting (“AGM”) will be held
at 16 Palace Street, London, SW1E 5JD at 2:00pm on Thursday,
26 February 2026. The notice of AGM has been provided to
Shareholders and will also be available on the Company’s website.
Detailed explanations of the formal business and the resolutions
to be proposed at the AGM are contained within the Shareholder
Information section on page 103 and in the Notice of AGM.
We will once again upload a copy of the Manager’s Investment
Presentation to the Company’s website ahead of the AGM to
allow broader access, and as a result will only hold the formal
business meeting in person. The Managers will be available at the
AGM to answer questions and meet Shareholders present.
We have provided a zoom link in the Notice of AGM which
will enable anyone interested to view the formal business and
ask questions via the on-line chat function. All formal business
resolutions will be voted on by a poll, and we therefore encourage
Shareholders to submit their votes ahead of the meeting by proxy
card which is provided with the Notice of Meeting.
Lisa Arnold
Chair
13 January 2026
ANNUAL
GENERAL
MEETING
to be held at 2:00pm on
26 February
2026
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 20256
Overview
Board of Directors
Lisa Arnold
Independent Non-Executive Chair
Independent Non-executive Chair
Appointed to the Board on 1 February 2018 and
as Chair of the Board with effect from 26 February
2020, a member of the Audit and Management
Engagement Committees.
Skills and Experience
Lisa was formerly a global pharmaceuticals and
healthcare analyst for NatWest Markets from
1987 and continued her healthcare career in roles
with UBS Warburg, Commerzbank and Lehman
Brothers. Lisa has held a number of independent
adviser and non-executive roles including nine years
with the Medicines and Healthcare Products
Regulatory Agency (MHRA) and eight years as a
non-executive director of Futura Medical plc.
Other Appointments
Lisa is currently a non-executive director of
Rothesay, the life insurance company. She also
chairs the Allied Domecq and Whitbread pension
funds. Post year end she stepped down from her
role at Pimco Europe Ltd.
Rationale for supporting re-election
Lisa has had an extensive career as a global
pharmaceuticals and healthcare analyst ahead of
her taking on non-executive director positions.
Lisa brings a wealth of investment and strategic
experience to the Board along with detailed
and effective leadership skills, most recently
demonstrated through the completion of the
Company’s recent tender offer process. Through
Lisa’s pension fund roles, particularly with the
early adoption of TCFD, she has a comprehensive
understanding of the importance and challenges
of ESG and climate related issues. As Chair, Lisa
has worked closely with the corporate brokers
and the Manager to improve communication
both internally and externally, especially from a
shareholder perspective. Lisa continues to lead the
Board with an inclusive and engaging manner and
her nomination for re-election as Chair and non-
executive Director is supported by both the Board
and the Manager.
PCGH Share Interests
20,000 (0.02% of ISC)
Annual Remuneration
£46,000
Neal Ransome
Independent Non-Executive Director
and Audit Committee Chair
Independent Non-executive Director
Appointed to the Board on 13 December 2017 and,
with effect from 28 February 2018, as Chair of the
Audit and Management Engagement Committees.
Skills and Experience
Neal is a Chartered Accountant with an MA in
Modern History from Oxford University. Neal was a
partner at PwC from 1996 to 2013. He led PwC’s
Pharmaceutical and Healthcare M&A practice for
17 years and was also chief operating officer of
PwC’s Advisory Services business.
Other Appointments
Neal is currently chair of ProVen VCT plc.
Rationale for supporting re-election
Neal has recent and relevant financial expertise
with a strong accounting background which
enables him to perform in-depth analyses of
the Company’s performance and Financial
Statements. His extensive experience in evaluating
pharmaceutical and healthcare companies,
having previously led PwC’s Pharmaceutical and
Healthcare M&A practice, further enhances his
qualifications. Neal serves as the Chair of the
Company’s Audit Committee, a role in which he
has had extensive experience from prior board
roles. Neal’s re-election as a non-executive Director
is supported by the Board and the Manager;
Neal will hand over the Chair of the Audit
Committee to Caroline Gulliver and the Chair of
the Management Engagement Committee to Lisa
Arnold with effect from the close of the AGM to
be held in February 2026.
PCGH Share Interests
10,073 (0.01% of ISC)
Annual Remuneration
£39,500 (including Audit Committee Chair
supplement)
Caroline Gulliver
Independent Non-Executive Director
and Audit Committee Chair Elect
Independent Non-executive Director
Appointed to the Board on 15 May 2025,
also a member of the Audit and Management
Engagement Committees.
Skills and Experience
Caroline is a Chartered Accountant with over
25 years’ experience at Ernst & Young LLP. During
that time, she specialised in the asset management
sector and developed an extensive experience of
investment trusts. Caroline was previously a non-
executive director and Audit Committee Chair of
International Biotechnology Trust Plc.
Other Appointments
Caroline is Senior Independent Director and Audit
Committee Chair of abrdn European Logistics
Income PLC and MIGO Opportunities Trust plc.
Rationale for supporting election
The Board elected to appoint Caroline as a
non-executive Director following a recruitment
process which took place during the course
of the year, resulting in her appointment
on 15 May 2025. Caroline’s election will be
proposed to shareholders at the AGM taking
place on 26 February 2026; subject to approval,
Caroline will assume the role of Chair of the
Audit Committee with effect from the conclusion
of the AGM.
PCGH Share Interests*
10,000 (0.01%
of ISC)
Annual Remuneration
£33,250
* purchased following the financial year end
Overview
Stacey Parrinder-Johnson
Independent Non-Executive Director
Independent Non-executive Director
Appointed to the Board on 1 July 2025, also
a member of the Audit and Management
Engagement Committees.
Skills and Experience
Stacey was formerly Chief Investment Officer at
Investec Wealth & Investment, having joined the
firm in 2005. She has significant knowledge of
portfolio analysis and operational risk assessment
of asset managers as well as over 15 years of direct
experience in multi-asset portfolio management for
a range of global mandates, including UK private
clients, charities, IFA’s, and high net worth clients.
Stacey is a former SIPP trustee.
Other Appointments
Stacey is currently a non-executive director of The
Monks Investment Trust Plc and a governor of the
University of Portsmouth.
Rationale for supporting election
The Board elected to appoint Stacey as a non-
executive Director following a recruitment process
which took place during the course of the year,
resulting in her appointment on 1 July 2025.
Stacey’s election will be proposed to shareholders
at the AGM taking place on 26 February 2026.
PCGH Share Interests
4,750 (0.005
% of ISC)
Annual Remuneration
£33,250
Jeremy Whitley
Independent Non-Executive Director
Independent Non-executive Director
Appointed to the Board on 1 December 2019,
also a member of the Audit and Management
Engagement Committees.
Skills and Experience
Jeremy was formerly Head of UK and European
Equities at Aberdeen Asset Management, a
position he held from 2009 to 2017. Previous roles
there included being a senior investment manager
on the Global equities team as well as the Asian
equities team based in Singapore, where he was
lead manager of the Edinburgh Dragon Trust. He
began his investment career at SG Warburg & Co
in 1988.
Other Appointments
Jeremy is Chair of The Scottish Oriental Smaller
Companies Trust plc and of JP Morgan India
Growth and Income Trust plc. He also acts as
trustee to a number of charitable organisations
and social enterprises.
Rationale for supporting re-election
Jeremy’s extensive experience, particularly from his
previous roles at Aberdeen Asset Management,
has equipped him with a global perspective and
the ability to critically review the portfolio. He has
been a strong advocate for clear performance
attribution analysis. Additionally, Jeremy brings
valuable experience from other investment trust
management houses to the Board. Jeremy’s re-
election as a non-executive Director is supported
by the Board and the Managers.
PCGH Share Interests
40,000 (0.04
% of ISC)
Annual Remuneration
£33,250
Board at a Glance
Tenure
As at
30 September
2025
Length of Tenure
< 3 years 40%
3-5 years 0%
> 5 years 60%
Gender diversity
Male 2
Female 3
Ethnicity
White British or
other (including
minority-white
groups)
100%
Minority Ethnic 0%
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 7
Overview
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 20258
James Douglas, PhD – Co-Manager Gareth Powell, CFA – Co-Manager
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 alongside Gareth Powell 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.
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
Biotechnology 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.
David Pinniger, CFA –
Fund Manager
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.
Deane Donnigan, Pharm D –
Fund Manager
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 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.
Brett Pollard, PhD –
Fund Manager
Brett Pollard joined the Polar Capital
Healthcare team in September 2021 and has
24 years of healthcare industry experience,
15 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
co-founded 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.
Investment Team
Leanne Smith –
Investment Analyst
Audrey Stynes
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. Leanne has a
BA in Cells and Systems Biology from the
University of Oxford.
Damiano Soardo, CFA –
Investment Analyst
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 charter holder.
Tara Raveendran, PhD –
Consultant – Healthcare
Research
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.
Healthcare’s innovation
engine is firing on all
cylinders, demand is strong,
and AI is bringing about
much needed efficiencies.
The setup for compelling
absolute and relative
healthcare performance is
firmly in place.
Audrey joined the Polar Capital Healthcare
team in April 2019 as the team assistant.
Aside from organising the team’s
administration and communication
workload both internally and externally, she
coordinates presentations and marketing
materials. Previously, Audrey worked in the
company’s Product and Operations teams
when she joined Polar Capital in March
2018.
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 9
Overview
Overview
Manager’s
Report
Track record and an
experienced team
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202510
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 11
Manager’s Report
Manager’s Report
Over the financial year to 30 September 2025, the Company delivered a Net
Asset Value (NAV) per share total return of -5.86%, a 1.95% outperformance
of its benchmark, the MSCI ACWI Healthcare Index, Total Return. The absolute
performance of the healthcare sector was negative, -7.81% over the reporting
period, and it underperformed the broader market, as tracked by the MSCI All
Country World Net Total Return Index, which was up 16.84% (all figures in
sterling terms).
The Company’s diversification strategy, coupled with its focus
on large-capitalisation healthcare companies with robust,
medium-term growth outlooks, helps generate a risk/return
profile of the underlying assets which is favourable relative
to the more volatile areas of healthcare. Further, the broad
investment remit affords the opportunity to invest in growth
areas regardless of the economic, political and regulatory
environment.
Importantly, the Company can also invest in earlier-stage,
more innovative and disruptive companies that tend to be
lower down the market-capitalisation and liquidity scales.
This is a key advantage of the Company’s closed-end
structure. Regardless of size, subsector or geography, stock
selection is central to the investment process as we look to
identify companies where there is a disconnect between
valuations and the near and medium-term growth drivers.
James Douglas
Portfolio Manager
Gareth Powell
Portfolio Manager
Market Capitalisation
1
Market Cap at
30 September
2025
30 September
2024
Mega Cap (> US$100bn) 25.9% 37.5%
Large Cap (US$10bn - US$100bn) 48.8% 38.7%
Mid Cap (US$5bn - US$10bn) 18.0% 15.3%
Small Cap (< US$5bn) 5.4% 7.5%
Cash 1.9% 1.0%
Total 100.0% 100.0%
Source: Polar Capital
1
The value of a listed company’s shares owned by shareholders; market capitalisation (cap) is the price per share multiplied by the number of shares.
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202512
Manager’s Report
In terms of structure, the majority of the Company’s assets
(calculated on a gross basis and referred to as the Growth
portfolio) will be invested in companies with a market cap of
>$5bn at the time of investment, with the balance invested in
companies with a market cap <$5bn (a maximum of 20% of
gross assets and referred to as the Innovation portfolio).
At the end of the reporting period, 30 companies in the
portfolio were in the Growth portfolio (92.7% of gross
assets) and 4 were in the Innovation portfolio (5.4%).
Global equity markets were rather lacklustre during the first
six months of the Company’s financial year, posting modest
gains. As we entered the second half of the financial year,
there was a sharp market correction in April 2025 caused
by the tariffs proposed by the US administration. Thankfully,
the correction was short-lived and the sell-off was quickly
followed by a strong recovery as the US administration
walked back from its initial position. Since then, the broader
market has posted strong returns, driven by ongoing
excitement surrounding artificial intelligence (AI) and the
expectation of future Federal Reserve (Fed) interest rate cuts.
This enthusiasm for AI and the sectors exposed to the AI
theme, alongside healthcare sector-specific policy fears, have
been the key drivers behind the healthcare sector’s recent
relative underperformance versus the broader market.
The healthcare sector had a challenging year across almost
the entire market-cap spectrum as investors’ preference
was directed towards more cyclical areas of the market.
Looking at the subsectors, most posted negative returns over
the period under review, with the exception of distributors
and healthcare services given their relative immunity to
macroeconomic challenges, such as tariffs, as well as
healthcare-specific challenges, namely the threat of a less
favourable drug pricing environment.
Reflecting on the Company’s positive relative performance,
there was strong selection from large-cap ($10bn-100bn)
and mid-cap stocks ($5bn-10bn), partially offset by negative
allocation and stock-picking from mega-caps (>$100bn). In
terms of subsectors, pharmaceuticals, healthcare services
and managed care were the biggest contributors with both
allocation and selection positive. By contrast, healthcare
facilities, healthcare technology and healthcare supplies were
a drag on performance due to unfavourable stock selection.
As set out in last year’s annual report, the focus was on three
key investment themes:
• Access and affordability: Low-cost, high-quality
medicines allow expanded access, with a new wave of
biosimilars (which are generics of biotechnology products)
set to deliver much-needed savings
• Reimbursement of AI/machine learning (AI/ML)-
enabled technologies: Investment and innovation are
accelerating; the next steps are broader reimbursement
and wider utilisation
• China: After a challenging period, China should now be a
recovery story driven by significant government stimuli
The themes summarised above will continue to be
relevant in the current financial year 2025/26, especially as
reimbursement and access improves and the industry invests
in and adopts AI/ML-enabled technologies that could drive
greater efficiencies and better patient outcomes. In terms
of emerging markets, China remains an important source
of revenues for the industry, but healthcare services across
the broader emerging market landscape could offer more
exciting, near-term investment opportunities.
We explore these themes in more detail below, in the
‘Healthcare: The tide is turning’ section.
Performance review
The healthcare sector underperformed the broader market
during the financial year, with global equities staging a
strong rally in the latter part of this period, a rally which the
healthcare sector lagged due to policy overhangs. Donald
Trump’s presidential election victory in November 2024
initially sent stocks higher, since his agenda had been viewed
as pro-growth, promising to cut taxes, roll out extensive
deregulation measures and impose tariffs on imports to
support American businesses. The latter took centre stage
in March and April 2025, when Trump finally announced
the intention to levy substantial tariffs on most US trading
partners. The market reacted with a dramatic sell-off as
investors tried to digest the consequences of this trading
policy, fearing in particular that inflation would spike and
economic growth would slow. The fall in equities, while
significant, was short-lived as the tariff rhetoric de-escalated
rapidly, with the US Government either postponing the
implementation of tariffs, substantially reducing their levels,
or signing trade deals with various countries.
The strong performance of global markets that followed
the brief slump was driven by both a more resilient
macroeconomic environment and also investors’ enthusiasm
for a nascent AI ‘super-cycle’. Not dissimilar to the previous
financial year, the market was catapulted higher by
more economically sensitive sectors, such as information
technology, communication services, financials and consumer
discretionary while traditionally less risky sectors were
neglected, with healthcare the worst performer. The sector’s
underperformance reflected a combination of cyclical rotation
and sector-specific challenges, which we explore in greater
detail in the ‘US politics: More bark than bite?’ section.
Manager’s Report continued
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 13
Manager’s Report
From a subsector perspective, pharmaceuticals and healthcare
services were the strongest contributors to the Company’s
relative performance, supported by positive stock selection
and, to a lesser extent, favourable allocation. Managed
healthcare, healthcare distributors, biotechnology and
healthcare equipment also contributed positively, mainly
driven by positive stock selection in the latter three and strong
allocation within managed care. Conversely, stock selection
within healthcare technology, supplies, and life sciences tools
and services was negative, although allocation in these areas
remained positive. Disappointing selection and a modest
negative allocation effect within healthcare facilities made
this subsector the largest detractor from overall performance.
From a market-capitalisation point of view, the two opposite
sides of the spectrum had the largest negative impact to
attribution: mega-cap investment suffered from adverse
stock-picking, and both allocation and selection were negative
for small-cap stocks. However, the underperformance in those
market-cap bands was offset by very strong selection in the
large and mid-cap holdings, despite a challenging allocation
effect, particularly in the mid-cap range.
On a geographical basis, Europe was the main contributor,
mainly due to highly positive stock selection. Japan and Asia
ex-Japan detracted from performance as both allocation and
stock-picking were negative. Finally, unfavourable stock selection
in North America represented the largest drag on returns.
Top Relative Contributors (%)
Average
Stock
Weight
Active
Weight
Stock
Return
Stock
Return
vs BM
Total
Attri-
bution
UCB 3.73 3.41 52.34 60.15 1.71
Merus NV 1.89 1.89 87.65 95.46 1.68
Fresenius SE & Co KGaA 3.04 2.80 48.10 55.91 1.29
Sandoz Group AG 2.58 2.32 41.52 49.33 1.01
Insulet 2.51 2.26 32.08 39.89 0.97
Genmab A/S 0.94 0.76 24.77 32.58 0.91
Argenx 2.28 1.79 33.48 41.28 0.85
Uniphar 1.22 1.22 59.14 66.95 0.67
Penumbra 2.01 2.01 29.82 37.62 0.62
Stevanato Group SpA 1.72 1.72 28.20 36.01 0.60
Source: Polar Capital; September 2025
Belgian pharmaceutical company UCB saw its stock price
appreciate considerably in the past 12 months thanks to the
continued impressive launch of its main drug Bimzelx. Initially
approved for psoriasis and psoriatic arthritis, the drug’s rapid
uptake in the US for hidradenitis suppurativa (HS) – a painful
skin disease with limited therapeutic options – has been a
major driver of sales growth. In addition, UCB reported early
and encouraging data for two autoimmune pipeline assets
and benefited from a competitor’s disappointing results for a
drug that could have rivalled Bimzelx in the HS market.
Merus is a Dutch biotechnology company focusing on
therapies in oncology. Its strong share price performance
reflected progress in developing its key pipeline asset,
petosemtamab, for head and neck cancer. The asset received
Breakthrough Therapy Designation from the US Food and
Drug Administration (FDA) in early 2025, with the company
also releasing highly promising Phase 2 clinical data. This
series of positive developments culminated in a takeover bid
from Genmab, valuing the company at approximately $8bn.
Fresenius SE is a German services company that operates
two segments: Helios (a hospital group in Europe) and
Kabi (specialising in essential medicines, including generics
and biosimilars, and technologies for infusion/transfusion
and medical nutrition). The company has undergone a
significant transformation in recent years. Following the
divestment of a low-growth and margin-dilutive business
and the implementation of a series of initiatives aimed
at reinvigorating the business, Fresenius SE’s financial
performance has improved, with consistently strong quarterly
results being testament to the successful turnaround.
Investors were also enthused by the company’s commitment
to reduce leverage and the initiation of a dividend payment.
Additionally, the stock may have benefited from being
considered less vulnerable to policy-induced disruptions.
Similar to Fresenius SE, Sandoz Group, a global leader in
generic and biosimilar medicines, is deemed as fairly insulated
from specific challenges that have been weighing on other
pharmaceutical shares, namely tariffs and drug-pricing
reforms. This defensive quality together with strong
execution throughout the period under review saw the stock
substantially outperform the broader healthcare sector.
Insulet is a US-based equipment manufacturer specialising
in automated insulin-delivery systems (also known as insulin
pumps). Its flagship product, the OmniPod 5, a tubeless,
wearable on-body pump with a compact design, had an
exceptionally successful launch. Expansion of its indication
to include Type 2 insulin-intensive patients in the US further
supported strong adoption, leading Insulet to deliver financial
results well ahead of expectations in terms of sales and
margin expansion.
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202514
Manager’s Report
Bottom Relative Contributors (%)
Average
Stock
Weight
Active
Weight
Stock
Return
Stock
Return
vs BM
Total
Attri-
bution
AbbVie 1.46 -2.95 16.75 24.56 -1.33
Johnson & Johnson 0.00 -4.98 13.93 21.74 -1.12
Bruker Corp 1.70 1.70 -53.00 -45.19 -1.03
Vaxcyte 1.50 1.50 -68.61 -60.80 -0.92
Zealand Pharma A/S 2.46 2.41 -40.52 -32.72 -0.88
Acadia Healthcare 0.60 0.60 -61.12 -53.31 -0.82
Globus Medical 1.03 1.03 -20.29 -12.48 -0.82
Amvis Holdings 0.27 0.27 -69.85 -62.04 -0.77
Novo Nordisk A/S 4.36 1.05 -53.30 -45.49 -0.54
Medley 1.59 1.59 -38.59 -30.78 -0.53
Source: Polar Capital; September 2025
The Company held AbbVie, a US biopharmaceutical giant,
for most of the first four months of the year under review. Its
negative attribution impact was primarily a matter of timing
as the position was sold shortly before the company released
a robust set of financial year (FY) 2024 results and issued
encouraging FY2025 financial guidance. AbbVie continued to
execute well thereafter and the stock appreciated significantly
following the announcement of a settlement with generic
manufacturers, which effectively protects Rinvoq, a drug for
autoimmune diseases and one of its key growth drivers, from
generic competition well into the next decade.
The absence of exposure to Johnson & Johnson (J&J), a
leading global pharmaceutical and medical technology
company, was a notable detractor during the financial year.
The catalyst for the stock’s strong upward trajectory was an
impressive set of Q2 results: not only did J&J deliver ahead of
expectations, but it also confirmed an acceleration in growth
for the second half of 2025 and into 2026, despite facing
biosimilar competition for one of its biggest assets. Given
its relatively low valuation, diversified portfolio and resilient
business model, the onset of a potential positive earnings
revision cycle led to a meaningful rerating of the stock.
Life sciences tools and services company Bruker suffered from
a series of challenges in the past 12 months. The fundamental
backdrop for several of its main markets deteriorated
significantly: biopharmaceutical customers curtailed
spending amid heightened policy uncertainty; academic
and government-funded research activity was disrupted by
proposed budget cuts to the National Institutes of Health
(NIH, one of the main sources of research funding in the US);
and the Chinese economy continued to struggle to regain
momentum. Adding these issues to poor commercial execution
and a series of dilutive M&A (merger and acquisition) deals
weighing on the company’s balance sheet meant that Bruker’s
stock price more than halved during the year.
Vaxcyte is a pre-commercial biotechnology company that has
a rich pipeline of vaccine candidates, with two pneumococcal
vaccines (PCV) furthest ahead in the development stage.
Despite showing good results for its 31-valent PCV candidate
in adults, the stock struggled for a few reasons. First, the
nomination of Robert F Kennedy (RFK) Jr as US Secretary
of Health and Human Services (HHS) was seen as a clear
negative for vaccine stocks. Given his public anti-vaccination
views, investors feared that future approvals of vaccines could
be hampered by the new administration. Second, Vaxcyte
presented Phase 2 data for its 24-valent PCV candidate in
infants, which fell short of expectations. Finally, the company
also pushed out the timeline for the data readout for its
31-valent PCV Phase 2 trial in infants. Despite these setbacks,
there remains a substantial unmet clinical need in this area
and we believe there is still a credible development path for
both of Vaxcyte’s lead assets.
Zealand Pharma, which has been a strong contributor to
performance in prior years specialises in developing peptide-
based drugs focusing particularly on metabolic disorders,
underperformed during the period despite announcing a
highly favourable collaboration and licensing agreement with
Roche to co-develop and co-commercialise petrelintide (an
amylin analogue for weight loss) for a total consideration
of up to $5.3bn. Several factors contributed to the stock’s
weakness: profit-taking following strong performance; broad-
based weakness in early-stage and small-cap biotechnology
stocks; disappointing trial results from competitor Novo
Nordisk, which combined an amylin analogue with
semaglutide; and strong competitor data (in particular from
Ely Lilly). We remain optimistic about the company’s pipeline
and the overall opportunity for anti-obesity medications.
Healthcare: The tide is turning
We continue to believe the three key themes referenced
earlier are important long-term themes and will persist for
some time, especially ‘access and affordability’ which are
essential for commercial success and societal wellbeing.
Also, the continued adoption of AI/ML-enabled technologies
should drive much-needed efficiencies and potentially yield
better patient outcomes.
As mentioned previously, China remains an important long-
term driver for many healthcare subsectors, especially in the
life sciences tools and services sector, but unfortunately the
Manager’s Report continued
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 15
Manager’s Report
near-term remains challenging, with Government stimulus
packages struggling to have a noticeably positive impact. It
is the broader emerging market landscape, however, that
could be of greater interest and significance in the near-term.
More specifically, the opportunities in terms of facilities and
services are already showing outsized investment and growth
compared to relevant developed market companies in the
same subsectors.
Access and affordability: Generic
medicines save money
Generic drugs are highly unusual in that they are one of the
few, if not the only, part of the US healthcare system that
consistently results in decreased spending. Since 2019, the
amount spent on all generic sales in the US has declined by
$6.4bn, despite increased volumes and new generic launches.
With drug pricing such an emotive topic, especially in the
US, it is interesting to note that for the past decade generics
account for approximately 90% of prescriptions filled in the
US, and yet their contribution to overall costs has declined
from 27% in 2016 to 12% in 2024. In that same year, the
use of generics saved $142bn in Medicare and $62bn in
Medicaid. Ongoing investment and legislative support are
critical to ensure the sustainability of the generics industry
given it is such a critical part of the healthcare ecosystem.
Source: Adobe Stock Imagery
Biosimilars are another important ingredient in the journey
to generating much needed savings and to improving access
and affordability. It is estimated that the total savings in the
US since the first biosimilar launched in 2015 are more than
$56bn, with approximately $20bn of savings in 2024 alone.
Further, over the next decade, 118 biologics are expected to
lose patent exclusivity, presenting a $234bn opportunity for
biosimilars. The biosimilar story in Europe is not too different,
albeit the European market is more developed. As at October
2024, over 80 biosimilars have been approved by the
European Medicines Agency (EMA), generating cumulative
savings of €56bn from 2014-24.
These are impressive figures yet there is much to do to ensure
the value of biosimilars reaches its full potential. A complex
web of systemic barriers, including issues related to pricing
and reimbursement, legal challenges and outdated regulatory
requirements, continue to hinder the development and the
broader adoption of biosimilars once they reach the market.
In the US, for example, of the 118 biologics expected to lose
patent exclusivity over the next decade, only 12 molecules
have a biosimilar in development. Looking at the European
market, between 2024 and 2030 a total of 69 biologics are
expected to lose exclusivity (LoE), which represents a two-fold
increase compared to the previous seven years. However,
despite the record numbers of upcoming biologic LoEs, at
present only 29% of molecules have a biosimilar currently in
development.
What is being done to fill the biosimilar void? Legal
challenges aside, there has been a push for some time to
accept analytical techniques and clinical pharmacology
to ensure the safety and efficacy of biosimilars. If widely
adopted, such a move could negate the need for expensive
and time-consuming efficacy studies, streamline regulatory
processes and lower the barriers to entry for manufacturers.
All of these are potentially huge positives, not just for the
companies that develop and commercialise biosimilars, but
also for the wider adoption of low-cost medicines and the
subsequent cost savings for global healthcare systems.
Relevant investments include Fresenius SE, Lonza Group,
Sandoz Group, Torrent Pharmaceuticals and Teva
Pharmaceutical Industries.
Reimbursement of AI/ML-enabled
technologies: Just the beginning
In last year’s annual report, we touched on the idea that AI
and ML technologies are increasingly driving productivity
and efficiency across the healthcare sector. Applications
include automating hospital coding, billing and revenue cycle
management as well as reducing administrative burdens and
improving fraud detection. In diagnostics, AI/ML technologies
are starting to show measurable benefits in procedures such
as colonoscopies and ultrasounds. Programmes like the
Enhanced Breast Cancer Detection (EBCD) system show how
AI can aid early cancer detection and improve outcomes,
although reimbursement restrictions are limiting access.
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202516
Manager’s Report
Source: Adobe Stock Imagery
Encouragingly, in the past 12 months there has been tangible
progress with access to these technologies, but also some
very interesting developments at the FDA, which could
accelerate review times for new therapies. In July 2025,
US-based diagnostic imaging services company RadNet
announced that Regal Medical Group, Lakeside Community
Healthcare and ADOC Medical Group, affiliates of Heritage
Provider Network, one of the largest physician-owned
medical groups in Southern California, have agreed to
reimburse RadNet for its EBCD program, which will now be
included as a benefit in their members’ health plans. These
medical groups will provide the AI-powered breast cancer
detection service to all of their mammogram-eligible patients.
This is a significant step forward for the technology and a
clear indication of traction with commercial payers.
In June 2025, the FDA launched Elsa, a potentially game-
changing generative AI tool that is designed to help staff with
tasks such as reading, writing, summarising and analysing
clinical data. Elsa is already being used to accelerate clinical
protocol reviews, scientific evaluations and safety assessments
with the goal of significantly shortening regulatory review
times. The initiative follows Commissioner Dr Martin A
Makary’s directive for full AI integration across all FDA
centres, reflecting the agency’s broader strategy to reduce
administrative workload and improve efficiency. The launch
aligns with the FDA’s growing commitment to AI adoption and
signals a shift towards embedding AI within its own operations
to modernise and expedite drug and device approvals. It is a
really exciting development as the implications of accelerated
review times could be hugely significant for biopharmaceutical
companies and patients alike.
Relevant investments include RadNet.
Emerging markets: Services represent an
under-appreciated opportunity
More than 80% of the world’s population live in emerging
markets where life expectancy has improved from 58 to
73 years of age over the past 50 years. This longevity is
coming with increasing incidences of lifestyle diseases and
an accelerating demand for healthcare products and services.
Importantly, personal incomes are increasing, which is key
to driving demand in markets where the majority of costs
are covered out-of-pocket. Access is also improving, with
governments starting to invest in infrastructure and to
provide affordable healthcare plans for their citizens.
Source: Adobe Stock Imagery
Catalysts for change are hard to pinpoint, but the pandemic
did shine a light on the shortcomings of healthcare systems in
a number of emerging markets. One measure of inadequacy
might be the average number of hospital beds per capita
which in places like India is highly inadequate. The country
currently has just 0.79 government hospital beds per
1,000 people, or 1.3 beds including private hospitals, figures
that are way below the global average of 2.7 beds per 1,000.
In response, both the government and the private sector are
investing in infrastructure and expansion programs that will
fuel growth for some time to come. The Indian government
has set aside $11.4bn for healthcare investment for 2025-26,
with just over $580m earmarked for 30,000 critical care beds
and 200 cancer daycare centres. At the same time, the private
sector is also looking to add 30,000 beds over the next five
years, additions that could drive compound annual growth in
the mid-teens over this period.
In terms of access, a number of schemes have been in place
for some time, with some genuine success stories that could
offer a blueprint for others to follow. Take Indonesia, for
example, a country that back in 2014 faced a critical healthcare
crisis given that less than half the population was financially
protected and out-of-pocket costs were unaffordably high for
many. To address this, the government launched a national
insurance scheme, Jaminan Kesehatan Nasional (JKN), with
the goal of universal healthcare coverage. The JKN scheme
saw remarkable expansion, covering over 260 million people
or more than 95% of the population, by the end of 2023.
This transformed Indonesia’s healthcare landscape, reducing
financial barriers to healthcare and lowering out-of-pocket
expenses. Furthermore, catastrophic health expenditure rates
Manager’s Report continued
Manager’s Report
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 17
dropped from 4.5% in 2017 to 2% in 2021, further easing
the healthcare financial burden on households. If more
governments follow suit, then the volume of patients that can
access care will provide a very healthy growth runway for many
years to come.
Relevant investments include Apollo Hospitals Enterprise and
Torrent Pharmaceuticals.
US politics: More bark than bite?
The Trump administration’s early months brought considerable
uncertainty and volatility to the broader markets, which
escalated after the declaration of a national emergency over
foreign trade and the threat of a global tariff war. Beyond
trade, the administration’s actions and the Department of
Government Efficiency’s (DOGE) initiatives raised fears over
the functioning of multiple federal health agencies including
the FDA, the NIH and the CDC (Centers for Disease Control
and Prevention). All provide vital services to the US healthcare
system, but it was uncertainty at the FDA that caused the
greatest short-term concern for the biopharmaceuticals
industry. Last, but not least, President Trump’s determination
to equalise global drug pricing using ‘most favoured nation’
(MFN) status, coupled with the fear of tariffs, created a
significant overhang for the sector.
Thankfully, as the financial year progressed, many of the
biggest fears with regards to policy risk started to dissipate.
Starting with the FDA, the agency had approved 32 novel
drugs by the end of September 2025, a figure that is
comparable to the 34 that had been approved during the first
nine months of 2024. Add in the exciting AI initiatives and
there is a school of thought that this FDA is potentially more
progressive and dynamic than many previous iterations.
Source: Adobe Stock Imagery
There was also tangible progress made on the drug pricing
front. It is bespoke, so caveats apply, but the deal that
Pfizer has agreed with the US government is clear evidence
that the biopharmaceutical industry can broker deals that
protect them from worst-case scenarios. As a reminder, on
30 September 2025, Pfizer announced an agreement whereby
it will provide every State Medicaid programme access to
MFN drug prices. Interestingly, the company also agreed to
a three-year grace period during which time its products will
not face tariffs, provided the company continues to invest in
its US manufacturing footprint. While not a clearing event,
the update was the catalyst for a sharp rally in biotechnology
and pharmaceutical stocks, with the market appearing to
take the view that the more draconian features of the US
government’s plans for the biopharmaceuticals sector can be
circumnavigated with carefully crafted agreements.
Source: Adobe Stock Imagery
Positioning and process
The Company began the financial year with significant
exposure to the biotechnology sector alongside a positive tilt
towards healthcare supplies, facilities, technology and life
sciences tools and services. The biggest underweight was
in the pharmaceuticals sector, with smaller underweights in
healthcare equipment and managed care.
As the year progressed, it became apparent that the higher
levels of healthcare utilisation that characterised much of 2023
and 2024 would be sustainable, at least in the nearer term.
Accordingly, we increased exposure to medical equipment
stocks, focusing on companies trading at reasonable valuations
that were either going through new product cycles or whose
sales growth and earnings potential were undervalued by
the market. We also added exposure to healthcare facilities
and services, sectors that should benefit from the elevated
utilisation trend.
Consistent with our view that utilisation would remain above
historical averages, we maintained an underweight in managed
care. The healthcare insurance industry’s earning power has
been significantly dented by increased medical costs; initially
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202518
Manager’s Report
-20 -15 -10 -5 0 5 10 15
Pharmaceuticals
Healthcare Supplies
Managed Healthcare
Life Sciences Tools & Services
Healthcare Distributors
Metal, Glass & Plastic Containers
Healthcare Technology
Healthcare Services
Healthcare Facilities
Biotechnology
Healthcare Equipment
-20 -15 -10 -5 0 5 10 15
Pharmaceuticals
Healthcare Supplies
Managed Healthcare
Life Sciences Tools & Services
Healthcare Distributors
Metal, Glass & Plastic Containers
Healthcare Technology
Healthcare Services
Healthcare Facilities
Biotechnology
Healthcare Equipment
Source: Polar Capital.
Subsector weightings relative to benchmark
30 September 2025 30 September 2024~
-20 -15 -10 -5 0 5 10 15
Pharmaceuticals
Healthcare Supplies
Managed Healthcare
Life Sciences Tools & Services
Healthcare Distributors
Metal, Glass & Plastic Containers
Healthcare Technology
Healthcare Services
Healthcare Facilities
Biotechnology
Healthcare Equipment
-20 -15 -10 -5 0 5 10 15
Pharmaceuticals
Healthcare Supplies
Managed Healthcare
Life Sciences Tools & Services
Healthcare Distributors
Metal, Glass & Plastic Containers
Healthcare Technology
Healthcare Services
Healthcare Facilities
Biotechnology
Healthcare Equipment
Source: Polar Capital.
Note: Sector exposure refers to the extent to which the Fund is overweight or underweight in each sector compared (relative) to the index (MSCI All Country World/Healthcare Total Return Index).
~please note that the subsector exposure chart contained in the Annual Report and Accounts for the year ended 30 September 2024 was incorrect. An updated version which accurately reflects the
position at the Company’s last financial year end is provided above.
confined to Medicare, the higher cost trends have spread to
Medicaid and the subsidised commercial healthcare insurance
plans (‘exchanges’). The sector came under further pressure
due to proposed policy changes, ranging from the sunset of
enhanced subsidies in the exchanges to greater scrutiny of
the role of pharmacy benefit managers and cuts to Medicaid
funding. As such, it remains to be seen whether the insurers
will be able to price their plans accurately to account for higher
utilisation and policy-induced disruptions, and we prefer to
stay underweight in the sector for now.
The Company’s exposure to healthcare supplies decreased
substantially during the period under review. The supplies
industry is dominated by dental and ophthalmology businesses
which are more sensitive to the health of the consumer.
Against a backdrop of heightened geopolitical uncertainty and
a less favourable macroeconomic outlook, global consumer
confidence weakened, leading to disappointing sales results
and outlooks across several healthcare supplies companies.
Consequently, we remain underexposed to the sector.
The Company also adopted a more cautious stance on life
sciences tools and services, a subsector that has faced multiple
headwinds in recent years. These include depressed funding
for emerging biotechnology companies; muted replacement
cycles for laboratory equipment; a more conservative approach
to R&D (research and development) spending among larger
biopharmaceutical firms, owing largely to policy overhangs;
and weak demand from China. Furthermore, as noted earlier,
the academic and government-funded research sector, which
had proved relatively resilient, was severely impacted when the
US administration proposed cuts to the NIH budget in May.
The ensuing disruption caused temporary paralysis in research
spending which only began to ease by late summer. Although
we remain confident in the long-term structural fundamentals
of the life sciences tools and services sector, we prefer to
maintain a cautious underweight positioning until there is
greater visibility and evidence of recovery.
Throughout the financial year, the Company was underweight
in pharmaceuticals relative to the benchmark and, for the
most part, overweight in biotechnology. Variations in the
magnitude of these relative positions were primarily stock-
specific, with innovation and new product cycles central to
portfolio construction. While pharmaceutical companies
generally exhibit mature revenue and earnings profiles, recent
breakthroughs across several therapeutic areas have begun
to reshape the investment landscape. These advances not
only address significant unmet medical needs but also create
attractive commercial opportunities, offering the potential for
strong revenue and earnings growth, even in an environment
of heightened policy uncertainty.
Manager’s Report continued
Manager’s Report
Geographical Exposure at 30 September 2025 30 September 2024
United States 53.3% 46.2%
Denmark 13.7% 8.7%
United Kingdom 6.1% 2.5%
Switzerland 5.2% 12.6%
India 4.6% -
Belgium 3.8% 2.8%
Israel 3.3% -
Germany 2.8% 3.3%
Netherlands 2.5% 3.9%
Other net assets 1.9% 1.0%
Ireland 1.7% 3.4%
Japan 1.1% 6.1%
France - 6.0%
Sweden - 2.1%
Italy - 1.4%
Total 100.0% 100.0%
Geographical Exposure at 2025
Italy
Sweden
France
Japan
Ireland
Other net assets
Netherlands
Germany
Israel
Belgium
India
Switzerland
United Kingdom
Denmark
United States
Italy
Sweden
France
Japan
Ireland
Other net assets
Netherlands
Germany
Israel
Belgium
India
Switzerland
United Kingdom
Denmark
United States
Geographical Exposure at 2024
Sector Exposure at 2025
Metal & Glass Containers
Healthcare Supplies
Healthcare Technology
Healthcare Distributors
Other net assets
Managed Healthcare
Healthcare Facilities
Life Sciences Tools & Services
Healthcare Services
Biotechnology
Healthcare Equipment
Pharmaceuticals
Sector Exposure at 2024
Metal & Glass Containers
Healthcare Supplies
Healthcare Technology
Healthcare Distributors
Other net assets
Managed Healthcare
Healthcare Facilities
Life Sciences Tools & Services
Healthcare Services
Biotechnology
Healthcare Equipment
Pharmaceuticals
Geographical Exposure at 2025
Italy
Sweden
France
Japan
Ireland
Other net assets
Netherlands
Germany
Israel
Belgium
India
Switzerland
United Kingdom
Denmark
United States
Italy
Sweden
France
Japan
Ireland
Other net assets
Netherlands
Germany
Israel
Belgium
India
Switzerland
United Kingdom
Denmark
United States
Geographical Exposure at 2024
Sector Exposure at 2025
Metal & Glass Containers
Healthcare Supplies
Healthcare Technology
Healthcare Distributors
Other net assets
Managed Healthcare
Healthcare Facilities
Life Sciences Tools & Services
Healthcare Services
Biotechnology
Healthcare Equipment
Pharmaceuticals
Sector Exposure at 2024
Metal & Glass Containers
Healthcare Supplies
Healthcare Technology
Healthcare Distributors
Other net assets
Managed Healthcare
Healthcare Facilities
Life Sciences Tools & Services
Healthcare Services
Biotechnology
Healthcare Equipment
Pharmaceuticals
Geographical Exposure
2025
2024
Sector Exposure at 30 September 2025 30 September 2024
Pharmaceuticals 31.1% 28.0%
Healthcare Equipment 24.4% 14.3%
Biotechnology 21.1% 20.5%
Healthcare Services 5.4% 3.3%
Life Sciences Tools & Services 5.3% 10.8%
Healthcare Facilities 4.9% 3.5%
Managed Healthcare 3.1% 7.7%
Other net assets 1.9% 1.0%
Healthcare Distributors 1.7% 0.9%
Healthcare Technology 1.1% 2.3%
Healthcare Supplies – 5.4%
Metal & Glass Containers – 2.3%
Total 100.0% 100.0%
Geographical Exposure at 2025
Italy
Sweden
France
Japan
Ireland
Other net assets
Netherlands
Germany
Israel
Belgium
India
Switzerland
United Kingdom
Denmark
United States
Italy
Sweden
France
Japan
Ireland
Other net assets
Netherlands
Germany
Israel
Belgium
India
Switzerland
United Kingdom
Denmark
United States
Geographical Exposure at 2024
Sector Exposure at 2025
Metal & Glass Containers
Healthcare Supplies
Healthcare Technology
Healthcare Distributors
Other net assets
Managed Healthcare
Healthcare Facilities
Life Sciences Tools & Services
Healthcare Services
Biotechnology
Healthcare Equipment
Pharmaceuticals
Sector Exposure at 2024
Metal & Glass Containers
Healthcare Supplies
Healthcare Technology
Healthcare Distributors
Other net assets
Managed Healthcare
Healthcare Facilities
Life Sciences Tools & Services
Healthcare Services
Biotechnology
Healthcare Equipment
Pharmaceuticals
Geographical Exposure at 2025
Italy
Sweden
France
Japan
Ireland
Other net assets
Netherlands
Germany
Israel
Belgium
India
Switzerland
United Kingdom
Denmark
United States
Italy
Sweden
France
Japan
Ireland
Other net assets
Netherlands
Germany
Israel
Belgium
India
Switzerland
United Kingdom
Denmark
United States
Geographical Exposure at 2024
Sector Exposure at 2025
Metal & Glass Containers
Healthcare Supplies
Healthcare Technology
Healthcare Distributors
Other net assets
Managed Healthcare
Healthcare Facilities
Life Sciences Tools & Services
Healthcare Services
Biotechnology
Healthcare Equipment
Pharmaceuticals
Sector Exposure at 2024
Metal & Glass Containers
Healthcare Supplies
Healthcare Technology
Healthcare Distributors
Other net assets
Managed Healthcare
Healthcare Facilities
Life Sciences Tools & Services
Healthcare Services
Biotechnology
Healthcare Equipment
Pharmaceuticals
Sector Exposure
2025
2024
Source: Polar Capital; September 2025
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 19
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202520
Manager’s Report
From a geographical perspective, the most significant
portfolio changes during the period were a substantial
reduction in the Company’s European and Japanese
weightings, offset by an increased allocation to North
America. In addition, the Company narrowed its underweight
position in the Asia Pacific (ex-Japan) region by adding
exposure to India. These shifts in regional positioning
primarily reflected the outcomes of bottom-up stock selection
and adjustments in subsector allocations.
The weighting in small-cap stocks (<$5bn) also declined
compared with the start of the financial year. This reduction
was driven both by a preference for selected investments
within the Growth portfolio and by market cap increases
among existing holdings, with some investee companies
rising above the $5bn threshold.
While the preceding tables highlight the portfolio’s subsector
and geographical exposures, it is important to reiterate that
bottom-up stock selection remains central to our investment
approach. The healthcare industry is inherently complex and
dynamic, characterised by constant innovation, frequent
regulatory developments and highly variable news flow –
conditions that favour active management. Our strategy
seeks to exploit dislocations between near-term valuations
and medium-term fundamentals. Proprietary idea generation
forms the foundation of our process and is complemented by
external research, with investment conviction built through
direct company meetings, participation in industry and
investor conferences and regular consultations with expert
physicians and specialist advisers. The team maintains a
disciplined valuation framework, considering a comprehensive
range of financial and operational metrics, including sales and
earnings revisions, price-to-earnings ratios, enterprise values
and free cashflow generation. This rigorous, research-driven
approach ensures that capital is deployed into businesses
where we see the most compelling risk-adjusted return
potential over the medium to long term.
Outlook for healthcare: At an inflection
point
The past 12 months have undoubtedly been very challenging
for the healthcare sector and its investors, but there is high
conviction that the ingredients for a period of attractive
absolute and relative performance are in place. The
fundamentals of the industry remain strong, driven by an
innovation engine that is bearing fruit, elevated levels of
demand for products and services and the adoption of
AI-enabled technologies to drive much-needed efficiencies.
Of equal importance from an investment perspective, the
gloom surrounding healthcare policy in the US is starting to
dissipate, offering welcome relief.
With regards to innovation, 2025 has seen some remarkable
scientific breakthroughs in areas of high unmet medical
need such as cardiovascular disease, oncology and rare
muscular diseases. Outside therapeutics, the medical devices
industry continues to make progress with robotic surgery
and equipment designed to remove blood clots, treat
hypertension and monitor diseases such as diabetes and
irregular heart rhythm. As mentioned above, the demand
to access healthcare products and services remains buoyant,
especially in emerging markets where government funding
and support are offering protection to millions of people.
The healthcare sector is also benefitting from the adoption of
AI-enabled technologies designed to drive efficiencies and, in
some cases, better patient outcomes.
With policy fears in the US appearing to ease, and the key
regulatory bodies such as the FDA functioning as normal,
the outlook for healthcare investing feels much brighter now
than it has for some time. With the sector at a 25-year low
in terms of its S&P 500 weighting, and carrying attractive
relative valuations, the outlook for delivering positive returns
for our shareholders is extremely compelling.
James Douglas and Gareth Powell
Portfolio Managers of Polar Capital Global Healthcare Trust
plc
13 January 2026
Manager’s Report continued
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 21
Manager’s Report
Ten Largest Investments
As at 30 September
Ranking Market Value £'000 % of net assets
2025 2024 Stock Sector Country 2025 2024 2025 2024
1 (1) Pharmaceuticals United States 31,895 37,952 7.1% 7.9%
Eli Lily is a US-based pharmaceutical company that manufactures and distributes pharmaceuticals primarily in the areas of diabetes,
oncology and auto-immune disorders.
2 (-)
Pharmaceuticals United Kingdom 27,165 - 6.1% -
AstraZeneca is a global pharmaceutical company pushing the boundaries of science to deliver life-changing medicines.
3 (-) Abbott Laboratories Healthcare Equipment United States 22,202 - 4.9% -
Abbott Laboratories is a globally diversified healthcare company with four major business divisions: branded generic pharmaceuticals,
medical devices, diagnostics, and nutrition products.
4 (12) UCB Pharmaceuticals Belgium 17,056 13,521 3.8% 2.8%
UCB is a global biopharmaceutical company that focuses on creating solutions for people with neurological and autoimmune diseases.
5 (-) Genmab Biotechnology Denmark 16,092 - 3.6% -
Genmab is an international biotech company specialising in antibody therapeutics for the treatment of cancer and other serious
diseases.
6 (-)
Life Sciences Tools &
Services United States 15,438 - 3.4% -
Thermo Fisher Scientific Inc. is an American life science and clinical research company. It is a global supplier of analytical instruments,
clinical development solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services.
7 (-)
Pharmaceuticals Israel 14,797 - 3.3% -
Teva Pharmaceutical Industries Limited develops, manufactures, markets and distributes generic and other medicines, and
biopharmaceutical products internationally.
8 (8)
Pharmaceuticals Switzerland 14,759 14,947 3.3% 3.1%
Sandoz is the global leader in generic and biosimilar medicines.
9 (-)
Biotechnology United States 14,147 - 3.2% -
Exact Sciences provides cancer screening and diagnostic test products in the United States and internationally.
10 (-)
Healthcare Equipment United States 13,834 - 3.1% -
Edwards Lifesciences provides products and technologies to treat advanced cardiovascular diseases internationally.
Total – 10 Largest Investments 187,385 41.8%
Manager’s Report
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 21
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202522
Manager’s Report
Full Investment Portfolio
As at 30 September 2025
Stock Sector Country
Market Value
£’000
% of net
assets
Eli Lilly Pharmaceuticals United States 31,895 7.1%
AstraZeneca Pharmaceuticals United Kingdom 27,165 6.1%
Abbott Laboratories Healthcare Equipment United States 22,202 4.9%
UCB Pharmaceuticals Belgium 17,056 3.8%
Genmab Biotechnology Denmark 16,092 3.6%
Thermo Fisher Scientific Life Sciences Tools & Services United States 15,438 3.4%
Teva Pharmaceutical Industries Pharmaceuticals Israel 14,797 3.3%
Sandoz Pharmaceuticals Switzerland 14,759 3.3%
Exact Sciences Biotechnology United States 14,147 3.2%
Edwards Lifesciences Healthcare Equipment United States 13,834 3.1%
Top 10 investments 187,385 41.8%
Centene Managed Healthcare United States 13,830 3.1%
STERIS Healthcare Equipment United States 13,815 3.1%
Penumbra Healthcare Equipment United States 12,851 2.9%
Ascendis Pharma Biotechnology Denmark 12,785 2.9%
Fresenius SE Healthcare Services Germany 12,725 2.8%
H Lundbeck Pharmaceuticals Denmark 12,561 2.8%
Encompass Health Healthcare Facilities United States 12,174 2.7%
Avidity Biosciences Biotechnology United States 11,882 2.6%
RadNet Healthcare Services United States 11,815 2.6%
DexCom Healthcare Equipment United States 11,579 2.6%
Top 20 investments 313,402 69.9%
Argenx Biotechnology Netherlands 11,269 2.5%
iRhythm Technologies Healthcare Equipment United States 11,007 2.5%
Cytokinetics Biotechnology United States 10,939 2.4%
Torrent Pharmaceuticals Pharmaceuticals India 10,744 2.4%
Novo Nordisk Pharmaceuticals Denmark 10,289 2.3%
Insulet Healthcare Equipment United States 10,211 2.3%
Apollo Hospitals Enterprise Healthcare Facilities India 10,061 2.2%
Zealand Pharma Biotechnology Denmark 9,629 2.1%
Intuitive Surgical Healthcare Equipment United States 9,038 2.1%
Lonza Life Sciences Tools & Services Switzerland 8,655 1.9%
Top 30 investments 415,244 92.6%
Vaxcyte Biotechnology United States 7,903 1.8%
Uniphar Healthcare Distributors Ireland 7,384 1.7%
Medley Healthcare Technology Japan 5,019 1.1%
NeuroPace Healthcare Equipment United States 3,885 0.9%
Total equities 439,435 98.1%
Other net assets 8,675 1.9%
Net assets 448,110 100.0%
Environmental, Social and Governance
Environmental,
Social and
Governance
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 23
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202524
Environmental, Social and Governance
Corporate Responsibility for ESG
As an investment trust with a wholly non-executive,
independent Board of Directors we delegate the operational
aspects of running the Company to third parties, primarily
the Investment Manager. However, the ultimate responsibility
to shareholders lies with the Board. We recognise that this
includes elements of ESG and over recent years ESG has
become ever more important to investors, from a cost, risk
and impact perspective across all aspects of the Company.
Investment trust companies currently have relatively few ESG
specific regulatory reporting requirements but we strive to
be cognisant of best practice as we pursue a long-term and
sustainable future for the Company. We also keep abreast of
the ESG landscape, and the Manager reports its assessment
of the portfolio in ESG terms and the associated operations
of the management house, Polar Capital. Over recent times
the ESG dialogue with the Manager and third-party providers
has increased greatly; what it is, how it is integrated and how
it affects all elements of the business. We recognise however
that this is not a short journey, and we have some way to
go. We separate ESG into those areas that we as a Board can
have a direct impact on, and those areas where we are reliant
on others.
ESG and Third Party Service Providers
The Investment Manager (on behalf of all clients) receives
assurance on an annual basis that, where required, third
party service providers comply with the requirements of the
Modern Slavery Act and adhere to a zero-tolerance policy to
bribery and corruption. In light of the growing requirements
surrounding ESG, including Taskforce for Climate-Related
Financial Disclosures (“TCFD”), third party service providers
have been engaged in providing copies of their ESG, Diversity
and Inclusion, Stewardship and other related policies to the
Company. The Board will continue to monitor the practices
of service providers and seek to assure shareholders where
appropriate that suitable policies and procedures are in place
to effect positive change.
Corporate Responsibility
The Company’s core investment and administrative activities
are undertaken by its Investment Manager which seeks to limit
the use of non-renewable resources and reduce waste where
possible. The Investment Manager has a corporate ESG policy,
which is available in the document library of the Company’s
website, and wherever possible and appropriate the parameters
of such are considered and adopted by the investment team
in relation to the Company’s management and portfolio
construction. As detailed below, the Portfolio Managers are
required to have consideration of ESG factors when reviewing
new, continuing or exiting investments but they are not required
to take an investment decision solely on the basis of ESG factors.
The Board monitors the Investment Manager’s approach
to ESG including policies for improvement of impact on the
environment, and they themselves take into account ESG factors
in the management of the Company. The Companies Act 2006
(Strategic Report and Directors’ Reports) Regulations 2013
require companies listed on the Main Market of the London
Stock Exchange to report on the greenhouse gas (‘GHG’)
emissions for which they are responsible. The Company is an
investment trust, with neither employees nor premises, nor
has it any financial or operational control of the assets which
it owns. Consequently, it has no GHG emissions to report
from its operations nor does it have responsibility for any other
emissions. Information on the GHG emissions of the Investment
Manager can be found within the ESG and Sustainability area of
their website.
Taskforce for Climate-Related Financial
Disclosures (“TCFD”)
The Company notes the TCFD recommendations on climate-
related financial disclosures. Whilst TCFD is currently not
applicable to the Company, the Manager has produced a
product level report on the Company in accordance with
the FCA’s rules and guidance regarding the disclosure of
climate-related financial information consistent with TCFD
Recommendations and Recommended Disclosures. The report
can be found within the corporate information section of the
Company’s website: www.polarcapitalglobalhealthcaretrust.
co.uk
The Board will continue to work alongside its Investment
Manager to provide more information as it becomes available.
Polar Capital supports TCFD’s recommendations and is in the
process of applying the guidance to ensure compliance going
forward.
Diversity Policy and Gender Reporting
The Company has no employees and the Board is comprised
of three female and two male independent non-executive
Directors.
The Board is aware of the FCA’s Diversity and Inclusion
Policy and notes that following its recent recruitment process
and refreshment of the Board, the current composition
does not meet the recommended requirements. The Board
believes that it followed a stringent recruitment process
and appointed appropriate candidates with the requisite
skillsets required of the wider Board. The Board recognises
the importance and the benefits of all aspects of diversity in
its membership and seeks to ensure that its structure, size
and composition is sufficient for the effective direction and
control of the Company.
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 25
Environmental, Social and Governance
The Board will continue to consider diversity at all stages of
recruitment to the Board and will work hard to ensure the
broadest range of candidates are found when recruiting new
directors.
The Board’s Diversity Policy is discussed further in the
Corporate Governance Report and is also available on the
Company’s website.
Modern Slavery Act
As an investment company, the Company does not provide
goods or services in the normal course of business and does
not have any customers. Accordingly, the Company does not
consider that it falls within the scope of the Modern Slavery
Act 2015 and therefore does not meet the criteria requiring it to
produce a statement under such Act. The Company considers
its supply chains to be of low risk as its suppliers are typically
professional advisers.
A statement by the Manager under the Act has been published
on the Manager’s website at www.polarcapital.co.uk.
The Company has not adopted a policy on human rights as it
has no employees or operational control of its assets.
Anti-Bribery, Corruption and Tax Evasion
The Board has adopted a zero-tolerance policy (which is
available on the Company’s website) to bribery, corruption
and the facilitation of tax evasion in its business activities.
The Board uses the principles of the policies formulated and
implemented by the Investment Manager and expects the
same standard of zero-tolerance to be adopted by third-party
service providers. The Company has implemented a Conflicts
of Interest policy to which the Directors must adhere, in the
event of divergence between the Investment Manager’s
policy and the Company’s policy the Company’s policy shall
prevail. The Company is committed to acting with integrity
and in the interests of shareholders at all times.
Risk and Responsibility
The Board has a schedule of principal risks and uncertainties
and addresses how these are mitigated on pages 36 and 37;
additionally how the directors have undertaken their duties in
compliance with s172 of the Companies Act 2006 is provided
on pages 38 to 41.
Lisa Arnold
Chair
13 January 2026
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202526
Environmental, Social and Governance
Investment Perspective
Statement
The Company does not use a UK sustainability investment label
pursuant to the FCA’s Sustainability Disclosure Requirements
and Labelling Regime. Sustainability labels help investors find
products that have a specific sustainability goal.
The Company does not use a sustainability label because
it does not have a sustainability investment objective and
does not commit to investing a minimum proportion of its
assets in companies that display environmental and/or social
characteristics.
Investment Policy and Strategy
The Investment Manager integrates the consideration of
environmental, social and governance (‘ESG’) factors into its
investment process for the Company in three steps:
1. exclusionary screening;
2. ESG analysis; and
3. engagement.
Each of these steps is described in further detail below. Please
note that they are undertaken in conjunction with financial
analysis carried out by the Investment Manager, the details of
which are not provided in this disclosure.
Exclusionary screens
In accordance with applicable international treaties and laws,
the Company adheres to formal exclusions on all companies
that are linked to the production and/or marketing of
controversial weapons (cluster munitions, anti-personnel mines
and depleted uranium).
In addition, prior to investment in a company, the Investment
Manager will screen its performance against norms-based
standards using third party data. The norms-based standards
considered are the UN Global Compact, the UN Guiding
Principles on Business and Human Rights and the International
Labour Organisation’s Conventions.
The Investment Manager assesses whether an existing or
potential investee company has committed a material breach
of the norms-based standards, using third party data where
appropriate. If the Investment Manager concludes that there
has been a material breach by a potential investee company,
it will not invest in that company until such time as the breach
is remedied. If the Investment Manager concludes that there
has been a material breach by an existing investee company,
the Investment Manager will either work with the company to
remedy the breach or reduce or exit the position taking account
of the best interests of investors.
For the avoidance of doubt, the exclusions set out above do
not apply to the Company’s investments in other funds, whether
closed ended or open ended, or to any cash or cash equivalent
investments held by the Company.
ESG Analysis
Typically, the Investment Manager seeks to carry out ESG
analysis on companies on a pre-investment basis in accordance
with the process set out below, although it may not always be
practicable for the Investment Manager to do so. Where the
Investment Manager has not carried out its ESG analysis on a
pre-investment basis, the Investment Manager seeks to carry out
its ESG analysis on a post investment basis.
The Investment Manager uses third-party research to assess
the ESG profiles of companies, including their exposure to, and
management of, financially relevant ESG risks. Examples of ESG
risks and opportunities that may be considered as part of this
assessment are as follows:
• Environmental – carbon emissions, toxic emissions and
waste.
• Social – labour management, human capital development,
product safety and quality, privacy and data security.
• Governance – board composition, pay, ownership,
accounting, business ethics and tax transparency.
Consideration of the factors listed above will depend on how
material they are to each company and, therefore, companies
may not be assessed on all of these factors.
Where the Investment Manager deems risks identified by third
party research and data as significant or material, the Investment
Manager will check the information used by that third party to
make sure it is accurate and timely and to ensure that it agrees
with the third party’s conclusion.
The Investment Manager recognises that limitations of third-
party assessments can include issues around data accuracy
and timeliness, the use of inappropriate peer groups, lack of
coverage and/or a failure to consider the full context around
some ESG issues.
More significantly, third parties do not always reflect the most
material ESG risks and opportunities faced by a company when
considered through the Investment Manager’s own knowledge
and industry experience.
If the Investment Manager has concerns with respect to a
third party’s conclusion, then it may conduct further due
diligence on the company utilising company filings (including
Form 10-K, Form 20-F and Form 10-Q), sustainability reports,
sell-side research, news reports and other sources, including
governmental websites, to inform its view.
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 27
Environmental, Social and Governance
However, the Investment Manager acknowledges the limitation
of primary sources by virtue of inconsistent global sustainability
reporting standards, lack of underlying data quality and
availability, the resources of the company concerned and the
lack of availability of primary sources altogether.
Engagement
Where the Investment Manager deems risks identified by third
party research and data are significant or material, or it has
identified separate ESG concerns through its own due diligence,
the Investment Manager may engage with the company to gain
a greater understanding of their ESG philosophy and practices
and, where it feels it appropriate, to encourage improvement.
The Investment Manager may carry out these engagements
through meetings with company management, emails to
company investor relations teams or through shareholder voting.
For the avoidance of doubt, no binding criteria is applied to the
outcome of the Investment Manager’s ESG assessment, and
no minimum standards are set for investment or engagement.
The Investment Manager’s ESG analysis is intended to address
material and financially relevant ESG risks and not to improve
the ESG performance of investments.
Internal Oversight and Monitoring
The Investment Manager’s Sustainability team which is
independent of the portfolio management team, carries out
four-monthly oversight meetings during which the Company’s
ESG profile, including its climate risk profile and norms and
controversies profile, is assessed with reference to third
party data.
Metrics
Given that third party data is used as a starting point for the
Investment Manager’s assessment of the Company’s portfolio
and any prospective holdings, the Investment Manager shall
report on the following third party ESG metrics:
• the ESG Rating of the portfolio;
• the portfolio’s top 5 rated holdings;
• the portfolio’s bottom 5 rated holdings;
• the percentage of portfolio holdings covered by the
Investment Manager’s primary ESG ratings provider; and
• the ESG rating distribution of portfolio holdings.
Please note that investee companies may not all be covered
by the third party ESG data and ratings provider used by the
Investment Manager. Investee companies that are unrated by
the relevant provider will not be considered in the top 5 rated
holdings and bottom 5 rated holdings metrics provided and
therefore they may not be fully representative of the ESG profile
of the portfolio.
The Investment Manager’s reporting shall contain a year-on-year
comparison (i.e. a comparison of the current reporting year
against the prior reporting year) for all metrics listed with the
exception of the ESG rating distribution of portfolio holdings.
However, the Investment Manager does not commit to
improving any of these metrics over time and this comparative
analysis is provided for information purposes only.
Further, where the Investment Manager has engaged with
companies on ESG matters over the reporting period, the
Investment Manager may provide information related to those
engagements including, but not limited to, engagement case
studies.
For information purposes only, the Investment Manager has
provided the following additional metrics in this annual report:
• portfolio weighted average carbon intensity, as calculated by
MSCI;
• portfolio weighted average percentage of independent
board members;
• portfolio weighted average percentage of women on
boards; and
• the Investment Manager’s voting statistics for the portfolio
during the reporting period.
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202528
Environmental, Social and Governance
MSCI
ESG RATINGS
CCC B BB BBB A AA AAA
A
2025
Portfolio Benchmark
Weighted Average ESG Score /
Quality Score
6.34 6.74
Letter Rating A A
How the MSCI ESG Rating is calculated
Top Five Rated Holdings 2025
Security
Rating Change
Lonza AAA
Uniphar AAA
STERIS AAA
Edwards Lifesciences AAA
UCB AA
ESG Dashboard
The MSCI ESG Rating for funds is designed to measure the resiliency
of portfolios to long-term ESG risks and opportunities. The most
highly rated funds consist of issuers with leading or improving
management of key ESG risks. The ESG Rating is calculated as a
direct mapping of ESG Quality Scores to letter rating categories
(e.g. AAA = 8.6-10). The ESG Ratings range from leader (AAA, AA),
average (A, BBB, BB) to laggard (B, CCC). All charts provided below
are as at 30 September 2025 / 30 September 2024 and have been
sourced using MSCI data and ESG metrics and ISS data.
Bottom Five Rated Holdings 2025
Security
Rating Change
Avidity Biosciences BB
Thermo Fisher Scientific BB
Medley. BB
Apollo Hospitals Enterprise BB
Torrent Pharmaceuticals BBB
2024
Portfolio Benchmark
Weighted Average ESG Score /
Quality Score
6.93 6.78
Letter Rating A A
Top Five Rated Holdings 2024
Security
Rating Change
Lonza AAA
Uniphar AAA
ConvaTec AAA
Alcon AAA
Novo Nordisk AAA
Bottom Five Rated Holdings 2024
Security
Rating Change
Legend Biotech Corp BB
Medley BB
AbbVie BBB
Zealand Pharma BBB
Avidity Biosciences BBB
The change in ratings of each holding outlined above represents the year-on-year movement.
Please note, MSCI ESG data is included for informational purposes only. While the Trust uses MSCI ESG data for research purposes, the
Company does not seek to maintain a certain level or improve MSCI ESG ratings over time.
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 29
Environmental, Social and Governance
Portfolio Letter Rating Distribution
As at 30 September 2025, 29% (2024: 34%) of the portfolio’s holdings received an MSCI ESG Rating of AAA or AA (ESG Leaders). There were
no holdings (2024: 0%) with an MSCI ESG Rating of B or CCC (ESG Laggards).
0
10
20
30
40
50
60
UnratedCCCBBBBBBAAAAAA
10%
14%
0% 0%
19%
20%
29%
51%
28%
10%
10%
0%
2%
3%
0%
4%
■ 30 September 2025 ■ 30 September 2024
2024 Vote Cast Statistics
Votes For 93.9%
Votes Against 4.9%
Votes Abstain 0.0%
Votes Withhold 0.6%
Votes on management say on pay 0.6%
2025 Vote Cast Statistics
Votes For 93.9%
Votes Against 5.1%
Votes Abstain 0.0%
Votes Withhold 1.0%
Votes on management say on pay 6.8%
2024 Voting Record
Category Number Percentage
Number of votable meetings 42
Number of meetings voted 41 97.6%
Number of meetings with at least 1 vote
Against, Withheld or Abstain
15 35.7%
2025 Voting Record
Category Number Percentage
Number of votable meetings 43
Number of meetings voted 42 97.7%
Number of meetings with at least 1 vote
Against, Withhold or Abstain
15 34.9%
Corporate Governance 30-Sep-25 30-Sep-24
Weighted Average Board Independence percentage 81.1 80.9
Weighted Average percentage of women on boards 37.9 36.9
Weighted Average Carbon Intensity (tCO2e/$Sales)
The portfolio’s holdings have low carbon intensity, based on the weighted average carbon emissions per USD million sales.
VERY HIGHVERY HIGH HIGHHIGH MODERATEMODERATE LOWLOW VERY LOWVERY LOW
22.8 28.9
MSCI ESG metrics and carbon data based on portfolio holdings as at 30 September 2025/30 September 2024, using MSCI’s latest available data.
Carbon metrics calculated using issuer EVIC, using Scope 1&2 emissions data (Source: MSCI Climate Change Metrics – reported and estimated data).
2025 2024
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202530
Governance
Governance
A system of rules and
processes by which the
Company is governed
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202530
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 31
Governance
Strategic Report
The Strategic Report section of this Annual Report comprises
the Chair’s Statement, the Investment Manager’s Report,
including information on the portfolio, and this Strategic
Report. This Report has been prepared to provide information
to shareholders on the Company’s strategy and the potential
for this strategy to succeed, including a fair review of the
Company’s performance during the year ended 30 September
2025, the position of the Company at the year end and a
description of the principal risks and uncertainties, including
both economic and business risk factors underlying any such
forward-looking information.
Business Model and Regulatory
Arrangements
The Company’s business model follows that of an externally
managed investment trust and its investment objective is set
out below.
The Company is designated an Alternative Investment Fund
(‘AIF’) under the Alternative Investment Fund Management
Directive (‘AIFMD’). As required by the Directive, the
Company has contracted with Polar Capital LLP (‘Polar
Capital’ or ‘Investment Manager’), which is authorised and
regulated by the Financial Conduct Authority, to act as the
Alternative Investment Fund Manager (‘AIFM’) and HSBC
Bank Plc to act as the Depositary.
Both the AIFM and the Depositary have responsibilities
under AIFMD for ensuring that the assets of the Company
are managed in accordance with the investment policy and
are held in safe custody. The Board remains responsible for
setting the investment strategy and operational guidelines as
well as meeting the requirements of the Financial Conduct
Authority (‘FCA’) Listing Rules and the Companies Act 2006.
The AIFMD requires certain information to be made available
to investors in AIFs before they invest and requires that
material changes to this information be disclosed in the
Annual Report of each AIF. Investor Disclosure Documents,
which set out information on the Company’s investment
strategy and policies, gearing, risk, liquidity, administration,
management, fees, conflicts of interest and other Shareholder
information are available on the Company’s website.
There have been no material changes to the information
requiring disclosure. Any information requiring immediate
disclosure pursuant to the AIFMD will be disclosed to the
London Stock Exchange. Statements from the Depositary and
the AIFM can be found on the Company’s website.
Investment Objective and Policy
The Company’s Investment Objective is to generate capital
growth through investments in a global portfolio of
healthcare stocks.
The Company will seek to achieve its objective by investing
in a diversified global portfolio consisting primarily of listed
equities. The portfolio is diversified by geography, industry
subsector and investment size, with a multi-capitalisation
approach. It is expected that the majority of assets will remain
invested in large capitalisation companies with up to 30 per
cent. of the portfolio invested in small/mid capitalisation
companies with a market capitalisation below $10 billion at
the time of investment.
The portfolio will be made up of interests in up to
65 companies, with no single investment accounting for
more than 10% (or 15% in the case of an investment in
another fund managed by the Investment Manager) of the
Gross Assets at the time of investment. The Company may
have a small exposure to stocks which are neither quoted
nor listed on any stock exchange but the exposure to such
stocks, in aggregate, will not exceed 5% of Gross Assets
at the time of investment. In the event that the Investment
Manager launches a dedicated healthcare innovation fund,
the Company may invest in that fund, provided that, in any
event, the Company will not, without the prior consent of
the Board, acquire more than 15% of any such healthcare
innovation fund’s issued share capital and provided further
that such healthcare innovation fund (if a listed closed-ended
investment fund) itself has a limit of investment in other
listed closed-ended investment funds of 15 per cent. of
gross assets.
Strategy and Investment Approach
The Investment Manager’s investment process is primarily based
on bottom-up fundamental analysis. The Investment Manager
uses a qualitative filter consisting of 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. Each individual holding is assessed on its own
merits in terms of risk:reward including ESG criteria. While the
Company expects normally to be fully or substantially invested,
the Company may hold cash or money market instruments
pending deployment in the portfolio. In addition, it will have the
flexibility, when the Investment Manager perceives there to be
actual or expected adverse equity market conditions, to maintain
cash holdings as it deems appropriate.
Service Providers
Polar Capital has been appointed to act as the Investment
Manager and AIFM as well as to provide or procure company
secretarial services, marketing and administrative services,
including accounting, portfolio valuation and trade settlement
which it has arranged to deliver through HSBC Securities
Services (“HSS”).
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202532
Governance
The Company also contracts directly, on terms agreed
periodically, with a number of third parties for the provision
of specialist services, namely:
• Panmure Liberum as Corporate Broker;
• Herbert Smith Freehills Kramer LLP as Solicitors;
• HSBC Securities Services as Custodian and Depositary;
• Equiniti Limited as Share Registrars;
• RD:IR for Investor Relations and Shareholder Analysis;
• Camarco as PR advisers;
• PricewaterhouseCoopers LLP as Independent Auditors;
• Diligent Boardbooks Limited as Electronic Board Portal
providers (contracted indirectly through Polar Capital);
• Huguenot Limited as website designers and internet
hosting services; and
• Perivan Limited as designers and printers for shareholder
communications.
Gearing
The Company has historically utilised gearing in the form of
Zero Dividend Preference (ZDP) Shares through its subsidiary,
PCGH ZDP Plc, which was created as part of the Company’s
restructure in 2017 for the sole purpose of providing a loan
to the parent. The subsidiary company was incorporated with
a limited life of seven years and, following repayment of the
loan by the parent and redemption of the ZDP shares, it was
placed into liquidation on 19 June 2024 in accordance with
the Articles of Association. Following repayment of this loan
the Company’s portfolio has remained ungeared, however, the
Articles of Association provide that the Company may borrow
up to 15% of its NAV at the time of drawdown for tactical
deployment when the Board believes that gearing will enhance
returns to shareholders. Following the completion of the
tender offer, the Company intends to seek alternative forms of
short-term gearing. The Board believes that the ability to utilise
gearing actively (where market conditions are favourable), with
the potential to enhance future returns, is a key attraction of
the investment trust structure.
Benchmark
The Company will measure the Investment Manager’s
performance against the MSCI ACWI Healthcare Index
total return, in sterling with dividends reinvested. Although
the Company has a benchmark, this is neither a target nor
determinant of investment strategy. The portfolio may diverge
substantially from the constituents of this index. The purpose of
the Benchmark is to set a reasonable measure of performance
for shareholders above which the Investment Manager earns a
share for any outperformance it has delivered.
Investment Management Company and
Management of the Portfolio
As the Company is an investment vehicle for shareholders,
the Directors have sought to ensure that the business of
the Company is managed by a leading specialist investment
management team and that the investment strategy remains
attractive to shareholders. The Directors believe that a strong
working relationship with Polar Capital (the Investment
Manager) will achieve the optimum return for shareholders.
As such, the Board and the Investment Manager operate in a
supportive, co-operative and open environment.
Under the terms of an Investment Management Agreement
(IMA), Polar Capital has sole responsibility for the
discretionary management of the Company’s assets (including
uninvested cash) and sole responsibility to take decisions
as to the purchase and sale of individual investments. The
Investment Manager also has responsibility for asset allocation
within the limits of the investment policy and guidelines
established and regularly reviewed by the Board, all subject to
the overall control and supervision of the Board. Polar Capital
provides a team of healthcare specialists, and the portfolio
is co-managed by Mr James Douglas and Mr Gareth Powell.
The Investment Manager has other resources which support
the investment team and has experience in managing and
administering other investment trust companies.
Under the terms of the IMA, the Investment Manager
also provides or procures accountancy services, company
secretarial, marketing and day-to-day administrative services,
including the monitoring of third-party suppliers, which
are directly appointed by the Company. The Investment
Manager has, with the consent of the Directors, delegated
the provision of certain of these administrative functions
to HSBC Securities Services and to Polar Capital Secretarial
Services Limited.
Fee Arrangements
Management Fee
Under the terms of the IMA, the Investment Manager will be
entitled to a management fee together with reimbursement
of reasonable expenses incurred by it in the performance of
its duties.
Following the completion of the Tender offer and effective
from 1 December 2025, the Board agreed to replace the
previous management fee of the Investment Manager, which
was a flat fee of 0.75% (based on the lower of market
capitalisation and NAV) with a new tiered structure whereby
a lower initial rate of 0.70% per annum is payable on the first
£500 million and a further lowered rate of 0.65% per annum
is applicable thereafter. The management fee is payable
monthly in arrears.
Strategic Report continued
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 33
Governance
In accordance with the Directors’ existing policy on the
allocation of expenses between income and capital, 80% of
the management fee payable is charged to capital and the
remaining 20% to income.
Following the financial year end and effective from
1 October 2025, the Board agreed to implement a change to
the allocation split whereby 90% would be charged to capital
and the remaining 10% to income.
Performance Fee
Under the previous management fee arrangement, the
Investment Manager could receive a performance fee paid in
cash when various performance parameters had been met.
No performance fee was accrued or is due to be paid as at
the year ended 30 September 2025 (2024: nil).
Under the new management fee arrangement, the
performance fee element of the previous fee structure has
been removed following the conclusion of the Tender Offer
and with effect from 1 December 2025.
Further details on the termination arrangements are provided
within the Shareholder Information section on page 104.
Governance
Performance and Key Performance Objectives
The Board appraises the performance of the Company, and the Investment Manager as the key supplier of services to the
Company, against key performance indicators (‘KPIs’). The KPIs comprise both specific financial and Shareholder related
measures. These KPI’s have not differed from the prior year.
KPI Control Process Outcome
The provision of investment
returns to shareholders
measured by long-term
NAV growth and relative
performance against the
Benchmark.
The Board reviews the performance of the portfolio in
detail and hears the views of the Investment Manager at
each meeting.
The Board also considers the value delivered to
shareholders through NAV growth and dividends paid.
As at 30 September 2025, the total net assets of
the Company amounted to £448,110,000 (2024:
£479,073,000).
The Company’s NAV total return, over the year ended
30 September 2025, was -5.86% while the Benchmark
Index over the same period was -7.81%. The Company’s
performance is explained further in the Investment
Manager’s Report.
Since restructuring on 20 June 2017, the total return of
the NAV was 81.33% and the benchmark total return
was 68.18%. Investment performance is explained in the
Chair’s Statement and the Investment Manager’s Report.
The achievement of the
dividend policy.
Financial forecasts are reviewed to track income and
distributions.
Two dividends have been paid or are payable in respect
of the year ended 30 September 2025 totalling 2.20p per
share (2024: two dividends totalling 2.40p per share).
The Company’s focus remains on capital growth. While
the Company continues to aim to pay two dividends
per year these are expected to be a small part of a
shareholder total return.
Monitoring and reacting to
the discount or premium of
the ordinary share price to
the NAV per ordinary share
with the aim of reduced
discount volatility for
shareholders.
The Board receives regular information on the
composition of the share register including trading
patterns and discount/premium levels of the Company’s
ordinary shares. The Board discusses and authorises the
issue or buy back of shares when appropriate. The Board
intends to actively utilise buybacks to manage discount
volatility and ensure, to the extent possible, that the
discount remains at an appropriately narrow level.
The Board is aware of the vulnerability of a sector
specialist investment trust to a change in investor
sentiment to that sector. While there is no formal
discount policy the Board discusses the market factors
giving rise to any discount or premium, the long or
short-term nature of those factors and the overall benefit
to shareholders of any actions. The market liquidity is
also considered when authorising the issue or buy back
of shares when appropriate market conditions prevail.
A daily NAV per share, calculated in accordance with the
AIC guidelines, is issued to the London Stock Exchange.
The discount of the ordinary share price to the NAV per
ordinary share at the year ended 30 September 2025
was 3.93% (2024: 4.82%).
During the year ended 30 September 2025, no new
shares were issued or bought back. Following the year
end, the Company bought back 27,253,026 ordinary
shares into treasury as part of the tender offer to
shareholders in November 2025.
The number of shares in issue, as at the year end was
124,149,256 of which 2,879,256 were held in treasury.
Subsequent to the tender offer process, 525,000 shares
were reissued from those purchased in the tender,
resulting in an issued share capital of 124,149,256 of
which 29,607,282 are held in treasury at 6 January 2026,
the latest practicable date.
To qualify as an investment
trust and continue to
meet the requirements for
sections 1158 and 1159 of
the Corporation Tax Act
2010 (‘investment trust
status’).
The Board receives regular information which
discloses the current and projected position of
the Company against each of the tests set out in
sections 1158
and 1159.
The Company was granted investment trust status
annually up to 1 October 2014 and is deemed to be
granted such status for each subsequent year subject
to the Company continuing to satisfy the conditions of
section 1158 of the Corporation Tax Act 2010 and other
associated ongoing requirements.
The Directors confirm that the tests have been met in the
financial year ended 30 September 2025 and believe that
they will continue to be met.
To ensure the efficient
operation of the Company
by monitoring the services
provided by third party
suppliers, including the
Investment Manager, and
controlling ongoing charges.
The Board considers annually the services provided by the
Investment Manager, both investment and administrative,
and reviews on a cycle the provision of services from third
parties including the costs of their services.
The annual operating expenses are reviewed and any
non-recurring project related expenditure approved by
the Board.
The Board has received, and considered satisfactory,
the internal controls report of the Investment Manager
and other key suppliers including the contingency
arrangements to facilitate the ongoing operations of the
Company in the event of withdrawal or failure of services.
The ongoing charges for the year ended 30 September
2025 were 0.90%, compared to 0.88% the previous year.
Governance
Strategic Report continued
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202534
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 35
Governance
Risk Management
The Board is responsible for the management of risks faced by the Company and, through delegation to the Audit Committee,
has established procedures to manage risk, oversee the internal control framework and determine the nature and extent of the
principal risks the Company is willing to take in order to achieve its long-term strategic objectives.
The established risk management process the Company follows identifies and assesses various risks, their likelihood, and possible
severity of impact, considering both internal and external controls and factors that could provide mitigation. A post mitigation risk
impact score is then determined for each principal risk.
The Audit Committee carries out, at least annually, a robust assessment of the principal risks and uncertainties with the assistance
of the Investment Manager, continually monitors identified risks and meets to discuss both long-term and emerging risks outside of
the normal cycle of Audit Committee meetings.
During the year the Audit Committee, in conjunction with the Board and the Investment Manager undertook a full review of the
Company’s Risk Map including the mitigating factors and controls to reduce the impact of the risks. The Committee continues to
closely monitor these risks along with any other emerging risks as they develop and implements mitigating actions as necessary.
The Committee remains mindful of the heightened geopolitical political landscape. Geopolitical events can have a significant
impact on global financial markets, and hence on the Company’s portfolio performance. Further information on how the
Committee has assessed the Company’s ability to operate as a going concern and the Company’s longer-term viability can be
found on pages 56 and 57 of the Report of the Audit Committee.
The key risks, which are those classified as having the highest risk impact score post mitigation, are detailed below with a high-level
summary of the management through mitigation and status arrows to indicate any change in assessment over the past year.
Risk Cycle
Monitoring
and Review
Identify Risk
Analyse Risk
Build Risk
Strategy
Manage Risks
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202536
Governance
Portfolio Management
Investment Performance Trading
Description
Breach of Investment policy, Investment Manager unable to deliver the
Investment Objective leading to poor performance against the benchmark or
market/industry average.
Assessment
Unchanged from previous year.
Mitigation
The Board seeks to mitigate the impact of such risks through the regular
reporting and monitoring of the Company’s investment performance against its
peer group, benchmark and other agreed indicators of relative performance.
A detailed annual review of the investment strategy is undertaken by the
Investment Manager with the Board including analysis of investment markets
and sector trends.
At each meeting the Board discusses developments in healthcare and drug
pipelines with the Investment Manager in addition to the composition and
diversification of the portfolio with sales and purchases of investments and the
degree of risk which the Investment Manager incurs to generate investment
returns. Individual investments are discussed with the Investment Manager
as well as the Investment Manager’s general views on the various investment
markets and the healthcare sector in particular. Analytical performance data
and attribution analysis is presented by the Investment Manager.
The Board is committed to a clear communication program to ensure
shareholders understand the investment strategy. This is maintained through
the use of monthly factsheets which have a market commentary from the
Investment Manager as well as portfolio data, an informative website and the
annual and half year reports.
Description
Execution of unauthorised trade/dealing error. Error or breach may cause
regulatory investigation leading to fines, reputational damage, risk to
investment trust status and have a detrimental impact on performance.
Assessment
Unchanged from previous year.
Mitigation
Investment limits and restrictions are encoded into the dealing and operations
systems of the Investment Manager and various oversight functions are
undertaken to ensure there is early warning of any potential issue of
compliance or regulatory matters.
Discount/Premium
Description
Persistent discount in excess of Board or Shareholder acceptable levels.
Assessment
Unchanged from previous year.
Mitigation
The Board regularly considers, in comparison to the sector and peers, the level
of premium and discount of the share price to the NAV and ways to enhance
Shareholder value, including share issuance and buy backs.
The Board has carefully monitored the discount level and market movements
and has discussed performance with the Investment Manager and advisers.
The discount of the Company narrowed during the year under review and as
at 30 September 2025, the discount of the ordinary share price to the NAV per
ordinary share was 3.93% (2024: 4.82%). The Chair also meets regularly with
key shareholders to understand any concerns and views. Further detail on the
performance and the impact of market movements on the Company is given in
the Investment Manager’s Report.
Principal Risks and Uncertainties
Description
Non-compliance with statutes, regulations and disclosure requirements,
including the FCA UK listed company regime and Companies Act 2006;
s1158/1159 of the Corporation Tax Act 2010, the Companies Act 2006
and other UK, European and overseas legislation affecting UK companies
including MiFID II and the GDPR.
Not complying with accounting standards could result is a suspension
of listing or loss of investment trust status, reputational damage and
Shareholder activism.
Further risks arise from not keeping abreast of changes in legislation and
regulations which have, in recent years, been substantial.
Assessment
Unchanged from previous year.
Mitigation
The Board monitors regulatory change with the assistance of the Investment
Manager, Company Secretary and external professional suppliers and
implements necessary changes should they be required.
The Board receives regulatory reports for discussion and, if required,
considers the need for any remedial action. In addition, as an investment
company, the Company is required to comply with a framework of tax laws,
regulation and company law.
Description
Financial loss due to unexpected natural disaster or other unpredictable event
disrupting the ability to operate or significant exposure to the economic cycles of the
markets in which the underlying investments conduct their business operations as well
as the economic impact on investment markets where such investments are listed.
Fluctuations in stock markets and currency exchange rates could be advantageous or
disadvantageous to the Company and its performance.
Disruption to trading platforms and support services.
Assessment
Unchanged from previous year.
Mitigation
The Board regularly discusses global geopolitical issues and general economic
conditions and developments. The impact on the portfolio is monitored through
existing control systems. While it is difficult to quantify the impact of such changes, it
is not anticipated that they will fundamentally affect the business of the Company and
the environment in which the Company operates or make healthcare investing any less
desirable.
The Company through the Investment Manager, has a disaster recovery plan in place.
Regulatory Risk Economic And Market Risk
Strategic Report continued
Increase Decrease Unchanged
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 37
Governance
Operational Risk
Service Failure Cyber Risk
Description
Failure in services provided by the Investment Manager, Custodian, Depositary
or other service providers; Accounting, Financial or Custody Errors resulting in
regulatory investigation or financial loss, failure of trade settlement, potential
loss of Shareholder assets and investment trust status.
Assessment
Unchanged from previous year.
Mitigation
The Board carries out an annual review of internal control reports from
suppliers, which includes cyber protocols and disaster recovery procedures. Due
diligence and service reviews are undertaken with third-party service providers
including the Custodian and Depositary.
A full review of the internal control framework is carried out at least annually.
Regular reporting is received by the Investment Manager on behalf of the
Board from the Depositary on the safe custody of the Company’s assets.
The Board undertakes independent reviews of the Depositary and external
Administrator services via the Investment Manager. Management accounts are
produced and reviewed monthly, statutory reporting and daily NAV calculations
are produced by the external Administrator and verified by the Investment
Manager. Accounting records are tested, and valuations verified independently
as part of the year- end financial reporting process.
Description
Cyber-attack causing disruption to, or failure of, operational and accounting
systems and processes provided by the Investment Manager creating an
unexpected event and/or adverse impact on personnel or the portfolio.
Assessment
Unchanged from previous year.
Mitigation
The number, severity and success rate of cyberattacks have increased
considerably over recent years. However, controls are in place and the Board
proactively seeks to keep abreast of developments through updates with
representatives of the Investment Manager who undertakes meetings with
relevant service providers.
The Audit Committee once again sought assurance via the Investment Manager,
from each of the Company’s service providers on the resilience of their business
continuity arrangements. These assurances and the subsequent detailed updates
that were given to the Committee provided a satisfactory level of assurance that
there had not been, and there was no anticipation of any disruption in the ability
of each service provider to fulfil their duties as would typically be expected.
Key Person Shareholder Communications
Description
Loss of fund managers or other key management professionals. Impact
on investor confidence leading to widening of the discount and/or poor
performance creating a period of uncertainty and potential termination of the
Investment Management Agreement.
Assessment
Unchanged from previous year.
Mitigation
The strength and depth of investment team provides comfort that there is not
over-reliance on one person with alternative portfolio managers available to act
if needed. For each key business process roles, responsibilities and reporting
lines are clear and unambiguous. Key personnel are incentivised by equity
participation in the investment management company.
Description
Failure to effectively communicate significant events to the shareholder and
investor base. Given the increased significance of shareholder communications
during the corporate action the Board decided to increase the potential impact to
the Company of this risk until the corporate action was complete.
Assessment
Increased from previous year.
Mitigation
Polar Capital Sales Team and the Corporate Broker provide periodic reports to
the Board on communications with shareholders and feedback received.
The Board is committed to a clear communication programme to ensure
Shareholders understand the investment strategy. This is maintained through the
use of monthly factsheets which have a market commentary from the Investment
Manager as well as portfolio data, an informative website as well as annual and
half year reports.
Contact details and how to contact the Board are provided in regulatory
announcements and the Board is present at the AGM to speak to shareholders.
Increase Decrease Unchanged
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202538
Governance
The statutory duties of the Directors are listed in s171-177 of the Companies Act 2006. The Board recognises that under s172,
Directors have a duty to promote the success of the Company for the benefit of its members (our shareholders) as a whole and
in doing so have regard to the consequences of any decision in the long term, as well as having regard to the Company’s wider
stakeholders. The fulfilment of this duty not only helps the Company achieve its Investment Objective but ensures decisions are
made in a responsible and sustainable way for shareholders.
To ensure that the Directors are aware of, and understand, their duties, they are provided with an induction when they first join
the Board, including details of all relevant regulatory and legal duties as a Director and continue to receive regular and ongoing
updates on relevant legislative and regulatory developments. They also have continued access to the advice and services of the
Company Secretary and, when deemed necessary, the Directors can seek independent professional advice at the expense of the
Company. The Schedule of Matters Reserved for the Board, as well as the Terms of Reference of its committees, are reviewed
annually and further describe Directors’ responsibilities and obligations and include any statutory and regulatory duties.
The Board seeks to understand the needs and priorities of the Company’s stakeholders and these are taken into account during
discussions and as part of the decision-making process. As an externally managed investment company, the Company does
not have any employees or customers, however, the key stakeholders and a summary of the Board’s consideration and actions
where possible in relation to each group of stakeholders are described in the table below.
Stakeholder Group How we engage with them
Shareholders
The Directors have considered their duty to shareholders when making the strategic decisions during
the year that affect them, most notably, the proposals made to shareholders in October 2025 in
relation to the initial tender offer and removal of the Company’s fixed life in favour of five-yearly
tender offers. The Directors have also taken account of shareholders’ interests during the year
when considering the continued appointment of the Investment Manager and the recommendation
that shareholders vote in favour of the resolutions for the Company to continue and to renew the
allotment and buy back authorities at the AGM. The Directors have also engaged with and taken
account of shareholders’ interests during the year.
The Company’s AGM will be held at 2:00pm on Thursday 26 February 2026 at the offices of Polar
Capital, 16 Palace Street, London SW1E 5JD. The Board recognises that the AGM is an important
event for shareholders and the Company and is keen to ensure that shareholders are able to exercise
their right to vote and participate. Any changes to these arrangements will be communicated
through the Company’s website and via a Regulatory Information Service announcement.
The Board believes that shareholder engagement remains important and is keen that the AGM
be a participative event for all. As was the case in 2025, shareholders will once again have
the opportunity to hear the Managers’ pre-recorded presentation, reviewing the Company’s
performance in the year and the outlook for the next year, in advance of the AGM. The presentation
will be uploaded to the Company’s website ahead of the AGM, on or before 12 February 2026.
In addition, Shareholders will also be able to watch the proceedings of the AGM live via Zoom
Conference.
Details of how to access the online link are provided in the Notice of AGM. Please note that the
physical AGM will comprise the formal business and questions only; there will be no live Managers
presentation. Shareholders are encouraged to send any questions ahead of the AGM to the Board
via the Company Secretary at cosec@polarcapital.co.uk stating the subject matter as PCGH-AGM.
The Chairs of the Board and of the Committees, along with the Managers, will be in attendance at
the AGM and will be available to respond to questions and concerns from shareholders.
Should any significant votes be cast against a resolution, the Board will engage with shareholders
and explain in its announcement of the results of the AGM the actions it intends to take to
consult shareholders in order to understand the reasons behind the votes against. Following the
consultation, an update will be published no later than six months after the AGM and the Annual
Report will detail the impact the Shareholder feedback has had on any decisions the Board has taken
and any actions or resolutions proposed.
Section 172 of the Companies Act 2006
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 39
Governance
Stakeholder Group How we engage with them
Shareholders
Continued
Relations with shareholders
The Board and the Manager consider maintaining good communications and engaging with
shareholders through meetings and presentations a key priority. The Board regularly considers the
share register of the Company and receives regular reports from the Manager and the Corporate
Broker on meetings attended with shareholders and any concerns that are raised in those meetings.
The Board also reviews correspondence from shareholders and may attend investor presentations.
Shareholders are able to raise any concerns directly with the Chair of the Board without intervention of
the Manager or Company Secretary, they may do this either in person at the AGM or at other events,
or in writing either via the registered office of the Company or to the Chair’s specific email address
Chair.PCGH@polarcapital.co.uk.
Shareholders are kept informed by the publication of annual and half year reports, monthly fact
sheets, access to commentary from the Investment Manager via the Company’s website and
attendance at events at which the Investment Manager presents.
The Company, through the sales and marketing efforts of the Investment Manager, encourages
retail investment platforms to engage with underlying shareholders in relation to Company
communications and enable those shareholders to cast their votes on Shareholder resolutions; the
Company however has no responsibility over such platforms. Shareholders who hold shares via
an online stockbroker or platform are encouraged to exercise their vote through their respective
platforms and where possible attend the AGM. Further information on how to vote through the
platforms can be found on the AIC’s website (www.theaic.co.uk) and in the Shareholder information
section on page 106.
The Company has also made arrangements with its registrar for shareholders, who own their shares
directly rather than through a nominee or share scheme, to view their account online at www.
shareview.co.uk. Other services are also available via this service.
Outcomes and strategic decisions during the year
Corporate Action
Ahead of the corporate action including the subsequent tender offer and removal of fixed life put to
Shareholders, the Chair and Corporate Broker sought Shareholder views including any concerns in
respect of the Company’s strategy and structure going forward. No adverse comments were received
and shareholders were predominantly in favour of the Company continuing in its current form. The
proposals put to Shareholders were approved by representation of over 60% of the total issued
share capital and over 90% of the votes cast at the General Meeting on 27 November 2025.
Fees
As mentioned previously, the Board undertook a review of the Investment Management fees at the
time of the corporate action to ensure that the Company continues to provide value for Shareholders
and remains competitive, whilst also reflecting the quality and experience of the Investment
Manager’s specialist healthcare team and the business infrastructure that supports them. Further
details on the changes to the fee structure effective from 1 December 2025 are provided on pages
32 and 33.
AGM
To enable more shareholders the opportunity to hear the Investment Manager’s AGM presentation,
the Board has once again opted to pre-record and upload this to the website ahead of the voting
deadline and in-person formal business AGM. In addition, shareholders will also have the opportunity
to watch the proceedings of the AGM live via Zoom Conference. Details of how to access the online
link are provided in the Notice of AGM.
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202540
Governance
Stakeholder Group How we engage with them
Investment
Manager
Through the Board meeting cycle, regular updates and the work of the Management Engagement
Committee reviewing the services of the Investment Manager annually, the Board is able to safeguard
Shareholder interests by:
• Ensuring excessive risk is not undertaken in the pursuit of investment performance;
• Ensuring adherence to the Investment Management Policy and reviewing the agreed management
fees;
• Ensuring compliance with statutory legal requirements, regulations and other advisory guidance
such as consumer duty and aspects of operational resilience; and
• Reviewing the Investment Manager’s decision making and consistency in investment process.
Maintaining a close and constructive working relationship with the Manager is crucial as the Board
and the Investment Manager both aim to continue to achieve consistent, long-term returns in
line with the Investment Objective. The culture which the Board maintains to ensure this involves
encouraging open discussion with the Investment Manager; recognising that the interests of
shareholders and the Investment Manager are aligned, providing constructive challenge and making
Directors’ experience available to support the Investment Manager. This culture is aligned with the
collegiate and meritocratic culture which Polar Capital has developed and maintains.
Outcomes and strategic decisions during the year
ESG
The Board regularly engages with the Investment Manager and healthcare team to understand
the impact of developments within the ESG landscape and any impact to the team’s investment
approach or the wider Polar business.
Management
The Management Engagement Committee has recommended and the Board has approved the
continued appointment of the Investment Manager on the terms set out within the Investment
Management Agreement.
The proposals put forward in October 2025, to continue the Company and remove the fixed life
element, were made with and in support of the Investment Manager continuing to manage the
assets of the Company.
Investee
Companies
The Board has instructed the Investment Manager to take into account the published corporate
governance policies of the companies in which it invests.
The Board has also considered the Investment Manager’s Stewardship Code and Proxy Voting Policy.
The Voting Policy is for the Investment Manager to vote at all general meetings of companies in
favour of resolutions proposed by the management where it believes that the proposals are in the
interests of shareholders. However, in exceptional cases, where the Investment Manager believes
that a resolution would be detrimental to the interests of shareholders or the financial performance
of the Company, appropriate notification will be given and abstentions or a vote against will be
lodged.
The Investment Manager reports to the Board, when requested, on the application of the
Stewardship Code and Voting Policy. The Investment Manager’s Stewardship Code and Voting
Policy can be found on the Investment Manager’s website in the Corporate Governance section
(www.polarcapital.co.uk). Further information on how the Investment Manager considers ESG in its
engagement with investee companies can be found in the ESG report on pages 24 to 29.
The Investment Manager has voted at 42 company meetings over the year ended 30 September
2025, with 35% of meetings having at least one against, withheld or abstain vote.
Outcomes and strategic decisions during the year
The Board receives information on the ratings of investee companies and is able to use this as a tool
to inform discussions with the Manager during Board meetings.
Section 172 of the Companies Act 2006 continued
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 41
Governance
Stakeholder Group How we engage with them
Service
Providers
The Board (through the Company Secretary) engages with the Company’s other service providers through the
annual cycle of reporting and due diligence meetings or site visits. This engagement is completed with the aim of
having effective oversight of delegated services, seeking to improve the processes for the benefit of the Company
and to understand the needs and views of the Company’s service providers, as stakeholders in the Company.
Further information on the Board’s engagement with service providers is included in the Corporate Governance
Statement and the Report of the Audit Committee. During the year under review, due diligence meetings have
been undertaken by the Investment Manager and where possible, service providers have joined meetings to
present their reports directly to the Board or the Audit Committee as appropriate.
Outcomes and strategic decisions during the year
The reviews of the Company’s service providers have been positive and the Directors believe their continued
appointment is in the best interests of the Company. The accounting and administration services of HSBC
Securities Services (HSS) are contracted through Polar Capital and provided to the Company under the terms of
the IMA. The Board continues to monitor service levels and due diligence reviews conducted by the Company
Secretary and is satisfied that the service received continues to be of a high standard.
Proxy Advisers
The support of proxy adviser agencies is important to the Directors, as the Company seeks to retain a reputation
for high standards of corporate governance, which the Directors believe contributes to the long-term sustainable
success of the Company. The Directors consider the recommendations of these various proxy voting agencies
when contemplating decisions that will affect shareholders and also when reporting to shareholders through the
Half Year and Annual Reports.
Recognising the principles of stewardship, as promoted by the UK Stewardship Code, the Board welcomes
engagement with all of its investors. The Board recognises that the views, questions from, and recommendations
of many institutional investors and proxy adviser agencies provide a valuable feedback mechanism and play a part
in highlighting evolving shareholders’ expectations and concerns.
Outcomes and strategic decisions during the year
During the year, the Chair, the Company’s Broker and members of Polar Sales team have engaged with the
stewardship teams of some larger investors to understand and address their expectations in terms of the
Company’s potential fixed life, structure and ongoing appetite for a similar vehicle in the future. Prior to AGMs,
the Company also engages with proxy agencies to fact check their advisory reports and clarify any areas or topics
contained within the report. This ensures that whilst the proxy advisory reports provided to shareholders are
objective and independent, the Company’s actions and intentions are represented as clearly as possible to assist
with shareholders’ decision making when considering the resolutions proposed at the AGM.
The Company is a member of the AIC and has supported lobbying activities. Representatives of the Manager
sit on a variety of forums run by the AIC which aids development and understanding of new policies and
procedures. The Directors may cast votes in the AIC Board Elections each year and regularly attend AIC events.
This year, the Board supported the AIC’s ‘My share, my vote’ campaign and encouraged Shareholders to do
the same by signing the petition on the AIC’s website. The AIC was lobbying government to make a change in
company law to require nominees, which include retail platforms, to automatically and without charge pass on
voting rights and information to the underlying Shareholders which at present is optional. We support this action
as we believe shareholder engagement is highly desirable.
Approved by the Board on 13 January 2026
By order of the Board
Tracey Lago, FCG
Polar Capital Secretarial Services Limited
Company Secretary
13 January 2026
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 42
Governance
Report of the Directors
The Directors, who are listed on pages 6 and 7, present their
Annual Report together with their Report on Corporate
Governance, and the Audited Financial Statements for the
year ended 30 September 2025. In addition, the attention of
shareholders is drawn to the Strategic Report Section (Chair’s
Statement, the Investment Manager’s Report, Strategic Report,
and the ESG and Section 172 Statements) which provide
further commentary on the activities and outlook for the
Company.
Introduction and Status
The Company is incorporated in England and Wales as
a public limited company and is domiciled in the United
Kingdom. It is an investment company as defined in section
833 of the Companies Act 2006, operating as an investment
trust in accordance with sections 1158 and 1159 of the
Corporation Tax Act 2010 (as amended by section 42(2) of the
Finance Act 2011) and has a premium listing on the London
Stock Exchange.
As an investment trust the Company’s ordinary shares
are excluded from the FCA’s restrictions which apply to
non‑mainstream investment products. The Company conducts
its affairs and intends to do so for the foreseeable future so
that the exclusion continues to apply. The Company’s ordinary
shares are eligible for inclusion in a stocks and shares ISA.
Life of the Company
At the Company’s General Meeting held on 27 November
2025, Shareholders approved changes to the Company’s
Articles of Association to remove the fixed life and extend the
Company’s life indefinitely. The revised Articles of Association
require the Company to make future tender offers at five
yearly intervals, with the first to commence on or before
31 March 2031.
Capital Structure
• Issued Share Capital
The Company’s share capital is divided into ordinary shares of
25p each. At the year end, there were 124,149,256 ordinary
shares in issue (2024: 124,149,256 ordinary shares), of which
2,879,256 (2024: 2,879,256) were held in treasury by the
Company. During the year to 30 September 2025, no new
shares were issued from or bought back into treasury.
As mentioned above, in substitution of the fixed life,
tender offer proposals were made to Shareholders in
November 2025 as a result of which, the Company bought
back 27,253,026 ordinary shares, and these were placed
into treasury.
Subsequent to the tender offer process, 525,000 shares were
reissued from those purchased in the tender, resulting in an
issued share capital of 124,149,256 of which 29,607,282 are
held in treasury at 6 January 2026, the latest practicable date.
Further information on transferability and the voting rights
attached to these shares can be found in the shareholder
information section on page 104.
•
Powers to Issue Ordinary Shares and Make
Market Purchases of Ordinary Shares
The Board was granted authority by shareholders at the AGM
in February 2025 to allot equity securities up to a nominal value
of £3,031,750, representing approximately 10 per cent of the
Company’s issued share capital, and to issue those shares for
cash without offering those shares to shareholders in accordance
with their statutory pre‑emption rights. New ordinary shares
will not be allotted and issued at below the NAV per share
after taking into account the costs of issue. Any re‑issue of
shares from treasury will follow institutional guidelines; it is not
anticipated that such shares would be re‑issued below NAV.
The Board also obtained shareholder authority at the AGM in
February 2025 to make market purchases of up to 18,178,373
ordinary shares of the Company for cancellation or holding as
treasury shares in accordance with the terms and conditions set
out in the shareholder resolution. These authorities will expire
at the AGM to be held in February 2026. Renewal of these
authorities will be sought at that AGM.
Dividends
The Company has a focus on growth but continues to have
a policy which aims to pay two interim dividends in February
and August each year. These interim dividends will not
necessarily be of equal amounts. Details of the dividends paid
and proposed are set out in Note 11 on page 85.
Shareholders should recognise that circumstances may
arise when it is necessary to reduce the level of dividend
payment or equally there may be instances when the level of
dividend must be increased in order to comply with sections
1158 and 1159 of the Corporation Tax Act 2010. Where
this would result in paying a dividend beyond the Board’s
intended policy, a ‘special dividend’ will be declared and
paid. In accordance with best practice, the Directors will be
proposing a resolution to approve the Company’s dividend
policy at the AGM to be held in February 2026.
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 43
Governance
Major Interests in Ordinary Shares
The Company received notifications from the following shareholders in respect of their own and their clients’ interests in
the voting rights of the Company. The below percentages are based on the Company’s share capital (pre‑tender offer) at
30 September 2025 of 121,270,000 ordinary shares being all the issued ordinary shares excluding those held in treasury where
voting rights are suspended.
Shareholder Type of Holding Number of Shares
% of Voting
Rights
Rathbones Investment Management Limited~ Indirect 16,946,654 15.96
1607 Capital Partners Indirect 12,069,633 9.95
Allspring Investments Indirect 6,522,743 5.38
Raymond James (previously Charles Stanley) Indirect 6,106,096 5.04
Evelyn Partners Limited Direct 6,081,962 5.02
Brewin Dolphin Limited Indirect 6,039,197 4.98
City of London Investment Management Company Limited Direct 6,019,216 4.96
Canaccord Genuity Group Indirect 5,872,733 4.84
Cheviot Asset Management Limited Direct 4,805,275 3.96
Schroders plc Indirect Below 5% Below 5%
Since the year end the Company has been notified of the below transactions. The below percentages are based on the
Company’s share capital (post‑tender offer) at 6 January 2026 of 94,541,974 ordinary shares being all the issued ordinary shares
excluding those held in treasury where voting rights are suspended.
Shareholder Type of Holding Number of Shares
% of Voting
Rights
Rathbones Investment Management Limited~ Indirect 16,810,330 17.78
TrinityBridge Direct 5,668,461 6.00
Canaccord Genuity Group Indirect 4,879,607 5.16
1607 Capital Partners Indirect
0
–
Allspring Indirect 0 –
~ position following the all‑share combination of Rathbones Group Plc with Investec Wealth & Investment Limited.
Annual General Meeting (‘AGM’)
The Company’s AGM will be held at 2.00pm on Thursday 26 February 2026. Please see page 103 in the shareholder
information section for further information on the resolutions to be proposed. The meeting will be held in person. Shareholders
will also be able to watch the proceedings of the AGM live via Zoom Conference. Details of how to access the online link are
provided in the Notice of AGM.
As was the case in 2025, in advance of the AGM, shareholders will have the opportunity to hear the Portfolio Managers’ pre‑
recorded presentation, reviewing the Company’s performance in the year and the outlook for the next year. The Company does
not intend to repeat the presentation during the AGM, however, the Portfolio Managers will be available to take questions. It is
anticipated that the presentation will be uploaded to the Company’s website on or before 12 February 2026.
Listing Rule 9.8.4
Listing Rule 9.8.4 requires the Company to include certain further information in relation to the Company which is not
otherwise disclosed. The Directors confirm there are no additional disclosures to be made pursuant to this rule.
By order of the Board
Tracey Lago, FCG
Polar Capital Secretarial Services Limited
Company Secretary
13 January 2026
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 44
Governance
Corporate Governance Framework
The Directors are ultimately accountable to the Company and its Shareholders for the Company’s affairs and are therefore
responsible for the governance of the Company. The Company has no employees and relies on third parties for Company
administration. The following diagram demonstrates the governance framework within which the Company is managed.
Shareholders
Board of Directors
Chair: Lisa Arnold
Audit
Committee
Management
Engagement Committee
Nomination
Committee
Remuneration
Committee
Third Party
Service Providers
Investment Manager
and AIFM
Chair: Neal Ransome
Members: all independent
NEDs
Chair: Neal Ransome
Members: all independent
NEDs
Functions of the
Nomination Committee
are carried out by the
Board as a whole.
Functions of the
Remuneration Committee
are carried out by the
Board as a whole.
As an externally managed investment trust, some provisions of the FRC UK Code of Corporate Governance (the UK Code)
are not relevant, including those relating to the roles of chief executive, executive directors’ remuneration, statement of gas
emissions and the requirement to have an internal audit function, therefore the Board has considered the Principles and
Provisions of the Association of Investment Companies Code of Corporate Governance 2019 (the AIC Code) and considers that
reporting against the Principles and Provisions of the AIC Code provides more relevant information to Shareholders.
The AIC Code addresses the relevant principles set out in the Financial Report Council (‘FRC’) UK Code as well as additional
principles and recommendations on issues that are specific to investment trust companies. The FRC has endorsed the AIC Code
and confirmed that by following the AIC Code, boards of investment companies (including those structured as investment
trusts) will meet their obligations under the UK Code.
The AIC Code is available on the AIC website (www.theaic.co.uk). It includes an explanation of how the AIC Code adapts the
Principles and Provisions set out in the UK Code to make them relevant for investment companies.
The Board is aware of the recent revisions to the AIC Code to reflect the recent changes made to the UK Code and will report
on any applicable changes in the Annual Report following the effective date.
Statement of Compliance and Application of the AIC Code’s Principles
The Board believes that the Company’s current practices are consistent in all material respects in applying the principles and
complying with the provisions of the AIC Code. The Board will continue to observe the principles and recommendations set out
in the AIC Code.
The AIC Code’s principles and provisions are structured into five sections: Board leadership and purpose; division of
responsibilities; composition, succession and evaluation; audit, risk and internal control; and remuneration. The Company’s
application of the principles and compliance with the provisions of each section is detailed on the following pages.
Report on Corporate Governance
Year ended 30 September 2025
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 45
Governance
Purpose
The purpose of the Company is to provide a vehicle for investors in which assets are invested across a diversified global portfolio
of healthcare stocks which aim to deliver long term capital growth to shareholders. The purpose is achieved through the
Investment Objective and Investment Policy incorporating parameters to ensure excessive risk is not undertaken.
The Investment Policy seeks to generate capital growth by investing in a global portfolio of healthcare stocks. The Company will
seek to achieve its objective by investing in a diversified global portfolio consisting primarily of listed equities. The portfolio is
diversified by geography, industry subsector and investment size, with a multi‑capitalisation approach. As an externally managed
investment trust, the culture of the Company is a consequence of the Board’s diversity, decisions and behaviours which are
aligned with the values and behaviours of the Investment Manager, interaction between the two and engagement with the
Company’s stakeholders. The Board monitors this culture, including the policies and practices it implements to maintain it.
Board Leadership
In promoting the long‑term sustainable success of the Company, the performance of the Company’s portfolio is constantly
reviewed in pursuit of value generation for shareholders by achievement of the Investment Objective. Investment management
fees are reviewed periodically, with the last review occurring as part of the corporate action. A new tiered fee structure (effective
1 December 2025) was agreed whereby a lower initial rate of 0.70% per annum (based on the lower of market capitalisation
and NAV) is payable to the Investment Manager on the first £500 million and a further lowered rate of 0.65% per annum is
applicable thereafter. In addition to this, the performance fee element of the previous fee structure was completely removed.
Prior to 1 December 2025, a flat fee rate of 0.75% per annum was payable, with the potential for an additional performance fee.
The Company’s performance over the previous ten years can be found on page 3 and how the Board views its duties is
considered in the s172 statement on pages 38 to 41. The Board’s engagement with shareholders and stakeholders and how
it contributes to strategic decision making is also discussed within the s172 statement. Participation from both groups is
encouraged and the Board can be contacted through the Company Secretary. The Company’s service providers are subject to
periodic site visits and attend service review and other meetings throughout the year, ensuring effective engagement. Fulfilling
the Investment Objective and the Company’s performance is the focus of the Board’s discussions.
The Board’s effectiveness, including how it promotes the long‑term sustainable success of the Company, is reviewed annually.
The process and outcomes of the Board evaluation are detailed on page 49.
Role, Responsibilities and Committees of the Board
The Board has delegated to the Audit Committee and the Management Engagement Committee specific remits for
consideration and recommendation but the final responsibility in these areas remains with the Board. The Board determined
that due to its size, and the fact that all the Directors are non‑executive and independent, the functions of the nomination
committee and remuneration committee would be carried out by the full Board.
Separate reports of the work of the Audit Committee and Management Engagement Committee over the year are set out on
pages 52 to 57 and page 58 respectively.
The Directors’ Remuneration Report, including the processes undertaken when reviewing remuneration, can be found on
pages 59 to 63.
BOARD LEADERSHIP AND PURPOSE (Principles A-E, Provisions 1-7)
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 46
Governance
In addition to formal meetings, the Board also holds ad hoc meetings or creates ad hoc committees from to time to enact
policies or actions agreed in principle by the whole Board. The number of formal meetings of the Board and its Committees held
during the year ended 30 September 2025 and the attendance of individual Directors are set out below.
Board Audit Committee
Management
Engagement 2025 AGM
Number of Meetings 6 3 1 1
Lisa Arnold 6 3 1 1
Neal Ransome 6 3 1 1
Caroline Gulliver* 2 1 1 –
Stacey Parrinder‑Johnson~ 1 – 1 –
Jeremy Whitley 6 3 1 1
* appointed May 2025
~ appointed July 2025
Role of the Investment Manager
The Board has contractually delegated the management of the portfolio to the Manager. It is the Manager’s sole responsibility
to take decisions as to the purchase and sale of individual investments other than unquoted investments where the Board is
consulted (no unquoted investments were held at the year‑end or date of reporting). The Manager has responsibility for asset
allocation and sector selection within the guidelines established and regularly reviewed by the Board.
The Manager is responsible for providing or procuring accountancy services, company secretarial and administrative services
including the monitoring of third‑party suppliers who are directly appointed by the Company. The Manager also ensures that
all Directors receive in a timely manner all relevant management, regulatory and financial information. Representatives of the
Investment Manager attend all Board meetings in a variety of capacities including investment management, compliance, risk and
marketing, enabling the Directors to probe further on matters of concern or seek clarification on certain issues.
The whole Board reviews the performance of the Investment Manager in all service disciplines and, at each Board meeting, the
Company’s performance against the market and a peer group of funds with a similar Investment Objective is reviewed. The
investment team provided by the Investment Manager has long experience of investment in the healthcare sector. In addition,
the Investment Manager has other investment resources which support the investment team and have experience in managing
and administering other investment trust companies.
The Board and Investment Manager work in a collaborative manner and the Chair encourages open discussion and debate.
Chair
The Chair is responsible for the leadership of the Board and works with the Company Secretary for setting the Board’s meeting
agendas and for balancing the issues presented to each meeting. Open and honest debate is encouraged at each Board meeting
and the Chair keeps in touch with both the Company Secretary and other Directors between Board meetings. Lisa Arnold was
appointed to the Board in 2018 and appointed as Chair in February 2020. The Chair was independent on appointment and
continues to meet the criteria for independence. The Board considers the competence and independence of the Directors on an
annual basis. Under the Company’s Chair Tenure Policy, having been appointed following time spent as an NED, the Chair may,
if deemed appropriate or necessary, remain on the Board for up to twelve years.
Senior Independent Director
Due to the size and structure of the Board it is considered unnecessary to identify a senior independent non‑executive director.
The Board considers that all Directors have different qualities and areas of expertise on which they may lead where issues arise
and to whom concerns may be conveyed. As and when required, the Chair of the Audit Committee leads on specific matters
such as the annual evaluation of the Chair.
BOARD LEADERSHIP AND PURPOSE (Principles A-E, Provisions 1-7) continued
DIVISION OF RESPONSIBILITIES (Principles F-I, Provisions 8-21)
Report on Corporate Governance continued
Year ended 30 September 2025
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 47
Governance
Board Responsibilities
The Board currently comprises five non‑executive Directors who are all considered to be independent. The Board considers
that its overall composition is adequate for the effective governance of the Company. No Director has any former or present
connection with the Investment Manager. A formal schedule of matters specifically reserved for decision by the full Board
has been defined and a procedure has been adopted for Directors, in the furtherance of their duties, to take independent
professional advice at the expense of the Company. No professional advice has been independently sought during the year.
Company Secretary
The Directors have access to the advice and services of the Company Secretary which is provided in compliance with the IMA
through Polar Capital Secretarial Services Limited. An appointed representative, Tracey Lago, is responsible to the Board for
ensuring that Board procedures are followed, and that applicable rules and regulations are complied with. The Board and
Investment Manager operate in a supportive, co‑operative and open environment. The Board acknowledges that PIRC (Pensions
and Investment Research Consultants Limited, an independent corporate governance and shareholder advisory consultancy)
recommend voting against the laying of the Annual Report at an AGM where the Investment Manager provides company
secretarial services to the Company. The Board believes that the benefits gained by utilising the services of a Company Secretary
provided by the Investment Manager significantly outweigh any perceived risk or conflicts in the view of PIRC. The Company
Secretary is provided to the Company as an independent service and the appointed representative acts as an officer of the
Company and not an employee of the Investment Manager when working with the Board and the Company.
Meetings
The Board has a schedule of regular meetings through the year and meets at additional times as required. During the year,
Board and Committee meetings were held to deal with the ongoing stewardship of the Company including the corporate
action of the Company ahead of the end of its fixed life which included the consideration of shareholder feedback, setting
and monitoring of investment strategy and performance, review of the Financial Statements and ESG. The level of the ordinary
share price discount or premium to the Net Asset Value is kept under review along with matters affecting the industry and
the evaluation of third‑party service providers. The Board is also responsible for considering, reviewing and implementing
appropriate policies in respect of regulatory changes that impact the Company.
The Company’s investment strategy was reviewed during the corporate action undertaken in late 2025. The Board continues
to consider the Company’s strategy and its relevance to the market and shareholders as a whole at each Board meeting and
at least one Board meeting per year includes an in‑depth focus on strategy. Through this process the Board supervises the
management of the investment portfolio, the work of the Investment Manager, the risks to which the Company is exposed and
their mitigation, and the quality of services received by the Company.
Directors’ Professional Development
When new Directors are appointed, they are offered an induction course provided by the Investment Manager. Directors
are welcome to visit the Manager at any time to receive an update on any aspect of interest or a refresher on the Manager’s
operations both generally and those which are specific to the Company. Directors are also provided on a regular basis with key
information on the Company’s policies, regulatory and statutory obligations and internal controls. Changes affecting Directors’
responsibilities are advised to the Board as they arise. Directors may also participate in professional and industry seminars and
may use the Manager’s online compliance training resources to ensure they maintain their knowledge.
Conflicts of Interest
The Board has in place a policy to govern situations where a potential conflict of interest may arise, for example where a
Director is also a director of a company in which the Company invests or may invest. The Company’s Articles contain provisions
to permit the Board to authorise acceptable conflicts or potential conflicts. Where a conflict situation arises, the conflicted
Director may be excluded from any discussions, decisions or votes relating to the matter of conflict.
DIVISION OF RESPONSIBILITIES (Principles F-I, Provisions 8-21) continued
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 48
Governance
Each Director has provided the Company with a statement of all conflicts of interest and potential conflicts of interest, which
have been approved by the Board and recorded in a register. The Conflicts Register is reviewed at every Board meeting, and
the Directors are reminded of their obligations for disclosure. No Director has declared receipt of any benefits other than their
emoluments and associated expenses in their capacity as a Director of the Company. The Board as part of its year‑end review
has considered the full register of conflicts, any conditions imposed on such conflicts or potential conflicts and the operation of
the notification and authorisation process.
There were no contracts subsisting during or at the end of the year in which a Director is or was interested and which is or
was significant in relation to the Company’s business or to the Director. All the Directors were considered independent of the
Investment Manager and had no relationship or conflicts which were likely to affect their judgement.
The Directors’ interests in the ordinary shares of the Company are set out on page 62 of the Directors’ Remuneration Report.
Capacity and Overboarding
Prior to appointment, current and planned commitments of board candidates are considered, and it is determined before
interview stage whether the Board feels that the candidate has the capacity to dedicate sufficient time to the Company. Once
appointed, all Directors are required to seek permission and approval from the Board prior to accepting any new appointments,
including a change of role. Following notification, the Board will give particular consideration to the type of role, expected time
commitments and the impact on the Director’s ability to discharge their duties to the Company. Directors are also required to
provide a list of their existing significant external commitments and estimated time commitments for each in order for the Board
to assess any risk of insufficient capacity or overboarding.
The Board continues to be satisfied that the external commitments of all non‑executive Directors serve to enhance their skills
and experience and do not affect their ability to commit sufficient time to their roles as Directors of the Company, as evidenced
by their attendance records and contributions in meetings.
Board Composition, Diversity and Recruitment
The Board is responsible to shareholders for the overall management of the Company’s affairs. As at 30 September 2025, there
were five non‑executive Directors. Each Director has different qualities and areas of expertise on which they may lead should
issues arise. The Board has a policy to consider diversity and seeks to follow the diversity recommendations of the Hampton‑
Alexander and Parker Reviews, amongst other factors. Consideration is given to all forms of diversity in order to balance both
the expertise on, and the structure of, the Board as a whole.
A recruitment process was undertaken during the year under review to find and appoint two new non‑executive directors to
join the Board, one of whom would assume the role of Chair of the Audit Committee and succeed Neal Ransome as he comes
to the end of his nine‑year tenure on the Board.
A number of recruitment firms were considered and the role was placed with Odgers Berndtson (“Odgers”). The brief for the
new candidates included considerations of gender, ethnic and socio diversity and a number of areas of expertise. Following the
advertising and search process, a long list of candidates was considered followed by interviews of shortlisted candidates with the
Board. The process culminated in the appointment of two new non‑executive directors; Caroline Gulliver as Audit Committee
Chair Elect with effect from 15 May 2025 and Stacey Parrinder‑Johnson as non‑executive Director with effect from 1 July 2025.
Mr Ransome will step down as Chair of the Audit Committee on 26 February 2026 and will be succeeded by Mrs Gulliver; it is
anticipated that Mr Ransome will remain on the Board until November 2026 as part of a smooth and orderly transition.
Following these appointments the Board as the Nomination Committee met once again in October 2025 and concluded that,
at the present time, the Board worked efficiently and had the requisite skill sets to lead the Company effectively. In support of
increasing diversity and expanding the pool of potential NED candidates of the future, the Board, in collaboration with “Board
Apprentice”, welcomed a board apprentice in FY23. Board Apprentice is a not‑for‑profit organisation dedicated to increasing
diversity on boards by widening the pool of non‑executive, board‑ready candidates. The board apprentice is invited to attend all
Board and Committee meetings as an observer and is mentored through the process by a Board member.
DIVISION OF RESPONSIBILITIES (Principles F-I, Provisions 8-21) continued
COMPOSITION, SUCCESSION AND EVALUATION (Principles J-L, Provisions 22-28)
Report on Corporate Governance continued
Year ended 30 September 2025
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 49
Governance
The Board notes the reporting requirements of the FCA Diversity and Inclusion Policy and has chosen to align its diversity
reporting reference date with the Company’s financial year end, 30 September 2025. The Board’s current composition meets
two of the three ‘comply or explain’ targets with three of the five members being female and one of the two senior positions
being occupied by a female. The Board is conscious that it does not meet the FCA’s ethnicity recommendations; however,
it believes it has followed a stringent recruitment process and appointed appropriate candidates with the requisite skillsets
required of the wider Board. The Board will consider diversity at all stages of future recruitment to the Board and will work hard
to ensure the broadest range of candidates are found when recruiting new directors.
As required under UKLR 16.3.29, further detail in respect of the diversity targets as at 30 September 2025 are provided in the
tables below. As an externally managed investment trust, the Company has no executive directors or employees therefore
columns relating to executive roles/management have been omitted from the tables. As per the AIC’s Guidance, the Company
considers the role of Board Chair and Chair of the Audit Committee as senior board positions and the below disclosures are
made on this basis.
Number of board
members
Percentage of the
board
Number of senior
positions on the
board (Chair and
Audit Chair)
Men 2 40% 1
Women 3 60% 1
Number of board
members
Percentage of the
board
Number of senior
positions on the
board (Chair and
Audit Chair)
White British or other (including minority-white groups) 5 100% 2
Minority Ethnic – – –
Succession
The Board believes that retaining Directors with sufficient experience of the Company, investment industry and healthcare
markets is of benefit to Shareholders while recognising that regular refreshment of approach is also beneficial. Following the
recruitment processes and corporate action undertaken in 2025, the Board considers that its overall composition is well placed
for the effective governance of the Company.
Evaluation
The evaluation of the Board, the Committees and individual Directors is typically carried out annually. The process involves the
use of a written questionnaire to assess the balance of skills, experience, knowledge, independence and effectiveness of the
Board, including how the Directors interact as a unit on the Board. The responses to the questionnaire are then reviewed and
discussed individually with the Chair where appropriate and by the full Board and, should it be deemed necessary, additional
reporting measures or operations would be put in place. The review of the Chair’s performance is conducted by the Board led
by the Chair of the Audit Committee. The Chair of the Board does not participate in this discussion.
Through these evaluations, each Director is assessed on their relevant experience, their strengths and weaknesses in relation
to the overall requirements of the Board and their commitment to the Company in terms of time by regular attendance and
participation at Board meetings. The process is constructed to assess the contribution of individual Directors to the overall
operation of the Board and its Committees.
COMPOSITION, SUCCESSION AND EVALUATION (Principles J-L, Provisions 22-28) continued
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 50
Governance
In light of the new appointments to the Board during the course of the year and the focus on the corporate action, it was
agreed that completion of the full annual Board evaluation would be deferred to FY26 once the corporate action was completed
and new Directors have been on Board for a period of c.1 year. The results of the FY25 evaluation will be disclosed within the
Company’s next Annual Report and Accounts. Notwithstanding this, the Board believes that each Director standing for election
/ re‑election continues to offer relevant experience, effectively contributes to the operation of the Board and has demonstrated
independent views on a range of subjects. The Committee is satisfied that the structure, mix of skills and operation of the Board
continue to be effective and relevant for the Company.
Performance and Re-election
In accordance with the Company’s adopted practices, all Directors will retire and offer themselves for election / re‑election at
the AGM of the Company to be held in February 2026. The Board has confirmed its support and rationale for each Directors’
re‑election. The Directors believe that they have a balance of experience, expertise and sufficient diversity and that they work
well together, each director brings multiple qualities and areas of expertise to the Board. The Board rationale for re‑appointment
of each Director is given on pages 6 and 7 and in the letter accompanying the Notice of AGM.
Chair Tenure Policy
The Board considers that in the circumstances of an investment company, where corporate knowledge and continuity can
add value, there may be merit in appointing one of its members to the Chair. In addition, there may be circumstances where
succession plans are disrupted such that an internal candidate with some years’ existing experience is the most appropriate
candidate for the Chair. In other circumstances an external candidate may be more appropriate.
As per provision 24 of the AIC Code, the Board’s policy is that the maximum Board tenure for its Chair is up to 12 years (where
up to 9 years of this could be served as a non‑executive Director prior to being appointed as Chair). The Board believes that due
to the staggered nature of the appointment dates of existing Directors, and the expectation that Directors, unless assuming the
role of Chair or there being unforeseen circumstances, will retire from the Board after nine years of service, there will be regular
refreshment of the Board.
Internal Controls
The Board has overall responsibility for the Company’s system of internal control, for reviewing its effectiveness and ensuring
that risk management and control processes are embedded in the Company’s day‑to‑day operations which are operated or
overseen by the Investment Manager.
The Investment Manager has an internal control framework to provide reasonable but not absolute assurance on the
effectiveness of the internal controls operated on behalf of its clients. The Manager is authorised and regulated by the Financial
Conduct Authority and its compliance department monitors the Company’s compliance with the various rules and regulations
applicable to it including the FCA’s rules, AIFMD, MiFID II and GDPR, for example.
The Board, through the Audit Committee, has established a process for identifying, evaluating, monitoring and managing any
principal risks faced by the Company. This is documented through the use of a Risk Map which is subject to regular review by
the Audit Committee and accords with the Guidance on Risk Management, Internal Control and Related Financial and Business
Reporting issued in September 2014 by the Financial Reporting Council. The controls are embedded within the business and aim
to ensure that identified risks are managed and systems are in place to report on such risks. The internal controls seek to ensure
the assets of the Company are safeguarded, proper accounting records are maintained, and the financial information used by
the Company and for publication is reliable. Controls covering the risks identified, including financial, operational, compliance
and risk management controls, are monitored by a series of regular reports covering investment performance, attribution
analysis, reports from various third parties and from the Investment Manager.
As the Company has no employees and its operational functions are carried out by third parties, the Audit Committee does not
consider it necessary for the Company to establish its own internal audit function.
COMPOSITION, SUCCESSION AND EVALUATION (Principles J-L, Provisions 22-28) continued
AUDIT, RISK AND INTERNAL CONTROL (Principles M-O, Provisions 29-36)
Report on Corporate Governance continued
Year ended 30 September 2025
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 51
Governance
Contracts with suppliers are entered into after full and proper consideration by the Board of the quality and cost of the services
offered, including the control systems in operation in so far as they relate to the affairs of the Company.
Operation of internal Controls
The process was active throughout the year and up to the date of approval of this Annual Report. However, such a system is
designed to manage rather than eliminate risks of failure to achieve the Company’s business objectives and can only provide
reasonable and not absolute assurance against material misstatement or loss.
The Board, in assessing the effectiveness of the Company’s internal controls has, through the Audit Committee, received formal
reports on the policies and procedures in operation. Where control failures have occurred an exceptions report is provided along
with mitigation in place to ensure the control is met in future. For the year under review, no material errors or control failures
were identified. The Manager and key service providers have subsequently provided their ISAE 3402 Reports and confirmed that
their control environments continued to operate effectively up to the date of signing these Financial Statements.
The Manager has delegated the provision of accounting, portfolio valuation and trade processing to HSBC Securities Services
but remains responsible to the Company for these functions and provides the Board with information on these services.
Based on the work of the Audit Committee and the reviews of the reports received by the Audit Committee on behalf of the
Board, the Board has concluded that there were no material control failures during the year and up to the date of this report.
Due to the fully independent non‑executive Board comprising five Directors, the Board has deemed it appropriate for the full
Board to fulfil the role of the Remuneration Committee. The Board, acting as the Committee, meets at least annually and is
responsible for consideration and recommendations in relation to Directors’ remuneration.
The remuneration of the Directors is reviewed on an annual basis but will not necessarily lead to a change in remuneration
level awarded. Industry guidance, peer investment trust companies’ remuneration, the work undertaken by the Board in the
prior year along with plans for the current year and the overall regulatory environment are all considered when reviewing
remuneration.
Remuneration levels are set to attract candidates of high calibre to the Board. The Company’s remuneration policy will be put
to shareholders for approval once again at the AGM in February 2026. The policy is detailed within the Directors’ Remuneration
Report on page 59 and explains how the policy is designed to support strategy and promote long‑term sustainable success.
Tracey Lago, FCG
Polar Capital Secretarial Services Limited
Company Secretary
13 January 2026
AUDIT, RISK AND INTERNAL CONTROL (Principles M-O, Provisions 29-36) continued
REMUNERATION (Principles P-R, Provisions 37-42)
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 52
Governance
I am pleased to present my Report to you as Chair of the Audit Committee.
As referenced in the Chair’s Statement, Caroline Gulliver
joined the Board in May 2025 as Audit Chair Elect and will
succeed me as Audit Chair. As part of the phased transition
and to ensure a smooth and orderly handover process, I will
be stepping down as Audit Chair on 26 February 2026
(following the Company’s AGM) but will remain on the
Board as a non-executive Director whilst Caroline will step
up and assume the role of Audit Chair. This is therefore my
final report to you as Audit Chair and I express my thanks to
shareholders and my fellow board members for the support
I have received since taking on this role in 2018.
Committee Composition
The Committee comprises all the Directors and the Board
is satisfied that the Committee has sufficient recent and
relevant financial experience and has competence relevant to
the sector in which the Company operates to discharge its
functions effectively. The experience of the members of the
Committee can be assessed from the Directors’ biographies
set out on pages 6 and 7. I am a chartered accountant
and a former partner and head of the pharmaceutical and
healthcare M&A practice of PricewaterhouseCoopers LLP
(‘PwC’). I hold the ICAEW’s FCA, BFP and CF qualifications
and am therefore deemed to have appropriate experience
and expertise to carry out the role of Chair of the Audit
Committee. The Committee has written terms of reference
which are available to view on the Company’s website,
www.polarcapitalglobalhealthcaretrust.co.uk
During the year the Audit Committee met three times, with
all members of the Committee attending each meeting.
Matters Considered during the Financial
Year Ended 30 September 2025:
During the year the Audit Committee considered a variety of
matters, including:
Audit Regulation
Since my last report to you, the Committee has not had
to consider any new material regulations, however it
continues to follow developments in the relevant regulatory
environment to consider any new and ongoing requirements
and determine how to apply any relevant best practice to the
Company. As noted last year, the Committee is aware of the
recent revisions to the UK Code, specifically those relating
to risk management and material internal controls which
are applicable to accounting periods beginning on or after
1 January 2026. The Committee will report on any applicable
changes in the Annual Report following the effective date.
In addition, the Committee continues to review the outcomes
of the FRC’s annual Audit Quality Reviews and discusses the
findings with the Auditors.
Annual External Audit
• the scope of the annual audit and agreement with the
Auditors of the key areas of focus;
• the reports from the Auditors concerning their audit of
the annual Financial Statements of the Company;
• the performance of the Auditors and the level of fees
charged for their services;
Audit Committee
Report
Neal Ransome
Chair of the Audit Committee
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 53
Governance
• the independence and objectivity of the Auditors;
• the appointment of the Auditors;
• the policy for non-audit services which may be provided
by the Auditors in line with the FRC guidance; and
• the extent of the non-audit services, the quality of such
work and the fees.
Internal Audit
• the potential need for an internal audit function, which
we continue to conclude is unnecessary for an externally
managed investment trust.
Accounting Policies and related matters
• the appropriateness and any changes to the accounting
policies of the Company including any judgements
required by such policies and the reasonableness of
such. During the year the Committee ensured that the
accounting policies as set out on pages 77 to 81 were
applied consistently throughout the year. During the year
there were no changes to currently adopted policies and
no new UK-adopted International Accounting Standards
(“UK-adopted IAS”) or amendments to UK adopted IAS
which had any significant impact on the Company’s
financial Statements.
• the financial disclosures contained in the Annual Report
and Half Year Report to shareholders.
• the going concern statement, longer-term viability
statement and the requirement that the Annual Report
and Financial Statements, when taken as a whole, are fair,
balanced and understandable.
Investment Matters
• the investment management process, including confirmation
of the existence and ownership of investments through the
review of quarterly Depositary Reports and meeting with the
Depositary in relation to the safeguarding of the Company’s
assets. No errors have been reported during the year under
review.
Internal Controls and Risk
• the Risk Map covering the identification of new and
emerging risks, adjustments to existing risks and the
mitigation and controls in place to manage those risks; and
• reports from the Investment Manager and the Investment
Manager’s external Auditors on the effectiveness of the
system of internal financial controls.
Dividend Policy
• the Committee considered the Company’s Dividend Policy
as approved by shareholders at the Annual General Meeting
held in February 2025 and recommended to the Board that
it continue in force. The Dividend Policy will be proposed for
approval by shareholders at the Company’s AGM to be held
in February 2026. The Company’s focus remains on capital
growth, and while the Company continues to aim to pay
two dividends per year these are expected to be a small part
of shareholders’ total return.
Consideration of the Half Year Report and
Financial Statements
• prior to publication, the Committee considered and
reviewed the Half Year Report and Financial Statements,
which were not audited, to ensure that they were
prepared on a basis consistent with the accounting
policies used in the Annual Report and Financial
Statements for the year ended 30 September 2024.
Consideration of the Annual Report and
Financial Statements
• the Committee performed this role through monitoring
the integrity of the Financial Statements of the Company
and the system of accounting to ensure compliance with
the relevant and appropriate accounting standards. The
scope of the audit was agreed in advance with a focus
on areas of audit risk and the appropriate level of audit
materiality.
• the Auditors reported to the Committee on the results of
the audit work and highlighted any issues which the audit
work had discovered, or the Committee had previously
identified as significant or material in the context of the
Financial Statements. Following a comprehensive review
process the Audit Committee presented its conclusions to
the Board.
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 54
Governance
Significant Matters in Relation to the Financial
Statements for the Year Ended 30 September
2025
• in addition to the matters considered by the Committee
informing its opinions on going concern and longer-term
viability (described below) and in concluding that the
Annual Report and Financial Statements, when taken
as a whole, are fair, balanced and understandable, the
Committee also considered the following matters in
relation to the Financial Statements:
Significant Matter How the Issue was Addressed
Valuation, existence and ownership of
investments
The valuation is carried out in accordance with the accounting policies of the
Company as described in note 2(f). The Depositary has reported on its work and
safe keeping of the Company’s investments and a report from the Depositary is
provided on the Company’s website: www.polarcapitalglobalhealthcaretrust.co.uk
Compliance with s1158 and s1159 of
the Corporation Tax Act 2010
Consideration of compliance with the requirements of investment trust status is
carried out at each Board meeting throughout the year.
There were no adverse matters brought to the Audit
Committee’s attention in respect of the 2025 audit which
were material or significant, or which should be brought to
shareholders’ attention.
Conclusions in Respect of the Annual Report
and Financial Statements
In order to reach the conclusion that the Annual Report
and Financial Statements when taken as a whole are fair,
balanced and understandable, the Board has requested that
the Committee advise on whether it considers these criteria
satisfied. In so doing the Committee has considered the
following:
• the ongoing comprehensive control framework around the
production of the Annual Report, including the verification
processes in place to deal with the factual content;
• the extensive levels of review undertaken in the production
process, by the Investment Manager and the Committee;
• the internal control environment as operated by the
Investment Manager and other suppliers including any
checks and balances within those systems; and
• the unqualified audit report from the Auditors confirming
their work based on substantive testing of the Financial
Statements.
As a result of the work performed, the Committee has
concluded that the Annual Report and Financial Statements
for the year ended 30 September 2025, taken as a whole, are
fair, balanced and understandable and provide the information
necessary for shareholders to assess the Company’s
performance, business model and strategy, and it has reported
on these findings and provided such conclusion to the Board.
External Auditors
Appointment of Auditors, Fees and Tenure
The Committee considers by way of meetings and reports, the
appointment, remuneration and work of the Auditors. With
the completion of the audit for the year ended 30 September
2025 Kevin Rollo has completed five years as the Company’s
Audit Partner, and accordingly he is required to step down. He
will be succeeded as Audit Partner by Sarah Chandler, who will
complete her first audit of the Company for the year ending
30 September 2026.
PwC (or the ‘Auditors’) have provided audit services to
the Company from its incorporation in 2010. Following a
formal and competitive tender process in 2020, PwC were
re-appointed as the Company’s auditors. The re-appointment
of PwC as Auditors to the Company has been submitted
annually for shareholder approval and will be submitted once
again at the AGM to be held in February 2026, together with
a separate Resolution to authorise the Directors to set the
remuneration of the Auditors. In accordance with current
legislation, the Company is required to undertake or initiate
an audit tender process at least every 10 years and will be
required to change its auditors after a maximum of 20 years’
engagement.
The Auditors are invited to all Committee meetings and
receive copies of all relevant papers and meeting minutes. As
part of the year end audit, the Committee considered and
re-confirmed the level of fees pre-agreed and payable to the
Auditors bearing in mind the nature of the audit and the
quality of services received. The fees paid to PwC in respect of
the audit of the annual Financial Statements of the Company
amounted to £59,750 (2024: £55,000). The fee represents an
8.6% increase on the prior year.
Audit Committee Report continued
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 55
Governance
Effectiveness of Audit Process
The Committee, on behalf of the Board, is responsible for
overseeing the relationship with the Auditors including
ensuring the quality and effectiveness of the audit.
The Audit Committee monitored and evaluated the
effectiveness of the Auditors and any changes in the terms
of their appointment based on an assessment of their
performance, qualification, knowledge, expertise and
resources. The Auditors’ independence was also considered
along with other factors such as audit planning and
interpretations of accounting standards. This evaluation
has been carried out throughout the year by meetings held
with the Auditors, by review of the audit process and by
comments from the Investment Manager and others involved
in the audit process. Based on its review the Audit Committee
concluded that the Auditors remained independent and
continued to act in an independent manner. The Auditors
are provided with an opportunity to address the Committee
without the Investment Manager present to raise any
concerns or discuss any matters relating to the audit work
and the cooperation of the Investment Manager and others
in providing information and the quality of that information
including the timeliness in responding to audit requests.
Non-Audit Services
The Audit Committee’s policy for the provision of non-
audit services by the Auditors is to ensure that there is a
clear separation of audit work and non-audit work and
that the cost of any non-audit work is justified and is not
disproportionate to the audit fees, to the extent that the
independence of the Auditors would be compromised. The
Audit Committee’s policy on the provision of non-audit
services by the Auditors is available on the Company’s
website. The policy is produced in line with the FRC Ethical
Standards (revised January 2024) and any non-audit services
are required to be pre-approved by the Audit Committee. In
both the year under review and the prior year, no non-audit
services were provided by the Auditors.
Following the year end, the Company engaged the Auditors
to perform agreed upon procedures on the tender offer price
as part of the corporate action which completed in November
2025. In accordance with the Company’s non-audit services
policy, the service was deemed to be acceptable and did
not compromise the independence of the Auditors. The
work undertaken was considered to be audit related while
distinct from the regular audit of the financial statements,
and therefore best undertaken by the Company’s appointed
external auditors. A charge of £17,500 was levied for the
service equating to 35% of the average of the prior three
years audit fee (2022-2024 average fee being £49,350).
Overview of Risk and Internal Controls
The Board has ultimate responsibility for the management
of risk throughout the Company and has asked the Audit
Committee to assist in maintaining an effective internal
control environment.
The Company maintains a Risk Map which seeks to identify,
monitor and control principal risks as well as identifying
emerging risks. The Committee has continued to review
the Risk Map to identify the principal and emerging risks
facing the business including those that might threaten its
business model, future performance, liquidity and reputation.
Alongside this, the Committee considered the likelihood,
impact, mitigating factors and controls to reduce the impact
of such risks as described on pages 36 and 37. This process
was carried out throughout the year and is the means by
which the Risk Map is monitored and kept relevant by
reflecting any changes to the source and level of risks facing
the Company. The Committee has met to discuss and assess
emerging risks and where appropriate recommends changes
to the Risk Map. The Committee will actively continue to
monitor the system of internal controls through the regular
review of the Risk Map and the internal control environment
in order to provide assurance that they continue to operate
as intended.
As part of the year end processes the Audit Committee
also undertook a review of the effectiveness of the system
of internal controls considering any issues that had arisen
during the course of the year. The Committee acknowledges
that the Company is reliant on the systems utilised by
external suppliers. Representatives of the Investment
Manager reported to the Committee on the system of
internal controls that is in place for the performance of the
Investment Manager’s duties under the IMA. The Committee
and the Manager also received presentations and internal
control reports from other key suppliers on the quality and
effectiveness of the services provided to the Company. In
addition, employees of the Manager conducted an onsite
due diligence visit with HSBC where they received thorough
presentations from representatives covering the work of the
Operations, Risk Administration and Accounting Teams, in
addition to the Custodian and Depositary. No matters of
concern with any areas of service were raised at any of the
meetings or on reviewing the internal controls reports.
The Audit Committee has also discussed the Investment
Manager’s policies on whistleblowing, cyber security,
antibribery and the Modern Slavery Act and is satisfied
that the Investment Manager has controls and monitoring
processes to implement their policies across the main
contractors which supply goods and services to the
Investment Manager and to the Company. The Company
has adopted an Anti-Corruption policy which incorporates
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 56
Governance
Anti-Bribery, Anti-Slavery and the Corporate Criminal Offence
of Tax Evasion. In addition to this the Company has issued a
data privacy notice in relation to the General Data Protection
Regulation. All such policies can be found on the Company’s
website www.polarcapitalglobalhealthcaretrust.co.uk.
The Audit Committee also considered the policy and controls
used by the Investment Manager surrounding the use of
brokerage commissions generated from transactions in the
Company’s portfolio and the obtaining of best execution on
all transactions. There were no issues of concern arising from
the reviews of or within the internal controls environment the
Company relied upon during the course of the year ended
30 September 2025 and up to the date of this report.
Geopolitical Events
During the financial year under review, the Committee
continued to monitor the heightened geopolitical landscape.
Geopolitical events can have a significant impact on global
financial markets, and hence on the Company’s portfolio
performance. The Committee continues to monitor these risks
in the context of the ability of the Company to achieve its
investment objective.
The Committee regularly reviews the operational resilience of
its various service providers in connection with the mitigation of
the business risks posed by geopolitical events. The Committee
is pleased to confirm that all service providers have continued
to demonstrate their ability to provide services to the expected
level, with no breaks in the services provided or significant
operational failures.
Going Concern and Longer-term Viability
Going Concern
At the request of the Board, the Audit Committee has
considered the ability of the Company to adopt the going
concern basis for the preparation of the Financial Statements.
The Committee has considered the financial position of the
Company, its cashflows and its liquidity position in addition
to the support received from shareholders to extend the life
of the Company indefinitely in November 2025 subject to
five yearly tender offers. The Committee has also considered
any material uncertainties and events that might cast
significant doubt upon the Company’s ability to continue as a
going concern. The Audit Committee has considered:
• the ability of the Company to liquidate its portfolio to
meet any liabilities as they fall due;
• the level of budgeted expenses and the exposure to
currency and credit risk; and
• the factors impacting the forthcoming year as set out
in the Strategic Report Section and comprising the
Chair’s Statement, the Investment Manager’s Report
and the Strategic Review. The financial position of the
Company and its cash flows and liquidity position are
described in the Strategic Report and the Financial
Statements. Note 26 to the Financial Statements includes
the Company’s policies and process for managing its
capital, its financial risk management objectives, details of
financial instruments and hedging activities. Exposure to
credit risk and liquidity risk are also disclosed.
Based on the information provided to the Committee and
its assessment of the financial position of the Company,
there are no material uncertainties that call into question the
Company’s ability to continue to be a going concern. The
Committee has recommended that a going concern basis
should be adopted by the Board for the preparation of the
Financial Statements for the year ended 30 September 2025.
Longer-term Viability
The Board has also asked the Audit Committee to address
the requirement that a longer-term viability statement be
provided to shareholders. This statement should take account
of the Company’s financial position, the principal risks as
set out on pages 36 and 37 together with the mitigating
factors which are assumed to operate appropriately so that
the Board may state that they have a reasonable expectation
that the Company will be able to continue in operation
and meet its liabilities as they fall due over the period of
their assessment. The Audit Committee has assessed the
Company’s viability over a five year period. This is considered
to be an appropriate period given the long term nature of
investment and the requirement to make future tender offers
at five yearly intervals.
To provide this assessment, the Audit Committee has
considered the Company’s financial position as described
above including its ability to liquidate its portfolio and meet
its expenses as they fall due:
• the portfolio comprises investments traded on major
international stock exchanges, and there is a spread
of investments by market capitalisation of company.
Approximately 97.2% of the portfolio as at 30 September
2025 could be liquidated within seven trading days and
there is no expectation that the nature of the investments
held within the portfolio will be materially different in future;
• the expenses of the Company are predictable and modest
in comparison with the assets of the Company and there
are no capital commitments foreseen which would alter
that position; and
• the Company has no employees and consequently has no
employment-related liabilities or responsibilities.
Audit Committee Report continued
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 57
Governance
The Audit Committee has also had regard to the following
assumptions in considering the Company’s longer-term
viability:
• healthcare will continue to be an investable sector of the
international stock markets and investors will still wish to
have an exposure to such investments;
• closed ended investment trusts will continue to be wanted
by investors;
• Shareholders’ approval of the changes to the Company’s
Articles of Association to remove the fixed life and extend
the Company’s life indefinitely subject to five yearly
tender offers (with the first to commence on or before
31 March 2031);
• regulation will not increase to a level that makes the
running of the Company uneconomical in comparison to
other competitor products;
• should the performance of the Company be less than
the Board deems acceptable it has appropriate powers to
replace the Investment Manager; and
• there will be no material or significant changes in the
principal risks and uncertainties.
Stress Testing
In addition to the above, stress testing was undertaken in
determining the Company’s longer-term viability and the
appropriateness of preparing the Financial Statements on
a going concern basis. In conducting the stress tests, the
Company’s principal risks were grouped into three buckets
according to their post mitigation scores and, where possible,
material values were attached to the key risks materialising and
evaluated to assess the effect of this on the Company’s ability
to continue as a going concern and its viability over a five-year
period. The stress tests also used a variety of falling parameters
to demonstrate the impact on the Company’s share price and
NAV. As mentioned above, 97.2% of the Company’s portfolio
can be liquidated within seven trading days.
The results of the stress testing demonstrated the impact on
the NAV and reaffirmed the Company’s ability to continue as
a going concern.
In light of these considerations, the Committee has
recommended to the Board that a positive statement may be
made on the Company’s longer-term prospects to continue
its operations and meet its expenses and liabilities as they
fall due. In support of such recommendation the Committee
considered the financial position, the cash flow forecast
including expenses and the portfolio liquidity position
covering the period of five years and beyond.
Effectiveness of the Audit Committee
In light of the focus on the corporate action, it was agreed
that completion of the full annual Board and Committee
evaluation would be deferred to FY26. The results will
be disclosed within the Company’s next Annual Report
and Accounts.
Neal Ransome
Chair of the Audit Committee
13 January 2026
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 58
Governance
Management Engagement
Committee Report
Neal Ransome
Chair of the Management Engagement Committee
Report of the Management Engagement
Committee
The Management Engagement Committee (“the Committee”)
comprises all of the directors, all of whom are independent
and non-executive, is chaired by Neal Ransome, and meets
at least once a year and at such other times as may be
necessary. The Committee has written terms of reference,
which are available to view on the Company’s website, www.
polarcapitalglobalhealthcaretrust.co.uk. The terms of reference
define the Committee’s responsibilities and duties.
The Committee is responsible for reviewing the performance of
the Investment Manager along with the Company’s other service
providers. The Committee is also responsible for keeping under
review the terms of the Investment Management Agreement
(‘IMA’) and the Manager’s appointment as AIFM, prior to making
its recommendation to the Board on whether the retention of the
Investment Manager is in the interests of shareholders.
Performance Evaluation Process
Investment Manager
During the year ended 30 September 2025 the Management
Engagement Committee met once to carry out the detailed
review of the Investment Manager and consider its continued
appointment for the next financial year ending 30 September
2026. The review of the Investment Manager also considered
the strength of the investment team, depth of other
resources provided by the Manager and quality of the services
provided or procured by the Manager including shareholder
communications, company secretarial, accounting and
administration.
In addition to this, as part of the corporate action, the Board
reviewed the Company’s management fee arrangements
to ensure that the Company continues to provide value for
Shareholders and remains competitive, whilst also reflecting
the quality and experience of the Investment Manager’s
specialist healthcare team and the business infrastructure that
supports them. Following this review and effective 1 December
2025, it was agreed with the Investment Manager to replace
the previous management fee of 0.75 per cent. per annum
(based on the lower of market capitalisation and NAV) with a
new tiered structure. A lower initial rate of 0.70 per cent. per
annum (based on the lower of market capitalisation and NAV)
will apply on the first £500 million and a further lowered rate
of 0.65 per cent. per annum (based on the lower of market
capitalisation and NAV) will apply thereafter. The performance
fee element of the previous fee structure has been removed.
Following these reviews, the Committee concluded that it is
in the best interests of shareholders that the appointment of
Polar Capital LLP as Investment Manager is continued.
Other Suppliers
The Board also monitors directly or through the Investment
Manager the performance of its other key service providers
and whether they continue to provide value for money.
• The Board has directly appointed HSBC Bank Plc as
Depositary and Panmure Liberum as Corporate Broker.
The Depositary reports quarterly and makes an annual
presentation to the Board. The Corporate Broker provides
reports to each Board meeting and joins the Board on
request to discuss markets and other issues.
• The Registrar, Equiniti Limited, is directly appointed by the
Board and the performance of its duties is monitored by
the Company Secretary.
• Other suppliers such as printers, website designers and
PR agents are monitored by the Company Secretary and
each supplier reports to the Board as and when deemed
necessary.
Committee Evaluation
In light of the focus on the corporate action, it was agreed that
completion of the full annual Board and Committee evaluation
would be deferred to FY26. The results will be disclosed within
the Company’s next Annual Report and Accounts.
Neal Ransome
Chair of the Management Engagement Committee
13 January 2026
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 59
Governance
Directors’ Remuneration Report
Introduction
This report is submitted in accordance with the Large and Medium-Sized Companies and Groups (Accounts and Reports)
Regulations 2008 (as amended) (the ‘Regulations’) and the Listing Rules of the Financial Conduct Authority in respect of the year
ended 30 September 2025. It has been audited where indicated.
Chair’s Report
The Board has determined that due to its size, and the fact that all the Directors are non-executive and independent, the
functions normally carried out by a remuneration committee will be performed by the full Board.
Shareholders approved the current Directors’ Remuneration Policy by way of an ordinary resolution passed at the AGM held on
9 February 2023. Such policy came into effect on 1 October 2023 and shall remain in force until 30 September 2026.
Company’s Policy on Directors’ Remuneration effective until 30 September 2026
How policy supports strategy and promotes long-term
sustainable success Operation
The Board consists entirely of non-executive Directors, who
meet regularly to deal with the Company’s affairs.
Non-executive Directors have formal letters of appointment
which contain the responsibilities and obligations of the
Directors in relation to undertaking their role and managing
conflicts of interest; their remuneration is determined by the
Board within the limits set by the Articles of Association.
The intention is that fees payable reflect the time spent by
them individually and collectively, be of a level appropriate
to their responsibilities and be in line with market practice,
sufficient to enable candidates of high calibre to be recruited
and retained.
Directors are not entitled to payment for loss of office and do
not receive any bonus, nor do they participate in any long-
term incentive schemes or pension schemes. All fees are paid
in cash, monthly in arrears, to the Director concerned.
The Company’s policy in relation to fees is to offer only a
fixed basic fee in line with equivalent roles within the sector
with additional fees for the roles of Chair of the Company
and Chair of the Audit Committee. As the Company is an
investment trust and all the Directors are non-executive, it
is considered inappropriate to have any long-term incentive
schemes or benefits.
Rates are reviewed annually but the review will not necessarily
result in any change to rates. Non-executive Directors are
subject to annual re-election by shareholders.
In accordance with article 105(2) of the Company’s New
Articles of Association, any Director who performs, or
undertakes to perform, services which the Directors consider
go beyond the ordinary duties of a Director may be paid
such additional remuneration (whether by way of fixed sum,
bonus, commission, participation in profits or otherwise) as
the Directors may determine.
There are no performance conditions relating to non-
executive Directors fees.
As the current Remuneration Policy will expire on 30 September 2026, the Company is required to seek shareholder approval
for a Remuneration Policy that can remain in operation for the next three-year period (unless proposed for change within such
period). The Policy being proposed is unchanged from the policy outlined above which was approved in 2023 and if approved
by shareholders, the Remuneration Policy will come into force on 1 October 2026 until its expiry on 30 September 2029.
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 60
Governance
As per previous AGM resolutions, shareholders will be asked to consider a non-binding vote for the approval of the following
Directors’ Remuneration Implementation Report, which reports on how the Remuneration Policy has operated during the
year ended 30 September 2025. The result of the shareholder votes on the Directors’ Remuneration Policy and the latest
Implementation Report were as follows:
Implementation Report
for the
Year ended
30 September 2024
Remuneration Policy
for the
three years ended
30 September 2026
Approved at AGM on
13 February 2025
Approved at AGM on
9 February 2023
Votes for 99.72% 99.98%
Votes against 0.28% 0.02%
Votes abstained 0.00% 0.00%
The Board considers this level of support from shareholders a positive endorsement of both its Remuneration Policy and the policy
implementation. There has been no communication from shareholders regarding any aspect of the Directors’ remuneration.
Implementation Report
Directors’ Remuneration Paid for the Year Ended 30 September 2025
Annual Fees Review
The review of Directors’ fees is carried out on an annual basis and involves consideration of the time and commitment required
of the Directors, including any significant increase in requirements due to regulatory or other changes. For comparative purposes
the remuneration awarded to directors of similar companies and relevant market data is also considered. While such a review
will not necessarily result in any change to the rates the Committee believes that it is important that these reviews happen
annually.
The appointment of an external remuneration consultant was considered unnecessary. No Director is involved in deciding their
own remuneration and all Directors exercise independent judgement and discretion when considering fees.
In October 2025, the Committee carried out a review of Directors’ remuneration which included a selection of peer comparisons
and external reports including the Nurole Compensation Report and the Trust Associates 2025 NED Remuneration Report.
Consideration was also given to the rise in inflation since the last change in Directors fees and the increased level of input and
responsibility members of the Board have in relation to enhanced regulations and requirements. As a result, the Committee
decided to implement the following increases with effect from 1 October 2025:
• Chair: £46,000pa to £47,750pa (3.8% increase).
• NED: £33,250pa to £34,500pa (3.8% increase).
• Chair of the Audit Committee supplement: £6,250 to £6,500 (4.0% increase).
Based on the current board membership, the increased fees are expected to total £192,250. The maximum aggregate amount
provided for in the Company’s Articles of Association (the Articles) for Directors’ fees is £250,000.
Directors’ Remuneration Report continued
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 61
Governance
In accordance with the Shareholder Rights Directive, the Board confirms that there were no variable pay awards made to the
Directors and there were no deferral periods or share based pay equivalents. The annual percentage change in remuneration in
respect of the five financial years prior to the current year in respect of each Director role is as follows:
Financial year to: 2021 2022 2023 2024 2025
Lisa Arnold – 5.1% 4.9% 4.7% 2.2%
Neal Ransome – 4.5% 5.0% 4.8% 2.6%
Caroline Gulliver~ – – – – 2.3%
Stacey Parrinder–Johnson^ – – – – 2.3%
Jeremy Whitley – 5.4% 5.1% 4.8% 2.3%
Andrew Fleming* – 5.4% 5.1% 4.8% 2.3%
~ Appointed as Non-Executive Director on 15 May 2025. The Director’s fee payable in respect of the financial year ended 30 September 2025 has been grossed up to a full years’ salary to
provide an accurate percentage for comparison purposes.
^ Appointed as Non-Executive Director on 1 July 2025. The Director’s fee payable in respect of the financial year ended 30 September 2025 has been grossed up to a full years’ salary to
provide an accurate percentage for comparison purposes.
* Resigned 21 October 2024
Expenses
The Directors are entitled to be reimbursed for reasonable expenses incurred by them in connection with the performance of
their duties and attendance at Board and General Meetings. In certain circumstances, under HMRC rules, travel and other out of
pocket expenses reimbursed to the Directors may be considered as taxable benefits. The taxable expenses comprise of expenses
incurred by the Directors attending Board and other meetings held in London. Such expenses are paid to the Directors grossed
up for taxation and shown in the taxable column of the Directors remuneration table.
Letters of Appointment
In accordance with recommended practice, the Directors do not have service agreements but instead each Director has received a
letter setting out the terms of their appointment under which they provide their services to the Company. A Director may resign by
giving one month’s notice in writing to the Board at any time. The Directors are not entitled to payment for loss of office.
New Directors are appointed and elected with the expectation that they will serve for a period of at least three years. In accordance
with the Articles of Association any new Director is required to stand for election at the first AGM following their appointment,
and in accordance with good corporate governance practice, all Directors shall stand for re-election every year following their first
election by shareholders. While it is encouraged, there is no requirement for Directors to hold shares in the Company.
Directors’ and Officers’ Liability Insurance
Directors’ and Officers’ liability insurance cover is held by the Company in respect of the Directors. The Company has, to the
extent permitted by law and the Company’s Articles of Association, provided each Director with a Deed of Indemnity which,
subject to the provisions of the Articles of Association and s234 of the Companies Act 2006, qualifying third party indemnity
provisions, indemnifies the Director in respect of costs which they may incur relating to the defence of any proceedings brought
against them arising out of their position as Directors (excluding criminal and regulatory penalties). Directors’ legal costs may be
funded up-front provided they reimburse the Company if the individual is convicted or, in an action brought by the Company,
judgment is given against them. These provisions were in force during the year and remain in force at the date of this report.
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 62
Governance
Remuneration (Audited)
In the year under review the Directors’ fees were paid at the following annual rates, the Chair £46,000; other Directors £33,250
with the Chair of the Audit Committee receiving an extra £6,250 supplement for performing that additional role.
Year ended 30 September 2025 Year ended 30 September 2024
Director Fixed fee
Taxable
expenses
1
Total
remuneration Fixed fee
Taxable
expenses
1
Total
remuneration
Lisa Arnold £46,000 £2,271 £48,271 £45,000 – £45,000
(Chair)
Neal Ransome £39,500 – £39,500 £38,500 – £38,500
(Chair of the Audit and Management Engagement
Committees)
Caroline Gulliver (appointed 15 May 2025) £12,618 – £12,618 – – –
Stacey Parrinder-Johnson (appointed 1 July 2025) £8,312 – £8,312 – – –
Jeremy Whitley £33,250 £2,315 £35,565 £32,500 £1,271 £33,771
Andrew Fleming (resigned 21 October 2024) £1,875 – £1,875 £32,500 – £32,500
Total* £141,555 £4,586 £146,141 £148,500 £1,271 £149,771
* See note 8 on page 83
1
Taxable travel and subsistence expenses incurred in attending Board and Committee meetings. The amounts disclosed are the grossed up figures.
No pension or other contributions were paid by the Company during the year to any of the Directors. Consequently, the figures
shown above comprise the single total remuneration figure for each Director.
Directors’ Share Interests (Audited)
The interests of Directors in the ordinary shares of the Company on 30 September 2025 (and 2024) are as follows:
2025 2024
Lisa Arnold 20,000 20,000
Neil Ransome 10,073 10,073
Caroline Gulliver – –
Stacey Parrinder-Johnson 4,750
^
–
Jeremy Whitley 40,000 20,000
Andrew Fleming (resigned 21 October 2024) – 10,000
^
Held on appointment
Following the end of the financial year, Mrs Gulliver purchased 10,000 ordinary shares in the Company. Following this,
Mrs Gulliver is interested in a total of 10,000 ordinary shares. There have been no other changes to Directors’ Share Interests.
Directors’ Remuneration Report continued
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 63
Governance
Performance
Schedule 8 of the Regulations requires a graph to be included in the Directors’ Remuneration Report showing the total
shareholder return for the past ten years. The performance comparison is therefore shown for the period of 10 years from
1 October 2015 to 30 September 2025.
Performance comparison
50
100
150
200
250
300
350
MSCI ACWI Healthcare Index in sterling with dividends reinvested (TR)
(TR: Total Return, rebased to 100 at 30 September 2015)
Company reconstruction 20 June 2017
Ordinary Share Price (TR)
Sep
2025
Sep
2024
Sep
2023
Sep
2022
Sep
2021
Sep
2020
Sep
2019
Sep
2018
Sep
2017
Sep
2016
Sep
2015
The MSCI ACWI Healthcare Index (total return in sterling with dividends reinvested) is used as the comparator because, as a
market capitalisation weighted index, the Board considers that it is the most appropriate single market index.
Relative Importance of Spend on Pay
Under the Regulations, the Directors’ Remuneration Report must set out in a graphical or tabular form that shows in respect
of the relevant financial year and the immediately preceding financial year the actual expenditure of the company, and
the difference in spend between those years, on remuneration paid to or receivable by all employees; and distributions to
shareholders by way of dividend and share buyback; and any other significant distributions and payments or other uses of profit
or cash-flow deemed by the Directors to assist in understanding the relative importance of spend on pay.
The Company has no employees and while the Directors do not consider that the comparison of Directors’ remuneration with
distributions to shareholders as a meaningful measure of the Company’s overall performance having regard to the Company’s
objective of capital growth, for comparison purposes the table below compares Directors’ fee with the level of dividends paid
out, profit after tax and the cost of share buy backs undertaken by the Company.
2025
£’000
2024
£’000
Change
£’000
Directors’ total remuneration 146 150 (4)
Dividends paid or declared in respect of the financial year 2,400
†
2,910 (510)
Net (loss)/profit on ordinary activities after tax (28,053) 62,801 (90,854)
†
Second interim dividend calculated based on the latest practicable date, 6 January 2026
Approved by the Board and confirmed as a true reflection of the major decisions made by the Board acting in the capacity of a
remuneration committee, in relation to the remuneration of the Directors.
Lisa Arnold
Chair
13 January 2026
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 64
Governance
The Directors are responsible for preparing the Annual Report
and the Financial Statements in accordance with applicable
law and regulations.
Company law requires the Directors to prepare Financial
Statements for each financial year. Under that law the
Directors have prepared the Company’s Financial Statements
in accordance with the UK-adopted International Accounting
Standards (UK-adopted IAS) and applicable law. Additionally,
the Financial Conduct Authority’s Disclosure Guidance and
Transparency Rules require the directors to prepare the
Financial Statements in accordance with UK-adopted IAS.
Under company law, the Directors must not approve the
Financial Statements unless they are satisfied that they give a
true and fair view of the state of affairs of the Company and of
the profit or loss of the Company for that period. In preparing
the Financial Statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• state whether they have been prepared in accordance
with UK-adopted IAS, subject to any material departures
disclosed and explained in the Financial Statements;
• make judgements and accounting estimates that are
reasonable and prudent; and
• prepare the Financial Statements on the going concern
basis unless it is inappropriate to presume that the
Company will continue in business.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the Company’s transactions and disclose with reasonable
accuracy at any time the financial position of the Company
and enable them to ensure that the Financial Statements
and the Directors’ Remuneration Report comply with
the Companies Act 2006. They are responsible for such
internal controls as they determine necessary to enable
the preparation of Financial Statements that are free from
material misstatement, whether due to fraud or error,
and have general responsibility for taking such steps as
are reasonably open to them to safeguard the assets of
the Company and to prevent and detect fraud and other
irregularities.
Under applicable law and regulations, the Directors are
also responsible for preparing a Strategic Report, Directors’
Report, Directors’ Remuneration Report and Corporate
Governance Statement that comply with that law and those
regulations.
The Directors are responsible for the maintenance and
integrity of the corporate and financial information included
on the company’s website. Legislation in the UK governing
the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
Directors’ confirmations
The Directors consider that the Annual Report and Financial
Statements, taken as a whole, is fair, balanced and
understandable and provides the information necessary
for shareholders to assess the Company’s position and
performance, business model and strategy.
Each of the directors, whose names and functions are listed
in the Strategic Report confirm that, to the best of their
knowledge:
• the Company Financial Statements, which have been
prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the
assets, liabilities, financial position and profit/loss of the
company;
• the Strategic Report includes a fair review of the
development and performance of the business and the
position of the Company, together with a description of
the principal risks and uncertainties that it faces;
In the case of each director in office at the date the Directors’
Report is approved:
• so far as the director is aware, there is no relevant
audit information of which the Company’s auditors are
unaware; and
• they have taken all the steps that they ought to have
taken as a director in order to make themselves aware of
any relevant audit information and to establish that the
Company’s auditors are aware of that information.
Lisa Arnold
Chair
13 January 2026
Statement of Directors’
Responsibilities
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 65
Governance
Report on the audit of the financial statements
Opinion
In our opinion, Polar Capital Global Healthcare Trust plc’s financial statements:
• give a true and fair view of the state of the Company’s affairs as at 30 September 2025 and of its loss and cash flows for the
year then ended;
• have been properly prepared in accordance with UK-adopted International Accounting Standards; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report, which comprise: the Balance sheet as at 30
September 2025; the Statement of Comprehensive Income, the Statement of Changes in Equity, and the Cash Flow Statement
for the year then ended; and the notes to the financial statements, comprising material accounting policy information and other
explanatory information.
Our opinion is consistent with our reporting to the Audit Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our
responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements
section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence
We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed public interest entities, and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were not
provided.
We have provided no non-audit services to the Company in the period under audit.
Independent Auditors’ Report
to the Members of Polar Capital Global Healthcare Trust plc
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 66
Governance
Independent Auditors’ Report continued
Our audit approach
Overview
Audit scope
• The Company is an Investment Trust Company and engages Polar Capital LLP (the “Manager”) to manage its assets and to
manage its day to day operations.
• We conducted our audit of the financial statements using information from HSBC Securities Services (the “Administrator”)
to whom the Manager has, with the consent of the Directors, delegated the provision of certain administrative functions.
• We tailored the scope of our audit taking into account the types of investments within the Company, the involvement of the
third parties referred to above, the accounting processes and controls, and the industry in which the Company operates.
• We obtained an understanding of the control environment in place at both the Manager and the Administrator and adopted
a fully substantive testing approach using reports obtained from the Administrator.
Key audit matters
• Valuation and existence of investments
• Income from investments
Materiality
• Overall materiality: £4,481,000 (prior period overall materiality: £4,790,000) based on 1% of Net Assets.
• Performance materiality: £3,360,000 (prior period overall materiality: £3,592,500).
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial
statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the
financial statements of the current period and include the most significant assessed risks of material misstatement (whether or
not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the
allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we
make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
Material uncertainty related to going concern, which was a key audit matter last year, is no longer included because the recent
restructure eliminates any material uncertainty related to going concern as of the date of the approval of the Annual Report.
Otherwise, the key audit matters below are consistent with last year.
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 67
Governance
Key audit matter How our audit addressed the key audit matter
Valuation and existence of investments
Refer to Note 2 Accounting Policies (f) Investments held at fair value
through profit and loss and Note 13 Investments held at fair value.
The investment portfolio at the year-end comprised listed equity
investments.
We focused on the valuation and existence of investments because
investments represent the principal element of the net asset value as
disclosed on the Balance Sheet in the financial statements.
We also focused on the accounting policy for the valuation of
investments held at fair value through profit or loss as incorrect
application could indicate a misstatement in the valuation of
investments.
We tested the valuation of the listed equity investments by agreeing
100% of the prices used in the valuation to independent third-party
sources.
We tested the existence of the investment portfolio by agreeing
100% of investment holdings to an independent confirmation
obtained from the custodian.
We assessed the accounting policy for investments held at fair value
through profit or loss for compliance with accounting standards and
performed testing to check that investments are accounted for in
accordance with the stated accounting policy.
Income from investments
Refer to the Note 2 Accounting Policies (c) Income, (f) Investments
held at fair value through profit and loss, Note 3 Investment income
and Note 5 (Losses)/Gains on investments held at fair value.
We focused on the accuracy, occurrence and completeness of both
net capital gains on investments and of dividend income recognition.
We also focused on the accounting policy for investment income
recognition and its presentation in the Statement of Comprehensive
Income as set out in the requirements of The Association of
Investment Companies Statement of Recommended Practice (the
“AIC SORP”) as incorrect application could indicate a misstatement in
income recognition.
We assessed the accounting policy for income recognition for
compliance with accounting standards and the AIC SORP, and that
income from investments has been accounted for in accordance with
the stated accounting policy.
We tested the accuracy of all dividend receipts by agreeing the
dividend rates from investments to independent third-party data.
We tested occurrence by testing that all dividends recorded in the
year had been declared in the market by investment holdings.
To test for completeness, we verified that all appropriate dividends
had been declared in the market had been recorded.
We also tested the allocation and presentation of dividend income
between the revenue and capital return columns of the Statement of
Comprehensive Income in line with the requirements set out in the
AIC SORP by determining reasons behind dividend distributions.
The gains and losses on investments held at fair value comprise
realised and unrealised gains and losses. For unrealised gains and
losses, we tested the valuation of the portfolio at the year-end,
together with testing the reconciliation of opening and closing
investments. For realised gains and losses, we tested a sample of
disposals by agreeing the proceeds to bank statements and we
reperformed the calculation of a sample of realised gains and losses.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial
statements as a whole, taking into account the structure of the Company, the accounting processes and controls, and the
industry in which it operates.
The Company’s accounting is delegated to the Administrator who maintains the Company’s accounting records and who has
implemented controls over those accounting records. We obtained audit evidence from the Administrator for our substantive
audit procedures. However, as per our risk assessment, we understood and assessed the internal controls in place at both the
Manager and the Administrator to the extent relevant to our audit. This assessment of the operating and accounting structure
in place at both organisations involved obtaining and analysing the relevant control-reports issued by the Manager and the
Administrator and the work conducted by the independent service auditor in accordance with generally accepted assurance
standards for such work. Following this assessment, we applied professional judgement to determine the extent of testing
required over each balance in the financial statements.
The impact of climate risk on our audit
As part of our audit we made enquiries of management to understand the extent of the potential impact of climate risk on
the Company’s financial statements, and we remained alert when performing our audit procedures for any indicators of the
impact of climate risk. Our procedures did not identify any material impact as a result of climate risk on the Company’s financial
statements.
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 68
Governance
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality.
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and
extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of
misstatements, both individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Overall Company materiality £4,481,000 (prior period overall materiality: £4,790,000).
How we determined it 1% of Net Assets
Rationale for benchmark applied We believe that net assets is the primary measure used by the shareholders in
assessing the performance of the Company, and is a generally accepted auditing
benchmark for investment trust audits.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of
our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in
determining sample sizes. Our performance materiality was 75% (2024: 75%) of overall materiality, amounting to £3,360,000
(prior period overall materiality: £3,592,500:) for the Company financial statements.
In determining the performance materiality, we considered a number of factors – the history of misstatements, risk assessment
and aggregation risk and the effectiveness of controls – and concluded that an amount at the upper end of our normal range
was appropriate.
We agreed with the Audit Committee that we would report to them misstatements identified during our audit above £224,000
(prior period overall materiality: £239,500) as well as misstatements below that amount that, in our view, warranted reporting
for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the Directors’ assessment of the Company’s ability to continue to adopt the going concern basis of accounting
included:
• evaluating the Directors’ updated risk assessment and considering whether it addressed relevant threats;
• evaluating the Directors’ assessment of potential operational impacts, considering their consistency with other available
information and our understanding of the business and assessed the potential impact on the financial statements;
• reviewing the Directors’ assessment of the Company’s financial position in the context of its ability to meet future expected
operating expenses, their assessment of liquidity as well as their review of the operational resilience of the Company and
oversight of key third-party service providers;
• assessing any potential implications of the discount at which the Company’s share price trades compared to the net asset
value per share;
• assessing the Directors’ assessment of the Company’s ability to withstand potential significant reductions in net assets as a
result of market performance on the ongoing ability of the Company to operate; and
• assessing the outcome of the tender offer of the Company’s shares post year-end and the resultant restructure.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at
least twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Company’s
ability to continue as a going concern.
Independent Auditors’ Report continued
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 69
Governance
In relation to the Directors’ reporting on how they have applied the UK Corporate Governance Code, we have nothing material
to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors
considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections
of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our
auditors’ report thereon. The Directors are responsible for the other information. Our opinion on the financial statements
does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise
explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained
in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material
misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based
on these responsibilities.
With respect to the Strategic report and Report of the Directors, we also considered whether the disclosures required by the UK
Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions
and matters as described below.
Strategic report and Report of the Directors
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and
Report of the Directors for the year ended 30 September 2025 is consistent with the financial statements and has been prepared
in accordance with applicable legal requirements.
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we did
not identify any material misstatements in the Strategic report and Report of the Directors.
Directors’ Remuneration
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the
Companies Act 2006.
Corporate governance statement
The Listing Rules require us to review the Directors’ statements in relation to going concern, longer-term viability and that
part of the corporate governance statement relating to the Company’s compliance with the provisions of the UK Corporate
Governance Code specified for our review. Our additional responsibilities with respect to the corporate governance statement as
other information are described in the Reporting on other information section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate
governance statement, included within the Report on Corporate Governance is materially consistent with the financial
statements and our knowledge obtained during the audit, and we have nothing material to add or draw attention to in relation
to:
• The Directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks;
• The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging
risks and an explanation of how these are being managed or mitigated;
• The Directors’ statement in the financial statements about whether they considered it appropriate to adopt the going
concern basis of accounting in preparing them, and their identification of any material uncertainties to the Company’s ability
to continue to do so over a period of at least twelve months from the date of approval of the financial statements;
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 70
Governance
• The Directors’ explanation as to their assessment of the company’s prospects, the period this assessment covers and why the
period is appropriate; and
• The Directors’ statement as to whether they have a reasonable expectation that the Company will be able to continue in
operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures drawing
attention to any necessary qualifications or assumptions.
Our review of the Directors’ statement regarding the longer-term viability of the Company was substantially less in scope than
an audit and only consisted of making inquiries and considering the Directors’ process supporting their statement; checking
that the statement is in alignment with the relevant provisions of the UK Corporate Governance Code; and considering whether
the statement is consistent with the financial statements and our knowledge and understanding of the Company and its
environment obtained in the course of the audit.
In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the
audit:
• The Directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and
provides the information necessary for the members to assess the Company’s position, performance, business model and
strategy;
• The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems;
and
• The section of the Annual Report describing the work of the Audit Committee.
We have nothing to report in respect of our responsibility to report when the Directors’ statement relating to the Company’s
compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified under the
Listing Rules for review by the auditors.
Responsibilities for the financial statements and the audit
Responsibilities of the Directors for the financial statements
As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of the
financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.
The Directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which
our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws
and regulations related to breaches of Section 1158 of the Corporation Tax Act 2010, and we considered the extent to which
non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that
have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and
opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined
that the principal risks were related to posting inappropriate journal entries to increase revenue (investment income and capital
Independent Auditors’ Report continued
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 71
Governance
gains) or to overstate the value of investments and increase the net asset value. Audit procedures performed by the engagement
team included:
• discussions with the Manager and Audit Committee, including consideration of known or suspected instances of non-
compliance with laws and regulation and fraud where applicable;
• reviewing relevant committee meeting minutes, including those of the Board and Audit Committee;
• review of financial statement disclosures to underlying supporting documentation;
• identifying and testing manual journal entries posted by the Administrator during the preparation of the financial
statements; and
• designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of
non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial
statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or
through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data
auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete
populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we
will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with
Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or
assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may
come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received
from branches not visited by us; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• the financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the
accounting records and returns.
We have no exceptions to report arising from this responsibility.
Appointment
Following the recommendation of the Audit Committee, we were appointed by the members on 12 May 2010 to audit the
financial statements for the year ended 31 December 2011 and subsequent financial periods. The period of total uninterrupted
engagement is 15 years, covering the years ended 31 December 2011 to 30 September 2025.
Kevin Rollo (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
13 January 2026
Corporate Governance
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 72
Financial
Statements
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 73
Statement of Comprehensive Income
For the year ended 30 September 2025
Year ended 30 September 2025 Year ended 30 September 2024
Note
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
(Losses)/gains on investments held at fair value 5 – (26,558) (26,558) – 63,240 63,240
Investment income 3 3,388 – 3,388 5,369 – 5,369
Other operating income 4 83 – 83 122 – 122
Other currency (losses)/gains 6 – (390) (390) – 281 281
Total (expense)/income 3,471 (26,948) (23,477) 5,491 63,521 69,012
Expenses
Investment management fee 7 (631) (2,522) (3,153) (687) (2,747) (3,434)
Other administrative expenses 8 (855) (8) (863) (833) (100) (933)
Total expenses (1,486) (2,530) (4,016) (1,520) (2,847) (4,367)
(Loss)/profit before finance costs and tax 1,985 (29,478) (27,493) 3,971 60,674 64,645
Finance costs 9 (7) (26) (33) (14) (882) (896)
(Loss)/profit before tax 1,978 (29,504) (27,526) 3,957 59,792 63,749
Tax 10 (424) (103) (527) (708) (240) (948)
Net (loss)/profit for the year and total
comprehensive (expense)/income
1,554 (29,607) (28,053) 3,249 59,552 62,801
(Losses)/earnings per ordinary share (pence) 12 1.28 (24.41) (23.13) 2.68 49.11 51.79
The total column of this statement represents Company’s Statement of Comprehensive Income, prepared in accordance with
UK-adopted International Accounting Standards.
The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the
Association of Investment Companies.
The Company does not have any other income or expense that is not included in net loss for the year. The net loss for the year
disclosed above represents the Company’s total comprehensive expense.
There are no dilutive securities and therefore the Earnings per Share and the Diluted Earnings per share are the same.
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or
discontinued in the year.
The notes on pages 77 to 96 form part of these financial statements.
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 74
Statement of Changes in Equity
For the year ended 30 September 2025
Year ended 30 September 2025
Called
up share
capital
Capital
redemp-
tion
reserve
Share
premium
reserve
Special
distrib-
utable
reserve
Capital
reserves
Revenue
reserve
Total
Equity
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000
Total equity at 1 October 2024 31,037 6,575 80,685 3,672 354,300 2,804 479,073
Total comprehensive
(expense)/income:
(Loss)/profit for the year ended
30 September 2025
– – – – (29,607) 1,554 (28,053)
Transactions with owners,
recorded directly to equity:
Equity dividends paid 11 – – – – – (2,910) (2,910)
Total equity at 30 September 2025 31,037 6,575 80,685 3,672 324,693 1,448 448,110
Year ended 30 September 2024
Called
up share
capital
Capital
redemp-
tion
reserve
Share
premium
reserve
Special
distrib-
utable
reserve
Capital
reserves
Revenue
reserve
Total
Equity
Note £’000 £’000 £’000 £’000 £’000 £’000 £’000
Total equity at 1 October 2023 31,037 6,575 80,685 3,672 294,748 2,465 419,182
Total comprehensive income:
Profit for the year ended
30 September 2024
– – – – 59,552 3,249 62,801
Transactions with owners,
recorded directly to equity:
Equity dividends paid 11 – – – – – (2,910) (2,910)
Total equity at 30 September 2024 31,037 6,575 80,685 3,672 354,300 2,804 479,073
The notes on pages 77 to 96 form part of these financial statements.
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 75
Balance Sheet
As at 30 September 2025
Notes
30 September
2025
£’000
30 September
2024
£’000
Non-current assets
Investments held at fair value 13 439,435 474,136
Current assets
Cash and cash equivalents 24 17,035 9,552
Overseas tax recoverable 952 842
Receivables 14 84 180
18,071 10,574
Total assets 457,506 484,710
Current liabilities
Payables 15 (9,293) (5,263)
Bank overdraft 24 (1) (374)
(9,294) (5,637)
Non-current liabilities
Indian capital gains tax provision (102) –
Total liabilities (9,396) (5,637)
Net assets 448,110 479,073
Equity attributable to equity shareholders
Called up share capital 17 31,037 31,037
Share premium reserve 19 80,685 80,685
Capital Redemption reserve 18 6,575 6,575
Special distributable reserve 20 3,672 3,672
Capital reserves 21 324,693 354,300
Revenue reserve 22 1,448 2,804
Total equity 448,110 479,073
Net asset value per Ordinary share (pence) 23 369.51 395.05
The financial statements on pages 73 to 76 were approved and authorised for issue by the Board of Directors on 13 January
2026 and signed on its behalf by
Lisa Arnold
Chair
The notes on pages 77 to 96 form part of these financial statements.
Registered number 7251471
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 76
Cash Flow Statement
For the year ended 30 September 2025
Note
Year ended
30 September
2025
£’000
Year ended
30 September
2024
£’000
Cash flows from operating activities
(Loss)/profit before finance costs and tax (27,493) 64,645
Adjustment for non-cash items:
Losses/(gains) on investments held at fair value through profit or loss 26,558 (63,240)
Adjusted (loss)/profit before tax (935) 1,405
Adjustments for:
Purchases of investments, including transaction costs (485,249) (688,173)
Sales of investments, including transaction costs 497,444 737,080
Decrease in receivables 96 325
Decrease in payables (22) (266)
Indian capital gains tax (1) (494)
Overseas tax deducted at source (534) (872)
Net cash generated from operating activities 10,799 49,005
Cash flows from financing activities
Redemption of ZDP shareholders – (39,515)
Interest paid (33) (68)
Equity dividends paid 11 (2,910) (2,910)
Net cash used in financing activities (2,943) (42,493)
Net increase in cash and cash equivalents 7,856 6,512
Cash and cash equivalents at the beginning of the year 9,178 2,666
Cash and cash equivalents at the end of the year 24 17,034 9,178
The notes on pages 77 to 96 form part of these financial statements
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 77
Notes to the Financial Statements
For the year ended 30 September 2025
1 GENERAL INFORMATION
The Financial Statements for the year ended 30 September 2025 comprise the Financial Statements of the Company.
The principal activity of the Company is that of an investment trust company within the meaning of Section 1158/1159 of the
Corporation Tax Act 2010 and its investment approach is detailed in the Strategic Report.
The Company’s presentational currency is pounds sterling (rounded to the nearest £’000). Pounds sterling is also the functional
currency of the Company, because it is the currency which is most relevant to the majority of the Company’s shareholders and
creditors and the currency in which the majority of the Company’s operating expenses are paid.
2 ACCOUNTING POLICIES
The material accounting policy information and other explanatory information which have been applied consistently for all years
presented are set out below:
(a) BASIS OF PREPARATION
The Company’s Financial Statements have been prepared and approved by the Directors in accordance with UK-adopted
International Accounting Standards (“UK-adopted IAS”) and with the requirements of the Companies Act 2006.
The Financial Statements have been prepared on a going concern basis under the historical cost convention, as modified by the
revaluation of investments and derivative financial instruments at fair value through profit or loss.
Where presentational guidance set out in the Statement of Recommended Practice (SORP) for investment trusts issued by the
Association of Investment Companies (AIC) in July 2022 is consistent with the requirements of UK-adopted IAS, the Directors
have sought to prepare the Financial Statements on a basis compliant with the recommendations of the SORP.
The financial position of the Company as at 30 September 2025 is shown in the balance sheet on page 75. As at 30 September
2025 the Company’s total assets exceeded its total liabilities by a multiple of over 48. The assets of the Company consist mainly
of securities that are held in accordance with the Company’s Investment Policy, as set out on page 31 and these securities are
readily realisable. The Directors have considered a detailed assessment of the Company’s ability to meet their liabilities as they
fall due. The assessment took account of the Company’s current financial position, it’s cash flows and its liquidity position. In
light of that assessment, the Directors consider that the Company has adequate financial resources to enable them to continue
in operational existence for a period of 12 months from the approval of these financial statements. Accordingly, the Directors
believe that it is appropriate to continue to adopt the going concern basis in preparing the Company’s Financial Statements.
(b) PRESENTATION OF THE STATEMENT OF COMPREHENSIVE INCOME
In order to better reflect the activities of an investment trust company and in accordance with the guidance set out by the AIC,
supplementary information which analyses the Statement of Comprehensive Income between items of a revenue and capital
nature has been presented alongside the Statement of Comprehensive Income. The results presented in the revenue return
column is the measure the Directors believe appropriate in assessing the Company’s compliance with certain requirements set
out in section 1158 of the Corporation Tax Act 2010.
(c) INCOME
Dividends receivable from equity shares are recognised and taken to the revenue return column of the Statement of
Comprehensive Income on an ex-dividend basis.
Special dividends are recognised on an ex-dividend basis and may be considered to be either revenue or capital items. The facts
and circumstances are considered on a case by case basis before a conclusion on appropriate allocation is reached.
Where the Company has received dividends in the form of additional shares rather than in cash, the amount of the cash
dividend foregone is recognised in the revenue return column of the Statement of Comprehensive Income. Any excess in value
of shares received over the amount of the cash dividend foregone is recognised in the capital return column of the Statement of
Comprehensive Income.
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202578
Notes to the Financial Statements continued
For the year ended 30 September 2025
2 ACCOUNTING POLICIES continued
(c) INCOME continued
Bank interest is accounted for on an accruals basis. Interest outstanding at the year end is calculated on a time apportionment
basis using market rates of interest.
(d) EXPENSES
All expenses, including the investment management fee, are accounted for on an accruals basis and are recognised when they
fall due.
All expenses have been presented as revenue items except as follows:
Expenses are charged to the capital column of the Statement of Comprehensive Income where a connection with the
maintenance or enhancement of the value of investments can be demonstrated. In this respect the investment management
fees have been charged to the Statement of Comprehensive Income in line with the Board’s expected long-term split of returns,
in the form of capital gains and income from the Company’s portfolio. As a result 20% of the investment management fees are
charged to revenue and 80% charged to capital in the Statement of Comprehensive Income.
FINANCE COSTS
Overdraft interest costs are allocated 20% to revenue and 80% to capital in line with the Board’s expected long-term split of
revenue and capital return from the Company’s investment portfolio.
SHARE ISSUE COSTS
Costs incurred directly in relation to the issue of shares in the subsidiary were borne by the Company and taken 100% to
capital. Share issue costs relating to Ordinary share issues by the Company are taken 100% to the share premium account.
ZERO DIVIDEND PREFERENCE (ZDP) SHARES
Shares issued by the subsidiary were treated as a liability and were shown in the Balance Sheet at their redemption value at
the Balance Sheet date. The appropriations in respect of the ZDP shares necessary to increase the subsidiary’s liabilities to the
redemption values were allocated to capital in the Statement of Comprehensive Income. The ZDP shares were fully repaid and
redeemed on 19 June 2024.
(e) TAXATION
The tax expense represents the sum of the overseas withholding tax deducted from investment income, tax currently payable
and deferred tax.
The tax currently payable is based on the taxable profits for the year ended 30 September 2025. Taxable profit differs from net
profit as reported in the Statement of Comprehensive Income because it excludes items of income or expense that are taxable
or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current
tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date.
In line with the recommendations of the SORP, the allocation method used to calculate tax relief on expenses presented against
capital returns in the supplementary information in the Statement of Comprehensive Income is the “marginal basis”. Under this
basis, if taxable income is capable of being offset entirely by expenses presented in the revenue return column of the Statement
of Comprehensive Income, then no tax relief is transferred to the capital return column.
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of
assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit,
and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised.
Investment trusts which have approval as such under section 1158 of the Corporation Tax Act 2010 are not liable for taxation
on capital gains.
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 79
The Company is liable to Indian capital gains tax under Section 115 AD of the Indian Income Tax Act 1961. The Indian capital
gains tax provision represents an estimate of the amount of tax payable by the Company. Tax amounts payable may differ
from this provision depending on when the Company disposes of its investments. The current provision for Indian capital
gains tax is calculated based on the long term (securities held more than one year) or short term (securities held less than one
year) nature of the investments and the applicable tax rate at the year end. Currently, the short-term tax rate is 20% and the
long-term tax rate is 12.5%. The estimated tax charge is subject to regular review including a consideration of the likely period
of ownership, tax rates and market valuation movements. The provision at the year end is recognised in the Balance Sheet and
the year-on-year movement in the provision is recognised in the Statement of Comprehensive Income.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is
realised based on tax rates that have been enacted or substantively enacted at the balance sheet date.
Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items charged or
credited directly to equity, in which case the deferred tax is also dealt with in equity.
(f) INVESTMENTS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS
When a purchase or sale is made under contract, the terms of which require delivery within the timeframe of the relevant
market, the investments concerned are recognised or derecognised on the trade date and are initially measured at fair value.
On initial recognition the Company has designated all of its investments as held at fair value through profit or loss as defined by
UK-adopted IAS. All investments are measured at subsequent reporting dates at fair value, which is either the bid price or the
last traded price, depending on the convention of the exchange on which the investment is quoted.
All investments, classified as fair value through profit or loss, are further categorised into the following fair value hierarchy:
Level 1: Unadjusted prices quoted in active markets for identical assets and liabilities.
Level 2: Having inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Having inputs for the asset or liability that are not based on observable market data.
Changes in fair value of all investments held at fair value and realised gains and losses on disposal are recognised in the capital
return column of the Statement of Comprehensive Income.
In the event a security held within the portfolio is suspended then judgement is applied in the valuation of that security.
(g) RECEIVABLES
Receivables are initially recognised at fair value and subsequently measured at amortised cost. Receivables do not carry
any interest and are short-term in nature and are accordingly stated at their nominal value (amortised cost) as reduced by
appropriate allowances for estimated irrecoverable amounts.
(h) CASH AND CASH EQUIVALENTS
Cash comprises cash on hand, demand deposits and overdrafts. Cash equivalents are short-term, maturity of three months or
less, highly liquid investments that are readily convertible to known amounts of cash.
(i) DIVIDENDS PAYABLE
Dividends payable to shareholders are recognised in the financial statements when they are paid.
(j) PAYABLES
Other payables are not interest-bearing and are initially valued at fair value and subsequently stated at their nominal value
(amortised cost).
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202580
Notes to the Financial Statements continued
For the year ended 30 September 2025
2 ACCOUNTING POLICIES continued
(k) FOREIGN CURRENCY TRANSLATION
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling on the date of each transaction.
Monetary assets, monetary liabilities and equity investments in foreign currencies at the balance sheet date are translated
into sterling at the rates of exchange ruling on that date. Realised profits or losses on exchange, together with differences
arising on the translation of foreign currency assets or liabilities, are taken to the capital return column of the Statement of
Comprehensive Income.
Foreign exchange gains and losses arising on investments held at fair value are included within changes in fair value.
(l) CAPITAL RESERVES
Capital reserve arising on investments sold includes:
– gains/losses on disposal of investments
– exchange differences on currency balances
– the costs of own shares bought back
– transfer to subsidiary in relation to ZDP funding requirement
– other capital charges and credits charged to this account in accordance with the accounting policies above.
Capital reserve arising on investments held includes:
– increases and decreases in the valuation of investments held at the balance sheet date.
All of the above are accounted for in the Statement of Comprehensive Income.
When making a distribution to shareholders, the Directors determine the profits available for distribution by reference to the
‘Guidance on realised and distributable profits under the Companies Act 2006’ issued by the Institute of Chartered Accountants
of England & Wales and the Institute of Chartered Accountants of Scotland in April 2017. The availability of distributable
reserves in the Company is dependent on those dividends meeting the definition of qualifying consideration within the guidance
and on the available cash resources of the Company and other accessible sources of funds. The distributable reserves are
therefore subject to any future restrictions or limitations at the time such distribution is made.
(m) REPURCHASE OF ORDINARY SHARES
The costs of repurchasing Ordinary shares including related stamp duty and transaction costs are taken directly to equity and
reported through the Statement of Changes in Equity. Share repurchase transactions are accounted for on a trade date basis.
The nominal value of Ordinary share capital repurchased and cancelled is transferred out of called up share capital and into the
capital redemption reserve.
Where shares are repurchased and held in treasury, the transfer to capital redemption reserve is made if and when such shares
are subsequently cancelled.
(n) SEGMENTAL REPORTING
Under IFRS 8, ‘Operating Segments’, operating segments are considered to be the components of an entity about which
separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how
to allocate resources and in assessing performance. The chief operating decision maker has been identified as the Investment
Manager (with oversight from the board).
The Directors are of the opinion that the Company has only one operating segment and as such no distinct segmental reporting
is required.
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 81
(o) KEY ESTIMATE AND JUDGEMENTS
Estimates and assumptions used in preparing the Financial Statements are reviewed on an ongoing basis and are based on historical
experience and various other factors that are believed to be reasonable under the circumstances. The results of these estimates and
assumptions form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other
sources. The Company does not consider that there have been any significant estimates or judgements in the current financial year.
(p) NEW AND REVISED ACCOUNTING STANDARDS
There were no new UK-adopted IAS or amendments to UK-adopted IAS applicable to the current year which had any significant
impact on the Company’s Financial Statements.
i) The following new or amended standards became effective for the current annual reporting period and the adoption of
the standards and interpretations have not had a material impact on the Financial Statements of the Company.
Standards & Interpretations
Effective for periods
commencing on or after
Amendments to IAS 1 Presentation of
Financial Statements
- Non-current liabilities with Covenants
- Deferral of Effective Date
Amendment (published 15 July 2020)
Classification of Liabilities as Current or
Non-Current (Amendments to IAS 1)
(publicised 23 January 2020)
The amendments clarify that only covenants with which an entity
must comply on or before the reporting date will affect a liability’s
classification as current or non-current and the disclosure requirement
in the financial statements for the risk that non-current liabilities with
covenant could become repayable within twelve months.
1 January 2024
Supplier Finance Arrangements
(Amendments to IAS 7 and IFRS 7)
The amendments address the disclosure requirements to enhance the
transparency of supplier finance arrangements and their effects on a
company’s liabilities, cash flows and exposure to liquidity risk.
1 January 2024
ii) At the date of authorisation of the Company’s Financial Statements, the following relevant standards that potentially
impact the Company are in issue but are not yet effective and have not been applied in the Financial Statements:
Standards & Interpretations
Effective for periods
commencing on or after
Lack of Exchangeability (Amendments
to IAS 21)
The amendments specify how to assess whether a currency is
exchangeable and how to determine a spot exchange rate if it is not.
1 January 2025
Annual Improvements to IFRS Accounting
Standards—Volume 11
The amendments clarify the requirements for:
Hedge accounting by a first-time adopter (IFRS 1 First-time Adoption
of International Financial Reporting Standards); Gain or loss on
derecognition (IFRS 7 Financial Instruments: Disclosures); Transaction
price (IFRS 9 Financial Instruments); Derecognition of lease liabilities (IFRS
9); Determination of a ‘de facto agent’ (IFRS 10 Consolidated Financial
Statements) and Cost method (IAS 7 Statement of Cash Flows).
1 January 2026
Amendments to IFRS 9 and IFRS 7—
Amendments to the Classification and
Measurement of Financial Instruments
The amendments address two of the issues identified during the post-
implementation review of IFRS 9, being the derecognition of a financial
liability settled through electronic transfer and the classification of financial
assets, it also introduces new and amended disclosure requirements.
1 January 2026
The Directors expect that the adoption of the standards listed above will have either no impact or that any impact will not be
material on the Financial Statements of the Company in future periods.
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202582
Notes to the Financial Statements continued
For the year ended 30 September 2025
3 INVESTMENT INCOME
Year ended
30 September 2025
£’000
Year ended
30 September 2024
£’000
Revenue:
UK Dividend income 316 306
Overseas Dividend income 3,072 5,063
Total investment income allocated to revenue 3,388 5,369
All investment income is derived from listed investments.
4 OTHER OPERATING INCOME
Year ended
30 September 2025
£’000
Year ended
30 September 2024
£’000
Bank interest 83 122
Total other operating income 83 122
5 (LOSSES)/GAINS ON INVESTMENTS HELD AT FAIR VALUE
Year ended
30 September 2025
£’000
Year ended
30 September 2024
£’000
Net (losses)/gains on disposal of investments at historic cost (21,971) 48,604
Less fair value adjustments in earlier years (10,665) (10,156)
(Losses)/gains based on carrying value at previous balance sheet date (32,636) 38,448
Valuation gains on investments held during the year 6,078 24,792
(26,558) 63,240
6 OTHER CURRENCY (LOSSES)/GAINS
Year ended
30 September 2025
£’000
Year ended
30 September 2024
£’000
Exchange (losses)/gains on currency balances (390) 281
7 INVESTMENT MANAGEMENT FEE
Year ended
30 September 2025
£’000
Year ended
30 September 2024
£’000
Management fee
- charged to revenue 631 687
- charged to capital 2,522 2,747
Investment management fee payable to Polar Capital LLP. 3,153 3,434
Investment Management fees are allocated 20% to revenue and 80% to capital. Details of the fee arrangements are given in
the Strategic Report in pages 32 and 33.
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 83
8 OTHER ADMINISTRATIVE EXPENSES (INCLUDING VAT WHERE APPROPRIATE)
Year ended
30 September 2025
£’000
Year ended
30 September 2024
£’000
Directors' fees and expenses
1
146 150
Directors' NIC 16 16
Auditors' remuneration: For audit of the Company Financial Statements 60 55
Depositary fee 27 29
Registrar fee 35 39
Custody and other bank charges 45 65
UKLA and LSE listing fees 56 53
Legal & professional fees
2
23 7
AIC fees 22 21
Directors' and officers liability insurance 21 20
Corporate brokers fee 25 25
Marketing expenses
3
110 111
Shareholder communications 24 24
HSBC administration fee 194 215
Other expenses
4
51 3
Total other administrative expenses allocated to revenue 855 833
Costs related to redemption of ZDP shares and liquidation of PCGH ZDP plc subsidiary 8 100
Total other administrative expenses 863 933
1 Full disclosure is given in the Directors’ Remuneration Report on page 62.
2 Includes Herbert Smith fee for professional and legal advice.
3 Includes bespoke marketing budget of £50,000 (2024: £50,000) and third party fees of £30,000 (2024: £30,000).
4 Includes NED recruitment fees
Ongoing charges represent the total expenses of the fund, excluding finance costs and tax, expressed as a percentage of the average
daily net asset value, in accordance with AIC guidance issued in May 2012.
The ongoing charges ratio for the year ended 30 September 2025 was 0.90% (2024: 0.88%). See Alternative Performance
Measures on pages 98 and 99.
9 FINANCE COSTS
Year ended 30 September 2025 Year ended 30 September 2024
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Interest on overdrafts 7 26 33 14 54 68
Appropriation to ZDP shares – – – – 828 828
Total finance costs 7 26 33 14 882 896
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202584
Notes to the Financial Statements continued
For the year ended 30 September 2025
10 TAXATION
a) Analysis of tax charge for the year:
Year ended 30 September 2025 Year ended 30 September 2024
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Overseas tax 424 – 424 708 – 708
Indian capital gains tax – 103 103 – 240 240
Total tax for the year (see note 10b) 424 103 527 708 240 948
b) Factors affecting tax charge for the year:
The charge for the year can be reconciled to the loss per the Statement of Comprehensive Income as follows:
Year ended 30 September 2025 Year ended 30 September 2024
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
(Loss)/profit before tax 1,978 (29,504) (27,526) 3,957 59,792 63,749
Tax at the UK corporation tax rate of 25%
(2024: 25%)
495 (7,376) (6,881) 989 14,948 15,937
Tax effect of non-taxable dividends (847) – (847) (1,342) – (1,342)
Losses/(gains) on investments that are not taxable – 6,737 6,737 – (15,879) (15,879)
Non taxable expenses not utilised in the year 352 637 989 353 699 1,052
Overseas tax suffered 424 – 424 708 – 708
Indian capital gains tax – 103 103 – 240 240
Expenses not allowable – 2 2 – 232 232
Total tax for the year (see note 10a) 424 103 527 708 240 948
c) Factors that may affect future tax charges:
The Company has an unrecognised deferred tax asset of £9,353,000 (2024: £8,364,000). The deferred tax asset is based on the
current corporation tax rate of 25% (2024: 25%)
It is unlikely that the Company will generate sufficient taxable profits in the future to utilise these expenses and deficits and
therefore no deferred tax asset has been recognised.
Due to the Company’s tax status as an investment trust and the intention to continue meeting the conditions required to
obtain approval of such status in the foreseeable future, the Company has not provided tax on any capital gains arising on the
revaluation or disposal of investments held by the Company.
The Company is liable to Indian capital gains tax under Section 115 AD of the Indian Income Tax Act 1961. A tax provision
on Indian capital gains is calculated based on the long term (securities held more than one year) or short term (securities held
less than one year) nature of the investments and the applicable tax rate at the year end. The current rates of short-term tax
rates are 20% and the long term tax rates are 12.5% respectively. At the year ended 30 September 2025, the Company has a
deferred tax liability of £102,000 (2024: £nil) on capital gains which may arise if Indian investments are sold.
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 85
11 AMOUNTS RECOGNISED AS DISTRIBUTIONS TO ORDINARY SHAREHOLDERS IN THE YEAR
Dividends paid in the year ended 30 September 2025
Payment date No of shares Pence per share
Year ended
30 September 2025
£’000
28 February 2025 121,270,000 1.20p 1,455
29 August 2025 121,270,000 1.20p 1,455
2,910
The revenue available for distribution by way of dividend for the year is £1,554,000 (2024: £3,249,000).
The total dividends payable in respect of the financial year ended 30 September 2025 which is the basis on which the
requirements of Section 1158 Corporation Tax Act 2010 are considered, is set out below:
Payment date No of shares Pence per share
Year ended
30 September 2025
£’000
29 August 2025 121,270,000 1.20p 1,455
27 February 2026 94,541,974* 1.00p 945
2,400
*Based on the latest practicable date, 6 January 2026.
Dividends paid in the year ended 30 September 2024
Payment date No of shares Pence per share
Year ended
30 September 2024
£’000
29 February 2024 121,270,000 1.20p 1,455
30 August 2024 121,270,000 1.20p 1,455
2,910
The total dividends payable in respect of the financial year ended 30 September 2024,which is the basis on which the
requirements of Section 1158 Corporation Tax Act 2010 are considered, is set out below:
Payment date No of shares Pence per share
Year ended
30 September 2024
£’000
30 August 2024 121,270,000 1.20p 1,455
28 February 2025 121,270,000 1.20p 1,455
2,910
All dividends are paid as interim dividends, and all have been charged to revenue, where necessary utilising the revenue reserves.
The dividends paid in February each year relate to a dividend declared in respect of the previous financial year but paid in the
current accounting year.
12 (LOSSES)/EARNINGS PER ORDINARY SHARE
Year ended 30 September 2025 Year ended 30 September 2024
Revenue
return
Capital
return
Total
return
Revenue
return
Capital
return
Total
return
The calculation of basic (losses)/earnings per share is
based on the following data:
Net (loss)/profit for the year (£’000) 1,554 (29,607) (28,053) 3,249 59,552 62,801
Weighted average Ordinary shares in issue during
the year
121,270,000 121,270,000 121,270,000 121,270,000 121,270,000 121,270,000
Basic - Ordinary shares (pence) 1.28 (24.41) (23.13) 2.68 49.11 51.79
As at 30 September 2025 there were no potentially dilutive shares in issue.
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202586
Notes to the Financial Statements continued
For the year ended 30 September 2025
13 INVESTMENTS HELD AT FAIR VALUE
(a) Investments held at fair value through profit or loss
30 September 2025
£’000
30 September 2024
£’000
Opening book cost 440,211 438,965
Opening investment holding gains 33,925 19,290
Opening fair value 474,136 458,255
Analysis of transactions made during the year
Purchases at cost 489,301 689,721
Sales proceeds received (497,444) (737,080)
(Losses)/gains on investments held at fair value (26,558) 63,240
Closing fair value 439,435 474,136
Closing book cost 410,097 440,211
Closing investment holding gains 29,338 33,925
Closing fair value 439,435 474,136
The Company received £497,444,000 (2024: £737,080,000) from disposal of investments in the year. The book cost of these
investments when they were purchased was £519,415,000 (2024: £688,475,000). These investments have been revalued over
time and until they were sold, any unrealised gains/(losses) were included in the fair value of the investments.
The following transaction costs, including stamp duty and broker commissions were incurred during the year:
30 September 2025
£’000
30 September 2024
£’000
On acquisition 442 540
On disposal 237 383
679 923
(b) Fair value hierarchy
30 September 2025
£’000
30 September 2024
£’000
Level 1 assets 439,435 474,136
Valuation at the end of the year 439,435 474,136
All Level 1 assets are traded on a recognised Stock Exchange.
(c) Subsidiary undertaking
Company and business
Country of registration,
incorporation and operation
Number and class of shares held
by the Company Holding
PCGH ZDP Plc England and Wales 50,000 Ordinary shares of £1 100%
Following the full repayment of the ZDP shareholders on 19 June 2024, the subsidiary was placed into liquidation.
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 87
14 RECEIVABLES
30 September 2025
£’000
30 September 2024
£’000
Accrued income 37 138
VAT recoverable 15 20
Prepayments 32 22
84 180
15 PAYABLES
30 September 2025
£’000
30 September 2024
£’000
Purchases for future settlement 8,852 4,800
Accruals 441 463
9,293 5,263
16 LOAN FROM SUBSIDIARY
30 September 2025
£’000
30 September 2024
£’000
At 1 October – 38,687
Capital growth of ZDP shares – 828
Repayment of ZDP shares – (39,515)
At 30 September – –
The ZDP shares were fully repaid and redeemed on 19 of June 2024 in the amount of £39,515,000 and the subsidiary was
subsequently placed into liquidation.
17 CALLED UP SHARE CAPITAL
(i) Ordinary shares - Allotted, Called up and Fully paid:
30 September 2025
£’000
30 September 2024
£’000
Ordinary shares of nominal value 25p each:
Opening balance of 121,270,000 (2024: 121,270,000) Ordinary shares in issue 30,317 30,317
121,270,000 (2024: 121,270,000) Ordinary shares in issue 30,317 30,317
2,879,256 (2024: 2,879,256) Ordinary shares, held in treasury 720 720
Total of 124,149,256 (2024: 124,149,256) shares 31,037 31,037
No Ordinary shares were repurchased or issued during the year (2024: nil).
The Ordinary shares held in treasury have no voting rights and are not entitled to dividends.
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202588
Notes to the Financial Statements continued
For the year ended 30 September 2025
17 CALLED UP SHARE CAPITAL continued
(ii) Subsidiary company (for information purposes)
30 September 2025
£’000
30 September 2024
£’000
ZDP shares - Allotted, Called up and Fully paid:
ZDP shares of nominal value 1p each:
Opening balance of nil ZDP shares (2024: 32,128,437) – 32,128
Redemption of nil ZDP shares (2024: 32,128,437) ZDP shares – (32,128)
Allotted, Called up and Fully paid: nil (2024: nil) ZDP shares of 1p – –
At 30 September – –
The ZDP shares were fully repaid and redeemed on 19 of June 2024 in the amount of £39,515,000 and the subsidiary was
subsequently placed into liquidation.
18 CAPITAL REDEMPTION RESERVE
30 September 2025
£’000
30 September 2024
£’000
At 1 October 6,575 6,575
At 30 September 6,575 6,575
The Capital Redemption reserve was created following the Company’s reconstruction tender offer of shares, where shares were
repurchased and cancelled in 2017. This reserve is not distributable.
19 SHARE PREMIUM RESERVE
30 September 2025
£’000
30 September 2024
£’000
At 1 October 80,685 80,685
At 30 September 80,685 80,685
This reserve is not distributable.
20 SPECIAL DISTRIBUTABLE RESERVE
30 September 2025
£’000
30 September 2024
£’000
At 1 October 3,672 3,672
At 30 September 3,672 3,672
The special distributable reserve was created following approval from the Court, received on 18 August 2010, to cancel the
share premium account arising from the initial share offering.
Surpluses to the credit of the special distributable reserve can be used to purchase the Company’s own shares. In addition, the
Company may use this reserve for the payment of dividends.
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 89
21 CAPITAL RESERVES
30 September 2025
£’000
30 September 2024
£’000
At 1 October 354,300 294,748
Net (losses)/gains on disposal of investments (32,636) 38,448
Valuation gains on investments held during the year 6,078 24,792
Exchange (losses)/gains on currency balances (390) 281
Overdraft interest allocated to capital (26) (54)
Investment management fee allocated to capital (2,522) (2,747)
Indian capital gains tax (103) (240)
ZDP final redemption cost (8) (100)
Capital contribution to ZDP entitlement – (159)
ZDP appropriation – (669)
At 30 September 324,693 354,300
The balance on the capital reserve represents a profit of £29,198,000 (2024: £33,888,000) on investments held and a profit of
£295,495,000 (2024: £320,412,000) on investments sold.
The balance on investments held has not been further analysed between those amounts that are distributable and those that are
not distributable.
The balance on investments sold are realised distributable capital reserves which may be used to repurchase the Company’s shares
or be distributed as dividends subject to meeting the definition of qualifying consideration as noted in Note 2(l).
22 REVENUE RESERVE
30 September 2025
£’000
30 September 2024
£’000
At 1 October 2,804 2,465
Revenue profit 1,554 3,249
Interim dividends paid (2,910) (2,910)
At 30 September 1,448 2,804
The revenue reserve may be distributed or used to repurchase the Company’s shares (subject to being a positive balance).
23 NET ASSET VALUE PER ORDINARY SHARE
Ordinary shares
30 September 2025 30 September 2024
Net assets attributable to Ordinary shareholders (£'000) 448,110 479,073
Ordinary shares in issue at end of year 121,270,000 121,270,000
Net asset value per Ordinary share (pence) 369.51 395.05
As at 30 September 2025 there were no potentially dilutive shares in issue.
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202590
Notes to the Financial Statements continued
For the year ended 30 September 2025
24 CASH AND CASH EQUIVALENTS
30 September 2025
£’000
30 September 2024
£’000
Cash at bank 17,035 9,552
Bank overdraft (1) (374)
Cash and cash equivalents 17,034 9,178
25 TRANSACTIONS WITH THE INVESTMENT MANAGER AND RELATED PARTY TRANSACTIONS
(a) TRANSACTIONS WITH THE MANAGER
Under the terms of an agreement dated 26 May 2010 the Company has appointed Polar Capital LLP (“Polar Capital”) to provide
investment management, accounting, secretarial and administrative services. Details of the fee arrangement for these services are
given in the Strategic Report. The total fees, paid under this agreement to Polar Capital in respect of the year ended 30 September
2025 were £3,153,000 (2024: £3,434,000) of which £262,000 (2024: £288,000) was outstanding at the year-end.
(b) RELATED PARTY TRANSACTIONS
The Company has no employees and therefore no key management personnel other than the Directors. The Company has paid
£146,000 (2024: £150,000) to the Directors and the Remuneration Report including Directors’ shareholdings and movements
within the year is set out on pages 61 and 62.
Refer to Note
13(c) for details of the subsidiary undertaking which was placed into liquidation in June 2024.
26 DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS
RISK MANAGEMENT POLICIES AND PROCEDURES FOR THE COMPANY
The Company invests in equities and other financial instruments for the long term to further the investment objective set out on page 31.
This exposes the Company to a range of financial risks that could impact on the assets or performance of the Company.
The main risks arising from the Company’s pursuit of its investment objective are market risk, liquidity risk and credit risk and
the Directors’ approach to the management of them is set out below.
The Company’s exposure to financial instruments can comprise:
– Equity and non-equity shares and fixed interest securities which may be held in the investment portfolio in accordance with
the Investment Objective.
– Bank overdrafts, the main purpose of which is to raise finance for the Company’s operations.
– Cash, liquid resources and short-term receivables and payables that arise directly from the Company’s operations.
– Derivative transactions which the Company enters into may include equity or index options, index futures contracts, and
forward foreign exchange contracts.
The purpose of these is to manage the market price risks and foreign exchange risks arising from the Company’s investment
activities.
The overall management of the risks is determined by the Board and its approach to each risk identified is set out below. The
Board and the Investment Manager co-ordinate the risk management and the Investment Manager assesses the exposure to
market risk when making each investment decision.
(a) Market Risk
Market risk comprises three types of risk: market price risk (see Note 26(a)(i)), currency risk (see Note 26(a)(ii)), and interest rate
risk (see Note 26(a)(iii)).
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 91
(i) Market Price Risk
The Company is an investment company and as such its performance is dependent on its valuation of its investments.
Consequently, market price risk is the most significant risk that the Company faces.
Market price risk arises mainly from uncertainty about future prices of financial instruments used in the Company’s operations.
It represents the potential loss the Company might suffer through holding market positions in the face of price movements.
A detailed breakdown of the investment portfolio is given on page 22. Investments are valued in accordance with the
accounting policies as stated in Note 2(f).
At the year end, the Company did not hold any derivative instruments (2024: nil).
Management of the risk
In order to manage this risk it is the Board’s policy to hold an appropriate spread of investments in the portfolio in order to
reduce both the statistical risk and the risk arising from factors specific to a particular healthcare sub sector. The allocation of
assets to international markets, together with stock selection covering small, medium and large companies, and the use of index
options, are other factors which act to reduce price risk. The Investment Manager actively monitors market prices throughout
the year and reports to the Board which meets regularly in order to consider investment strategy.
Market price risks exposure
The Company’s exposure to changes in market prices at 30 September on its investments was as follows:
Year ended
30 September 2025
£’000
Year ended
30 September 2024
£’000
Non-current asset investments at fair value through profit or loss 439,435 474,136
439,435 474,136
Market price risk sensitivity
The following table illustrates the sensitivity of the return after taxation for the year and the value of shareholders’ funds
to an increase or decrease of 15% in the fair values of the Company’s investments. This level of change is considered to be
reasonably possible based on observation of current market conditions and historic trends. The sensitivity analysis is based on
the Company’s investments at each balance sheet date, with all other variables held constant.
30 September 2025 30 September 2024
Increase in
fair value
£’000
Decrease in
fair value
£’000
Increase in
fair value
£’000
Decrease in
fair value
£’000
Statement of Comprehensive Income - profit after tax
Revenue return (99) 99 (107) 107
Capital return 65,520 (65,520) 70,693 (70,693)
Change to the profit after tax for the year 65,421 (65,421) 70,586 (70,586)
Change to equity attributable to shareholders 65,421 (65,421) 70,586 (70,586)
(ii) Currency Risk
The Company’s total return and net assets can be significantly affected by currency translation movements as the majority of the
Company’s assets and revenue are denominated in currencies other than sterling.
Management of the risk
The Investment Manager mitigates risks through an international spread of investments and may make use of forward foreign
exchange contracts.
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202592
Notes to the Financial Statements continued
For the year ended 30 September 2025
26 DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS continued
(a) Market Risk continued
Foreign currency exposure
The table below shows, by currency, the split of the Company’s monetary assets, liabilities and investments that are priced in
currencies other than sterling.
Year ended
30 September 2025
£’000
Year ended
30 September 2024
£’000
Monetary Assets:
Cash and short term receivables
Danish krone 4,525 105
Swiss francs 730 642
Euros 189 151
US dollars 137 7
Indian rupee 112 119
Japanese yen – 76
Monetary Liabilities:
Other payables
US dollars (4,447) (5,173)
Danish krone (4,405) –
Indian rupee (102) –
Swiss francs (1) (1)
Foreign currency exposure on net monetary items (3,262) (4,074)
Non-Monetary Items:
Investments at fair value through profit or loss that are equities
US dollars 266,028 248,634
Danish krone 48,571 41,892
Euros 48,434 72,815
Swiss francs 23,414 60,149
Indian rupee 20,804 –
Japanese yen 5,019 29,155
Swedish krona – 9,865
Total net foreign currency exposure 409,008 458,436
During the financial year, movements against sterling in the five major currencies in foreign currency exposure were:
• US dollar depreciated by 0.37% (2024: depreciated by 9.9%),
• Danish krone appreciated by 4.5% (2024: depreciated by 4.2%),
• Japanese yen depreciated by 3.6% (2024: depreciated by 5.3%),
• Euro appreciated by 4.7% (2024: depreciated by 4.3%),
• Swiss franc appreciated by 5.3% (2024: depreciated by 1.3%).
Foreign currency sensitivity
The following table illustrates the sensitivity of the return after tax for the year and net assets in regard to the financial assets
and financial liabilities and the exchange rates for the £/US dollar, £/Euros, £/Japanese yen, £/Swiss francs and £/Danish krone.
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 93
Based on the year end position, if sterling had depreciated by a further 20% (2024: 20%) against the currencies shown, this
would have the following effect:
Year ended 30 September 2025
£’000
US dollars Euro Japanese yen Swiss francs Danish krone
Statement of Comprehensive Income -
profit after tax
Revenue return 34 47 – 182 1,131
Capital return 65,395 12,109 1,255 5,854 12,143
Change to the profit after tax for
the year and to equity attributable to
shareholders 65,429 12,156 1,255 6,036 13,274
Year ended 30 September 2024
£’000
US dollars Euro Japanese yen Swiss francs Danish krone
Statement of Comprehensive Income -
profit after tax
Revenue return 2 38 19 160 26
Capital return 60,865 18,204 7,289 15,037 10,473
Change to the profit after tax for
the year and to equity attributable to
shareholders 60,867 18,242 7,308 15,197 10,499
Based on the year end position, if sterling had appreciated by a further 20% (2024: 20%) against the currencies shown, this
would have the following effect:
Year ended 30 September 2025
£’000
US dollars Euro Japanese yen Swiss francs Danish krone
Statement of Comprehensive Income -
profit after tax
Revenue return (23) (32) – (122) (754)
Capital return (43,597) (8,072) (837) (3,903) (8,095)
Change to the profit after tax for
the year and to equity attributable to
shareholders (43,620) (8,104) (837) (4,025) (8,849)
Year ended 30 September 2024
£’000
US dollars Euro Japanese yen Swiss francs Danish krone
Statement of Comprehensive Income -
profit after tax
Revenue return (1) (25) (13) (107) (18)
Capital return (40,577) (12,136) (4,859) (10,025) (6,982)
Change to the profit after tax for
the year and to equity attributable to
shareholders (40,578) (12,161) (4,872) (10,132) (7,000)
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202594
Notes to the Financial Statements continued
For the year ended 30 September 2025
26 DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS continued
(a) Market Risk continued
In the opinion of the Directors, while these are regarded as reasonable estimates, neither of the above sensitivity analyses are
representative of the year as a whole since the level of exposure changes frequently as part of the currency risk management
process used to meet the Company’s objectives.
(iii) Interest Rate Risk
Although the majority of the Company’s financial assets are equity shares which pay dividends, not interest, the Company will
be affected by interest rate changes as interest is earned on any cash balances and paid on any overdrawn balances.
Management of the risk
The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account
when making investment decisions.
Derivative contracts are not used to hedge against the exposure to interest rate risk.
Interest rate exposure
At the year-end, financial assets and liabilities exposed to floating interest rates were as follows:
Year ended
30 September 2025
£’000
Year ended
30 September 2024
£’000
Cash at bank 17,035 9,552
Bank overdraft (1) (374)
17,034 9,178
The above year-end amounts may not be representative of the exposure to interest rates in the year ahead since the level of
cash held during the year will be affected by the strategy being followed in response to the Board’s and Manager’s perception
of market prospects and the investment opportunities available at any particular time.
Interest rate sensitivity
The following table illustrates the sensitivity of the return after taxation for the year and net assets to an increase or decrease of
150 (2024: 150) basis points in interest rates in regard to the Company’s monetary financial assets, which are subject to interest
rate risk. This level of change is considered to be reasonably possible based on observation of current market conditions.
The sensitivity analysis is based on the Company’s monetary financial instruments held at each balance sheet date, with all other
variables held constant.
30 September 2025 30 September 2024
Increase in rate
£’000
Decrease in rate
£’000
Increase in rate
£’000
Decrease in rate
£’000
Statement of Comprehensive Income - profit after tax
Revenue return 256 (256) 142 (142)
Capital return – – (4) 4
Change to the profit after tax for the year 256 (256) 138 (138)
Change to equity attributable to shareholders 256 (256) 138 (138)
In the opinion of the Directors, the above sensitivity analysis may not be representative of the year as a whole, since the level of
exposure may change.
Financial Statements
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 95
(b) Liquidity Risk
Liquidity risk is the possibility of failure of the Company to realise sufficient assets to meet its financial liabilities.
Management of the risk
The Company’s assets mainly comprise readily realisable securities which may be sold to meet funding requirements as
necessary.
Liquidity risk exposure
At 30 September the financial liabilities comprised:
30 September 2025
£’000
30 September 2024
£’000
3 months or less:
Other creditors and accruals 9,293 5,263
Bank overdraft 1 374
More than 12 months:
Indian capital gains tax provision 102 –
9,396 5,637
(c) Credit Risk
Credit risk is the exposure to loss from the failure of a counterparty to deliver securities or cash for acquisitions or disposals of
investments or to repay deposits.
Management of the risk
The Company manages credit risk by using brokers from a database of approved brokers and by dealing through Polar Capital.
All cash balances are held with approved counterparties.
HSBC Bank plc is the custodian of the Company’s assets. The Company’s assets are segregated from HSBC’s own trading assets
and are therefore protected in the event that HSBC were to cease trading.
These arrangements were in place throughout the current and prior year.
Credit risk exposure
The maximum exposure to credit risk at 30 September 2025 was £17,072,000 (2024: £9,690,000) comprising:
30 September 2025
£’000
30 September 2024
£’000
Accrued Income 37 138
Cash at bank 17,035 9,552
17,072 9,690
All of the above financial assets are current, their fair values are considered to be the same as the values shown and the
likelihood of a material credit default is considered low. None of the Company’s assets are past due or impaired. All deposits
were placed with banks that had a rating of A or higher.
Financial Statements
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 202596
Notes to the Financial Statements continued
For the year ended 30 September 2025
26 DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS continued
(d) Capital Management Policies and Procedures
The Company’s capital, or equity, is represented by its net assets which amounted to £448,110,000 as at 30 September 2025 (2024:
£479,073,000), which are managed to achieve the Company’s investment objective set out on page 31.
The Board monitors and reviews the broad structure of the Company’s capital on an ongoing basis. This review includes:
(i) the need to issue or buy back equity shares for cancellation, which takes account of the difference between the net asset
value per share and the share price (i.e. the level of share price discount or premium); and
(ii) the determination of dividend payments.
The Company is subject to externally imposed capital requirements through the Companies Act with respect to its status as a
public company. In addition, in order to pay dividends out of profits available for distribution by way of dividend, the Company
has to be able to meet one of two capital restriction tests imposed on investments by company law.
These requirements are unchanged since the previous year end and the Company has complied with them and no breaches
have taken place during the year under review.
27 POST BALANCE SHEET EVENTS
Per the Articles of Association (prior to 27 November 2025), the Company was required to propose a special resolution for the
winding-up of the Company at the first AGM after 1 March 2025 unless alternative reconstruction proposals were approved by
the shareholders prior to that date. Accordingly, in substitution of the fixed life, Shareholders who did not wish to continue their
investment in the Company, were offered the opportunity to tender their shares at the prevailing NAV per ordinary share less
costs and other appropriate adjustments. On 26 November 2025, the Company announced to the market that the total number
of shares tendered was 27,253,026 with a total of £115,991,604 being paid out to Shareholders based on a tender price of
425.61p. Following the tender offer, the total number of ordinary shares in issue was 94,016,974 and 30,132,282 shares were
held in treasury.
Subsequent to the tender offer process, 525,000 shares were reissued from those purchased in the tender, resulting in an issued
share capital of 124,149,256 of which 29,607,282 are held in treasury.
There are no other significant events that have occurred after the end of the reporting period to the date of this report which
require disclosure.
Environmental, Social and Governance
Shareholder
Information
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 97
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025 98
Shareholder Information
In assessing the performance of the Company, the Investment Manager and the Directors use the following APMs which are not
defined in accounting standards or law but are considered to be known industry metrics:
NAV Total Return
The NAV total return shows how the net asset value has performed over a period of time taking into account both capital
returns and dividends paid to shareholders. NAV total return is calculated as the change in NAV from the start of the period,
assuming that dividends paid to shareholders are reinvested on the payment date in Ordinary shares at their net asset value.
Year ended
30 September 2025
Year ended
30 September 2024
Opening NAV per share a 395.05p 345.66p
Closing NAV per share b 369.51p 395.05p
Dividend reinvestment factor c 1.006441 1.005787
Adjusted closing NAV per share d = b*c 371.89p 397.34p
NAV Total Return (d / a)-1 -5.86% 14.95%
NAV Total Return Since Restructuring
NAV total return since restructuring is calculated as the change in NAV from the date of reconstruction on 20 June 2017,
assuming that dividends paid to shareholders are reinvested on the payment date in Ordinary shares at their net asset value.
Year ended
30 September 2025
Year ended
30 September 2024
NAV per share at reconstruction a 215.85p 215.85p
Closing NAV per share b 369.51p 395.05p
Dividend reinvestment factor c 1.059243 1.052450
Adjusted closing NAV per share d = b*c 391.40p 415.77p
NAV Total Return Since Restructuring (d / a)-1 81.33% 92.62%
Share Price Total Return
Share price total return shows how the share price has performed over a period of time. It assumes that dividends paid to
shareholders are reinvested in the shares at the time the shares are quoted ex-dividend.
Year ended
30 September 2025
Year ended
30 September 2024
Opening share price a 376.00p 319.00p
Closing share price b 355.00p 376.00p
Dividend reinvestment factor c 1.006885 1.006635
Adjusted closing share price d = b*c 357.44p 378.49p
Share price total return for the year (d / a)-1 -4.94% 18.65%
(Discount)/Premium
A description of the difference between the share price and the net asset value per share usually expressed as a percentage (%)
of the net asset value per share. If the share price is higher than the NAV per share the result is a premium. If the share price is
lower than the NAV per share, the shares are trading at a discount.
30 September 2025 30 September 2024
Closing share price a 355.00p 376.00p
Closing NAV per share b 369.51p 395.05p
Discount per Ordinary share (a / b)-1 (3.93%) (4.82%)
Alternative Performance Measures
(APMs)
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 99
Shareholder Information
Ongoing Charges
Ongoing charges are calculated in accordance with AIC guidance by taking the Company’s annual ongoing charges, excluding
exceptional items, if any, and expressing them as a percentage of the average daily net asset value of the Company over the
year. Ongoing charges include all regular operating expenses of the Company. Transaction costs, interest payments, tax and
nonrecurring expenses are excluded from the calculation as are the costs incurred in relation to share issues and share buybacks.
Year ended
30 September 2025
£’000
Year ended
30 September 2024
£’000
Investment Management (Note 7) 3,153 3,434
Other Administrative Expenses (Note 8) 855 833
a 4,008 4,267
Average daily net asset value b 443,517 485,709
Ongoing Charges a / b x 100 0.90% 0.88%
(Net Cash) or Net Gearing
Gearing is calculated in line with AIC guidelines and represents net gearing, i.e. borrowings less cash and cash equivalents
divided by net assets. If the amount calculated is negative, this is shown as a ‘net cash’ position. The Company had no
borrowings as at the year end (2024: nil). Cash and cash equivalents are cash, purchases and sales for future settlement
outstanding at the year end.
30 September 2025
£’000
30 September 2024
£’000
Borrowings a – –
Less Cash and cash equivalents (including amounts awaiting settlement) b 8,182 4,379
c = (a-b) (8,182) (4,379)
Net assets d 448,110 479,073
Net cash (c/d)*100 (1.83%) (0.91%)
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025100
Shareholder Information
AAF Report A report prepared in accordance with the Audit and Assurance Faculty guidance issued by the Institute
of Chartered Accountants in England and Wales. Utilised within the review of internal controls.
Administrator The Company’s Administrator is HSBC Securities Services (HSS) who are contracted through Polar Capital
LLP to provide accounting, the calculation of net asset values (NAVs) and administrative services under the
terms of the Investment Management Agreement (“IMA”).
AGM Annual General Meeting – a meeting required to be held in accordance with the Companies Act 2006,
within six months of the Company’s financial year end. The AGM of the Company, to be held at 2:00pm
on Thursday, 26 February 2026 at the office of the manager, Polar Capital, 16 Palace Street, London
SW1E 5JD.
AIC Association of Investment Companies, the industry body for closed ended investment companies.
AIF Alternative Investment Fund – the Company is an investment trust which is a collective investment
undertaking which raises capital from a number of investors (in the case of the Company, by selling
shares in the open market on the London Stock Exchange) with a view to investing the capital in
accordance with the investment policy (see page 31).
AIFM Alternative Investment Fund Manager, a body appointed in accordance with the AIFMD (see below).
Polar Capital LLP is the appointed AIFM to the Company.
AIFMD Alternative Investment Fund Managers Directive. Issued by the European Parliament in 2012 and
2013. The Directive requires that, while the Board of Directors of an Investment Trust remains fully
responsible for all aspects of the Company’s strategy, operations and compliance with regulations, all
alternative investment funds (‘AIFs’) in the UK and European Union, must appoint a Depositary and an
Alternative Investment Fund Manager (‘AIFM’).
Benchmark The Benchmark is the MSCI ACWI Healthcare Index (total return in sterling with dividends reinvested).
Closed-ended
Investment
Company
An Investment Company whose shares are traded in the open market, e.g., on the London Stock
Exchange.
Custodian HSBC Bank plc is the Custodian of the Company’s assets. The Custodian is a financial institution responsible
for safeguarding, worldwide, the listed securities and certain cash assets of the Company, as well as the
income arising therefrom, through provision of custodial, settlement and associated services.
Depositary The Company’s Depositary is also HSBC Bank plc. Under AIFMD (see above) rules the Company
must appoint a Depositary whose duties in respect of investments, cash and similar assets include:
safekeeping; verification of ownership and valuation; and cash monitoring. Under the AIFMD rules,
the Depositary has strict liability for the loss of the Company’s financial assets in respect of which it
has safe-keeping duties. The Depositary’s oversight duties will include but are not limited to share
buybacks, dividend payments and adherence to investment limits.
Derivative A contract between two or more parties, the value of which fluctuates in accordance with the value of
an underlying security. Examples of derivatives are Put and Call Options, Swap contracts, Futures and
Contracts for Difference. A derivative can be an asset or a liability and is a form of gearing because it
can increase the economic exposure to shareholders.
Discount/Premium See Alternative Performance Measure (APM) on page 98.
Glossary of Terms
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 101
Shareholder Information
Earnings per Share
(“EPS”)
A company’s profitability expressed on a per share basis and calculated by dividing the company’s
annual earnings after tax by the weighted average number of shares in issue (excluding shares held
in treasury).
ESEF European Single Electronic Format (ESEF) is the requirement whereby reports are prepared and filed in
XHTML format. The requirement applied with effect from 1 January 2021 to all issuers in UK (or EU)
regulated markets. In addition, for issuers preparing consolidated annual accounts in accordance with
IFRS, the XHTML file requires tagging under the IFRS taxonomy.
ESMA The European Securities and Markets Authority is an independent EU authority whose purpose is to
improve investor protection and promote stable, orderly financial markets.
IFRS International Financial Reporting Standards (IFRS) are accounting standards which are developed by
the International Accounting Standards Board (IASB) and the International Sustainability Standards
Board (ISSB). The IASB sets IFRS Accounting Standards and the ISSB sets IFRS Sustainability Disclosure
Standards.
Investment
Company
Section 833 of the Companies Act 2006. An Investment Company is defined as a company which
invests its funds in shares, land or other assets with the aim of spreading investment risk.
Investment
Manager/Manager
Polar Capital LLP is the Investment Manager. Mr Gareth Powell and Dr James Douglas together have
delegated responsibility for the creation of the portfolio of investments subject to various parameters
set by the Board of Directors. The responsibilities of the Investment Manager and the fees payable are
set out in the Strategic Report and the Directors’ Report.
Investment Trust
taxation status
Section 1158 of the Corporation Tax Act 2010. UK Corporation Tax law allows an Investment Company
(referred to in Tax law as an Investment Trust) to be exempted from tax on its profits realised on
investment transactions, provided it complies with certain rules. These are similar to Section 833
above but further require that the Company must be listed on a regulated stock exchange and that it
cannot retain more than 15% of income received. The Directors’ Report contains confirmation of the
Company’s compliance with this law and its consequent exemption from taxation on capital gains.
MiFID II Markets in Financial Instruments Directive, applicable from 3 January 2018.
Market
capitalisation
Also sometimes referred to as ‘market cap’, this is a measure which describes the size of a company or
an Investment Trust. It is calculated by multiplying the number of shares by the price of the shares.
Net Asset Value
(NAV)
The NAV is the value attributed to the assets of the Company less the liabilities, presented either on a
per share or total basis. The NAV is also described as ‘Shareholders’ funds’ per share. The NAV is often
expressed in pence per share after being divided by the number of shares which have been issued. The
NAV per share is unlikely to be the same as the share price which is the price at which the Company’s
shares can be bought or sold by an investor. The NAV per ordinary share is published daily.
Non-executive
Director
The Company is managed by a Board of Directors who are appointed by letter rather than a contract of
employment. The Company has no executive Directors. Remuneration of the non-executive Directors is
set out in the Directors’ Remuneration Report while the duties of the Board and the various Committees
are set out in the Corporate Governance Statement.
Ongoing Charges
Ratio
Ongoing Charges are the total operating expenses of the Company excluding any performance fee
and are expressed as a percentage of the average daily net asset value during the year. See Alternative
Performance Measure (APM) on page 99.
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025102
Shareholder Information
PRIIPS The Packaged Retail and Insurance-based Investment Products regulations which came into force on
1 January 2018 in the UK and EU. The regulations require generic pre-sale disclosure of investment
‘product’ costs, risks and certain other matters.
PwC The Company’s Auditors are PricewaterhouseCoopers LLP, represented by Kevin Rollo, Partner.
SORP The Statement of Recommended Practice (SORP) for investment trusts is issued by the AIC and it
provides recommendations on financial reporting that supplement official accounting standards. (See
Note 2(a) on page 77).
Treasury shares Treasury shares are the Company’s own shares that have been brought back from shareholders and
not cancelled but held in treasury. Such shares may be reissued into the market at a premium to NAV.
treasury shares do not attract the right to receive dividends or have any other voting rights.
UK-adopted IAS The International Accounting Standards adopted by the UK Endorsement Board after delegation
of adoption powers. These include International Accounting Standards (IAS), IFRS and related
interpretations, subsequent amendments to those standards and related interpretations, issued or
adopted by the IASB.
ZDP Zero Dividend Preference shares are preference shares which carry no entitlement to dividends, but
which carry the right, on a fixed date, to the repayment of capital and a fixed rate of return in priority
to any capital payment to the holders of ordinary shares. On 19 June 2024, the subsidiary PCGH
ZDP plc was placed into liquidation following the full repayment of its loan to the Company and the
redemption of the ZDP shares.
Glossary of Terms continued
Shareholder Information
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 103
2026 Annual General Meeting (“AGM”)
The Company’s AGM will be held at 2:00pm on Thursday
26 February 2026 at 16 Palace Street, London, SW1E 5JD.
Further information including the full text of the resolutions to
be proposed at the AGM and an explanation of each resolution
is contained in the Notice of AGM which has been posted to
shareholders and is available on the Company’s website.
Shareholders will have the option to ask questions at the
meeting but are also encouraged to send any questions
ahead of the AGM to the Board via the Company Secretary
at cosec@polarcapital.co.uk stating the subject matter as
PCGH-AGM. We will endeavour to answer relevant questions
at the meeting or on the Company’s website as appropriate.
For ease of reference and understanding a brief explanation of
the resolutions is set out below.
Resolution 1 relates to the statutory requirement of every
company to lay before shareholders the Annual Report and
Financial Statements, i.e. this document in full. The Annual
Report has been prepared and approved by the Board of
Directors and audited by the externally appointed auditors.
The document will be filed at Companies House once
published to shareholders. The Annual Report sets out the
Company’s business strategy, governance structure and
procedures as well as the financial accounts for the financial
year under review and any forward-looking statements.
Resolutions 2 and 3, in compliance with the Large and
Medium-Sized Companies and Groups (Accounts and Reports)
(Amendment) Regulation 2013 (the ‘Regulations’), The
Companies (Directors’ Remuneration Policy and Directors’
Remuneration Report) Regulations 2019 and the Listing Rules of
the Financial Conduct Authority, the Company is required on a
three-yearly basis to provide shareholders with the opportunity
to vote on the Company’s Directors’ Remuneration Policy.
Resolution 2 seeks shareholder approval to renew the forward-
looking Remuneration Policy which lasts for up to three years.
The current Policy was approved by shareholders at the 2023
AGM and will expire on 30 September 2026 unless renewed.
The Policy being presented for renewal is unchanged from the
current Policy and will expire on 30 September 2029.
In addition to this, on an annual basis, shareholders are
presented with the Directors’ Remuneration Implementation
Report which looks back at the year under review and advises
how the Remuneration Policy was applied. Resolution 3
therefore, is the annual advisory vote of shareholders on
the Remuneration Implementation Report. The Directors’
Remuneration Report is presented on pages 59 to 63.
Resolutions 4 to 8 relate to the annual election and
re-election of directors. In line with good corporate governance
the tenure policy of directors is 9-years, with the exception
of the Board’s Chair tenure policy which allows the Chair to
remain in role for up to 12-years in certain circumstances.
It is recommended that directors stand for election or
re-election on an annual basis in order to give shareholders
the opportunity to vote on each Director. The Directors have
provided a rationale for their support for the reappointment of
each director on pages 6 and 7 and within the Notice of AGM.
Resolutions 9 and 10 relate to the statutory appointment or
reappointment of the Company’s external auditors and the
Directors’ authority to determine their remuneration. Further
information is provided in the Audit Committee Report on
page 54.
Resolution 11 relates to the Company’s dividend policy.
Following the Company’s corporate action in November 2025,
the adopted dividend policy has been and remains that dividends
will be paid bi-annually in February and August.
Resolutions 12 to 16 relate to potential changes in the
share capital.
Resolutions 12 and 13 authorise the Directors to allot (i.e. sell)
ordinary shares, whether these be newly created shares or
shares held in the Company’s treasury account which have been
previously bought back in the market. Once allotted the shares
are listed on the London Stock Exchange and have the same
rights as any other ordinary shares of the Company.
Resolutions 14 and 15 (proposed in connection with Resolutions
12 and 13) allows the Directors to allot the shares without
pre-emption rights. Under the Companies Act, all shareholders
have the right of pre-emption which means that the Company
must offer existing shareholders an opportunity to buy the
company’s shares before they are offered to third parties; being
a listed company with many shareholders, the Directors ask to
disapply the pre-emption rights which means they are able to
offer and allot the shares to specific shareholders or in specific
ways to the market, noting that such allotments would be at a
premium to the net asset value (NAV) per share and therefore
accretive (i.e. positive) to overall shareholder value. While all
shareholders can trade the ordinary shares of the Company on
the open market there are times when a shareholder would like
to acquire greater amounts of shares than are available in the
market and might approach the Company through the corporate
broker to obtain shares. In a similar but opposite scenario,
Resolution 16 provides the Directors’ the ability to buy back
(i.e. purchase) shares of the Company in the market. Depending
on the market environment, and various other factors, the shares
of the Company may trade at a discount to NAV, when this is
the case the Company may step in and buy back shares in an
effort to reduce the discount. Each of these authorities require
shareholder approval and are regular resolutions proposed to
each AGM; each authority remains in place for 12 months or
until the limits have been reached.
Corporate Information - AGM
Shareholder Information
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025104
History, Structure and Fees
The Company was incorporated as Polar Capital Global
Healthcare Growth and Income Trust plc on 12 May 2010.
On 15 June 2010 the Company issued 89,000,000 ordinary
shares of 25p each and 17,800,000 subscription shares of
1p each which were admitted to trading on the Main Market
of the London Stock Exchange. The original subscription
price for each ordinary share was £1 and the Net Asset Value
(NAV) per share on 15 June 2010 was 98p (after launch
costs). The subscription share rights expired on 31 January
2014, following the issue of 17,800,000 ordinary shares. The
subscription shares were subsequently cancelled.
On 20 June 2017 the Company was reconstructed and the
name was changed to Polar Capital Global Healthcare Trust
plc. As part of the reconstruction, a 100% tender offer
was made to shareholders of which 21.8% was accepted
resulting in 26,299,042 ordinary shares being bought back
by the Company; the Company also offered new ordinary
shares in the form of an issue and placing which resulted in
27,798,298 new ordinary shares being created. As part of
the reconstruction and change of investment strategy, the
Company created a wholly owned subsidiary, PCGH ZDP
Plc (the ‘subsidiary’) which was created to provide structural
gearing to the Company through the placing of Zero
Dividend Preference shares (‘ZDP shares’).
The subsidiary was incorporated on 30 March 2017 and issued
50,000 ordinary shares of £1 each which were subscribed
by the Company and fully paid up. On 19 June 2017 the
subsidiary issued 32,128,437 ZDP shares at 100p each.
As mentioned above, the subsidiary was created as part
of the Company’s restructure in 2017 with a limited life of
seven years, for the sole purpose of providing a loan to the
Company. Following repayment of the loan advanced, PCGH
ZDP plc was placed into liquidation on 19 June 2024 in
accordance with the Articles of Association.
At the Company’s General Meeting held on 27 November
2025, Shareholders approved changes to the Company’s
Articles of Association to remove the fixed life and extend the
Company’s life indefinitely. The revised Articles of Association
require the Company to make future tender offers at five
yearly intervals, with the first to commence on or before
31 March 2031.
IMA Termination Arrangements
The IMA may be terminated by either party giving 12 months’
notice. The IMA may be terminated earlier by the Company
with immediate effect on the occurrence of certain events,
including: (i) if an order has been made or an effective
resolution passed for the liquidation of the Investment
Manager; (ii) if the Investment Manager ceases or threatens
to cease to carry on its business; (iii) where the Company is
required to do so by a relevant regulatory authority; (iv) on the
liquidation of the Company; or (v) subject to certain conditions,
where the Investment Manager commits a material breach
of the IMA. In the event the IMA is terminated before the
expiry of the Company’s fixed life then, except in the event of
termination by the Company for certain specified causes, the
management fee will be calculated pro rata for the period up
to and including the date of termination.
Share Capital, Voting Rights and
Transferability
The Company’s share capital is divided into ordinary shares of
25p each. At the year end, there were 124,149,256 ordinary
shares in issue (2024: 124,149,256 ordinary shares), of which
2,879,256 (2024: 2,879,256) were held in treasury by the
Company.
As mentioned above, in substitution of the fixed life, tender
offer proposals were made to Shareholders in November
2025 as a result of which, the Company bought back
27,253,026 ordinary shares, and these were placed into
treasury. Following this tender offer buyback, the Company’s
issued share capital is 124,149,256, of which 30,132,282 is
held in treasury.
Subsequent to the tender offer and repurchase of the shares,
the Board was further delighted to see some immediate
demand, resulting in the reissuance of 525,000 shares out of
treasury from those tendered, at an average price of 418.65p
per share.
Ordinary shares carry voting rights which are exercised on a
show of hands at a meeting, where each shareholder has one
vote, or on a poll, where each share has one vote. Ordinary
shares held in treasury carry no voting rights. Arrangements
for the casting of proxy votes are provided when a notice of
meeting is issued.
Any shares in the Company may be held in uncertificated
form and, subject to the Articles, title to uncertificated
shares may be transferred by means of a relevant
system. Further information can be found in the Articles
of Association available on the Company’s website
www.polarcapitalglobalhealthcaretrust.co.uk. The Company
is not aware of arrangements to restrict the votes or
transferability of its shares.
Subscription Shares Tax Implications
The base ‘cost’ for UK tax purposes of the subscription
shares is a proportion of the issue price paid for the ordinary
shares to which the subscription shares were attached. The
apportionment is made by reference to the respective market
values of the ordinary shares and subscription shares at the
close of business on 15 June 2010, the day the ordinary and
subscription shares were admitted to trading. The market value
Corporate Information - Other
Shareholder Information
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 105
for UK tax purposes of the Company’s ordinary shares and
subscription shares on such date were as follows:
Ordinary Shares 101.0p Subscription Shares 14.875p
If you have exercised the subscription rights attaching to your
subscription shares, the resulting ordinary shares are treated for
UK tax purposes as the ‘same’ asset as the subscription shares
in respect of which the subscription rights are exercised. The
base ‘cost’ for UK tax purposes of the resulting ordinary shares
will be the base cost attributed to the exercised subscription
shares, increased by the amount of subscription monies paid.
Capital Gains Tax
Information on Capital Gains Tax (‘CGT’) is available on the
HM Revenue & Customs website www.hmrc.gov.uk/cgt/index.
When shares are disposed of a capital gain may result if the
disposal proceeds exceed the sum of the base cost of the
shares sold and any other allowable deductions such as share
dealing costs. The exercise of subscription shares into ordinary
shares should not have given rise to a capital gain, however a
capital gain may arise on the eventual disposal of those shares.
The calculations required to compute capital gains may be
complex and depend on personal circumstances. Shareholders
are advised to consult their personal financial adviser for
further information regarding a possible tax liability in respect
of their shareholdings.
Further information on the subscription shares is provided
in the subscription share section above. The Company was
launched on 15 June 2010 with the issue of ordinary shares at
£1 per share with subscription shares attached (on a one for
five basis).
Company Website
http://www.polarcapitalglobalhealthcaretrust.co.uk
The Investment Manager maintains a website on behalf of
the Company which provides a wide range of information on
the Company, monthly factsheets issued by the Investment
Manager and copies of announcements, including the annual
and half year reports when issued.
Information on the Company can also be obtained from
various other sources including:
• www.theaic.co.uk
• www.ft.com/markets
• www.londonstockexchange.co.uk
Statement by the Depositary
The statement of the Depositary’s responsibilities in respect
of the Company and its report to shareholders for the year
ended 30 September 2025 is available on the Company’s
website. The Depositary, having carried out such procedures
as it considered necessary, was satisfied that in all material
respects the Company was managed in accordance with the
applicable FCA rules and AIFMD.
Statement By the AIFM
The statement by the AIFM in respect of matters to be
disclosed to investors for the year ended 30 September 2025
is available on the Company’s website.
Share Price and Net Asset Value
The Company’s Net Asset Value (NAV) is normally released
daily, on the next working day, following the calculation
date, to the London Stock Exchange. The mid-market price
of the ordinary shares is published daily in the Financial
Times in the Companies and Markets section under the
heading ‘Investment Companies’. Share price information
is also available from The London Stock Exchange website:
www.londonstockexchange.co.uk
Electronic Communications
If you hold your shares in your own name you can choose
to receive communications from the Company in electronic
format. This method reduces cost, is environmentally friendly
and, for many, is convenient.
If you would like to take advantage of Electronic
Communications, please visit our registrar’s website at
www.shareview.co.uk. You will need your Shareholder
Reference Number. If you agree to the terms and conditions,
in future, on the day that documents are sent to shareholders
by post you will receive an e-mail providing the website address
where the documents can be viewed and downloaded. Paper
copies will still be available on request.
Nominee shareholders
Where notification has been provided in advance the Company
will arrange for copies of shareholder communications to be
provided to the operators of nominee accounts. Nominee
service providers are encouraged to advise investors that they
may attend general meetings when invited by the Chair.
Disability Act
Copies of this Annual Report and Financial Statements or other
documents issued by the Company are available from the
Company Secretary. If needed, copies can be made available
in a variety of formats, either Braille or on audio tape or larger
type as appropriate.
Shareholder Information
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025106
Corporate Information - Other continued
Investing
The ordinary shares of the Company are listed and traded on
the London Stock Exchange. Investors may purchase shares
through their stockbroker, bank or other financial intermediary.
Polar Capital Global Healthcare Trust plc is an investment
trust and as such its ordinary shares are excluded from the
FCA’s restrictions which apply to non-mainstream investment
products. The Company conducts its affairs and intends
to continue to do so for the foreseeable future so that the
exclusion continues to apply.
There are a variety of ways to invest in the Company. However,
this will largely depend upon whether you would like financial
advice or are happy to make your own investment decisions.
Investing Risks
Investors should be aware of the following risks when
considering investing in the shares of Polar Capital Global
Healthcare Trust plc:
Past performance is not a guide to future performance.
Please remember that any investment in the shares of Polar
Capital Global Healthcare Trust plc either directly or through
a savings scheme or ISA carries the risk that the value of your
investment and any income from them may go down as well
as up due to the fluctuations of the share price, the market
and interest rates. This risk may result in an investor not getting
back their original amount invested.
As the shares in an investment trust are traded on a stock
market, the share price will fluctuate in accordance with supply
and demand and may not reflect the underlying net asset value
of the shares. Where the share price is less than the underlying
value of the assets, the difference is known as the ‘discount’.
For these reasons, investors may not get back the original
amount invested.
Although the Company’s Financial Statements are
denominated in sterling, it may invest in stocks and shares
that are denominated in currencies other than sterling. To
the extent that it does so, asset values may be affected by
movements in exchange rates. As a result, the value of your
investment may rise or fall with movements in exchange rates.
Polar Capital Global Healthcare Trust plc is allowed to borrow
against its assets and this may increase losses triggered by
a falling market. The Company may increase or decrease its
borrowing levels to suit market conditions. If you are in any
doubt as to the suitability of a plan or any investment available
within a plan, please take professional advice.
If you are investing through a savings plan, ISA or other
investment arrangement it is important that you read the key
features documents and understand the risks associated with
investing in the shares of the Company. If you are in any doubt
as to the suitability of a plan or any investment available within
a plan, please take professional advice.
Tax rates and reliefs change from time to time and may affect
the value of your investment.
For those investors who would like advice:
Private Client Stockbrokers – generally for investors with
a large lump sum to invest, a private client stockbroker will
manage a portfolio of shares on behalf of a private investor
and will offer a personalised service to meet an individual’s
particular needs. A list of private client stockbrokers is available
from The Personal Investment Management & Financial Advice
Association (PIMFA) at www.pimfa.co.uk
Financial Advisers – carry out the share transactions for their
clients, they can do this directly but also via a growing number
of platforms that offer investment trusts including AJ Bell,
Interactive Investor, Nucleus, Raymond James, Seven IM and
Transact. For investors looking to find a financial adviser, please
visit www.unbiased.co.uk
For those investors who are happy to make
their own investment decisions:
Online Stockbroking Services – There are a number of real
time execution only stockbroker services which allow private
investors to trade online for themselves, manage a portfolio
and buy UK listed shares. Online stockbroking services include
AJ Bell, Interactive Investor, Barclays Stockbrokers, Halifax
Share Dealing and Hargreaves Lansdown.
As an investment company Shareholder, you have the right to
vote at the Company’s AGM and on other important decisions
facing the Company. If you hold your investment company
shares on a platform, we encourage you to exercise your vote
through your respective platform and where possible attend
the AGM.
For example, Interactive Investor allow you to vote your shares
at no extra cost through your account and new customers
are automatically signed up to the voting and information
service, which enables you to receive Shareholder materials
and vote on decisions directly affecting your UK registered
shareholdings.
Please visit the AIC’s pages below for further information:
https://www.theaic.co.uk/how-to-attend-an-AGM
Share Dealing Services
The Company has also made arrangements with its share
registrars, Equiniti Limited, for investors to buy and sell shares
through the Shareview.co.uk service.
Shareholder Information
Annual Report and Financial Statements 2025 • Polar Capital Global Healthcare Trust plc 107
For telephone sales call 0345 603 7037 between
8.00am and 5.30pm for dealing and up to 6.00pm for
enquiries, Monday to Friday. For Internet sales log on to
www.shareview.co.uk/ dealing
Forward-Looking Statements
Certain statements included in this Annual Report and
Financial Statements contain forward-looking information
concerning the Company’s strategy, operations, financial
performance or condition, outlook, growth opportunities or
circumstances in the countries, sectors or markets in which
the Company operates.
By their nature, forward-looking statements involve
uncertainty because they depend on future circumstances,
and relate to events, not all of which are within the
Company’s control or can be predicted by the Company.
Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable,
no assurance can be given that such expectations will prove
to have been correct.
Actual results could differ materially from those set out in the
forward-looking statements. For a detailed analysis of the
factors that may affect our business, financial performance
or results of operations, we urge you to look at the principal
risks and uncertainties included in the Strategic Report within
this Annual Report.
No part of this Annual Report constitutes, or shall be taken
to constitute, an invitation or inducement to invest in Polar
Capital Global Healthcare Trust plc or any other entity and
must not be relied upon in any way in connection with any
investment decision. The Company undertakes no obligation
to update any forward-looking statements.
Boiler Room Scams
Shareholders of Polar Capital Global Healthcare Trust plc may
receive unsolicited phone calls or correspondence concerning
investment matters. These are typically from overseas based
‘brokers’ who target UK shareholders, offering to sell them
what often turn out to be worthless or high risk shares in
U.S. or UK investments or offering to act on the shareholder’s
behalf on the payment of a retainer or similar in a spurious
corporate event. These operations are commonly known as
‘boiler rooms’. These ‘brokers’ can be very persistent and
extremely persuasive.
It is not just the novice investor that has been duped in this
way; many of the victims had been successfully investing for
several years. Shareholders are advised to be very wary of any
unsolicited advice, offers to buy shares at a discount or offers
of free company reports.
If you have been contacted by an unauthorised firm regarding
your shares the FCA would like to hear from you. You can
report an unauthorised firm using the FCA helpline on
0800 111 6768 or by visiting their website, which also has
other useful information, at www.fca.org.uk
If you receive any unsolicited investment advice:
• Make sure you get the correct name of the person and
Organisation
• If the calls persist, hang up
If you deal with an unauthorised firm, you will not be
eligible to receive payment under the Financial Services
Compensation Scheme. More detailed information on this or
similar activity can be found on the FCA website.
How to avoid investment and pension scams
If you’re suspicious, report it
You can report the �rm or scam to us by
contacting our Consumer Helpline on
0800 111 6768 or using our reporting form
using the link below.
If you’ve lost money in a scam, contact
Action Fraud on 0300 123 2040 or
www.actionfraud.police.uk
Reject unexpected o�ers
Scammers usually cold call, but contact
can also come by email, post, word of mouth
or at a seminar. If you’ve been o�ered an
investment out of the blue, chances are it’s
a high risk investment or a scam.
Check the FCA Warning List
Use the FCA Warning List to check the risks
of a potential investment – you can also search
to see if the �rm is known to be operating without
our authorisation.
Get impartial advice
Get impartial advice before investing – don’t use
an adviser from the �rm that contacted you.
Be ScamSmart and visit
www.fca.org.uk/scamsmart
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Shareholder Information
Polar Capital Global Healthcare Trust plc • Annual Report and Financial Statements 2025108
Company Registration Number
7251471 (Registered in England)
The Company is an investment company as defined under
Section 833 of the Companies Act 2006.
Directors
Lisa Arnold (Chair)
Neal Ransome (Audit Committee Chair)
Caroline Gulliver (Audit Committee Chair Elect)
Stacey Parrinder-Johnson
Jeremy Whitley
Registered Office and Contact Address
for Directors
16 Palace Street
London
SW1E 5JD
Investment Manager and AIFM
Polar Capital LLP
16 Palace Street
London
SW1E 5JD
Authorised and regulated by the Financial Conduct Authority.
Telephone: 020 7227 2700
Website: www.polarcapital.co.uk
Portfolio Managers
Mr. James Douglas
Mr. Gareth Powell
Company Secretary
Polar Capital Secretarial Services Limited
Represented by Tracey Lago, FCG
Depositary, Bankers and Custodian
HSBC Bank Plc
8 Canada Square
London
E14 5HQ
Independent Auditors
PricewaterhouseCoopers LLP
7 More London Riverside
London
SE1 2RT
Solicitors
Herbert Smith Freehills Kramer LLP
Exchange House
Primrose Street
London
EC2A 2HS
Stockbrokers
Panmure Liberum
One New Change
London
EC4M 9AF
Identification Codes
Ordinary shares
SEDOL: B6832P1
ISIN: GB00B6832P16
TICKER: PCGH
GIIN: ID3ME4.99999.SL.826
LEI: 549300YV7J2TWLE7PV84
Registrar
Shareholders who have their shares registered in their own
name, not through a share savings scheme or ISA, can
contact the registrars with any queries on their holding. Post,
telephone and internet contact details are given below.
In correspondence you should refer to Polar Capital Global
Healthcare Trust plc, stating clearly the registered name and
address and, if available, the full account number.
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
Shareholder helpline: +44 (0) 800 313 4922
Contact Information
CBP033847
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2025 Annual Report and Financial Statements for the year ended 30 September 2025