Half-year Report

RNS Number : 1197N

Polar Capital Global Health Tst PLC

18 May 2020

 

POLAR CAPITAL GLOBAL HEALTHCARE TRUST PLC

Unaudited Results Announcement for the Six Months to 31 March 2020

LEI: 549300YV7J2TWLE7PV84

18 May 2020

HIGHLIGHTS IN DETAIL

Performance	For the six months to 31 March 2020	For the year to 30 September 2019
Net asset value per ordinary share (total return) (note 1)	-5.97%	-1.24%
Benchmark index MSCI ACWI/Healthcare Index (total return in Sterling with dividends reinvested)	+0.34%	3.14%
Since restructuring on 20 June 2017
Net asset value per ordinary share (total return) (note 2)	+5.03%	+11.69%
Benchmark index total return	+17.08%	+16.69%
Expenses
Ongoing charges (note 3)	1.01%	1.01%

Financials	(Unaudited) As at 31 March 2020	(Audited) As at 30 September 2019	Change
Total net assets (Group and Company)	£268,898,000	£288,447,000	-6.8%
Net asset value per ordinary share	221.73p	236.88p	-6.4%
Net asset value per ZDP share	108.58p	106.99p	+1.5%
Price per ordinary share	196.00p	218.00p	-10.1%
Discount per ordinary share	11.6%	8.0%
Price per ZDP share	104.50p	108.50p	-3.7%
Net gearing	10.16%	7.21%
Ordinary shares in issue (excluding those held in treasury)	121,270,000	121,770,000	-0.4%
Ordinary shares held in treasury	2,879,256	2,379,256	+21.0%
ZDP shares in issue	32,128,437	32,128,437	-

Dividends paid and declared in the period:	Pay Date	Amount per Ordinary share	Record Date	Ex-Dividend Date	Declared date
The Company has paid the following dividend relating to the financial year ended 30 September 2019:	28 February 2020	1.10p	7 February 2020	6 February 2020	19 December 2019
Dividends for the current financial year ending 30 September 2020, if declared, will be paid in August 2020 and February 2021. All data sourced from Polar Capital LLP/HSBC.

Note 1	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.
Note 2	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 Group and Company from the relevant payment date.
Note 3	Ongoing charges represents the total expenses of the Company, excluding finance costs, transaction costs, tax and non-recurring expenses expressed as a percentage of the average daily net asset value, in accordance with AIC guidance issued in May 2012. From 3 January 2018, the research cost borne by the Company is included in the ongoing charges calculation.

For further information please contact:

Tracey Lago FCG Company Secretary Polar Capital Global Healthcare Trust Plc

Tel: [phone]

INTERIM MANAGEMENT REPORT

CHAIRMAN'S STATEMENT

Dear Shareholders, I have the dubious honour of delivering my first report to you as Chairman of the Company in the midst of the economic and stock market fall-out from the global COVID-19 pandemic. This is a difficult time for all and above everything, we hope that you and your families are safe and well. However, it falls to us here to outline to you the performance of the Company for the six-months to 31 March 2020 which includes the most turbulent market time of this situation so far.

Performance

Within the Investment Manager's Review, the team outline a reminder of the Company's investment strategy and provide some insight into the stocks held, along with the winners and losers over the six-month period. The early part of the period was challenging for fundamental investors, as we grappled with uncertainty over Brexit, a UK General Election and a ramping up of the political rhetoric in the US. During this period, performance was steady and marginally ahead of the benchmark. This was all dwarfed in March as fear dominated financial markets, as uncertainty as to the economic impact of COVID-19 took hold. Healthcare did well against the overall market, but a sudden dash for cash, liquidity and defensive positioning was very challenging to navigate in those late weeks of the half-year. This caused a marked drag on performance in March, dominating the half-year performance numbers, as explained in some detail by the Managers in their report below. We however remain confident that healthcare remains an area which we believe should continue to offer great growth opportunities as we weather and look beyond this current phase of the crisis.

The Board

As reported in our Annual Report for the year ended 30 September 2019, the second phase of the Board's succession plan was completed on 1 December 2019 with the appointments of Andrew Fleming and Jeremy Whitley. All Directors were re-elected at the Annual General Meeting held on 26 February 2020 at which James Robinson and Tony Brampton stood down. I would like to express my personal thanks to both James and Tony who were founding directors and gave their support and guidance from launch to retirement. James led the Company from launch as Chairman and I hope to fulfil the role as positively going forward.

Fees

I am pleased to confirm that the Board has negotiated with Polar Capital and has agreed that a side letter to the Investment Management Agreement ("IMA") be put in place providing for a cap, of 3.5% of the NAV on the date of crystallisation, on any performance fee that may be earned under the current terms of the IMA.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors of Polar Capital Global Healthcare Trust plc, who are listed in the Shareholder Information Section, confirm to the best of their knowledge that:

· The condensed set of financial statements has been prepared in accordance with IAS34 as adopted by the European Union and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as at 31 March 2020; and

· The Interim Management Report includes a fair review of the information required by the Disclosure Guidance and Transparency Rules 4.2.7R and 4.2.8R.

The half year financial report for the six-month period to 31 March 2020 has not been audited or reviewed by the Auditors.

The half year financial report was approved by the Board on 15 May 2020.

On behalf of the Board

Lisa Arnold

Chairman

CORPORATE MATTERS

Principal Risks and Uncertainties

A detailed explanation of the Company’s principal risks and uncertainties, and how they are managed through mitigation and controls, can be found on pages 28 to 30 of the Annual Report for the year ended 30 September 2019. The principal risks and uncertainties are categorized into four main areas: Business, Portfolio Management, Infrastructure and External. The Directors consider that these principal risks and uncertainties remain unchanged for the six months from 1 April 2020.

The uncertainty surrounding Brexit has now reduced as we move into the transition phase. However, the COVID-19 pandemic is having a very substantial impact on the global economy which will affect the Company and the performance of its underlying investments. The impact of the pandemic has varied between healthcare sub-sectors but, overall, the healthcare sector outperformed the market during March, which was the month when the main impact of the crisis was felt in the UK. The Investment Manager has made some changes to the portfolio in response to the differing fortunes of the various sub-sectors. As the global economy begins to contemplate a recovery from the impact of the pandemic, the outlook for the healthcare sector is positive. Demand for healthcare products and services will remain high and, in a period of general uncertainty, the healthcare sector should be one of relatively few sectors offering good prospects for resilient growth.

The Investment Manager and the Company’s other third-party service providers have successfully implemented business continuity arrangements during the COVID-19 pandemic, and as a result the Company has experienced no failures in service provision.

Going Concern

The Board continually monitors the financial position of the Group and Company, and in connection with the new risks presented by the COVID-19 pandemic, has refreshed  the stress-testing which was completed at the last year end, in order to confirm the Company’s ability to continue as a going concern under the current conditions. These tests included a revised five-year cash flow forecast which demonstrated the Company’s ability to meet its short-term and long-term obligations. Having conducted these revised stress-tests, the Board is satisfied that it is appropriate to continue to adopt the going concern basis in preparing the financial results of the Group and Company.

Related Party Transactions

In accordance with DTR 4.2.8R, there have been no new related party transactions during the six-month period to 31 March 2020. There have been no changes in any related party transaction described in the last Annual Report that could have a material effect on the financial position or performance of the Group or Company in the first six months of the current financial year or to the date of this report.

On behalf of the Board

Lisa Arnold

Chairman

INVESTMENT MANAGER’S REVIEW

The objective of Polar Capital Global Healthcare Trust plc (the “Company”) is to generate long-term capital appreciation by investing in a globally diversified portfolio of healthcare companies, to include, but not limited to, pharmaceutical, biotechnology, medical device and healthcare services companies. Stock selection is central to the process, looking to identify companies where there is a disconnect between valuations and the near and medium-term growth drivers. Whilst the Company primarily focusses on leading healthcare companies with resilient, medium-term growth profiles, it also has the opportunity to invest in earlier-stage, more innovative and disruptive companies. Structural debt, in the form of Zero Dividend Preference shares with a repayment date of 19th June 2024, offers access to additional liquidity and the opportunity to enhance returns

In terms of structure, the majority of the assets (calculated on a gross basis and referred to as the Growth Portfolio) will be invested in companies with a market capitalisation >$5bn at the time of investment, with the balance invested in companies with a market capitalisation <$5bn at the time of investment (a maximum of 20% of gross assets and referred to as the Innovation Portfolio). At the end of the reporting period, 31 investments were in the Growth Portfolio comprising 98.9% of net assets and 12 investments were in the Innovation Portfolio, comprising 10.8% of net assets.

Performance review

Over the six-month period to the end of March 2020 the healthcare sector dramatically outperformed global stock markets. For the 5 months from 1 October 2019 to 29 February 2020, the Company was modestly ahead of the benchmark. The collapse in markets in March, however, defined the performance period under review. Over the full period, the Company lagged its benchmark index returning -5.97% versus a gain of 0.34% for the index. Further details are provided below. Due to the unprecedented global situation, this is presented as a two-fold analysis, focussing firstly on the 5 months from October 2019 to the end of February 2020 followed by the March period.

Performance – October 2019 to February 2020

From the beginning of October 2019 to the end of February 2020, the Company returned 1.25% versus 0.97% for the benchmark (MSCI All Country World Index/ Healthcare (total return in Sterling)), a difference of 0.28%. Over this period stock selection was a positive driver whereas allocation was a negative driver of relative performance Small and large-cap exposures were positive over the period.

On a geographical basis exposure to the US and Europe was positive with significant outperformance from the US and EU from stock selection. Underweight positioning in Asia Pacific ex Japan was negative as was the gearing which at the end of the period under review was 10.16% having started the period at 7.21%.

In terms of sub-sectors, on allocation, overweight positions in biotechnology and the underweight position in pharmaceuticals were positives, whilst the overweight in medical devices was a negative. Stock selection was positive for pharmaceuticals, healthcare services, healthcare IT, healthcare facilities and healthcare equipment. Stock selection was negative for biotechnology and healthcare supplies.

Positive individual stocks over the period included Horizon Therapeutics, UCB, Dexcom, Cigna and Humana. Horizon Therapeutics outperformed driven by beating sales and earnings expectations, and also showed progress with its drug pipeline. UCB also moved higher due to operational progress and hopes of a turnaround from its drug pipeline. US-based diabetes company, Dexcom, continued to surpass even the most bullish expectations, with its continual glucose monitoring technology the key driver. Cigna and Humana are both leading managed care/healthcare services operators with the former re-rating from a very attractive valuation and the latter continuing to grow strongly given its entrenched position in the fast-growing US Medicare marketplace. Negatives were Quotient, Hill-Rom, Alexion, Beckton Dickinson and Iqvia. Quotient lagged due to a major investor selling their position due to fund closure whilst Hill-Rom underperformed due to uncertainties with the near-term organic revenue growth outlook. Alexion was impacted by concerns over intensifying competition, whilst Beckton Dickinson was hit with a major product issue at the regulator. Lastly, CRO Iqvia missed heightened growth expectations.

Performance – March 2020

March was essentially a stock market crash with extreme fear witnessed in the middle of the month. The healthcare sector outperformed, but driven by defensive stocks, including large-cap pharmaceutical and large-cap biotechnology. Also, any companies attempting to develop drugs or diagnostics in relation to COVID-19 saw their stocks outperform. The Company lagged its benchmark by 6.50%, returning -7.13% versus -0.63% for the benchmark.

Asset allocation was a negative driver with the Company being overweight in mid-capitalisation stocks on a relative basis, as was stock selection in large-capitalisation securities. On a geographical basis, overweight positioning in Europe and the US on a relative basis was negative driven mainly by stock selection. On a sub-sector basis, being overweight in biotechnology was a positive in terms of allocation, with negatives being the overweight positions in managed care, healthcare facilities and healthcare equipment. Also, stocks with gearing were punished indiscriminately. The challenge in large-capitalisation stock selection was the impact on healthcare equipment and healthcare facilities sub-sectors. The COVID-19 pandemic has led to a collapse in elective care procedures at hospitals, hence the dramatic fall in the share prices of many companies in these sub-sectors. On the drug development side, clinical trials for non-coronavirus drug development have been delayed or paused, negatively impacting the outsourcing providers (Clinical Research Organisations or CROs).

Stocks that outperformed included defensive pharmaceuticals such as Roche Holdings and Novo Nordisk. Other positive contributors included Medley, Centene and Hill-Rom. Medley is a leading provider of telehealth services in Japan and will likely see a significant increase in revenue driven by a dramatic escalation in doctor contact through online forums. Centene, which is primarily focussed on Medicaid and individual exchanges, is the best positioned managed care company considering the likely medium-term implications for rising unemployment in the US. Lastly, Hill-Rom is a medical device company that provides crucial equipment needed at hospitals to treat patients suffering from the virus. The main underperforming stocks included HCA, Smith & Nephew, Quotient, Iqvia and Stryker. HCA is the leading US hospital operator in the US and thus suffered for reasons described above, as did healthcare equipment companies Smith & Nephew and Stryker. Iqvia is the largest CRO and lagged again for reasons described above but also due to its gearing. Quotient, a small-cap stock was weak like other small-caps due to the high beta nature of its stock.

Relative Contributors (%) - 30 September 2019 - 31 March 2020

Top 10	Average Stock Weight	Active Weight		Stock Return		Stock Return vs BM	Total Attribution Effect
Medtronic Inc	0.00	-2.56		-16.82		-16.97	0.48
Medley Inc	0.47	0.47		62.02		61.87	0.45
UcB Sa	2.54	2.35		18.32		18.17	0.44
DexCom Inc	0.47	0.12		78.86		78.71	0.42
Zealand Pharma A/S	1.34	1.34		33.65		33.50	0.38
Novo Nordisk A/S	3.30	1.50		17.55		17.40	0.34
Pfizer Inc	0.00	-3.60		-8.14		-8.29	0.33
Incyte Corp	2.51	2.25		-2.21		-2.36	0.31
Cigna Corp	3.58	2.33		15.74		15.59	0.30
BELLUS Health Inc	0.51	0.51		52.11		51.96	0.27
Bottom 10	Average Stock Weight		Active Weight		Stock Return	Stock Return vs BM	Total Attribution Effect
Quotient Ltd	1.74		1.74		-49.61	-49.75	-1.05
HCA Holdings Inc	3.34		2.71		-25.57	-25.72	-0.78
IQVIA Holdings Inc	2.27		1.85		-28.42	-28.57	-0.72
Smith & Nephew PLC	1.79		1.44		-26.31	-26.46	-0.67
Intuitive Surgical Inc	2.83		1.69		-9.08	-9.23	-0.58
UnitedHealth Group Inc	0.00		-4.49		14.64	14.50	-0.57
Cash and others	-7.88		-7.88		4.33	4.19	-0.54
PRA Health Sciences Inc	2.15		2.15		-17.04	-17.19	-0.46
Oxford Immunotec Global	0.80		0.80		-44.80	-44.95	-0.42
Varian Medical Systems	3.08		2.87		-14.55	-14.70	-0.40

COVID-19

http://www.rns-pdf.londonstockexchange.com/rns/1197N_3-2020-5-15.pdf  

Source: thepharmaletter.com

This picture shows the basic structure of COVID-19. COVID-19 is a coronavirus. Coronaviruses are typically carried by animals but there have been a small number of outbreaks where we have seen a coronavirus transfer from animal to human. Previous outbreaks were SARS and MERS which were effectively contained. At the time of writing, COVID-19 has not yet been contained and has sadly created this pandemic, which will hopefully prove to be a once in a lifetime event. Thankfully efforts such as lockdowns and social distancing are working with a slowdown in net new infections already occurring across the globe, dependent on when lockdowns were put in place.

http://www.rns-pdf.londonstockexchange.com/rns/1197N_6-2020-5-15.pdf

Source: H.K. Siddiqi et al, 2020

This diagram illustrates the various stages of the infection, in terms of immune and inflammation response. Efforts are being made to develop therapeutics for use in all 3 of the different stages, with the first stage (early infection) obviously being preferable and then long-term prevention through vaccination.

http://www.rns-pdf.londonstockexchange.com/rns/1197N_1-2020-5-15.pdf  

Source: Wolfe Research

Pharmaceutical and biotechnology companies and academia are working 24/7 to generate both therapeutics to treat COVID-19 and vaccines to protect patients from infection. There are currently over 250 clinical trials planned, many of which are actively recruiting patients, and results from a significant number of these studies are expected within the next 12 months. There is tremendous support from regulatory bodies to boost the speed at which these products can be used in patients. There are three main strategies at present, targeting the virus directly, targeting downstream and the vaccine approach.

Significant efforts have been made to improve diagnostic testing of COVID-19. The first tests using a technology called PCR were developed to detect if a patient is infected. The second tests just being launched now are called serological tests. These identify whether a person has had an infection, developed antibodies and therefore hopefully immunity from reinfection. Serological testing will be critical for determining the scale of the disease, especially as many people have been infected but experienced none or only mild symptoms. At present, there is no way of determining how many of these people there are. From the results of this test, those that have antibodies should have immunity against COVID-19. In the case of SARS for example, patients that had suffered from the infection were able to generate antibody-based immunity for up to 3 years. This test could therefore change how this pandemic is managed. Those that test positive may well have immunity and therefore could be allowed out of lockdown and be able to return to a “normal life” and head back to work.

http://www.rns-pdf.londonstockexchange.com/rns/1197N_2-2020-5-15.pdf

Source: Morgan Stanley Research, March 2020

This schematic highlights how, theoretically, the landscape for this pandemic could change over the next several months, through the use of testing, therapeutics and, hopefully, effective vaccines. This is shown for the US but is relevant to all other countries. Some are currently ahead, while others lag behind, but it is important to acknowledge it is a very fluid situation.

US political environment more supportive

During the reporting period the political environment in the US has become more supportive for the healthcare sector, or at a bare minimum the greatest fears have dissipated. With the more progressive candidates (Elizabeth Warren and Bernie Sanders) no longer in the running, the more moderate Joe Biden is the clear favourite for the Democratic nomination removing some of the more draconian threats to the healthcare industry. Focusing purely on healthcare, if Biden wins the Presidency one of his primary priorities will be bolstering the Affordable Care Act (ACA), essentially reversing the actions taken by the Trump Administration. Prima facie this would be positive for the healthcare industry, increasing the number of insured US citizens in the system which has positive implications for volumes (i.e. up) and bad debts (i.e. down). A note of caution however, as Biden has raised the spectre of Medicare-like public insurance plans which would have negative implications for the managed care industry. This risk is diminished if the Democrats have a slim majority or if a number of moderate Democrats are in those Senate seats, but it is something to be aware of. One additional risk worth highlighting is one of tax reform with one of Biden’s proposals being raising corporate tax – the managed care industry was one of the biggest beneficiaries of the Trump Administration’s tax reform.

With regards to drug pricing there are near and medium-term scenarios worth discussing. In the near-term, Congress is unlikely to act on drug pricing legislation until after the November election. Why? The recently announced CARES Act included funding through 30 November 2020 for certain Medicare programs, extending the funding that was previously in place and set to expire on 22 May 2020. That May date was the original catalyst to start drug pricing negotiations but it has now been lost and Congress does not have a legislative vehicle with which to work. Further, the COVID-19 crisis has lifted some of the near-term political pressure on the pharmaceutical and biotechnology industries rendering an Executive Order less likely ahead of the elections. Looking further out, one of Biden’s policies is to allow Medicare to negotiate directly on drug pricing but that would need a change in Law and a majority in the Senate.

Strategy and positioning

As a reminder, the objective of the Company is to achieve long-term capital appreciation by investing in a globally diversified portfolio of healthcare companies, to include, but not limited to, pharmaceutical, biotechnology, medical device and healthcare services companies. The aim is to identify companies where there is a disconnect between valuations and the near and medium-term growth drivers.

Within the Growth Portfolio, we continue to be underweight pharmaceuticals relative to the benchmark, although do acknowledge that the sector’s defensive characteristics have near-term appeal. With no significant supply-chain issues at the time of writing, pharmaceutical and large-cap biotechnology companies have been largely able to display defensive, operational characteristics through the COVID-19 crisis. Patients that require lifesaving medications are getting what they need and indeed, in the very short term, there has been an increase in volumes driven by physicians writing prescriptions for longer periods and enhanced uptake in certain therapeutic categories such an anti-depressants and pneumococcal vaccines. Looking further out however, new drug launches may be temporarily disrupted with sales reps sitting at home instead of interacting with prescribing physicians, and clinical trials could be disrupted if trial sites become inaccessible and/or patient recruitment is challenged.

The recent additions of Roche Holdings and Bristol-Myers Squibb are consistent with this view. Swiss-based Roche generates the majority of its revenue from oncology, which should prove to be resilient through the COVID-19 crisis, has a deep late-stage pipeline and has a secure dividend. Further, Roche could benefit in the near-term from the COVID-19 crisis by way of having a therapeutic in development (Actemra) and by being one of the world’s largest providers of diagnostic equipment and consumables. In a similar vein, but with a more value-orientated bias, Bristol-Myers Squibb has an established oncology franchise and an evolving pipeline that we believe is not captured with the current valuation.

Biotechnology is now the biggest over-weight in the Company, relative to the benchmark. The recent market correction offered a great opportunity to invest in some high-quality companies. With a focus on management teams, differentiated medicines and technologies, we believe the regulatory environment is incredibly supportive at present. Further, the industry is well capitalised and will continue to pursue ground-breaking medical innovation, which should translate into value creation for investors irrespective of the broader macro-economic environment.

We are also over-weight life sciences tools and services, reflecting a view that the challenges facing the end markets are transient. Indeed, not only is the Asia Pacific region starting to show the green shoots of recovery, the industry has been heavily involved in the development and manufacture of testing kits to help manage the COVID-19 crisis.

COVID-19 has had a significant impact on the medical device sector as the market digests the dramatic slowdown in elective and non-urgent procedures. As a reminder, hospitals and providers swiftly moved to free-up capacity for COVID-19 patients at the expense of procedures considered to be non-urgent. We remain constructive, however, given there is absolutely no doubt that the demand for medical devices will resume, and the industry will continue to innovate. It is the pace and magnitude of that recovery that is hard to quantify, this uncertainty is reflected in our modest over-weight stance.

The political backdrop has been very supportive for managed care and services companies, plus the near-term sales and earnings trajectories should be reasonably secure given postponed or cancelled elective procedures could ease medical cost trends for the industry. Looking further out, the cost of treating severe COVID-19 patients could be material and rising US unemployment is also a challenge, especially for those with more exposure to the commercial market. Lastly, and this is not healthcare specific, a Biden presidency could bring with it higher corporate taxes, which would have implications for managed care’s medium-term earnings power.

For the Innovation Portfolio, several assessments have been made due to the impact of COVID-19 as many of the companies held are not profitable. All holdings’ balance sheets have been checked for cash runway and the need to refinance. Also, the ability to refinance was considered in the context of volatile stock/debt markets. For companies with products in development, many clinical trials are on hold for obvious reasons. Thus, for all relevant companies, impact to timelines have been analysed and the ability of companies to make changes to trials and maintain integrity of clinical studies in the current environment has been reviewed. This is particularly relevant to Bellus, Zymeworks, Zealand and Quotient. Companies launching new products in particular are facing challenges as sales forces are in lockdown. This is particularly relevant for Biohaven and Axonics. All companies held in the Innovation Portfolio were maintained or increased following the analysis described. Also, a position in ArgenX was added during the weakness in March. ArgenX is a high quality European based biotechnology company which has a large and differentiated pipeline with the potential to generate incredible value over the years to come.

Three companies in particular have products/services that have proven to be important during this crisis. Medley in Japan is a leading provider of software for telemedicine whereby patients can access their doctors through videocalls as opposed to going to the doctor’s practice. Previously utilisation in Japan of telemedicine has been limited. The restrictions on this have been lifted due to the acceleration in infected cases in Japan and should see a significant increase in the use of telemedicine as has been seen in many other countries. Quotient has developed a serological test for research use to assess whether patients have generated antibodies post infection with COVID-19. As described earlier, development of this type of system will be crucial in terms of assessing how many patients may have immunity to COVID-19, having already been infected. Quotient’s system can carry out 3000 tests per day per machine. Intelligent Ultrasound provided its BodyWorks COVID-19 ultrasound simulator at the NHS Nightingale hospital at the Excel Centre in London so clinicians can rapidly be trained to use ultrasound to manage the respiratory impact of the COVID-19 infection.

The stocks held in the Innovation portfolio are likely to be more volatile in the weeks and months to come as countries move out of lockdown and likely face further outbreaks of COVID-19. Extreme weakness and panic in markets in March created opportunities to add to stocks held in the Company, with Ship Healthcare and Biohaven Pharmaceuticals good examples. As mentioned above, we also added Belgian biotechnology company, Argenx, to the portfolio. Over the short to medium term, new opportunities will likely present themselves to add to these holdings with the potential for upside as all companies held offer significant potential over the long-term which will remain the focus of this part of the Company.

The outlook for healthcare is compelling

The outlook for healthcare is positive given we anticipate the demand for healthcare products and services to continue, and in some cases accelerate, post the COVID-19 crisis. In an uncertain world, the resilient growth profile of the healthcare sector offers appeal, with financially sound large-capitalisation companies especially well positioned. At the same time, the political back drop is supportive, valuations in the US are attractive (Source; Ned Davis) and we have only just begun to see a change in sector leadership relative to the S&P 500 (Source: Strategas).

http://www.rns-pdf.londonstockexchange.com/rns/1197N_4-2020-5-15.pdf  

Source: Ned Davis Research Inc., 3 January 1992 to 8 May 2020. Sector earnings estimate calculated by NDR using available mean 1-year forward earnings estimates for sector constituents. Copyright 2020 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html . Past performance is not indicative or a guarantee of future results.

http://www.rns-pdf.londonstockexchange.com/rns/1197N_5-2020-5-15.pdf

Source: Strategas, 5 April 2020. Past performance is not indicative or a guarantee of future results. All opinions and estimates constitute the best judgment of Polar Capital as of the date hereof, but are subject to change without notice, and do not necessarily represent the views of Polar Capital.

The precise pace and magnitude of a post-COVID-19 economic recovery is difficult to predict but there is a high degree of conviction that the demand for healthcare products and services is not permanently impaired. Indeed, outside of therapeutics, vaccines and testing kits, other areas of healthcare could see more sustained periods of growth as the system looks to address shortfalls that have, unfortunately, been highlighted by the COVID-19 crisis. The use of telehealth and remote monitoring services, for example, could see broader adoption having undoubtedly proved their value. Manufacturers of ICU units, monitors, ventilators and hospital beds might also see sustained levels of growth as healthcare systems move to insure against future need.

Assessing the opportunity for alternative routes of delivery also needs to be explored given the role that out-patients facilities, ambulatory care centres and home care could play, not just in easing the post-COVID-19 backlog, but in offering more efficient and economically attractive platforms for care delivery. Given they address high unmet medical needs, it is hard to envisage a radically different appetite for pharmaceuticals and vaccines in the medium-term. Further, demand for medical devices associated with hitherto postponed elective procedures will likely return, as will investment in the capital equipment and consumables manufactured by the life sciences industry.

In conclusion, whilst we believe that established healthcare companies are well positioned in these uncertain health and economic times, it is also important to note that those that can innovate and produce highly differentiated therapeutics, technologies and services can also flourish. We are fortunate in that healthcare is a very diverse sector, offering opportunities to invest in earlier stage companies looking to disrupt the status quo alongside companies with more “blue chip” characteristics. Financial stability is essential, but we also look for product leadership, a commitment to innovation and experienced management teams with strong track records. Importantly, resilient growth, which we believe healthcare can offer, has high appeal in the current environment.
 

James Douglas and Gareth Powell

Co-Managers

15 May 2020

PORTFOLIO AS AT 31 MARCH 2020

(Figures in brackets denote the comparative ranking as at 30 September 2019)

Ranking		Stock	Sector	Country	Market Value £'000		% of total net assets
2020	2019				31 March 2020	30 September 2019	31 March 2020	30 September 2019
1	(-)	Roche	Pharmaceuticals	Switzerland	17,277	-	6.4%	-
2	(-)	Bristol Myers Squibb	Pharmaceuticals	United States	13,696	-	5.1%	-
3	(3)	Novo Nordisk	Pharmaceuticals	Denmark	13,009	13,763	4.8%	4.8%
4	(1)	Merck & Co	Pharmaceuticals	United States	12,662	18,235	4.7%	6.3%
5	(13)	AbbVie	Biotechnology	United States	11,894	8,602	4.4%	3.0%
6	(2)	Sanofi	Pharmaceuticals	France	10,920	14,896	4.1%	5.2%
7	(10)	Bio-Rad	Life Sciences Tools & Services	United States	10,537	8,977	3.9%	3.1%
8	(18)	Becton Dickinson	Healthcare Equipment	United States	10,359	7,961	3.9%	2.8%
9	(-)	Fresenius Medical Care	Healthcare Services	Germany	10,231	-	3.8%	-
10	(-)	Centene	Managed Healthcare	United States	9,720	-	3.6%	-
Top 10 investments					120,305		44.7%
11	(22)	Baxter International	Healthcare Equipment	United States	9,471	7,022	3.5%	2.4%
12	(8)	Cigna	Healthcare Services	United States	9,183	9,612	3.4%	3.3%
13	(14)	Boston Scientific	Healthcare Equipment	United States	9,165	8,598	3.4%	3.0%
14	(12)	HCA Healthcare	Healthcare Facilities	United States	8,480	8,758	3.2%	3.0%
15	(9)	Grifols	Biotechnology	Spain	8,271	9,611	3.1%	3.3%
16	(-)	UCB	Pharmaceuticals	Belgium	8,262	-	3.1%	-
17	(15)	Incyte	Biotechnology	United States	8,142	8,193	3.0%	2.8%
18	(20)	Horizon Therapeutics	Pharmaceuticals	United States	7,783	7,375	2.9%	2.6%
19	(26)	Varian Medical Systems	Healthcare Equipment	United States	7,774	6,202	2.9%	2.2%
20	(-)	Alexion	Biotechnology	United States	7,095	-	2.6%	-
Top 20 investments					203,931		75.8%
21	(19)	Agilent Technologies	Life Sciences Tools & Services	United States	6,807	7,462	2.5%	2.6%
22	(17)	PRA Health Sciences	Life Sciences Tools & Services	United States	6,576	8,081	2.4%	2.8%
23	(-)	Catalent	Pharmaceuticals	United States	6,480	-	2.4%	-
24	(25)	IQVIA	Life Sciences Tools & Services	United States	6,429	6,624	2.4%	2.3%
25	(-)	ACADIA Pharmaceuticals	Biotechnology	United States	6,105	-	2.3%	-
26	(-)	Neurocrine Bioscience	Biotechnology	United States	6,013	-	2.2%	-
27	(29)	Hill-Rom	Healthcare Equipment	United States	5,896	5,888	2.2%	2.0%
28	(23)	Anthem	Managed Healthcare	United States	5,870	6,802	2.2%	2.4%
29	(-)	Lundbeck	Pharmaceuticals	Denmark	5,463	-	2.0%	-
30	(32)	Humana	Managed Healthcare	United States	5,115	4,936	1.9%	1.7%
Top 30 investments					264,685		98.3%
31	(38)	Zealand Pharma	Biotechnology	Denmark	4,720	2,678	1.8%	0.9%
32	(33)	Quotient	Healthcare Supplies	United Kingdom	3,190	4,767	1.2%	1.7%
33	(-)	Medley	Healthcare Technology	Japan	3,166	-	1.1%	-
34	(-)	Axonics Modulation Technologies	Healthcare Equipment	United States	2,781	-	1.0%	-
35	(-)	Zymeworks	Biotechnology	Canada	2,724	-	1.0%	-
36	(-)	Biohaven Pharmaceutical	Biotechnology	United States	2,718	-	1.0%	-
37	(42)	Ship Healthcare	Healthcare Distributors	Japan	2,331	1,878	0.9%	0.7%
38	(46)	BELLUS Health	Biotechnology	Canada	2,073	1,116	0.8%	0.4%
39	(41)	Intelligent Ultrasound	Healthcare Technology	United Kingdom	1,935	2,043	0.7%	0.7%
40	(-)	Argenx	Biotechnology	Netherlands	1,822	-	0.7%	-
Top 40 investments					292,145		108.5%
41	(37)	Oxford Immunotec	Healthcare Equipment	United Kingdom	1,484	2,694	0.6%	0.9%
42	(-)	Tactile Systems Technology	Healthcare Equipment	United States	1,258	-	0.5%	-
43	(40)	Renalytix AI	Healthcare Equipment	United Kingdom	944	2,405	0.4%	0.8%
Total Equities					295,831		110.0%
Other Net Liabilities					(26,933)		(10.0%)
Net Assets					268,898		100.0%

Note - Sectors are from the GICS (Global Industry Classification Standard).

PORTFOLIO REVIEW AS AT 31 MARCH 2020

Geographical Exposure at:	31 March 2020	30 September 2019
United States	73.5%	75.0%
Denmark	8.6%	8.5%
Switzerland	6.4%	2.5%
France	4.1%	5.8%
Germany	3.8%	-
Spain	3.1%	3.3%
Belgium	3.1%	-
United Kingdom	2.9%	5.4%
Japan	2.0%	1.5%
Canada	1.8%	0.4%
Netherlands	0.7%	3.6%
Italy	-	1.1%
Other net liabilities	(10.0%)	(7.1%)
Total	100.0%	100.0%

Sector Exposure at:	31 March 2020	30 September 2019
Pharmaceuticals	35.5%	27.0%
Biotechnology	22.9%	13.9%
Healthcare Equipment	18.4%	36.8%
Life Sciences Tools & Services	11.2%	12.9%
Managed Healthcare	7.7%	4.1%
Healthcare Services	7.2%	5.7%
Healthcare Facilities	3.2%	3.6%
Healthcare Technology	1.8%	0.7%
Healthcare Supplies	1.2%	1.7%
Healthcare Distributors	0.9%	0.7%
Other net liabilities	(10.0%)	(7.1%)
Total	100.0%	100.0%

Market Capitalisation breakdown at:	31 March 2020	30 September 2019
Large (>US$5bn)	99.0%	96.9%
Medium (US$1bn - US$5bn)	4.7%	3.3%
Small (<US$1bn)	6.3%	6.9%
Other net liabilities	(10.0%)	(7.1%)
	100.0%	100.0%

STATEMENT OF COMPREHENSIVE INCOME
For the half year ended 31 March 2020

		Group			Group			Group
		(Unaudited) Half year ended 31 March 2020			(Unaudited) Half year ended  31 March 2019			(Audited) Year ended  30 September 2019
		Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
		return	return	return	return	return	return	return	return	return
	Notes	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Investment income	2	1,883	-	1,883	2,605	-	2,605	4,131	-	4,131
Other operating income	2	16	-	16	19	-	19	79	-	79
Losses on investments held at fair value		-	(15,921)	(15,921)	-	(9,378)	(9,378)	-	(3,337)	(3,337)
Other currency (losses)/ gains		-	(704)	(704)	-	13	13	-	43	43
Total income		1,899	(16,625)	(14,726)	2,624	(9,365)	(6,741)	4,210	(3,294)	916
Expenses
Investment management fee		(259)	(1,037)	(1,296)	(250)	(998)	(1,248)	(503)	(2,013)	(2,516)
Other administrative expenses		(337)	(37)	(374)	(279)	9	(270)	(610)	(69)	(679)
Total expenses		(596)	(1,074)	(1,670)	(529)	(989)	(1,518)	(1,113)	(2,082)	(3,195)
Loss before finance costs and tax		1,303	(17,699)	(16,396)	2,095	(10,354)	(8,259)	3,097	(5,376)	(2,279)
Finance costs		-	(513)	(513)	(7)	(522)	(529)	(9)	(1,037)	(1,046)
Loss before tax		1,303	(18,212)	(16,909)	2,088	(10,876)	(8,788)	3,088	(6,413)	(3,325)
Tax		(266)	-	(266)	(306)	-	(306)	(535)	-	(535)
Net loss for the period and total comprehensive income		1,037	(18,212)	(17,175)	1,782	(10,876)	(9,094)	2,553	(6,413)	(3,860)
Losses per ordinary share (basic) (pence)	3	0.85	(15.01)	(14.16)	1.46	(8.88)	(7.42)	2.09	(5.25)	(3.16)

The total column of this statement represents the Group and Company's Statement of Comprehensive Income, prepared in accordance with IFRS as adopted by the European Union.

The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.

The Group does not have any other income or expense that is not included in net profit/(loss) for the period/year. The net profit/(loss) for the period/year disclosed above represents the Group's total comprehensive Income.

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 period/year.

BALANCE SHEETS
For the half year ended 31 March 2020

	Note	Group			Company
		(Unaudited) 31 March  2020 £'000	(Unaudited) 31 March  2019 £'000	(Audited) 30 September 2019 £'000	(Unaudited) 31 March 2020 £'000	(Unaudited) 31 March 2019 £'000	(Audited) 30 September 2019 £'000
Non current assets
Investments held at fair value		295,831	303,731	308,993	295,831	303,731	308,993
Investment in subsidiary		-	-	-	50	50	50
Current assets
Receivables		4,189	4,908	17,237	4,189	4,908	17,237
Overseas tax recoverable		848	674	693	848	674	693
Cash and cash equivalents		7,139	14,670	6,862	7,089	14,620	6,812
		12,176	20,252	24,792	12,126	20,202	24,742
Total assets		308,007	323,983	333,785	308,007	323,983	333,785
Current liabilities
Payables		(4,221)	(3,149)	(10,961)	(4,221)	(3,149)	(10,961)
Bank overdraft		(4)	(1,746)	(4)	(4)	(1,746)	(4)
		(4,225)	(4,895)	(10,965)	(4,225)	(4,895)	(10,965)
Non-current liabilities
Zero dividend preference shares		(34,884)	(33,867)	(34,373)	-	-	-
Loan from subsidiary		-	-	-	(34,884)	(33,867)	(34,373)
Total liabilities		(39,109)	(38,762)	(45,338)	(39,109)	(38,762)	(45,338)
Net assets		268,898	285,221	288,447	268,898	285,221	288,447
Equity attributable to equity shareholders
Called up share capital		31,037	31,037	31,037	31,037	31,037	31,037
Share premium reserve		80,685	80,685	80,685	80,685	80,685	80,685
Capital redemption reserve		6,575	6,575	6,575	6,575	6,575	6,575
Special distributable reserve		3,672	5,502	4,712	3,672	5,502	4,712
Capital reserves		144,434	158,183	162,646	144,434	158,183	162,646
Revenue reserve		2,495	3,239	2,792	2,495	3,239	2,792
Total equity		268,898	285,221	288,447	268,898	285,221	288,447
Net asset value per ordinary share (pence)	4	221.73	233.53	236.88	221.73	233.53	236.88
Net asset value per ZDP share (pence)	4	108.58	105.41	106.99	-	-	-

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own income statement in the financial statements. The parent company's loss for the half year was £17,175,000 (31 March 2019: loss of £9,094,000 and 30 September 2019: loss of £3,860,000).

STATEMENT OF CHANGES IN EQUITY

For the half year ended 31 March 2020

		Group and Company Half year ended 31 March 2020 (Unaudited)
		Called up share capital £000	Capital redemption reserve £000	Share premium reserve £000	Special distributable reserve £000	Capital reserves £000	Revenue reserve £000	Total Equity £000
Total equity at 1 October 2019		31,037	6,575	80,685	4,712	162,646	2,792	288,447
Total comprehensive (expense)/income:
(Loss)/profit for the half year ended 31 March 2020		-	-	-	-	(18,212)	1,037	(17,175)
Transactions with owners, recorded directly to equity:
Shares bought back and held in treasury		-	-	-	(1,040)	-	-	(1,040)
Equity dividends paid		-	-	-	-	-	(1,334)	(1,334)
Total equity at 31 March 2020		31,037	6,575	80,685	3,672	144,434	2,495	268,898
		Group and Company Half year ended 31 March 2019 (Unaudited)
		Called up share capital £000	Capital redemption reserve £000	Share premium reserve £000	Special distributable reserve £000	Capital reserves £000	Revenue reserve £000	Total Equity £000
Total equity at 1 October 2018		31,037	6,575	80,685	6,225	169,059	2,682	296,263
Total comprehensive (expense)/income:
(Loss)/profit for the year ended 31 March 2019		-	-	-	-	(10,876)	1,782	(9,094)
Transactions with owners, recorded directly to equity:
Shares bought back and held in treasury		-	-	-	(723)	-	-	(723)
Equity dividends paid		-	-	-	-	-	(1,225)	(1,225)
Total equity at 31 March 2019		31,037	6,575	80,685	5,502	158,183	3,239	285,221
		Group and Company  Year ended 30 September 2019 (Audited)
		Called up share capital £000	Capital redemption reserve £000	Share premium reserve £000	Special distributable reserve £000	Capital reserves £000	Revenue reserve £000	Total Equity £000
Total equity at 1 October 2018		31,037	6,575	80,685	6,225	169,059	2,682	296,263
Total comprehensive (expense)/income:
(Loss)/profit for the year ended 30 September 2019		-	-	-	-	(6,413)	2,553	(3,860)
Transactions with owners, recorded directly to equity:
Shares bought back and held in treasury		-	-	-	(1,513)	-	-	(1,513)
Equity dividends paid		-	-	-	-	-	(2,443)	(2,443)
Total equity at 30 September 2019		31,037	6,575	80,685	4,712	162,646	2,792	288,447

CASH FLOW STATEMENT
For the half year ended 31 March 2020

	Group and Company
	(Unaudited) Half year ended 31 March 2020 £'000	(Unaudited) Half year ended 31 March 2019 £'000	(Audited) Year ended 30 September 2019 £'000
Cash flows from operating activities
Loss before finance costs and tax	(16,396)	(8,259)	(2,279)
Adjustment for non-cash items:
Losses on investments held at fair value through profit or loss	15,921	9,378	3,337
Adjusted (loss)/profit before tax	(475)	1,119	1,058
Adjustments for:
Purchases of investments, including transaction costs	(449,722)	(145,874)	(532,121)
Sales of investments, including transaction costs	453,244	148,026	530,063
Decrease in receivables	134	58	222
(Decrease)/increase in payables	(107)	(139)	169
Overseas tax deducted at source	(421)	(423)	(671)
Net cash generated from/(used in) operating activities	2,653	2,767	(1,280)
Cash flows from financing activities
Cost of shares repurchased	(1,040)	(723)	(1,513)
Interest paid	(2)	(34)	(45)
Equity dividends paid	(1,334)	(1,225)	(2,443)
Net cash used in from financing activities	(2,376)	(1,982)	(4,001)
Net increase /(decrease) in cash and cash equivalents	277	785	(5,281)
Cash and cash equivalents at the beginning of the period	6,858	12,139	12,139
Cash and cash equivalents at the end of the period	7,135	12,924	6,858

NOTES TO THE FINANCIAL STATEMENTS

For the half year ended 31 March 2020

1. General Information

The consolidated financial statements comprise the unaudited results of the Company and its wholly-owned subsidiary PCGH ZDP plc (together referred to as the Group) for the six-month period to 31 March 2020. 

The Group and Company unaudited financial statements to 31 March 2020 have been prepared using the accounting policies used in the Group and Company's financial statements to 30 September 2019. These accounting policies are based on International Financial Reporting Standards ("IFRS"), which comprise standards and interpretations approved by the International Accounting Standards Board ("IASB") and the International Accounting Standards Committee ("IASC"), as adopted by the European Union.

The financial information in this half year financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. 

The financial information for the periods ended 31 March 2020 and 31 March 2019 have not been audited. The figures and financial information for the year ended 30 September 2019 are an extract from the latest published accounts and do not constitute statutory accounts for that year. Full statutory accounts for the year ended 30 September 2019, prepared under IFRS, including the report of the auditors which was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 of the Companies Act 2006, have been delivered to the Registrar of Companies. 

The Group and Company's accounting policies have not varied from those described in the financial statements for the year ended 30 September 2019. 

The Group and Company's financial statements are presented in Pound Sterling and all values are rounded to the nearest thousand pounds (£'000), except where otherwise stated. 

The Directors believe it is appropriate to adopt the going concern basis in preparing the financial statements. The Board continually monitors the financial position of the Group and Company and in connection with new risks presented by COVID-19, we have revised the stress-testing which was completed at the year end, up to  31 March 2020, the balance sheet date as at the half year end. These tests included a revised five-year cash flow forecast which demonstrated the Company's ability to meet its short-term and long-term obligations. Having carried out the revised tests, the Directors are satisfied that it is appropriate to continue to adopt the going concern basis in preparing the financial results of the Group and Company. The assets of the Group and Company comprise mainly of securities that are readily realisable and accordingly, the Group and Company have adequate financial resources to meet their liabilities as and when they fall due and to continue in operational existence for the foreseeable future.

2. DIVIDENDS and OTHER Income	(Unaudited) For the half year ended 31 March 2020 £'000	(Unaudited) For the half year ended 31 March 2019 £'000	(Audited) For the year ended 30 September 2019 £'000
Investment income
Revenue:
Franked: listed investments
Dividend income	64	312	377
Unfranked: listed investments
Dividend income	1,819	2,293	3,754
Total investment income allocated to revenue	1,883	2,605	4,131

Other operating income
Other income	-	-	30
Bank interest	16	19	49
Total other operating income	16	19	79

Note - There were no dividends allocated to capital as at 31 March 2020.

3. LOSS per ORDINARY share	(Unaudited) For the half year ended 31 March 2020 £'000	(Unaudited) For the half year ended 31 March 2019 £'000	(Audited) For the year ended 30 September 2019 £'000
Net profit/(loss) for the period:
Revenue	1,037	1,782	2,553
Capital	(18,212)	(10,876)	(6,413)
Total	(17,175)	(9,094)	(3,860)
Weighted average number of shares in issue during the period	121,313,716	122,466,319	122,123,685
Revenue	0.85p	1.46p	2.09p
Capital	(15.01)p	(8.88p)	(5.25p)
Total	(14.16)p	(7.42p)	(3.16p)

As at 31 March 2020 there were no potentially dilutive shares in issue (31 March 2019 and 30 September 2019: nil).

4. Net asset value per share	(Unaudited) For the half year ended 31 March 2020	(Unaudited) For the half year ended 31 March 2019	(Audited) For the year ended 30 September 2019
(i) Ordinary shares
Net assets attributable to ordinary shareholders (£'000)	268,898	285,221	288,447
Ordinary shares in issue at end of period (excluding those held in treasury)	121,270,000	122,135,000	121,770,000
Net asset value per ordinary share (pence)	221.73	233.53	236.88

As at 31 March 2020 there were no potentially dilutive shares in issue (31 March 2019 and 30 September 2019: nil).

(ii) ZDP shares
Calculated entitlement of ZDP shareholders (£'000)	34,884	33,867	34,373
ZDP shares in issue at the end of the year	32,128,437	32,128,437	32,128,437
Net asset value per ZDP share (pence)	108.58	105.41	106.99

        5. DIVIDENDS

        Dividends for the current financial year ending 30 September 2020, if declared, will be paid in August 2020 and February 2021.

6. RELATED PARTY TRANSACTIONS

There have been no related party transactions that have materially affected the financial position or the performance of the Company during the six-month period to 31 March 2020.

7. POST BALANCE SHEET EVENTS

As noted in the Investment Managers' Report, the outbreak of COVID-19, declared by the World Health Organisation as a global health emergency on the 30 January 2020, has caused disruption to businesses and economic activity which has been reflected in recent fluctuations in global stock markets. The Board and Managers continue to monitor developments relating to COVID-19 and the impact on investment performance in line with the investment objectives.

Subsequent to the half year end, the net asset value per share of the Company has increased by 18.2% from 221.73p to 262.02p and the Company's share price has increased by 19.9% from 196p to 235p as at 14 May 2020.

Polar Capital, the appointed Investment Manager, is coordinating its operational response based on existing business continuity plans and on guidance from global health organisations, UK government and general pandemic response best practice.

FORWARD LOOKING STATEMENTS

Certain statements included in this half-year financial report incorporating the interim management report 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 section on pages 28 to 30 of the Annual Report for the year ended 30 September 2019. These risks and uncertainties are currently compounded by the impact of the COVID-19 pandemic. No part of these results 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.

HALF YEAR REPORT 

The Company has opted not to post half year reports to shareholders. Copies of this announcement will be available from the Company Secretary at the Registered Office, 16 Palace Street, London SW1E 5JD and from the Company's website at www.polarcapitalhealthcaretrust.com

Neither the contents of the Company's website nor the contents of any website accessible from the hyperlinks on the Company's website (or any other website) is incorporated into or forms part of this announcement .

 

END

 

 

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