Strategy Overview

Investment Objective

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

Investment Philosophy

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

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

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

Key Facts

A specialist sector Strategy run by an expert healthcare team leveraging institutional emerging markets expertise
The team has 155+ years of combined industry experience
Typically 35-45 positions
High conviction and actively managed with a quality bias across over 40 countries
No benchmark or tracking error constraints
Fundamentally-driven analysis and stock selection

Strategy Availability

UCITS Fund
Separate Account

Management

Brett Pollard, PhD

Co-Lead Manager

Gareth Powell, CFA

Co-Lead Manager

David Pinniger

Fund Manager

Deane Donnigan, PharmD

Fund Manager

James Douglas, PhD

Fund Manager

Damiano Soardo, CFA

Investment Analyst

Leanne Smith

Investment Analyst

Tara Raveendran, PhD

Head of Healthcare Research

Brett Pollard, PhD

Brett joined the Polar Capital Healthcare team in September 2021 and has 23 years of healthcare industry experience, 14 of which have been in healthcare investing.

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

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

Academic qualificationsStudied cell and molecular biology at the University of St. Andrews; PhD in molecular virology.
Professional qualificationsPhD
Industry experience16 years

Gareth Powell, CFA

Gareth joined Polar Capital in 2007 to set up the Healthcare team. Prior to Polar Capital, Gareth worked at Framlington, where he began his career in investment management in 1999. Soon afterwards, he joined the Healthcare team in 2001 and helped launch the Framlington Biotech Fund, which he managed from 2004 until his departure.

Gareth studied biochemistry at Oxford, during which time he worked at Yamanouchi, a leading Japanese pharmaceutical company (later to become Astellas). As well as this, Gareth worked for the Oxford Business School and various academic laboratories including the Sir William Dunn School of Pathology and the Wolfson Institute for Biomedical Research.

Academic qualificationsMBiochem in Biochemistry, University of Oxford
Professional qualificationsCFA Charterholder
Industry experience27 years

David Pinniger

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

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

Academic qualificationsBA (1st Class Hons) in Human Sciences, University of Oxford
Professional qualificationsPassed level III of the CFA
Industry experience26 years

Deane Donnigan, PharmD

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

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

Academic qualificationsDoctor of Pharmacy (PharmD), Clinical Pharmacy, University of Georgia in conjunction with the Medical College of Georgia
Professional qualificationsBoard certified and licensed pharmacist, ACCP board certified pharmacotherapy specialist, IMRO qualified
Industry experience29 years

James Douglas, PhD

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

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

Damiano Soardo, CFA

Damiano joined the Polar Capital Healthcare team in October 2020 and was appointed Deputy Fund Manager in October 2026. He started at the company in 2016 as part of the Operations team before moving to the Risk team in 2019. Prior to joining Polar Capital, he worked as a technical consultant at a FinTech company. Damiano has an MSc in Mathematics and Foundations of Computer Science from the University of Oxford and is a CFA charterholder.

Academic qualificationsMSc in Mathematics and Foundations of Computer Science, University of Oxford
Professional qualificationsCFA Charterholder
Industry experience10 years

Leanne Smith

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

Academic qualificationsBA in Cells and Systems Biology from the University of Oxford
Professional qualificationsPassed level I of the CFA
Industry experience5 years

Tara Raveendran, PhD

Tara joined Polar Capital in September 2021 and she was appointed Head of Healthcare Research in October 2026. Prior to this, she was a consultant focused on independent research for the team. Before joining Polar Capital, she was the Head of Healthcare & Life Sciences Research at Shore Capital.

Academic qualificationsBSc in Biochemistry and PhD in Structural Biology from Imperial College, London
Professional qualificationsPhD
Industry experience20 years

Risk Considerations

Risks:

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

Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested.

The value of a Strategy’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Strategy’s Prospectus for details of all risks.
The Strategy may enter into a derivative contract. The Strategy’s use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as failure amongst market participants.
The use of derivatives will result in the Strategy being leveraged (where market exposure and the potential for loss exceeds the amount the Strategy has invested) and in these market conditions the effect of leverage will magnify losses. The Strategy makes extensive use of derivatives.
If the currency of the share class is different from the local currency in the country in which you reside, the figures shown on this webpage may increase or decrease if converted into your local currency.

Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Emerging Markets Healthcare Strategy (the “Strategy”) is a Strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This website does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

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

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

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

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

Strategy Performance

As at 30 September 2026

Growth of $10,000

Quarter-end performance (as at September 30, 2026)

	1 Year	3 Years	5 Years	Since Inception (31/05/2024)*	YTD	QX
Gross	-0.27	-	-	13.13	8.35	11.51
Net	-1.44	-	-	11.75	7.37	11.24
Index**	2.69	-	-	14.72	10.10	13.58

Periods over one year are annualised. *The Strategy was launched on 31 May 2024.

Historical annual returns (%)

	2025	2024	2023	2022	2021
Gross	16.28	-	-	-	-
Net	14.73	-	-	-	-
Index**	12.22	-	-	-	-

**MSCI Emerging Markets Health Care Net Total Return Index

The strategy performance data quoted here represents past performance, which is not indicative of future results. The chart illustrates the performance of a hypothetical $10,000 investment made in the strategy since inception (or chosen period). Figures include reinvestment of capital gains and dividends. The index performance figures are sourced from Bloomberg and are in USD terms.

Performance and Fees: Returns are presented both gross and net of fees. Net returns are calculated using a model fee which is the maximum management, performance & custodial fees that could be charged to a portfolio plus actual non-reclaimable withholding taxes and trading expenses on any underlying portfolio within the composite. Gross of fee returns are presented before actual management, performance & custodial fees but after all trading expenses and non-reclaimable withholding taxes. The current model fee is set to replicate actual management fees, custodial fees, performance fees, withholding taxes and all trading expenses on the account with the highest fees within the composite. The management fee is 1.00% - Institutional. The performance fee is 10% of outperformance of the MSCI Emerging Markets Healthcare Total Return Index. The composite returns presented represent past performance and is not a reliable indicator of future results, which may vary.

Composite Description: The Polar Capital Emerging Markets Healthcare Composite includes all institutional portfolios that invest primarily in healthcare companies which are domiciled, have their origin from, or exercise the predominant part of their economic activity, in emerging markets. The objective of the Composite is to achieve long term capital appreciation.

Policies: Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

Benchmark Information: The MSCI Emerging Markets Health Care Index is designed to capture the large and mid-cap segments across 24 Emerging Markets (EM) countries around the world. All securities in the index are classified in the Health Care sector as per the Global Industry Classification Standard (GICS®).

GIPS Compliance and Verification Status: Polar Capital LLP claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Polar Capital LLP has been independently verified for the periods 01 January 2009 through 31 December 2025. The verification reports are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. A list of composite descriptions and a list of broad distribution pooled funds are available upon request.

For further information on the strategy presented, please contact us at investor-relations@polarcapitalfunds.com.

Risk Considerations

Risks:

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

Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested.

The value of a Strategy’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Strategy’s Prospectus for details of all risks.
The Strategy may enter into a derivative contract. The Strategy’s use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as failure amongst market participants.
The use of derivatives will result in the Strategy being leveraged (where market exposure and the potential for loss exceeds the amount the Strategy has invested) and in these market conditions the effect of leverage will magnify losses. The Strategy makes extensive use of derivatives.
If the currency of the share class is different from the local currency in the country in which you reside, the figures shown on this webpage may increase or decrease if converted into your local currency.

Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Emerging Markets Healthcare Strategy (the “Strategy”) is a Strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This website does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

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

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

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

Risk: Factors affecting Strategy performance may include changes in market conditions (including currency risk) and interest rates, as well as other economic, political, or financial developments. The Strategy’s investment policy allows for it to enter into derivatives contracts. Leverage may be generated through the use of such financial instruments and investors must be aware that the use of derivatives may expose the Strategy to greater risks, including, but not limited to, unanticipated market developments and risks of illiquidity, and is not suitable for all investors. Past performance is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur. Polar Capital may also receive a performance fee based on the appreciation in the NAV per share and accordingly the performance fee will increase with regard to unrealised appreciation, as well as realised gains. The performance fee may create an incentive for Polar Capital to make investments for Polar Capital Funds plc which are riskier than would be the case in the absence of a fee based on the performance of Polar Capital Funds plc.

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

Top 10 Positions (%)

Wuxi Biologics Cayman	10.2
BeOne Medicines	8.5
Celltrion	7.0
Innovent Biologics	6.7
Samsung Biologics	6.1
Torrent Pharmaceuticals	4.8
Nephrocare Health Services	3.5
Apollo Hospitals Enterprise	3.5
Sino Biopharmaceutical	3.1
WuXi XDC Cayman	3.1
Total

Market Capitalisation Exposure (%)

	Large Cap (>US$10bn)	60.5
	Mid Cap (US$1 - 10bn)	27.4
	Small Cap (<US$1bn)	8.5


China	34.6
India	32.1
South Korea	15.6
United States	8.5
United Kingdom	2.9
Singapore	2.7
Brazil	0.1
Cash	3.6

	Strategy	Relative
Healthcare Services	6.2	6.2
Drug Retail	1.8	1.8
Healthcare Equipment	1.9	1.1
Healthcare Supplies	0.0	-0.1
Life Sciences Tools & Services	22.7	-0.6
Healthcare Facilities	12.4	-0.7
Healthcare Distributors	0.0	-1.0
Pharmaceuticals	25.6	-4.7
Biotechnology	25.8	-5.5

Note: Totals may not sum due to rounding.

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

Risk Considerations

Risks:

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

Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you might get back less than you originally invested.

The value of a Strategy’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Strategy’s Prospectus for details of all risks.
The Strategy may enter into a derivative contract. The Strategy’s use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as failure amongst market participants.
The use of derivatives will result in the Strategy being leveraged (where market exposure and the potential for loss exceeds the amount the Strategy has invested) and in these market conditions the effect of leverage will magnify losses. The Strategy makes extensive use of derivatives.
If the currency of the share class is different from the local currency in the country in which you reside, the figures shown on this webpage may increase or decrease if converted into your local currency.

Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Emerging Markets Healthcare Strategy (the “Strategy”) is a Strategy of Polar Capital Funds plc which is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352/2011), as amended. This website does not seek to make any recommendation to buy or sell any particular security (including shares in the Strategy) or to adopt any specific investment strategy. This website does not contain information material to an investor’s decision to invest in the Strategy. Shares in the Strategy are offered only on the basis of information contained in the prospectus, key investor information document (“KIID”), and the latest annual audited accounts. Copies are available free of charge from Polar Capital at the below address or on www.polarcapitalfunds.com. The KIID is available in Danish, Dutch, English, French, German, Italian, Norwegian, Spanish and Swedish. The prospectus is available in English.

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

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

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

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

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

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

Regional

Thematic

Specialist

Emerging Markets Healthcare Strategy

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

Strategy Overview

Investment Objective

Investment Philosophy

Key Facts

Strategy Availability

Management

Brett Pollard, PhD

Gareth Powell, CFA

David Pinniger

Deane Donnigan, PharmD

James Douglas, PhD

Damiano Soardo, CFA

Leanne Smith

Tara Raveendran, PhD

Brett Pollard, PhD

Gareth Powell, CFA

David Pinniger

Deane Donnigan, PharmD

James Douglas, PhD

Damiano Soardo, CFA

Leanne Smith

Tara Raveendran, PhD

Risk Considerations

Strategy Performance

Quarter-end performance (as at September 30, 2026)

Historical annual returns (%)

Risk Considerations

Portfolio Exposure

Top 10 Positions (%)

Market Capitalisation Exposure (%)

Geographic Exposure (%)

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

Risk Considerations

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Regional

Thematic

Specialist