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AUM 31.03.2026
Figures are representative and are used here for illustrative purposes only.
The Strategy aims to achieve long-term capital growth by investing in a globally diversified portfolio of small cap healthcare companies.
The Portfolio Manager uses a bottom up, fundamental approach to identify investment opportunities in global healthcare companies that meet some or all of the following investment criteria:
The financial position and the health of the balance sheet are also key considerations in the selection process.
The portfolio will be geographically diversified, with a focus on small-cap stocks from any healthcare sub-sector.
Deane joined Polar Capital in June 2013 and is the Lead Manager of the Polar Capital Healthcare Discovery Fund.
Prior to joining Polar Capital, Deane began her career at the Medical College of Georgia, before becoming a clinical specialist in Drug Information and Adult Internal Medicine with Emory University Hospital in Atlanta, Georgia. After several years, she moved to the UK to join Framlington (now AXA Framlington) as an analyst for the healthcare unit trust, led by Anthony Milford. She went on to become lead portfolio manager of the Framlington Healthcare and Framlington Biotechnology funds. Deane is both a US and UK citizen.
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.
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.
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.
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.
Damiano joined the Polar Capital Healthcare team as an investment analyst in October 2020. He started at the company in 2016 as part of the Operations team before moving to the Risk team in 2019. Prior to joining Polar Capital, he worked as a technical consultant at a fintech company. Damiano has an MSc in Mathematics and Foundations of Computer Science from the University of Oxford and is a CFA charterholder.
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.
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.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Healthcare Small Cap 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 World Small Cap Health 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 http://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.
Invalid Dates
Update chart| 1 Year | 3 Years | 5 Years | Since Inception (31/01/2020)* | YTD | QX | |
|---|---|---|---|---|---|---|
| Gross | 27.82 | 5.41 | -0.09 | 7.32 | -4.19 | -4.19 |
| Net | 26.28 | 4.35 | -1.53 | 5.71 | -4.48 | -4.48 |
| Index** | 20.93 | 7.03 | -4.04 | 2.31 | -3.86 | -3.86 |
Periods over one year are annualised. *The Strategy was launched on 31 January 2020.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Gross | 23.92 | -4.32 | 9.17 | -22.39 | 4.90 |
| Net | 22.53 | -5.35 | 7.80 | -23.79 | 2.79 |
| Index** | 19.26 | 1.64 | 5.79 | -29.12 | -6.78 |
**MSCI World Small Cap Health 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 $10,000 investment made in the strategy since inception (or chosen period). Figures include reinvestment of capital gains and dividends. The index performance figures are sourced from Bloomberg and are in US$ 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 0.75% - Institutional. The performance fee is 10% of outperformance of the MSCI World Small Cap Health Net 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 Healthcare Small Cap Composite includes all institutional portfolios that primarily invest in a globally diversified portfolio of small cap healthcare companies. 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 World Small Cap Health Net Total Return Index is designed to capture small capitalisation segments across 23 Developed Markets countries.
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.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Healthcare Small Cap 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 World Small Cap Health 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 http://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.
| Bridgebio Pharma | 4.6 |
| Xenon Pharmaceuticals | 4.0 |
| Madrigal Pharmaceuticals | 4.0 |
| Encompass Health Corp | 3.2 |
| Guardant Health | 2.9 |
| AxoGen | 2.6 |
| Repligen Corp | 2.5 |
| HealthEquity | 2.4 |
| Vaxcyte | 2.2 |
| Labs. Farm. Rovi | 2.2 |
| Total |
| Large Cap (> $10bn) | 17.7 | |
| Mid Cap (>$5bn - $10bn) | 26.9 | |
| Small Cap (>$1bn - $5bn) | 41.9 | |
| Micro Cap (<$1bn) | 7.8 | |
| Cash | 5.8 |
| Strategy | Relative | ||
|---|---|---|---|
| Biotechnology | 35.1 | -0.2 | |
| Healthcare Services | 12.6 | 6.4 | |
| Healthcare Equipment | 11.8 | 0.0 | |
| Pharmaceuticals | 9.7 | -6.6 | |
| Healthcare Facilities | 7.2 | -0.3 | |
| Life Sciences Tools & Services | 5.7 | -3.8 | |
| Managed Healthcare | 3.6 | 1.6 | |
| Healthcare Distributors | 3.3 | -0.3 | |
| Healthcare Technology | 3.0 | 1.3 | |
| Healthcare Supplies | 2.3 | -3.7 | |
| Drug Retail | 0.0 | -0.1 | |
| Cash | 5.8 | 5.8 | |
| United States | 69.2 | |
| Denmark | 4.5 | |
| Canada | 4.0 | |
| India | 3.4 | |
| Sweden | 3.3 | |
| Germany | 2.2 | |
| Spain | 2.2 | |
| Ireland | 1.7 | |
| United Kingdom | 1.6 | |
| Japan | 1.1 | |
| Switzerland | 0.5 | |
| France | 0.4 | |
| Cash | 5.8 | |
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.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Healthcare Small Cap 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 World Small Cap Health 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 http://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.
We invest in smaller healthcare companies with big potential; innovative problem-solving firms on the cutting edge of responding to some of the challenges that exist within today's healthcare industry. With the aim of better providing quality healthcare, to more people, for less money, sustainability is already intrinsic to the healthcare sector.
At a portfolio level, we employ a considered ESG process that enables us to invest in responsible companies playing a positive role in creating and maintaining a sustainable healthcare system. Sustainable healthcare delivery for growing and aging populations is also an important part of the UN Sustainable Development Goal 3, which aims to “ensure healthy lives and promote wellbeing for all at all ages". 1
1. UN SDGs refers to the United Nations Sustainable Development Goals as described here: The 17 Goals | Sustainable Development (un.org).
We screen companies within the Healthcare Discovery Strategy’s potential investment universe, to ensure those involved in controversial practises are excluded. The portfolio is also monitored against several different international conventions, such as the UN’s Global Compact.
As the Strategy invests in companies developing and commercialising products and services in the fields of medicine and healthcare, this results in a further negative exclusion screen. We exclude companies that derive more than 5% of their revenues from the following activities:
Our approach to integrating sustainability and ESG analysis into our investment process has three clear elements.
1. Defining the investible universe
The Strategy's potential investment universe is first screened using the criteria described above. We view our norms-based and negative screens as important frameworks within which to consider business behaviour.
If the team feels a company does not align adequately with these standards, that is grounds for a company to be excluded from investment.
More information on our exclusion policy can be found here.
2. Positive inclusion
Alongside financial analysis, the team will also evaluate whether companies are contributing to one, or more, of the following characteristics and are therefore having a positive social impact:
3. ESG analysis
The investment team evaluates companies on material ESG factors, their potential impact on the business, as well as their impact on the environment and society.
ESG considerations include:
The Healthcare team does not look at these ESG factors in isolation, but instead embraces them as a formal part of the investment process. During due diligence, ESG factors are considered alongside financial metrics in order to provide a fully rounded assessment of any potential investment.
The team review investee companies alignment with the positive inclusion characteristics and the ESG scores of the Strategy, highlighting laggards, holdings with negative ESG momentum, performance against the screening criteria and portfolio climate risk . The ESG profile of the Strategy is assessed both in absolute terms, but also on a relative basis against the Strategy’s benchmark.
Once invested, the team frequently engage with companies on a range of ESG issues. Generally, the investment team take a discrete approach to dialogue with companies. They will often have had a long-term relationship with company management and believe the best forum for influencing company behaviour is in a private, open conversation with management.
We will always vote in the best interests of clients, and for long-term value generation. We aim to vote on 100% of our holdings and are not afraid to vote against management where we believe that is necessary.
Polar Capital uses Institutional Shareholder Services (ISS) to assist with proxy voting. Stewardship is a very important part of our fiduciary duty, and we see ourselves as stewards of our clients’ capital.
Risks:
Important Information: This website is provided for the sole use of the intended recipient and is not a financial promotion. The Polar Capital Healthcare Small Cap 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.
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.
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