Fund Overview

Investment Objective

The Fund aims to achieve long-term capital growth by investing in a globally diversified portfolio of healthcare companies.

Investment Philosophy

The Fund 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:

Exhibiting current earnings growth
Potential for future earnings growth (which may be under-appreciated by the market)
Potential for future competitive positioning
Ability to outperform peers
The potential to be industry leaders in their fields and which are, in the Fund Manager’s view, typically undervalued or overlooked by the market

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.

Key Facts

Team of eight sector specialists
Team with 155+ years of combined industry experience
Typically 60-80 positions
Focused on small caps from across the healthcare sector
Fundamentally-driven analysis and stock selection

Key Fund Literature

Morningstar Managed Investment Report

31 Mar 2026

Fund Managers

Deane Donnigan, PharmD

Lead Manager

Gareth Powell, CFA

Head of Healthcare

David Pinniger, CFA

Fund Manager

James Douglas, PhD

Fund Manager

Brett Pollard, PhD

Fund Manager

Damiano Soardo, CFA

Investment Analyst

Leanne Smith

Investment Analyst

Tara Raveendran, PhD

Head of Healthcare Research

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

Source and Copyright: Citywire. Deane Donnigan is Plus rated by Citywire for her rolling three-year risk-adjusted performance across all funds the manager is managing to 28/08/2026. Citywire Portfolio Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2026. All rights reserved.

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

Source and Copyright: Citywire. Gareth Powell is A rated by Citywire for his rolling three-year risk-adjusted performance across all funds the manager is managing to 28/08/2026. Citywire Portfolio Manager Ratings and Citywire Rankings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2026. All rights reserved.

David Pinniger, CFA

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

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

Academic qualificationsBA (1st Class Hons) in Human Sciences, University of Oxford
Professional qualificationsCFA Charterholder
Industry experience26 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

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

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

Related Insights

Countries in which this fund is available

Please click on each country to see share class availability

Risks:

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

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

The value of a fund’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Fund’s Prospectus for details of all risks.
The fund is exposed to Sustainability risks which are environmental, social and governance factors that could have an actual or potential material negative impact on the value of the Fund and its risk factors.
The Fund invests in the shares of companies and share prices can rise or fall due to several factors affecting global stock markets.
The Fund uses derivatives which carry the risk of reduced liquidity, substantial loss, and increased volatility in adverse market conditions, such as failure amongst market participants.
The Fund invests in assets denominated in currencies other than the Fund's base currency. Changes in exchange rates may have a negative impact on the Fund's investments. If the share class currency is different from the currency of the country in which you reside, exchange rate fluctuations may affect your returns when converted into your local currency.
The Fund invests in emerging markets where there is a greater risk of volatility due to political and economic uncertainties, restrictions on foreign investment, currency repatriation and currency fluctuations. Developing markets are typically less liquid which may result in large price movements to the Fund.
The Fund invests in a relatively concentrated number of companies and industries based in one sector. This focused strategy can produce high gains but can also lead to significant losses. The Fund may be less diversified than other investment funds.

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

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

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

The Fund promotes, among other characteristics, environmental or social characteristics and is classified as an Article 8 fund under the EU's Sustainable Finance Disclosure Regulation (SFDR). For more information, please see the Prospectus and relevant Fund Supplement.

ESG and sustainability characteristics are further detailed on the investment manager’s website: https://www.polarcapital.co.uk/ESG-and-Sustainability/Responsible-Investing/.

A summary of investor rights associated with investment in the Fund can be found here. This document is provided and approved by both Polar Capital LLP and Polar Capital (Europe) SAS.

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

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

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

For UK Investors: The Fund is recognised in the UK under the Overseas Funds Regime (OFR) but it is not a UK-authorised Fund. UK investors should be aware that they may not be able to refer a complaint against its Management Company or its Depositary to the UK's Financial Ombudsman Service. Any claims for losses relating to the Management Company or the Depositary will not be covered by the Financial Services Compensation Scheme, in the event that either entity should become unable to meet its liabilities to investors. For information on the complaint process to the Management Company, please see the Country Supplement for this fund available at https://www.polarcapital.co.uk/

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

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

Benchmark: The Fund is actively managed and uses the MSCI World Small Cap Health Care Net Total Return Index as a performance target and to calculate the performance fee. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Fund invests. The performance of the Fund is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found www.mscibarra.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 Please be aware that not every share class of every fund is available in all jurisdictions. When considering an investment into the Fund, you should make yourself aware of the relevant financial, legal and tax implications. Neither Polar Capital LLP nor Polar Capital Funds plc shall be liable for, and accept no liability for, the use or misuse of this document.

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

Source & Copyright: ©2026 Morningstar, Inc. All Rights Reserved. Rating representative of the I USD Acc Share Class, as at 31/07/2026. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about the Morningstar's Medalist rating, including its methodology, please go to: https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx. For disclosure and detailed information about this fund please request the full Morningstar Managed Investment Report from investor-relations@polarcapitalfunds.com.

Our ESG approach to investing in smaller healthcare companies

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.

ESG Policy Documents

SFDR Level 2 Website Disclosure

17 Mar 2025

SFDR: Refers to the EU Sustainable Finance Disclosure Regulation.

1. UN SDGs refers to the United Nations Sustainable Development Goals as described here: The 17 Goals | Sustainable Development (un.org).

Exclusions

1. Norms-based screening

We screen companies within the Healthcare Discovery Fund’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.

2. Negative screening

As the Fund 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:

Weapons and military equipment production

Tobacco production

Coal mining and coal-based power generation

Oil & gas exploration and generation

Other non-renewable power generation

Predatory lending

Unregulated gambling

Adult entertainment

ESG Integration

Our core ESG considerations

Our approach to integrating sustainability and ESG analysis into our investment process has three clear elements.

1. Defining the investible universe

The Fund’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:

Improving clinical outcomes through innovation

Improving affordability and accessibility

Improving the efficiency of healthcare delivery

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.

During due diligence, ESG factors that may be considered include:

Engagement

Direct active engagement

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.

Management Remuneration

Board Composition

Supply Chains

Human Capital Development

Product Liability

Improvement in Disclosure

Climate Change

Scientific and Technology Oversight

Voting

Supporting long-term value generation

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. Find out more here.


Items voted	601
Votable items	601
Ballots voted	72
Votable ballots	72
Meetings voted	72
Votable meetings	72

Vote Cast Statistics

	Votes FOR	521
	Votes AGAINST	32
	Votes ABSTAIN	0
	Votes WITHHOLD	40
	Votes on MSOP	58

All voting data as at 30 June 2026


USA	47
India	5
Denmark	4
Sweden	4
Germany	2
Ireland	2
Japan	2
Canada	1
Cayman Islands	1
France	1
Singapore	1
Spain	1
United Kingdom	1

Related Insights

Countries in which this fund is available

Please click on each country to see share class availability

Risks:

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

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

The value of a fund’s assets may be affected by uncertainties such as international political developments, market sentiment, economic conditions, changes in government policies, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. Please see the Fund’s Prospectus for details of all risks.
The fund is exposed to Sustainability risks which are environmental, social and governance factors that could have an actual or potential material negative impact on the value of the Fund and its risk factors.
The Fund invests in the shares of companies and share prices can rise or fall due to several factors affecting global stock markets.
The Fund uses derivatives which carry the risk of reduced liquidity, substantial loss, and increased volatility in adverse market conditions, such as failure amongst market participants.
The Fund invests in assets denominated in currencies other than the Fund's base currency. Changes in exchange rates may have a negative impact on the Fund's investments. If the share class currency is different from the currency of the country in which you reside, exchange rate fluctuations may affect your returns when converted into your local currency.
The Fund invests in emerging markets where there is a greater risk of volatility due to political and economic uncertainties, restrictions on foreign investment, currency repatriation and currency fluctuations. Developing markets are typically less liquid which may result in large price movements to the Fund.
The Fund invests in a relatively concentrated number of companies and industries based in one sector. This focused strategy can produce high gains but can also lead to significant losses. The Fund may be less diversified than other investment funds.