Polar Capital Global Healthcare Trust (PCGH) Overview

What is Polar Capital Global Healthcare Trust (PCGH)?

Managed by Polar Capital, with co-managers Gareth Powell (Head of Healthcare) and James Douglas, who have run the portfolio together since August 2019. PCGH aims for capital growth by investing in a global portfolio of healthcare shares across four areas: pharmaceuticals, biotechnology, medical devices and healthcare services. The portfolio is mainly large, established "blue-chip" names, with room for up to 30% in smaller and mid-sized companies. It is concentrated, holding around 40 stocks, and is heavily weighted to the US.

Why is it rated by Boring Money?

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Holly MackayCEO and Founder, Boring Money

How has PCGH performed?

All data herein is sourced from FE fundinfo and is correct as at end August 2026. Boring Money is not responsible for any data discrepancies.

Why look at it now?

PCGH has a fresh structure and shares that trade close to the value of the underlying portfolio. On 30 September 2026 the shares stood at a small premium of about 0.6% to NAV, versus an average discount of 5.8% over the five years to June 2026. The promise of a full exit offer every five years (the next by 31 March 2031) is designed to keep that gap tight.

What is the risk rating for PCGH?

We rank this at 5/5 on our chilli scale for riskFor a guide on how spicy any trust is, we use FE fundinfo’s Risk Score and sort the trusts into one of our 5 chilli bands. Cash would be no chilli. A non-volatile smooth trust would be 1 or 2. The FTSE 100 would clock in as 4 chillies. Anything very volatile and spicy is a 5..

Healthcare is often seen as a defensive sector, but this is still a single-sector trust. About two-thirds of the money is in US companies, so returns are exposed to the dollar and to US policy on drug prices. The top holdings are big positions, with the two largest making up nearly a fifth of the portfolio. The trust can also borrow up to 15% of its net assets, which magnifies gains and losses. Best held for the long term as part of a diversified The process of spreading your investment portfolio across different asset classes, such as partially in shares and partially in bonds, in order to reduce risk.portfolio.

Where does PCGH invest?

Geography: United States 68.4% | United Kingdom 6.0% | Switzerland 5.6% | Israel 4.3% | Canada 3.7% | Japan 3.0% | Denmark 2.5% | China 2.4% | Italy 2.2% | Germany 2.1% | India 2.0% | Ireland 1.9% | Netherlands 1.7% | Sweden 1.6% | France 1.2% |

What sectors does PCGH invest in?

Led by pharmaceuticals, alongside biotechnology, medical equipment and life-sciences tools.

What are the top holdings?

PCGH is dominated by big US drugmakers and health insurers. Its two largest holdings, Johnson & Johnson (9.8%) and Eli Lilly (9.5%), together make up nearly a fifth of the portfolio. Beyond them it holds UnitedHealth Group, Swiss drugmaker Roche, Abbott Laboratories, Israel's Teva and life-sciences group Danaher. Earlier in 2026, the top ten also included names such as AstraZeneca, Thermo Fisher Scientific and CVS Health.

Source: Polar Capital Global Healthcare Trust as at 31/08/2026

What are the key facts? 

Source: Polar Capital Global Healthcare Trust as at 31/08/2026