**Summary of Polar Capital Global Healthcare Trust PLC Final Results**
**Financial Highlights (Year Ended 30 September 2025):**
**Net Asset Value (NAV) per Ordinary Share (Total Return):** -5.86%, underperforming the benchmark MSCI ACWI Healthcare Index by 1.95% (-7.81%).
**Since Restructuring (20 June 2017)** NAV total return of 81.33%, outperforming the benchmark (68.18%).
**Ongoing Charges** Increased slightly to 0.90% from 0.88% in 2024.
**Total Net Assets** Decreased by 6.5% to £448.1 million from £479.1 million in 2024.
**Net Asset Value per Ordinary Share** Declined by 6.5% to 369.51p from 395.05p.
**Dividends:** Paid 2.20p per sharean 8.3% decrease from 2.40p in 2024.
**Corporate Actions**
**Tender Offer** In November 2025, the Company conducted a 100% Tender Offer, allowing shareholders to exit at NAV (425.61p per share). 22.47% of shares (27,253,026) were tendered, with £115.99 million paid out.
**Share Reissuance** Post-tender, 525,000 shares were reissued from treasury at an average price of 418.65p.
**FTSE 250 Inclusion** Entered the FTSE 250 index in November 2025.
**Performance**
**Relative Performance** Outperformed the benchmark by 1.95% despite negative absolute returns, attributed to strong stock selection in large and mid-cap holdings.
**Discount to NAV** Narrowed to 3.93% from 4.82% in 2024, likely due to the tender offer.
**Portfolio Overview**
**Top 10 Holdings** Represent 41.8% of total net assets, led by Eli Lilly (7.1%), AstraZeneca (6.1%), and Abbott Laboratories (4.9%).
**Sector Allocation** Pharmaceuticals (31.1%), Healthcare Equipment (24.4%), and Biotechnology (21.1%) are the largest sectors.
**Geographical Exposure** United States (53.3%), Denmark (13.7%), and United Kingdom (6.1%) are the top regions.
**Dividends**
**Policy** Focus remains on capital growth, with dividends representing a small part of total returns.
**2025 Dividends** 1.20p per share paid in August 2025 and 1.00p declared for February 2026, totaling 2.20p.
**Board Changes**
**New Directors** Caroline Gulliver (Audit Committee Chair Elect) and Stacey Parrinder-Johnson appointed in May and July 2025, respectively.
**Transition** Neal Ransome to step down as Audit Committee Chair in February 2026, remaining on the Board until November 2026.
**Outlook**
**Healthcare Sector** Positive sentiment with outperformance against the broader market, driven by innovation, robust demand, and AI adoption.
**Board Optimism** Confident in the healthcare sectors prospects and the Companys revised structure to generate returns.
**AGM Details**
**Date:** 26 February 20262:00 PM.
**Location:** 16 Palace StreetLondonSW1E 5JD.
**Virtual Access** Available via Zoom for formal business and questions.
**Key Risks**
**Portfolio Management** Investment performance risk, trading errors, and discount/premium management.
**Regulatory Compliance** Non-compliance with statutes and regulations.
**Operational Risks** Service failures, cyber risks, and key personnel loss.
**Conclusion**
Polar Capital Global Healthcare Trust PLC navigated a challenging market environment, delivering relative outperformance and strategic corporate actions to enhance shareholder value. The Company remains optimistic about the healthcare sectors long-term prospects and its ability to generate returns under its revised structure.