Fact sheet: Polar Capital Biotechnology

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
SPECIALIST
Sector
FO Equity - Pharma Health & Biotech
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates Polar Capital Biotechnology

New for 2018. Backs biotech companies of all sizes

Polar Capital Biotechnology, a ᆪ200 million fund, is a newcomer for 2018, having replaced the ᆪ500 million Axa Framlington Biotech fund. It has failed to beat its benchmark over three and five years, while Polar Capital Biotechnology has done so handsomely.It aims to preserve capital and achieve long-term capital growth by investing in companies across the biotechnology ecosystem. Lead fund manager David Pinniger has run the fund since its launch in 2013. He is supported by a team of five further healthcare sector specialists who have more than 100 years of industry experience between them.The team believe that a concentrated and actively managed portfolio is the best way for investors to exploit the investment opportunities found in the biotech sector. They use fundamental analysis to select a portfolio of typically 40 to 60 stocks (48 at the end of 2017). Their strategy is to use an unconstrained approach to portfolio construction and stock selection, in particular to invest beyond the mainstream larger biotechnology companies that dominate the Nasdaq Biotechnology index.At the end of 2017, the fund had 45 per cent in large companies, 28 per cent in small companies and 24 per cent in medium-sized companies. The managers are able to seek investments worldwide, but given the nature of the industry have most of the fund's assets (70 per cent) in the US. They also have exposure across Europe, and to China and Australia.The fund levies a 10 per cent performance fee, but we deem this to be acceptable for a specialist fund investing in this area.<\p>

3 Year Performance
Fund Performance34.3%
Average of Rated Funds Group41.9%
Sector Performance-4.2%
Fund information
Fund name
Polar Capital Biotechnology I GBP
Fund manager company
Polar Capital
Fund type
OEIC
Fund managers
  • David Pinnigersince 31/10/2013
Accolades
Fund objective
The Fund aims to preserve capital and achieve long-term capital appreciation by investing throughout the biotechnology ecosystem, across geographies and market capitalisations.
Benchmark
  • NASDAQ Biotechnology
Investment style
Active,Growth
Investment method
Shares
Quick stats
1 Year return
12.8%
1 Year rank in sector
8/31
Sector
FO Equity - Pharma Health & Biotech
Yield
-
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.23%
Fund size
£343m (£158m last year)
Top in this sector
Fund name1 Year
Variopartner SICAV SeBiOpp26.6%
CSIF 2CS(L)GblDglHthEq23.6%
Variopartner SICAV MVGbMdtcF21.2%
Variopartner SICAV SEmMkHcare15.8%
Janus Henderson GlLfSc15.4%
...more in FO Equity - Pharma Health & Biotech

Performance snapshot

Holdings snapshot

  • USA57.5%
    Money Market9.5%
    Netherlands8.7%
    UK5%
    Denmark4.8%
  • Biotechnology/Medical80.2%
    Money Market9.5%
    Pharmaceuticals7.6%
    Healthcare & Medical Products1.9%
    Health Care0.8%
  • US Equities57.6%
    Money Market9.5%
    Dutch Equities8.7%
    UK Equities5%
    Danish Equities4.8%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-3.6%2%-0.1%12.8%34.3%-
Sector-2.5%-2.4%-1.7%6.1%-4.2%74.9%
Rank within sector22 / 312 / 3111 / 318 / 312 / 29-
Quartile3rd1st2nd2nd1st
Calendar performance
 YTD - 20182017201620152014
Fund3%19.5%10.3%19.5%57.8%
Sector0.5%14.9%-9.9%7.2%28.1%
Rank within sector7 / 3111 / 302 / 301 / 261 / 23
Quartile1st2nd1st1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
12.88
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.21
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.35
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
20.29
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
9.54
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
1.25
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.8
Price movement
52 week high17.65
52 week low14.69
Current bid price-
Current offer price-
Current mid price16.82
Region
1USA57.54%
2Money Market9.47%
3Netherlands8.71%
4UK5.04%
5Denmark4.8%
6Germany4.7%
7Sweden4%
8China2.8%
9Ireland1.02%
Industry sector
1Biotechnology/Medical80.24%
2Money Market9.47%
3Pharmaceuticals7.57%
4Healthcare & Medical Products1.89%
5Health Care0.83%
Asset type
1US Equities57.6%
2Money Market9.5%
3Dutch Equities8.7%
4UK Equities5%
5Danish Equities4.8%
6German Equities4.7%
7Swedish Equities4%
8Chinese Equities2.8%
9Irish Equities1%
Individual holdings
1VERTEX PHARMACEUTICALS INC7.24%
2BIOGEN INC7.14%
3PHARMING GROUP NV6.45%
4CELGENE CORP4.43%
5GILEAD SCIENCES INC4.01%
6WILSON THERAPEUTICS AB4%
7REGENERON PHARMACEUTICALS INC3.96%
8EXELIXIS INC3.75%
9ALNYLAM PHARMACEUTICALS INC3.49%
Management
Fund manager group
Polar Capital
Fund manager company
Polar Capital
Fund type
OEIC
Fund objective
The Fund aims to preserve capital and achieve long-term capital appreciation by investing throughout the biotechnology ecosystem, across geographies and market capitalisations.
Benchmark
  • NASDAQ Biotechnology
Investment style
Active,Growth
Investment method
Shares
Fund managers
NameSinceBiography
David Pinniger31/10/2013David joined Polar Capital in August 2013 as a Fund Manager within the healthcare team. Prior to joining Polar Capital, for five years David was Portfolio Manager of the International Biotechnology Trust at SV Life Sciences. He also previously 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. David received a first class honours degree in human sciences from Oxford University in 1999 and is a CFA charterholder.
Compliance
Transparent for Austrian Tax, Transparent for Swiss Tax, IA Recognised, Offshore, Reporting Fund Status, UCITS V Compliant
Domicile
No data available.
Fund for sale in
Austria, Belgium, Switzerland, Germany, Denmark, Spain, Finland, France, United Kingdom, Guernsey, Ireland, Italy, Jersey, Liechtenstein, Luxembourg, Netherlands, Norway, Offshore, Portugal, Singapore, Sweden
Polar Capital Biotechnology I EUR
Initial charge5%
Annual charge1%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.23%
Total expense ratio (TER)1.35%
Bid price-
Offer price-
Mid price19.5
CurrencyEUR
Price updated17/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeJTYE
Polar Capital Biotechnology I GBP
Initial charge5%
Annual charge1%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.23%
Total expense ratio (TER)1.35%
Bid price-
Offer price-
Mid price16.82
CurrencyGBP
Price updated17/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeJTYF
Polar Capital Biotechnology I Hedged GBP
Initial charge5%
Annual charge1%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price10.45
CurrencyGBP
Price updated17/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeOE9R
Polar Capital Biotechnology I USD
Initial charge5%
Annual charge1%
Min single investment£1,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.23%
Total expense ratio (TER)1.35%
Bid price-
Offer price-
Mid price24.07
CurrencyUSD
Price updated17/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeJTYG
Polar Capital Biotechnology R EUR
Initial charge5%
Annual charge1.5%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.73%
Total expense ratio (TER)1.85%
Bid price-
Offer price-
Mid price19.08
CurrencyEUR
Price updated17/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeJTYH
Polar Capital Biotechnology R GBP
Initial charge5%
Annual charge1.5%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.73%
Total expense ratio (TER)1.85%
Bid price-
Offer price-
Mid price16.46
CurrencyGBP
Price updated17/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeJTYI
Polar Capital Biotechnology R USD
Initial charge5%
Annual charge1.5%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.73%
Total expense ratio (TER)1.85%
Bid price-
Offer price-
Mid price23.55
CurrencyUSD
Price updated17/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeJTYJ
Polar Capital Biotechnology S EUR
Initial charge5%
Annual charge0.9%
Min single investment£5,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.98%
Total expense ratio (TER)1.25%
Bid price-
Offer price-
Mid price19.66
CurrencyEUR
Price updated17/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeJTYK
Polar Capital Biotechnology S GBP
Initial charge5%
Annual charge0.9%
Min single investment£5,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.98%
Total expense ratio (TER)1.25%
Bid price-
Offer price-
Mid price16.97
CurrencyGBP
Price updated17/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeJTYL
Polar Capital Biotechnology S USD
Initial charge5%
Annual charge0.9%
Min single investment£5,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)0.98%
Total expense ratio (TER)1.25%
Bid price-
Offer price-
Mid price24.27
CurrencyUSD
Price updated17/04/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeJTYM
Data provided by

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