Polar Capital Funds PLC - Biotechnology Fund I USD Inc GBP


New for 2018. Backs biotech companies of all sizes

Polar Capital Biotechnology, a £200 million fund, is a newcomer for 2018, having replaced the £500 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.

Narrative and ratings content all as of 01 January 2018.

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Polar Capital Funds PLC - Biotechnology Fund I USD Inc GBP
Polar Capital LLP
Open Ended Investment Company
1.23 %
Risk Rating
3 Year Sharpe
3 Year Alpha
0 %
NASDAQ Biotechnology TR USD
The investment objective of the Fund is to preserve capital and achieve long term capital appreciation.
Holding %
Pharming Group 7.46 %
Vertex Pharmaceuticals Inc 6.24 %
Biogen Inc 6.12 %
Alexion Pharmaceuticals Inc 6.05 %
Celgene Corp 4.10 %
Incyte Corp 3.95 %
Jazz Pharmaceuticals PLC 3.91 %
BeiGene Ltd ADR 3.47 %
Supernus Pharmaceuticals Inc 3.26 %
Evotec AG 3.03 %
Region %
United States 80.49 %
Eurozone 9.27 %
United Kingdom 6.64 %
Sector %
Healthcare 100.00 %
Polar Capital LLP
SW1E 5JD, London, United Kingdom
Legal Structure
Open Ended Investment Company


David Pinniger
Joined 10/31/2013

David joined Polar Capital in August 2013 as a Fund Manager within the healthcare team. He has over 14 years’ investment experience in the healthcare sector. Prior to joining Polar Capital, for five years David was Portfolio Manager of the International Biotechnology Trust at SV Life Sciences

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