Polar Capital launches biotechnology fund

Polar Capital Holdings has announced the launch of an open-ended Ucits global biotechnology fund.

The open-ended Ucits vehicle will be managed by David Pinniger, a recent hire into Polar Capital’s specialist healthcare investment team, and is the latest addition to the firm’s existing healthcare investment strategies.

The investment objective of the Polar Capital Biotechnology Fund will be to achieve long-term capital growth by investing in a globally diversified portfolio of biotechnology companies. The manager will use a fundamental research-driven approach to construct a portfolio of between 40 and 60 investments, with performance benchmarked against the NASDAQ Biotechnology Index.

The fund is available in sterling, US dollar and euro-denominated share classes. The annual management charge is 1.5% on the retail share class and 1.0% on the institutional share class.

David Pinniger commented: “We believe the global biotechnology industry is poised to deliver significant value creation over the coming years driven by a major new innovation cycle. It is our view that the sector’s stock market resurgence in recent years could be just the start of a multi-year re-rating as this high growth global industry comes of age.

“We intend to create an actively managed portfolio of what we believe to be the highest quality opportunities in the field of biotechnology-driven medical innovation. Investments will be made in companies where we believe the successful development of a drug, device or diagnostic has the potential to transform the treatment of a disease where there is real unmet medical need.

Gareth Powell, co-manager of the team’s Healthcare Opportunities Fund, added: “We are very excited about the launch of the biotechnology fund. It will provide investors with actively managed exposure to one of the global economy’s most exciting growth industries, in an environment where high quality growth opportunities are scarce. David has ideal experience of managing a long equity strategy in this global industry and a strong track record, and will be supported by the specialist healthcare team here at Polar Capital.”

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