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Polar Capital Global Health PCGH
dyfed
Posted: 17 May 2017 09:09:13(UTC)
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Joined: 01/09/2016(UTC)
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The prospectus is now out for this restructuring. The "new" PCGH seems to differ from the old one in that it won't focus on paying a divi, will marginally change it's allocation between big established healthcare and the rising stars and will have a "Z" capital class of shares. Existing shareholders (that's me) are offered a buy back (price unclear to me) or a 2-4-1 re-issue.

What to do?

I am aiming to be well overweight in this sector, and what Polar are aiming for seems sensible. However I don't really see why they are making such a meal over this - why not just agree the fairly modest changes in the terms of reference? The launch of a new fund like this costs money which will ultimately come from shareholders.

So I am currently 60;40 sell up, maybe re-enter once the new fund has settled down. There are other investment options: I have bought a few Arix - early days - and am adding to my BIOG as it drops, also hold WWH, but too expensive to buy more at the moment. Sold WPC. Don't like IBT because it pays divi out of capital. I have some AZN and GSK through IT holdings and hold Roche, Sanofi and a couple more direct.

Any thoughts?
3 users thanked dyfed for this post.
Keith Hilton on 17/05/2017(UTC), Shetland on 17/05/2017(UTC), Mickey on 17/05/2017(UTC)
Jim S
Posted: 17 May 2017 16:53:27(UTC)
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IBT has a good review from Stifel in Investment Trust Insider today, maybe its worth another look?

I've held it for many years, performance has been above average for the sector, +221% over the last 5 yrs, and still at an 8% discount to NAV
1 user thanked Jim S for this post.
dyfed on 17/05/2017(UTC)
dyfed
Posted: 19 May 2017 07:42:44(UTC)
#3

Joined: 01/09/2016(UTC)
Posts: 199

Thanks: 270 times
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Jim S;46833 wrote:
IBT has a good review from Stifel in Investment Trust Insider today, maybe its worth another look?

I've held it for many years, performance has been above average for the sector, +221% over the last 5 yrs, and still at an 8% discount to NAV


Thanks - useful article, which also says IBT and BIOG (now my major holding in the sector) have not dissimilar PFs. PCGH has a different mix with more large-caps, and it's going further in that direction. May need to hold onto it despite my dislike of the relaunch.
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