Title: 242087396.pdf URL Source: https://documentscdn.financialexpress.net/Literature/A04AAB99C56C05E799C86E551D8FF9E4/242087396.pdf Number of Pages: 5 Markdown Content: T: +44 (0)20 7227 2700 E: investor-relations@polarcapital.co.uk polarcapitalglobalhealthcaretrust.co.uk Polar Capital Global Healthcare Trust plc ## 30 April 2026 # Trust Profile Investment Objective The Company’s investment objective is to generate capital growth by investing in a global portfolio of healthcare stocks. Investment Policy The Company seeks to achieve this objective by investing in a diversified global portfolio consisting primarily of listed equities issued by healthcare companies involved in pharmaceuticals, medical services, medical devices and biotechnology. The portfolio is expected to be diversified by factors such as geography, industry sub-sector and investment size with a multi-capitalisation approach. Key Facts • An investment trust seeking capital growth across the healthcare sector • Invests across a diverse and rapidly advancing industry • Portfolio of typically 25-60 stocks • High conviction and actively managed # Performance Performance Since Launch (%) n Ordinary Share Price (TR) 4 n NAV per Share (TR) 5 n MSCI ACWI / Healthcare TR > Apr 22 Apr 18 Apr 14 Apr 26 -100 0100 200 300 400 500 600 Since 1m 3m YTD 1yr 3yrs Launch 6 Ordinary Share Price (TR) 2.19 ‑10.10 ‑10.95 14.02 14.45 368.82 NAV per Share (TR) 2.34 ‑6.12 ‑6.50 11.59 12.38 421.75 MSCI ACWI / Healthcare TR ‑3.19 ‑4.85 ‑5.63 4.20 4.09 436.02 Discrete Annual Performance (%) Financial 30.04.25 30.04.24 28.04.23 29.04.22 30.04.21 YTD 30.04.26 30.04.25 30.04.24 28.04.23 29.04.22 Ordinary Share Price (TR) 5.60 14.02 ‑8.51 9.72 10.25 16.42 NAV (undiluted per Share) 5.35 11.59 ‑8.67 10.27 7.26 13.76 MSCI ACWI / Healthcare TR 3.78 4.20 ‑5.03 5.18 4.06 13.68 Performance relates to past returns and is not a reliable indicator of future returns. Source: Bloomberg & HSBC Securities Services (UK) Limited, percentage growth, Net of Fees in GBP terms. 1. Gearing calculations are exclusive of current year revenue/loss. 2. Management fees are charged 80% to capital and 20% to revenue. The management fee is based on the lower of the Market Capitalisation and Adjusted NAV. Ongoing charges (OCR) are calculated at the latest published year end date. Ongoing Charges are the total operating expenses, including management fees of the Company expressed as a percentage of the average daily net asset value during the year. The OCR shows the annual percentage reduction in the net asset value as a result of the costs of running the Company. The OCR for the year to 30 September 2025 was 0.90%. The figures are current estimates and may change in the future. Please see the Annual Report and Financial Statements for further information about the calculation of fees. 3. The Company pays two dividends a year. 4. The ordinary share price has been adjusted for dividends paid in the period in GBP and reinvested at the ex-dividend date. 5. The NAV per share is adjusted to show dividends reinvested on the payment date in ordinary shares at their Net Asset Value; to remove the dilution of the exercise of the subscription rights and, to remove any effects from any issuance or repurchase of ordinary shares. This is the metric used by the Company when assessing the investment manager’s performance. 6. The Company was restructured on 20 June 2017. The Company carried out a tender offer in response to proposals, to extend the Company’s life indefinitely subject to regular tender offers, that were put to shareholders on 22 October 2025 and passed at a General Meeting on 27 November 2025. Risk Warning Your capital is at risk. You may not get back the full amount you invested. Please note the Risks and Important information at the end of this document, and the Investment Policy and full Risk Warnings set out in the Prospectus, Annual Report and/or Investor Disclosure Document. Discount Warning The shares of investment trusts may trade at a discount or a premium to Net Asset Value for a variety of reasons including market sentiment and market conditions. On a sale you could realise less than the Net Asset Value and less than you initially invested. FE Alpha Manager Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. © 2023 FE. All rights reserved. Source & Copyright: CITYWIRE. Gareth Powell & James Douglas have been awarded a Plus rating by Citywire for their 3 year risk-adjusted performance for the period 31/03/2023 - 31/03/2026. Ordinary Shares Share Price 374.00p NAV per share 388.36p Premium ‑ Discount ‑3.70% Capital 100,290,000 shares of 25p* *Excluding Ordinary shares held in treasury Assets & Gearing 1 Total Gross Assets £389.5m Total Net Assets £389.5m AIC Gearing Ratio 8.42% AIC Net Cash Ratio n/a Fees 2 Management £0 ‑ £500m: 0.70% Above 500m: 0.65% Ongoing Charges 0.90% (incl. management fees) Historic Yield (%) 0.59 Dividends (pence per share) 3 February 2026 (Paid) 1.00 August 2025 (Paid) 1.20 February 2025 (Paid) 1.20 August 2024 (Paid) 1.20 Fund Managers James Douglas Fund Manager James has worked closely with the Trust since joining Polar Capital in 2015, becoming co-manager in August 2019 and has 24 years of healthcare experience. Gareth Powell Head of Healthcare Gareth co-founded the Health-care team in 2007, has 26 years of industry experience and has been working as co-manager on the Trust since August 2019. # Trust Fact Sheet Fund Ratings and Awards Ratings are not a recommendation. Polar Capital Global Healthcare Trust plc # Portfolio Exposure ## As at 30 April 2026 Top 10 Positions (%) Eli Lilly & Co 9.4 UnitedHealth Group 6.2 AstraZeneca 5.9 CVS Health Corp 5.1 Roche Holding AG 5.1 Teva Pharmaceutical Industries 5.0 Thermo Fisher Scientific 4.5 Cigna Corp 4.1 Novo Nordisk A/S 3.6 Torrent Pharmaceuticals 3.0 Total 51.9 Total Number of Positions 40 Active Share 77.67% Market Capitalisation Exposure (%) Mega Cap (>US$100bn) 39.8 Large Cap (US$10bn ‑ 100bn) 40.6 Mid Cap (US$5 bn ‑ 10 bn) 12.2 Small Cap ( -10 010 20 > -10 0-20 10 Page 2 of 5 Polar Capital Global Healthcare Trust plc Performance relates to past returns and is not a reliable indicator of future returns. > It should not be assumed that recommendations made in future will be profitable or will equal performance of the securities in this document. A list of all recommendations made within the immediately preceding 12 months is available upon request. # Fund Managers’ Comments Market and sector review Global equities performed strongly in April. The bulk of returns came from more economically sensitive sectors, supported by an improved geopolitical backdrop (consumer discretionary and industrials) and continued investor appetite for the artificial intelligence theme (communication services and information technology). Healthcare materially underperformed the broader market. Within the sector, managed care, healthcare services, healthcare supplies and healthcare information technology were the strongest performing sub-industries, while healthcare facilities, distributors and equipment had a more challenging month. April 2026 was dominated by the fallout from the war in the Middle East, with the conflict between the US/Israel and Iran continuing to drive energy markets, inflation expectations and central bank positioning. A two-week ceasefire announced on 7 April pushed oil prices lower and triggered a market rally, but the agreement was temporary and tied to the reopening of the Strait of Hormuz, leaving its durability in doubt. Against this backdrop, and with oil still well above levels seen two months ago, the IMF used its April World Economic Outlook to cut its 2026 global growth forecast to 3.1% under a “reference forecast”. This assumes a limited conflict, warning that rising commodity prices, firmer inflation expectations and tighter financial conditions are testing recent resilience. The US economy has so far held up (Q1 GDP accelerated to 2% quarter-on-quarter and private sector employment growth came in ahead of expectations). However, the Federal Reserve maintained a hawkish tone, stressing that controlling inflation remains its priority. It is too early to judge whether the US/Israel-Iran conflict will spark a renewed bout of inflation, but if it does, the Fed will once again have to walk a tightrope between containing prices and avoiding undue damage to demand. During April, several companies within the healthcare sector posted their Q1 financial results. Generally, for those companies that reported, managed care organisations beat low expectations, helped by improving medical cost trends and decelerating utilisation of healthcare services. On the opposite side of the equation, healthcare facilities had a tougher quarter on the back of weaker patient volumes, with results that disappointed the market. Life sciences tools and services also fell short of expectations, reflecting the continued challenging dynamics in the industry, though some companies pointed to leading indicators turning positive, notably equipment orders. Pharmaceuticals and healthcare equipment were mixed, while biotechnology continues to trade off M&A activity and clinical trial readouts. Fund performance The Company’s net asset value (NAV) increased by 2.3% in April, ahead of its benchmark, the MSCI All Country World Daily Net Total Return Health Care Index, which was down 3.2% (both figures in sterling terms). Positive contributors relative to the benchmark in April were Centene, Teva Pharmaceutical Industries (Teva) and CVS Health. US managed care company Centene has had a strong start to the year, citing increased visibility and good progress with its Medicaid and Medicare businesses. All of this offered enough confidence to raise the earnings outlook for FY26. Teva’s positive contribution was driven by a strong operational start to the year, with a pipeline that not only remains on track but also surprised the market by announcing an acquisition that was well received. On the same day as the results, Teva announced it has entered a definitive agreement to acquire Emalex Biosciences for $700m in cash, with a further $200m on future milestones and royalties. The acquisition adds a late-stage pipeline asset for the treatment of Tourette’s Syndrome, an area that aligns well with Teva’s existing commercial footprint. CVS Health moved up in sympathy with the managed care group, with strong results across the company’s peers. Negative relative contributors in the period under review included UnitedHealth Group, Elevance Health and Hansa Biopharma. UnitedHealth Group and Elevance Health were underweights relative to the benchmark during the month, with both performing strongly off the back of strong 1Q26 financial results. As a collective, US managed care companies are starting to show green shoots of recovery after a period of inflated medical cost trends. Hansa Biopharma struggled in April, following an underwhelming 1Q26 sets of results. However, management provided reassurance that key development timelines remain on track. We initiated a position in US managed care company UnitedHealth Group during the month. The primary drivers of the investment decision were its valuation and a view that the company had adopted a conservative posture with its guidance across most of the company’s business lines. We also exited the position in Belgian pharmaceuticals company UCB. It continues to execute operationally but is entering a period that looks light on clinical and commercial catalysts. Outlook April was extremely challenging for healthcare on a relative basis, with geopolitical unrest in the Middle East and the market’s preference for AI/technology subsectors key factors. Importantly, however, the earnings season has been broadly positive, pipeline news flow continues to highlight the high levels of innovation, and a number of healthcare subsectors are starting to look very oversold. James Douglas & Gareth Powell 7 May 2026 > Page 3 of 5 Polar Capital Global Healthcare Trust plc # Risks • Investors’ capital is at risk and there is no guarantee the Company will achieve its objective. • Past performance is not a reliable guide to future performance. • The value of investments may go down as well as up. • Investors might get back less than they originally invested. • The value of an investment’s assets may be affected by a variety of uncertainties such as (but not limited to): (i) international political developments; (ii) market sentiment; and (iii) economic conditions. • The shares of the Company may trade at a discount or a premium to Net Asset Value. • The Company may use derivatives which carry the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions. • The Company invests in assets denominated in currencies other than the Company’s base currency and changes in exchange rates may have a negative impact on the value of the Company’s investments. • The Company invests in a concentrated number of companies based in one sector. This focused strategy can lead to significant losses. The Company may be less diversified than other investment companies. • The Company may invest in emerging markets where there is a greater risk of volatility than developed economies, for example due to political and economic uncertainties and restrictions on foreign investment. Emerging markets are typically less liquid than developed economies which may result in large price movements to the Company. # Glossary Active Share, a measure of how actively aportfolio is managed, is the percentage of the portfolio that differs from its benchmark. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the benchmark. An active share of 100 indicates no overlap with the benchmark and an active share of zero indicates a portfolio that tracks the benchmark. Alpha is the excess return on an investment in the Company compared to the benchmark and can be used as a measure of performance, where the benchmark is considered to represent the market’s movement as a whole. Derivatives are instruments whose value is linked to another investment, or to the performance of a stock exchange or to some other variable factor, such as interest rates. Discount is where the share price of an investment company is lower than the net asset value per share. Discrete Performance is the percentage performance of an investment over specific, defined time periods. Emerging markets are countries that are progressing toward becoming advanced, usually shown by some development in financial markets, the existence of some form of stock exchange and a regulatory body. Gearing is all external borrowings of the Company and any subsidiaries. Management Fee is the entitlement of the Investment Manager to an annual management fee. Please see the Explanation of Fee Arrangements available on the Company’s website for further information, found at:https:// www.polarcapitalglobalhealthcaretrust.co.uk/ Key-Information/#/Overview “NAV” or “Net Asset Value” has the value of all assets of the Company less liabilities to creditors (including provisions for such liabilities) determined in accordance with the Company’s accounting policies, applicable accounting standards and the Company’s constitution. Ongoing Charges are the measure of what it costs to run the Company, including the Management Fee and other operating costs; these costs are not passed on to investors in the price they pay for the shares of the Company. Premium is where the share price of an investment company is higher than the net asset value per share. For a complete glossary of investment terms, please refer to the Trust’s website: https://www.polarcapitalglobalhealthcaretrust.co.uk/Glossary/ Page 4 of 5 Polar Capital Global Healthcare Trust plc # Important Information Not an offer to buy or sell This document is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, and under no circumstances is it to be construed as a prospectus or an advertisement. This document does not constitute, and may not be used for the purposes of, an offer of the securities of, or any interests in, the Company by any person in any jurisdiction in which such offer or invitation is not authorised. Information subject to change Any opinions expressed in this document may change. Not Investment Advice This document does not contain information material to the investment objectives or financial needs of the recipient. This document is not advice on legal, taxation or investment matters. Prospective investors must rely on their own examination of the consequences of an investment in the Company. Investors are advised to consult their own professional advisors concerning the investment. No reliance No reliance should be placed upon the contents of this document by any person for any purposes whatsoever. None of the Company, the Investment Manager or any of their respective affiliates accepts any responsibility for providing any investor with access to additional information, for revising or for correcting any inaccuracy in this document. Performance and Holdings All data is as at the document date unless indicated otherwise. Company holdings and performance are likely to have changed since the report date. Company information is provided by the Investment Manager. Benchmark The Company is actively managed and uses the MSCI All Country World Index/ Healthcare as a performance target. The benchmark is considered to be representative of the investment universe in which the Company invests. The performance of the Company is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found at: www.mscibarra.com Third-party Data Some information contained in this document has been obtained from third party sources and has not been independently verified. Neither the Company nor any other party involved in compiling, computing or creating the data makes any warranties or representations with respect to such data, and all such parties expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained within this document. Country Specific Disclaimers United States The information contained within this document does not constitute or form a part of any offer to sell or issue, or the solicitation of any offer to purchase, subscribe for or otherwise acquire, any securities in the United States or in any jurisdiction in which such an offer or solicitation would be unlawful. The Company has not been and will not be registered under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”) and, as such, the holders of its shares will not be entitled to the benefits of the Investment Company Act. In addition, the offer and sale of the Securities have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). No Securities may be offered or sold or otherwise transacted within the United States or to, or for the account or benefit of U.S. Persons (as defined in Regulation S of the Securities Act). In connection with the transaction referred to in this document the shares of the Company will be offered and sold only outside the United States to, and for the account or benefit of non-U.S. Persons in “offshore- transactions” within the meaning of, and in reliance on the exemption from registration provided by Regulation S under the Securities Act. No money, securities or other consideration is being solicited and, if sent in response to the information contained in this document, will not be accepted. Any failure to comply with the above restrictions may constitute a violation of such securities laws. Further Information about the Company Investment in the Company is an investment in the shares of the Company and not in the underlying investments of the Company. Further information about the Company and any risks can be found in the Company’s Key Information Document, the Annual Report and Financial Statements and the Investor Disclosure Document which are available on the Company’s website, found at: https:// www.polarcapitalglobalhealthcaretrust.co.uk Page 5 of 5