Investec analysts believe it may be time for the newly constituted board of Polar Capital Global Healthcare Trust (PCGH) to review the investment focus of the vehicle as it criticised its "counter-intuitive and unimaginative" focus on large-cap stocks.
The PCGH board reduced the base management fee on the trust by 10 basis points to 0.75% per annum of the lower of the market capitalisation and net asset value (NAV) of the trust. Investec's analysts, led by Alan Brierley, welcomed the change but suggested it was "merely papering over the cracks", with performance continuing to be "very disappointing". Healthcare 'Covid-19 bubble' reminiscent of dotcom boom, fund managers warn Since IPO in June 2010, PCGH has returned 187.6%, almost half that of gains from its MSCI ACWI Health Care benchmark index of 314.3%, and well below its IT B...
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