18th May 2020 11:18
(Alliance News) - Polar Capital Global Healthcare Trust PLC on Monday said it underperformed its benchmark in the first half of its current financial year.
The investment company reported NAV total return of negative 6.0% for the six months to the end of March, which compares to benchmark MSCI ACWI/Healthcare Index's return of positive 0.3%.
Polar Capital Global Healthcare Trust said NAV per share declined by 6.4% to 221.73 pence as at March 31 compared to 236.88p reported on the same day a year prior. NAV per zero dividend preference share, meanwhile, rose by 1.5% to 108.58p from 106.99p.
The company's shares were priced at 196.00p at the end of March, representing a 12% discount to NAV. ZDP shares closed at 104.50p.
On Monday, the trust's shares were trading 1.1% higher in London at 244.72p each.
"The early part of the period was challenging for fundamental investors, as we grappled with uncertainty over Brexit, a UK general election and a ramping up of the political rhetoric in the US. During this period, performance was steady and marginally ahead of the benchmark. This was all dwarfed in March as fear dominated financial markets, as uncertainty as to the economic impact of Covid-19 took hold," explained Chair Lisa Arnold.
By Evelina Grecenko; [email protected]
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