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Polar Capital Global Healthcare offloads AstraZeneca stake following price surge

Published: 20:00 05 Jul 2019 AEST

Polar Capital Global Healthcare Trust PLC - Polar Capital Global Healthcare offloads AstraZeneca stake following price surge

Polar Capital Global Healthcare Trust PLC (LON:PCGH) had sold off a stake AstraZeneca PLC (LON:AZN), taking it out of its top 10 holdings, following a recent share price surge.

In a portfolio update as of 28 June, the investment manager’s stake in AZ had fallen out of the top 10 since the end of May, when the company comprised 3.7% of its portfolio.

The decision to offload the stake may have stemmed from a jump in AZ’s share price, which between 31 May and 28 June increased by 10.5%.

Meanwhile, the number one holding for PCGH was Pfizer Inc (NYSE:PFE), which saw its share of the portfolio inch up to 5.8% from 5.6%, with Swiss pharma group Roche also increasing its share to 5.5% from 4.4% previously.

In terms of sector exposure, the group increased healthcare equipment to 39.4% of its portfolio from 38% at the end of May, remaining the largest segment of its portfolio. Exposure to pharmaceuticals, meanwhile, fell to 28.7% from 30.6%.

For the geographies, exposure to the US and UK markets was reduced to 65.1% from 65.5% and to 13.8% from 14.9% respectively, while the Swiss market was cut more heavily to 5.5% from 8.5%. However, exposure to the Danish market jumped to 3.6% from 0.6%.

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