(Sharecast News) - London-listed healthcare investor Polar Capital Global Healthcare Trust reported a decline in the value of its portfolio over the fiscal year to 30 September amid a "difficult market backdrop", but said it has seen an improvement in sentiment across the investment trust sector over recent months.
Net asset value per share fell by 5.9% over the year, though that still outperformed the company's benchmark index - the MSCI ACWI Healthcare Index total return in sterling with dividends reinvested - which returned -7.8%.
PCGHT's total net assets were valued at £448.1m at the end of the period, down 6.5% from the £479.1m valuation reported a year earlier, with NAV per share falling to 369.51p from 395.05p.
Since the period-end, the company underwent a major reorganisation with shareholders supporting the transition from a fixed-life trust - due for liquidation this year - to an open-ended structure indefinitely.
Despite giving shareholders the option to realise their investments via a tender offer, nearly 80% of shareholders chose to remain invested, with 22.47% of shares repurchased by the company and placed into treasury.
Chair Lisa Arnold said "sentiment appeared to have improved for the healthcare sector" in the early months of the new financial year, "with some outperformance against the wider market".
"Demand for healthcare products remains robust, whilst other long term drivers including industry consolidation, accelerated demand in emerging markets and the adoption of artificial intelligence technologies all support a strong foundation to drive much needed efficiencies and better patient outcomes.
"The board will continue to monitor performance but remains very optimistic about the outlook for the healthcare sector and the opportunities to generate returns for shareholders, especially with the revised structure for which shareholders have given their support."
The stock was up 0.79% at 432.38p by 0958 GMT.