Large cap pharma has entered the growth phase of Polar Capital’s investment thesis, delivering average earnings growth of c8% last year. PCGH’s top ten holdings are forecast to average a healthy c10%pa out to 2019 (figure 3), providing visibility to the market beyond the life of the trust. Encouragingly, the earnings growth is not predicated on stellar top line growth (forecast c5%pa); margins should expand as operating leverage kicks-in. Shareholders since launch (2010) who exerc
