The company aims to provide capital growth and income over the long term, through investment in listed or quoted global healthcare companies. The specific return objectives are to beat the total return of the MSCI World Healthcare Index (in sterling) on a rolling 3-year period and to seek to generate a double-digit total shareholder return p.a. over a rolling 3-year period. It may also invest in ADRs, or convertible instruments issued by such companies and may invest in, or underwrite, future equity issues by such companies. The company may utilize contracts for differences for investment purposes in certain jurisdictions where taxation or other issues in those jurisdictions may render direct investment in listed or quoted equities less effective.
Management fee payable monthly in arrear and is at the rate of one-twelfth of 0.95% per calendar month of the Market Capitalisation. The agreement is terminable on 12 months notice.
The company will set a target dividend each financial year equal to 3.5% of NAV as at the last day of the preceding financial year of the company. The target dividend will be announced at the start of each financial year. This is a target only and not a profit forecast and there can be no assurance that it will be met.The company intends to pay dividends on a semi-annual basis, by way of two equal dividends, with dividends declared in July and paid in August and proposed in February/March and paid in March/April in each year.