Polar Capital Global Healthcare (ticker: PCGH) was launched in 2010 with a dual income and growth mandate. After a promising start, its returns then lagged its benchmark for a number of years and this resulted in a strategy change when the trust was reconstructed in 2017 as it approached the end of its initial fixed life. The portfolio was shifted more towards growth, the number of holdings was cut, a modest level of gearing was introduced using ZDPs, the dividend was halved, and the trust's life was extended to 2025. Performance since the reconstruction has marginally been ahead of the MSCI W...