With FE data as at 30 September 2026, the S class of the Polar Capital Biotechnology Fund is well ahead of its health care category over three years and one year, and behind it over the last three months. Here is what that looks like in numbers, and what the fund holds.
The three windows
Over three years the fund returned 89.9%, against a category median of 25.0%, ahead of 88% of the Equity Health Care category. Over one year it returned 32.5%, against 19.4%, ahead of 80%. Over three months it fell 7.7%, while the category median rose 0.3%, leaving it ahead of 8%.
| Window | Biotechnology Fund (S class) | Category median | Ahead of |
|---|---|---|---|
| Three years | 89.9% | 25.0% | 88% |
| One year | 32.5% | 19.4% | 80% |
| Three months | -7.7% | 0.3% | 8% |
Returns are in pounds sterling from FE’s month-end data to 30 September 2026. The category median is the median of the funds’ own returns, with one share class per fund. Other share classes of the fund can differ, so check the class you use.
What it holds
As at 7 October 2026, health care is 91.6% of the portfolio and a money market holding is 8.4%. By country, 73.5% is in the United States, 8.4% is in cash, 5.6% in the Netherlands, 3.9% in Canada, 3.6% in Denmark and 2.9% in the United Kingdom, with 2.1% elsewhere.
That is a concentrated sector and country profile, which is what a specialist biotechnology fund is built to be. It also means the category comparison is the fairer one to read with care: the median health care fund holds a much broader mix, so part of the gap reflects how different the portfolios are.
Reading the spread
A high percentile over three years and a low one over three months describe the same fund in two very different moods. Neither window tells you what comes next. If you are reviewing a specialist fund, it can help to decide how long you are prepared to hold through a weak quarter before looking at the long record.
Questions to ask of the table
A specialist fund invites three questions. First, how does the fund compare with a narrower peer group than the whole health care category, since the category mixes biotechnology with much broader funds? Second, how much of the long record came from a few years rather than the whole period? Third, does the share class you hold have the same record as the S class shown here? The table answers none of these directly, but each can be checked on the fund page by changing the window and the class.
How to check it yourself
Look at the fund page for the share class you use, compare the holdings with the category average, and note the dates on every number.
How we calculated these figures
Returns come from FE fundinfo’s month-end cumulative return data, in pounds sterling, one share class per fund. A category median is the median of the returns of the funds in the same FE category. “Ahead of” is the share of the other funds in that category that the fund beat over the same window.
Holdings come from the fund’s latest reported portfolio and are shown as at the date given, so they can be a little later than the return data. A figure for one share class can differ from another class of the same fund, so we name the class. We have not adjusted or estimated any figure, and we use no forecasts, ratings or opinions on the manager.
Source: FE fundinfo. Returns as at 30 September 2026; holdings as at 7 October 2026. Past performance is not a reliable guide to future returns. Capital is at risk. This is information, not personal advice.
Past performance is not a guide to future returns. Capital is at risk.
Funds Benchmark provides research and tooling for institutional and private investors. Nothing in this note is investment advice or a recommendation to buy or sell any specific fund.