Interim Management Statement

RNS Number : 2503Q

Polar Capital Global Financials Tst

10 October 2013

 



Polar Capital Global Financials Trust plc Interim Management Statement from incorporation to 31 August 2013 (unaudited - including material events up to the date of publication)

The Board of Polar Capital Global Financials Trust plc (the "Company") is pleased to announce its first Interim Management Statement, which relates to the period from incorporation on 17 May 2013 to 31 August 2013 and includes information up to the date of publication of this statement unless otherwise specified. Investment objective and benchmark The Company's investment objective is to generate for investors a growing dividend income together with capital appreciation. The Company seeks to achieve its objective by investing primarily in a global portfolio consisting of listed or quoted securities issued by companies in the financials sector operating in the banking, insurance, property and other sub-sectors. The benchmark is the MSCI World Financials Total Return Index (in sterling). Material events in the period (and up to the date of publication of this statement) The Company issued 153,000,000 ordinary shares and 30,600,000 subscription shares, which were admitted to listing on the Official List of the UK Listing Authority on 1 July 2013. At admission to trading on the London Stock Exchange, the opening NAV per ordinary share was 98p. On 13 September 2013 there was an allotment of 1,500,000 ordinary shares at a price of 101.55p each. On 17 September 2013 there was a second allotment of 2,800,000 ordinary shares at a price of 102.15p each. On 20 September 2013 there was a third allotment of 2,000,000 ordinary shares at a price of 103.675p each. No shares have been bought back for cancellation since listing. An application to cancel the share premium account was filed with the court on 9 August 2013 and the cancellation took place on 4 September 2013. No dividends were declared or paid in the period. Share Capital Changes in the share capital in the period from 1 July 2013 up to 9 October 2013: Ordinary Shares Subscription Shares In issue at 1 July 2013 153,000,000 30,600,000  Allotment and issue of ordinary shares  - - In issue at 31 August 2013 153,000,000 30,600,000 Allotment and issue of ordinary shares in September 2013 6,300,000 - In issue at 9 October 2013 159,300,000 30,600,000 Each subscription share gives the holder the right to subscribe in cash for one ordinary share on 31 July 2017 at 115p per ordinary share. Latest  Total Voting Rights As at 9 October 2013, the Company's share capital consisted of 159,300,000 ordinary shares of 5 pence each and 30,600,000 subscription shares of 1 pence each. Each ordinary share carries one vote while the subscription shares have no voting rights.  No shares were held in Treasury as at 9 October 2013. Latest NAVs The unaudited, undiluted NAV per share at the close of business on 9 October 2013 was 97.98p (including current year deficit and based on bid market values). Diluted Not Currently Applicable

Financial Highlights
	31 August 2013		31 July 2013
Share Price	103.88p		106.63p
NAV (undiluted) per Share	93.90p		99.96p
Premium	10.62%		6.67%
Discount	-		-
Total Investments	£143m		£153m
AIC Gross Gearing Ratio *	0.00%		0.00%
AIC Net Cash Ratio *	3.60%		6.40%
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%) to 31 August 2013	1 to 31 August 2013			1 to 31 July 2013
Share Price	-2.58%			6.63%
NAV (undiluted) per Share	-6.06%			2.00%
MSCI World Financials Index (total return in sterling)	-5.22%			6.13%
Geographical Breakdown (% of Total Assets )	31 August 2013		31 July 2013
North America	26.5		24.3
Europe	25.0		23.7
Asia Pacific (ex Japan)	13.3		18.5
UK	10.3		5.4
Eastern Europe	7.5		9.6
Latin America	2.5		2.7
Japan	1.5		1.4
Fixed Income	9.9		8.0
Cash & Equivalents	3.6		6.4
Sector Breakdown (% of Total Assets)	31 August 2013		31 July 2013
Banks	51.8		50.9
Diversified Financials	15.0		14.6
Insurance	14.2		14.1
Real Estate	5.6		5.9
Fixed Income	9.9		8.0
Cash	3.6		6.4
Market Capitalisation (% of Total Assets)	31 August 2013		31 July 2013
Large (greater than US$ 5bn)	75.0		73.2
Medium (US$ 1bn to 5bn)	23.2		25.7
Small (less than US$ 1bn)	1.8		1.1

Top Fifteen Holdings (% of Total Assets)	31 August 2013		31 July 2013
PNC	3.0		2.6
JPMorgan Chase	2.7		2.6
Wells Fargo	2.7		2.3
UBS	2.6		2.6
DNB	2.5		2.5
BNP Paribas	2.2		2.1
Barclays	2.1		2.0
Citigroup	2.1		1.9
Toronto-Dominion	2.1		2.0
Sampo	2.1		2.1
ACE	2.0		2.0
US Bancorp	1.9		-
Sberbank	1.9		2.0
Societe-Generale	1.9		1.7
Jammu and Kashmir	1.8		2.2
General Information For further information on the subscription shares and for the monthly factsheets please visit the Company's website:  www.polarcapitalglobalfinancialstrust.com The net asset value of the Company's ordinary shares is calculated daily and can be viewed on the London Stock Exchange website at www.londonstockexchange.com This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party for any other purpose. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

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