Interim Management Statement

RNS Number : 2840U

Polar Capital Global Financials Tst

14 October 2014

 



Polar Capital Global Financials Trust plc Interim Management Statement from 31 May 2014 to 31 August 2014 (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 Interim Management Statement, which relates to the period from 31 May 2014 to 31 August 2014 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 announced its interim results for the period ended 31 May 2014 on 24 July 2014.  A first interim dividend of 1.75p per ordinary share was paid on 22 August 2014. Share Capital Since 24 July 2014, 150,000 ordinary shares have been bought back for cancellation. Latest  Total Voting Rights As at 14 October 2014, the Company's share capital consisted of 177,050,000 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 are held in Treasury. Latest NAVs The unaudited, undiluted NAV per share at the close of business on 13 October 2014 was 101.73p (including current year income) and based on bid market values). Diluted NAV per share Not Currently Applicable

Financial Highlights
	31 August 2014		31 May 2014
Share Price	97.75p		105.75p
NAV (undiluted) per Share	105.04p		104.25p
(Discount)/Premium	(6.9%)		1.4%
Net Assets (m)	£186.1m		£184.7m
AIC  Gearing Ratio *	3.66%		0.00%
AIC Net Cash Ratio *	0.00%		4.70%
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%) 31 May 2014 to 31 August 2014	%
Share Price	(5.89)
NAV (undiluted) per Share	2.43
MSCI World Financials Index (total return in sterling)	3.16
Geographical Breakdown (% of Total Assets )	31 August 2014		31 May 2014
Europe	28.7		28.3
North America	27.2		24.0
Asia Pacific (ex Japan)	14.2		14.8
UK	10.8		9.6
Eastern Europe	5.8		4.6
Latin America	1.2		1.9
Japan	1.7		1.6
Fixed Income	9.0		9.3
Cash	1.4		5.9
Sector Breakdown (% of Total Assets)	31 August 2014		31 May 2014
Banks	51.7		49.2
Diversified Financials	19.6		18.2
Insurance	12.1		11.5
Fixed Income	9.0		9.3
Real Estate	6.2		5.9
Cash	1.4		5.9
Market Capitalisation (% of Total Assets)	31 August 2014		31 May 2014
Large (greater than US$ 5bn)	67.7		72.1
Medium (US$ 1bn to 5bn)	29.7		26.8
Small (less than US$ 1bn)	2.6		1.1

Investment Portfolio as at 31 August 2014

		% of Total Portfolio		£ (000s)
Europe
ACE		2.28%		4,253
Allianz		1.56%		2,900
Axa		1.66%		3,098
Azimut Holding		1.85%		3,452
BNP Paribas		2.04%		3,799
Cembra Money Bank		1.33%		2,477
Credit Suisse		1.73%		3,212
DNB ASA		2.44%		4,541
Hellenic Exchanges		0.96%		1,788
Intesa Sanpaolo		1.67%		3,108
KBC GROUP		1.82%		3,393
Sampo OYJ		2.13%		3,957
Societe Generale		2.04%		3,802
SpareBank SMN		0.68%		1,261
SpareBank SR Bank		0.67%		1,241
Swedbank		1.75%		3,260
UBS		2.11%		3,921
		28.72%		53,463
North America
Ares Capital		1.44%		2,674
Blackstone Group		1.40%		2,605
Citigroup		1.90%		3,541
Discover Financial Services		2.20%		4,098
First Republic Bank		1.31%		2,445
JP Morgan Chase		2.94%		5,477
Main Street Capital		1.42%		2,640
Marsh & McLennan		1.63%		3,034
New York Community Bancorp		0.95%		1,776
Oaktree Capital Group		1.07%		2,000
PNC Financial Services		2.90%		5,399
Solar Capital		1.29%		2,399
Toronto-Dominion Bank		2.16%		4,020
US Bancorp		1.78%		3,321
Wells Fargo		2.75%		5,115
			27.15%		50,544
	Asia Pacific (ex-Japan)
	Bank Rakyat Indonesia		1.25%		2,321
	CapitaMall REIT		1.08%		2,015
	E Sun Financial Holding		1.13%		2,103
	Fortune REIT		1.59%		2,967
	Frasers Centrepoint Trust		1.75%		3,249
	Frasers Commercial Trust		1.46%		2,715
	HSBC Holdings		1.61%		2,989
	Jammu and Kashmir		1.74%		3,232
	Mapletree Commercial Trust		0.29%		531
	Security Bank		0.93%		1,739
	Siam Commercial Bank		1.33%		2,476
			14.15%		26,337
	United Kingdom
	Arrow Global Group		0.99%		1,838
	Barclays		1.77%		3,301
	City of London Investment Group		0.97%		1,806
	Close Brothers		1.24%		2,311
	Direct Line Insurance Group		1.71%		3,189
	Novae Group		1.09%		2,024
	OneSavings Bank		1.41%		2,620
	P2P Global Investments		1.34%		2,492
	Secure Trust Bank		0.29%		540
			10.81%		20,121
	Eastern Europe
	Bank of Georgia Holdings		1.10%		2,055
	Komercni Banka		1.32%		2,463
	Moscow Exchange		0.90%		1,673
	TBC Bank		1.34%		2,492
	Turkiye Sinai Kalkinma Bank		1.17%		2,177
			5.83%		10,860
	Latin America
	Cielo		1.18%		2,197
			1.18%		2,197
	Japan Sumitomo Mitsui Financial		1.69%		3,142
			1.69%		3,142
	Fixed Income
	Barclays Bank 14%		0.93%		1,724
	Cloverie Plc Zurich		0.89%		1,660
	Friends Life Group 8.25%		0.66%		1,232
	Investec Bank plc 9.625%		0.98%		1,818
	JZ Capital Partners 6%		1.09%		2,034
	Lloyds Bank PLC 13%		1.03%		1,910
	Nationwide Building Society 10.25%		1.05%		1,951
	Old Mutual Plc 8%		0.87%		1,620
	Phoenix Life Ltd 7.25%		0.93%		1,740
	Societe Generale 9.375%		0.61%		1,135
			9.04%		16,824
	Cash		1.42%		2,643

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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