Interim Management Statement

RNS Number : 8459L

Polar Cap Gbl Healthcare Growth&IT

05 August 2011

 



Polar Capital Global Healthcare Growth and Income Trust plc Issued on 5 August 2011

The Board of Polar Capital Global Healthcare Growth and Income Trust plc (the "Company") is pleased to announce its third interim management statement which relates to the period from 31 March 2011 to 30 June 2011 and contains information that covers this period and up to the date of publication of this statement unless otherwise specified. Investment objective The investment objective of the Company is to generate capital growth and income by investing in a global portfolio of healthcare stocks. Share Capital The Company has in issue 97,475,000 ordinary shares and 17,800,000 subscription shares. Each subscription share gives the holder the right to subscribe in cash for one ordinary share on 31 January 2014 at £1 per ordinary share.  Material Events in the period On 27 May 2011 the company issued 4,275,000 ordinary shares for cash at an issue price of 110.55p per share and on 29 July 2011 a further 2,200,000 ordinary shares were issued for cash at an issue price of 109.75p per share. On 3 May 2011 the Board declared the third interim dividend of 0.4p per ordinary share paid to shareholders on the register on 13 May 2011.  The shares traded ex-dividend from 11 May 2011and the dividend was paid on 31 May 2011. On 3 August 2011 the Board declared the fourth interim dividend of 1.80 p per ordinary share payable to shareholders on the register on 12 August 2011.  The shares will trade ex-dividend from 10 August 2011and the dividend will be paid on 31 August 2011.  In line with the prospectus published by the Company on 26 May 2010 the Company will have paid four interim dividends totalling 3.0p per ordinary share in the period from admission of its ordinary shares to trading on the London Stock Exchange on 15 June 2011 and 30 September 2011, which will be the end of its first financial year Latest NAVs The unaudited, undiluted NAV per share on 4 August 2011 was 100.45 p.(cum income) and  the unaudited, diluted NAV per share (assuming the17,800,000 subscription share rights had been exercised at 100p) was 100.38p per share (cum income)

	30 June 2011	31 March 2011
Ordinary share price (p)	107.25	99.0
Subscription share price (p)	15.75	11.75
NAV (undiluted) per ordinary share (p)	111.42	103.5
NAV (diluted) per ordinary share (p)	108.53	102.9
Discount / (Premium) to undiluted NAV(%)	3.89	4.51
Total Investments (£m)	105	94
AIC Gross Gearing Ratio (%)*	100	100
AIC Net Gearing Ratio (%)*	98	97
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%) (Net total return with income reinvested)	Over 1 month (June 2011)	Over the period 31 March 2011 to 30 June 2011
Ordinary share price	-3.49%	8.73%
NAV (undiluted) per Share (cum income)	-0.04%	6.84%
MSCI All Country World Index / Healthcare (sterling)	0.83%	7.69%
Market Capitalisation Exposure (%)	30 June 2011	31 March 2011
Large (greater than US$ 5bn)	82.8%	81.5%
Medium (US$ 1bn to 5bn)	5.6%	7.8%
Small (less than US$ 1bn)	11.6%	10.7%
Sector Breakdown (%)	30 June 2011	31 March 2011
Cash	-	3.0%
Multi-line Insurance	0.2%	0.3%
Healthcare Technology	-	0.7%
Life & Health Insurance	0.5%	0.5%
Healthcare Distributors	0.6%	1.3%
Life Sciences Tools & Services	0.8%	0.6%
Healthcare Facilities	1.7%	1.3%
Healthcare Suppliers	2.0%	2.4%
Managed Healthcare	2.4%	2.2%
Biotechnology	3.5%	3.0%
Healthcare Services	3.8%	4.4%
Specialised REITs	5.9%	6.4%
Healthcare Equipment	10.4%	8.8%
Pharmaceuticals	66.3%	65.1%
Geographic Exposure (%)	30 June 2011	31 March 2011
Cash	-	3.0%
Denmark	0.2%	-
Sweden	0.3%	0.3%
Canada	0.6%	1.5%
Brazil	0.8%	0.8%
Japan	0.8%	1.1%
Germany	0.9%	1.1%
Ireland	1.0%	1.0%
Australia	2.3%	2.3%
France	8.6%	8.3%
Switzerland	12.8%	11.7%
United Kingdom	16.4%	16.8%
United States	53.4%	52.1%
Top Ten Holdings (%)	30 June 2011	31 March 2011
GlaxoSmithKline	8.9%	8.8%
Pfizer	8.9%	9.8%
Sanofi Aventis	8.3%	7.9%
Bristol Myers Squibb	7.0%	7.2%
Roche Holding	6.9%	6.7%
Merck & Co	5.3%	5.6%
Eli Lilly	5.1%	6.5%
Novartis	5.1%	4.1%
AstraZeneca	4.4%	4.6%
Abbott Labs	3.1%	2.3%
Total	63.1%	63.5%

Monthly fact sheets for the Company are available by email, post or fax on request from the company secretary and are available from the Company's website at www.polarcapitalhealthcaretrust.co.uk. 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.

 

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