Interim Management Statement

RNS Number : 4940W

Polar Cap Gbl Healthcare Growth&IT

31 January 2012

 



Polar Capital Global Healthcare Growth and Income Trust plc Issued on 31 January 2012

The Board of Polar Capital Global Healthcare Growth and Income Trust plc (the "Company") is pleased to announce its interim management statement which relates to the period from 30 September 2011 to 30 December 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 97,899,999 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 and up to the date of publication On 26 October 2011 the Board declared an interim dividend of 0.46p per ordinary share payable to shareholders on the register on 5 November 2011.  The shares traded ex-dividend from 3 November 2011and the dividend was paid on 30 November 2011. On 8 December 2011 the Company announced its final results for the period from incorporation on 12 May 2010 to 30 September 2011. On 16 December 2011 the Director's Report and Audited Financial Statements for the period to 30 September 2011 were sent to shareholders together with the Notice of Annual General Meeting to be held on 25 January 2012. On 25 January 2012 the Annual General Meeting was held and all the resolutions were passed on a show of hands including resolutions empowering the board to issue up to 10% of the ordinary shares on a non pre-emptive basis and to make market purchases of ordinary and subscription shares for cancellation. On 26 January 2012 the Board declared an interim dividend of 0.46p per ordinary share payable to shareholders on the register on 10 February 2012.  The shares will trade ex-dividend from 8 February 2012 and the dividend will be paid on 29 February 2012. On 30 January 2012 the Company issued a prospectus for the issue of up to 19,579,997 ordinary shares. Copies of the prospectus are available from the company's website at www.polarcapitalhealthcaretrust.co.uk  Latest NAVs The unaudited, undiluted NAV per share on 30 January 2012 was 111.88p.(cum income) and  the unaudited, diluted NAV per share (assuming the17,800,000 subscription share rights had been exercised at 100p) was 110.05p per share (cum income)

	30 December 2011	30 September 2011
Ordinary share price (p)	109.50	106.25
Subscription share price (p)	10.75	12.25
NAV (undiluted) per ordinary share (p)	111.72	102.58
NAV (diluted) per ordinary share (p)	109.91	102.18
Discount / (Premium) to undiluted NAV(%)	1.99	(3.56)
Total Investments (£m)	109.00	100.00
AIC Gross Gearing Ratio (%)*	100.00	100.00
AIC Net Gearing Ratio (%)*	97.90	93.35
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%) (Net total return with income reinvested)	Over 1 month (December 2011)	Over the period 30 September 2011 to 30 December 2011
Ordinary share price	5.54%	3.51%
NAV (undiluted) per Share (cum income)	5.74%	9.37%
MSCI All Country World Index / Healthcare (sterling)	4.44%	8.03%
Market Capitalisation Exposure (%)	30 December 2011	30 September 2011
Large (greater than US$ 5bn)	79.7%	81.5%
Medium (US$ 1bn to 5bn)	7.7%	7.8%
Small (less than US$ 1bn)	12.6%	10.7%
Sector Breakdown (%)	30 December 2011	30 September 2011
Cash	2.0%	6.6%
Multi-line Insurance	0.1%	0.1%
Life & Health Insurance	0.4%	0.4%
Life Sciences Tools & Services	0.4%	-
Healthcare Technology	0.5%	-
Managed Healthcare	1.3%	1.6%
Healthcare Suppliers	1.4%	1.0%
Healthcare Distributors	1.5%	0.6%
Healthcare Facilities	2.0%	1.1%
Healthcare Services	3.2%	3.4%
Biotechnology	3.5%	4.2%
Specialised REITs	5.2%	4.6%
Healthcare Equipment	10.9%	10.5%
Pharmaceuticals	67.6%	65.9%
	100%	100%
Geographic Exposure (%)	30 December 2011	30 September 2011
Cash	2.0%	6.6%
Sweden	-	0.2%
Brazil	0.1%	0.1%
Denmark	0.2%	0.2%
China	0.3%	0.3%
Germany	0.8%	1.9%
Israel	0.9%	0.2%
Ireland	1.2%	0.9%
Canada	1.6%	0.5%
Australia	2.0%	2.0%
France	3.7%	4.5%
Japan	6.0%	3.9%
Switzerland	13.1%	13.4%
United Kingdom	16.5%	16.6%
United States	51.6%	48.7%
	100.0%	100%
Largest  Holdings (%)	30 December 2011	30 September 2011
Pfizer	9.2%	8.2%
GlaxoSmithKline	8.3%	9.3%
Merck & Co	7.8%	5.3%
Eli Lilly	6.8%	5.5%
Roche Holding	6.5%	7.8%
Novartis	6.1%	5.0%
Bristol-Myers Squibb	4.4%	8.2%
Astellas Pharma	4.1%	-
AstraZeneca	3.9%	4.1%
Sanofi	3.5%	4.2%
Abbotts Labs	3.4%	3.3%
Total	64.0%	60.9%

Monthly factsheets 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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