Interim Management Statement

RNS Number : 8607K

Polar Cap Gbl Healthcare Growth&IT

02 August 2013

 



Polar Capital Global Healthcare Growth and Income Trust plc Interim Management Statement for the 3 months to 30 June 2013 (unaudited)

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 31 March 2013 to 30 June 2013 including information up to the date of publication of this statement unless otherwise specified. Investment objective and benchmark The investment objective of the Company is to generate capital growth and income by investing in a global portfolio of healthcare stocks. The benchmark is the MSCI All Country World Index / Healthcare (sterling). Material Events in the period On 24 April 2013 the Company announced the allotment of 4,800,000 ordinary shares of 25p each fully paid issued for cash at a price of 148.5p per share. The new shares ranked pari passu with the existing issued ordinary shares of the Company.   On 9 May 2013 the Board declared an interim dividend of 0.50p per ordinary share payable to shareholders on the register on 17 May 2013.  The shares traded ex-dividend from 15 May 2013 and the dividend was paid on 31 May 2013. On 9 May 2013 the half year report and financial statements to 31 March 2013 were released to the London Stock Exchange and dispatched to shareholders on 17 May 2013.  Copies are available from the National Storage Mechanism at www.hemscott.com/nsm.do or from the Company's website at www.polarcapitalhealthcaretrust.co.uk On 1 August 2013 the Board declared an interim dividend of 1.80p per ordinary share payable to shareholders on the register on 9 August 2013.  The shares will trade ex-dividend from 7 August 2013 and the dividend will be paid on 30 August 2013. Share Capital Changes in the share capital in the period from 31 March 2013 and up to 2 August 2013: Ordinary Shares Subscription Shares In issue at 31 March 2013 100,050,000 17,800,000 In issue at 30 June 2013 104,850,000 17,800,000 In issue at 2 August 2013 104,850,000 17,800,000 Latest  Total Voting Rights The Company's issued share capital consisted of 104,850,000 ordinary shares of 25 pence each and 17,800,000 subscription shares of 1 pence each. Each ordinary share carries one vote while the subscription shares have no voting rights. Therefore as at 31 July 2013, the total number of voting rights was 104,850,000. No shares were held in Treasury. Latest NAVs The unaudited, undiluted NAV per share on 1 August 2013 was 154.91p (cum income). The unaudited, diluted NAV per share (assuming the 17,800,000 subscription share rights had been exercised at 100p) was 146.94p per share (cum income).

Financial Highlights	30 June 2013	31 March 2013
Ordinary share price (p)	144.00	143.00
Subscription share price (p)	36.25	36.50
NAV (undiluted) per ordinary share (p)	149.47	149.74
NAV (diluted) per ordinary share (p)	142.28	142.22
Discount / (Premium) to undiluted NAV(%)	3.66	4.52
Total Investments (£m)	157	150
AIC Gross Gearing Ratio (%)*	0.00	0.00
AIC Net Gearing Ratio (%)*	0.90	0.30
*Gearing calculations are exclusive of current year Revenue/Loss.
Performance (%) (Net total return with income reinvested)	Over 1 month (June 2013)	Over the period 31 March 2013  to 30 June 2013
Ordinary share price	-3.19	1.04
NAV (undiluted) per Share (cum income)	-1.30	0.12
MSCI All Country World Index / Healthcare (sterling)	-1.33	2.82
Market Capitalisation Exposure (%)	30 June 2013	31 March 2013
Large (greater than US$ 5bn)	73.3	73.4
Medium (US$ 1bn to 5bn)	10.4	10.9
Small (less than US$ 1bn)	16.3	15.8
Sector Breakdown (%)	30 June 2013	31 March 2013
Cash	0.9	0.3
Pharmaceuticals	66.9	68.4
Healthcare Equipment	6.4	5.9
Specialised REITs	6.4	6.8
Healthcare Facilities	4.9	5.5
Healthcare Services	3.9	3.3
Biotechnology	3.0	4.3
Healthcare Supplies	2.0	2.0
Healthcare Technology	1.3	1.2
Healthcare Distributors	1.2	1.2
Life Sciences Tools & Services	1.1	0.5
Managed Healthcare	1.0	-
Other	1.0	-
Life and Health Insurance	-	0.5
Multi-line Insurance	-	0.1
Total	100%	100%

Geographic Exposure (%)	30 June 2013	31 March 2013
Cash	0.9	0.3
United States	47.9	47.0
United Kingdom	15.7	16.7
Switzerland	12.5	13.2
Japan	8.0	8.2
France	4.7	4.2
Australia	2.5	2.7
Canada	2.1	2.1
Ireland	2.0	1.9
Israel	1.6	1.7
Singapore	0.8	-
Italy	0.4	-
Other	0.9	0.9
India	-	0.7
Belgium	-	0.4
Total	100.0%	100%
Largest Holdings (%)	30 June 2013	31 March 2013
Pfizer	7.1	8.2
Merck & Co	6.6	6.6
Novartis	6.3	6.6
GlaxoSmithKline	5.9	6.4
Roche Holding	5.7	5.6
Eli Lilly	5.6	4.9
AstraZeneca	5.0	5.5
Sanofi	4.3	3.8
Astellas Pharma	3.9	4.0
Johnson & Johnson	3.6	-
Takeda Pharmaceutical	-	3.5
Total	54.0%	55.1%

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.

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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