Interim Management Statement

RNS Number : 3534N

Polar Capital Technology Trust PLC

05 September 2013

 



Polar Capital Technology Trust plc Interim Management Statement for the 3 months to 31 July 2013 (unaudited)

The Board of Polar Capital Technology Trust plc (the "Company") is pleased to announce its Interim Management Statement which relates to the period from 30 April 2013 to 31 July 2013 including information up to the date of publication of this statement unless otherwise specified. Investment objective and benchmark The investment objective of Polar Capital Technology Trust PLC is to maximise long-term capital growth through investing in a diversified portfolio of technology companies around the world. The benchmark is the Dow Jones World Technology Index (in sterling). Material Events in the period (and up to the date of publication of this statement) The audited final results for the year ended 30 April 2013 were announced on 9 July 2013 and sent out to shareholders on 31 July 2013. The Annual General Meeting was held on 2 September 2013 and all resolutions were passed on a show of hands.  The AGM presentation and proxy votes can be viewed on the Company's website. The business of the AGM is set out in the Notice of Meeting and a copy of this is available from the Company's website.  Copies of resolutions 12, 13, and 14 having been passed as special resolutions have been submitted to Companies House. Peter Dicks retired as a director of the Company following the conclusion of the AGM held on 2 September 2013. Share Capital Changes in the share capital in the period from 30 April 2013 and up to 4 September 2013: Ordinary Shares Subscription Shares In issue at 30 April 2013 128,231,742 24,774,460 Conversion of subscription shares on 1 May 2013, 3 June 2013 and 1 July 2013 +2,054 -2,054 In issue at 31 July 2013 128,233,796 24,772,406 Conversion of subscription shares on 4 September 2013 +480 -480 In issue at 4  September  2013 128,234,276 24,771,926 Latest  Total Voting Rights As at 4 September 2013, Polar Capital Technology Trust plc's share capital consisted of 128,234,276 ordinary shares of 25 pence each and 24,771,926 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. Latest NAVs The unaudited, undiluted NAV per share at the close of business on 4 September 2013 was 444.07p (including current year deficit and based on bid market values). Diluted Not Currently Applicable The Company  can earn a performance fee which would be payable as a result of outperformance over the benchmark index, subject to the adjusted NAV per share exceeding the high water mark, being the higher of the NAV per share when the last performance fee was paid (368.74p) or the NAV per share at the previous year end (412.41p). The performance fee, if payable, will be accrued daily.

Financial Highlights
	31 July 2013		30 April 2013
Share Price	437.60p		398.50p
NAV (undiluted) per Share	449.34p		412.41p
Discount  / (Premium)	2.61%		3.38%
Total Investments	£576.4m		£528.8m
AIC Gross Gearing Ratio *	0.00%		0.00%
AIC Net Cash Ratio *	3.00%		3.00%
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%) to 31 July 2013	6 Months	1 Year		5 years
Share Price	15.04	16.07		141.77
NAV (undiluted) per Share	12.49	19.52		112.02
Dow Jones World Technology Index (total return in sterling)	11.52	15.91		80.87
Portfolio The portfolio as at 30 April 2013 was published in the annual report which is available on the Company's website. The portfolio as at 31 July 2013 is attached.
Geographical Breakdown (% of Total Assets )	31 July 2013		30 April 2013
US & Canada	72.6		70.7
Asia Pac (ex-Japan)	8.9		9.8
Europe	8.4		10.0
Japan	4.6		3.9
Middle East	1.7		2.1
Latin America	0.3		-
Cash & Equivalents	3.6		3.6
Sector Breakdown (% of Total Assets)	31 July 2013		30 April 2013
Software	21.0		21.6
Semiconductors	20.0		22.1
Internet software & Services	16.1		14.9
Computers & Peripherals	11.7		10.8
Communications Equipment	9.8		10.1
IT Services	5.1		5.1
Electronic Equipment, Instruments & Components	4.4		3.6
Internet & Catalogue Retail	2.7		2.2
Chemicals	1.5		2.0
Healthcare Technology	1.4		0.7
Other	1.1		1.0
Household Durables	0.7		0.4
Healthcare Equipment & Supplies	0.4		0.5
Machinery	0.3		0.7
Commercial Services & Supplies	0.3		0.5
Aerospace & Defense	-		0.2
Cash	3.6		3.6

Top Ten Holdings (% of Total Assets)	31 July 2013		30 April 2013
Apple	7.4		6.6
Google	6.9		7.3
Cisco Systems	3.3		2.2
Microsoft	2.6		3.6
Samsung Electronics	2.1		3.4
Qualcomm	2.0		2.5
Facebook	2.0		1.7
Amazon.com	1.9		1.7
SAP	1.7		2.0
Intel	1.7		1.8

Investment Portfolio as at 31 July 2013 £'000 % of Total Portfolio US and Canada   Apple       42,409,773 7.36% Google       39,636,239 6.88% Cisco       18,899,180 3.28% Microsoft       15,041,258 2.61% Qualcomm       11,701,643 2.03% Facebook       11,380,556 1.97% Amazon.com       10,864,675 1.88% Intel         9,515,646 1.65% Texas Instruments         8,263,313 1.43% Oracle         8,246,204 1.43% International Business Machines         7,996,439 1.39% Adobe Systems         7,138,982 1.24% Corning         6,696,625 1.16% Citrix Systems         6,526,846 1.13% Salesforce.com         6,012,609 1.04% Applied Materials         5,649,518 0.98% eBay         5,530,238 0.96% Analog Devices         5,339,560 0.93% Sourcefire         5,297,931 0.92% LAM Research         5,021,735 0.87% Juniper Networks         4,730,594 0.82% Mastercard         4,653,832 0.81% Ishares Nasdaq Biotech Index Fund         4,639,872 0.80% Infoblox         4,565,344 0.79% Vmware         4,502,632 0.78% Sandisk         4,431,608 0.77% EMC         4,431,399 0.77% TripAdvisor         4,419,025 0.77% Splunk         4,373,915 0.76% Akamai         4,193,484 0.73% NetApp         4,110,210 0.71% Harman International Industries         4,077,005 0.71% Red Hat         3,998,439 0.69% Synopsys         3,839,988 0.67% Integrated Device Technology         3,762,547 0.65% QLIK Technologies         3,702,967 0.64% Imperva         3,608,035 0.63% Cree         3,489,306 0.61% Xilinx         3,386,960 0.59% Cognizant         3,385,468 0.59% Concur         3,370,997 0.58% FEI         3,280,380 0.57% Monsanto         3,272,495 0.57% Tibco Software         3,257,448 0.57% LinkedIn         3,199,236 0.56% Proofpoint         3,114,641 0.54% Lattice Semiconductor         3,015,236 0.52% Activision         2,964,942 0.51% JDS Uniphase         2,903,319 0.50% Cavium         2,813,248 0.49% Yahoo.com         2,788,526 0.48% Servicenow         2,757,350 0.48% Semtech         2,737,894 0.47% PROS         2,737,234 0.47% KLA-Tencor         2,725,507 0.47% Exar Corp         2,713,412 0.47% Fidelity National Information         2,702,648 0.47% Visa         2,700,439 0.47% Aruba Networks         2,697,838 0.47% Netscout Systems         2,621,256 0.45% Stratasys         2,536,068 0.44% Cerner         2,510,622 0.44% Yelp         2,469,434 0.43% Sapient         2,349,527 0.41% 3D Systems         2,336,005 0.41% Netsuite         2,329,952 0.40% Micron Tech         2,309,029 0.40% Infinera         2,256,499 0.39% Align Tech         2,232,406 0.39% Entergis         2,061,832 0.36% Ultratech         1,926,717 0.33% Teradata         1,811,613 0.31% PLX Technology         1,807,328 0.31% Ixia         1,773,759 0.31% Sunedison         1,715,696 0.30% Procera Networks         1,574,618 0.27% Enernoc         1,554,942 0.27% Intuit          1,264,272 0.22% Calamp         1,199,488 0.21% Vocera Communications         1,051,351 0.18% OpenTable.com         1,049,767 0.18% Qualys             723,227 0.13% Cermetek Microel                     111 0.00% 418,689,908 72.63% Asia Pacific (ex-Japan) Samsung Electronics       12,092,286 2.10% Taiwan Semiconductor         9,058,303 1.57% Tencent         6,885,470 1.19% Baidu         5,283,760 0.92% Mediatek         4,305,836 0.75% SK Hynix         3,930,594 0.68% Sina         2,242,386 0.39% Siliconware Precision         1,988,181 0.34% King Vuan Electronics         1,360,286 0.24% Quanta Computer         1,292,791 0.22% TXC             973,911 0.17% NHN Corp KRW500             881,447 0.15% Sohu.com             659,292 0.11% 51,134,167 8.87% Europe SAP NPV         9,804,933 1.70% ASML         5,965,023 1.03% Ericsson         5,738,655 1.00% Impax Environmental Markets         5,457,375 0.95% Seagate         4,924,979 0.85% ARM         3,926,230 0.68% Ingenico         2,235,642 0.39% Blinkx         2,181,067 0.38% Infineon Technologies         1,532,689 0.27% ASM International         1,519,127 0.26% Amadeus         1,451,543 0.25% Xyratex             943,785 0.16% Monitise             922,928 0.16% Telit Communications             885,500 0.15% Herald Ventures Ltd Partnership             326,387 0.06% Herald Ventures II Ltd Partnership             291,341 0.05% Low Carbon Accelerator               57,375 0.01% 48,164,577 8.36% Japan Shin-Etsu Chemical         3,931,941 0.68% Keyence         3,648,072 0.63% Hirose Electric         3,379,795 0.59% Yahoo Japan         2,999,439 0.52% Omron         2,509,642 0.44% Digital Garage         2,226,260 0.39% Nabtesco         1,664,826 0.29% Disco Corporation         1,633,681 0.28% Nitto Denko         1,578,028 0.27% Anritsu         1,494,649 0.26% Hoya         1,176,720 0.20% 26,243,053 4.55% Middle East Check Point Software Technologies         5,033,850 0.87% Allot Communications         2,079,710 0.36% Radware         1,726,233 0.30% Attunity         1,154,409 0.20% 9,994,202 1.73% Latin America Mercadolibre 1,475,447 0.26% 1,475,447 0.26% Cash & Equivalents 20,736,766 3.60% Grand Total 576,438,120 100.00%

Subscription Share Information Each Subscription Share entitles the holder to subscribe for one ordinary share at the applicable subscription price by 5.00 p.m. on the last business day of each month between the last business day in March 2011 and the last business day in March 2014, after which the subscription rights will lapse. The subscription price is 478p per ordinary share. General Information For further information on the subscription shares and for the monthly factsheets please visit the Company's website:  www.polarcapitaltechnologytrust.co.uk. The net asset value of the Company's ordinary shares are 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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