Interim Management Statement

RNS Number : 3923C

Polar Capital Technology Trust PLC

14 March 2014

 



Polar Capital Technology Trust plc Interim Management Statement for the 3 months to 31 January 2014 (unaudited) Issued on 14 March 2014

The Board of Polar Capital Technology Trust plc (the "Company") is pleased to announce its Interim Management Statement which relates to the period from 31 October 2013 to 31 January 2014 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 total return in sterling adjusted for withholding taxes. Material Events in the period (and up to the date of publication of this statement) The half year unaudited results were announced on 10 December 2013. On 13 February 2014 a Circular was sent to registered holders of Subscription Shares reminding them that they have the right (but not the obligation) to subscribe in cash for Ordinary Shares on 28 February 2014 and 31 March 2014 at a subscription price of 478 pence per share.  Share Capital Changes in the share capital in the period from 31 October 2013 up to 14 March 2014: Ordinary Shares Subscription Shares In issue at 31 October 2013 128,635,845 24,770,357 Conversion of subscription shares on 1 November 2013, 2 December 2013 and 2 January 2014 +58,630 -58,630 Issue of ordinary shares on 18, 26 and 27 November 2013 +300,000 In issue at 31 January 2014 128,994,475 24,711,727 Conversion of subscription shares on 3 February 2014 and 3 March 2014 +333,706 -333,706 In issue at 14 March 2014 129,328,181 24,378,021 Latest  Total Voting Rights As at 14 March 2014, Polar Capital Technology Trust plc's share capital consisted of 129,328,181 ordinary shares of 25 pence each and 24,378,021 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 13 March 2014 was 490.10p (including current year deficit and based on bid market values). The unaudited, diluted NAV per share (assuming the 24,378,021 subscription rights had been exercised at 478p) was 488.18p. Polar Capital Technology Trust plc can earn a performance fee which would be payable at the year end, as a result of outperformance over the benchmark index, if the NAV per share (after adjusting for share buy backs and issuance and any accrual for the performance fee) exceeds the benchmark-adjusted high water mark. The high water mark is the higher of the benchmark-adjusted NAV per share when the last performance fee was paid or the benchmark-adjusted NAV per share at the previous year end. The benchmark-adjusted high water mark, as at 13 March 2014, was 482.03p. The performance fee, if payable, will be accrued daily.

Financial Highlights
	31 January 2014		31 October 2013
Share Price	470.00p		466.50p
NAV (undiluted) per Share	480.74p		464.27p
Premium to undiluted NAV	-		0.48%
Discount to undiluted NAV	2.23%		-
Total Investments	£620.1m		£597.2m
AIC Gross Gearing Ratio *	0.00%		0.00%
AIC Net Cash Ratio *	6.00%		5.00%
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%) to 31 January 2014	6 Months	1 Year		5 years
Share Price	7.40	23.55		223.02
NAV (undiluted) per Share	6.99	20.35		168.63
Dow Jones World Technology Index (total return in sterling adjusted for WHT)	4.77	16.84		121.25
Portfolio The portfolio as at 31 October 2013 was published in the half year report which is available on the Company's website. The portfolio as at 31 January 2014 is set out below.
Geographical Breakdown (% of Total Assets )	31 January 2014		31 October 2013
US & Canada	67.8		66.9
Asia Pac (ex-Japan)	10.3		10.7
Europe	8.3		9.6
Japan	5.6		5.3
Middle East & Africa	3.3		2.4
Latin America	-		0.5
Cash & Equivalents	4.7		4.5
Sector Breakdown (% of Total Assets)	31 January 2014		31 October 2013
Software	21.1		18.5
Internet Software & Services	20.7		18.9
Semiconductors & Equipment	18.7		21.4
Computers & Peripherals	9.8		10.7
Communications Equipment	8.2		8.9
IT Services	4.9		3.4
Electronic Equipment	3.6		4.7
Internet & Catalog Retail	2.6		3.9
Health Care Technology	1.4		1.3
Machinery	1.0		0.8
Media	0.7		0.6
Other	0.6		0.8
Household Durables	0.6		0.6
Office Electronics	0.4		-
Aerospace & Defense	0.4		-
Life Sciences Tools & Services	0.3		-
Chemicals	0.3		0.8

Top Ten Holdings (% of Total Assets)	31 January 2014		31 October 2013
Google	8.3		7.2
Apple	5.9		7.0
Microsoft	4.4		2.3
Facebook	3.7		3.1
Intel	2.6		1.5
Samsung Electronics	2.1		2.6
Qualcomm	2.0		2.0
Salesforce.com	1.9		1.6
Tencent Holdings	1.7		1.4
Oracle	1.7		1.6
Investment Portfolio as at 31 January 2014 £ % of Total Portfolio US and Canada   Google         51,339,485 8.28% Apple         36,664,650 5.91% Microsoft         27,068,131 4.36% Facebook         22,908,246 3.69% Intel         16,026,272 2.58% Qualcomm         12,606,934 2.03% Salesforce.com         11,501,676 1.85% Oracle         10,457,116 1.69% Cisco          9,613,480 1.55% Yahoo.com          7,383,653 1.19% Amazon.com          7,270,719 1.17% Texas Instruments          7,223,828 1.16% Ishares Nasdaq Biotech Index Fund          6,739,327 1.09% Vmware          6,408,230 1.03% Micron Tech          6,330,354 1.02% Adobe Systems          6,204,961 1.00% Splunk          6,191,554 1.00% Applied Materials          5,267,181 0.85% Responsys          5,010,618 0.81% Western Digital          4,952,975 0.80% Cognizant          4,943,121 0.80% TripAdvisor          4,863,564 0.78% Netscout Systems          4,731,584 0.76% Sandisk          4,644,678 0.75% LAM Research          4,391,130 0.71% Mastercard          4,277,220 0.69% Synopsys          3,877,696 0.63% Aruba Networks          3,781,257 0.61% Stratasys          3,769,567 0.61% Synaptics          3,717,966 0.60% Corning          3,681,755 0.59% Harman International Industries          3,424,971 0.55% Juniper Networks          3,416,611 0.55% Cree          3,403,464 0.55% Visa          3,377,450 0.54% F5 Networks          3,307,123 0.53% Infoblox          3,259,967 0.53% Intuit          3,206,912 0.52% Fidelity National Information          3,037,500 0.49% PROS          2,844,263 0.46% Qualys          2,721,694 0.44% Global Payments          2,718,067 0.44% Microchip Technology          2,690,044 0.43% Priceline.com          2,647,156 0.43% Xilinx          2,609,036 0.42% Sciquest          2,585,729 0.42% Digitalglobe          2,460,100 0.40% Imperva          2,448,118 0.39% Analog Devices          2,349,204 0.38% Cavium          2,328,426 0.38% Callidus          2,314,584 0.37% Ebay          2,291,431 0.37% PLX Technology          2,282,899 0.37% Autodesk          2,226,942 0.36% Demandware          2,173,066 0.35% Illumina          2,157,846 0.35% KLA-Tencor          1,970,819 0.32% Palo Alto Networks          1,961,421 0.32% GT Advanced Technologies          1,924,631 0.31% Gigamon Inc          1,891,719 0.31% Monsanto          1,875,817 0.30% Tibco Software          1,826,161 0.29% Unisys          1,771,426 0.29% Cerner          1,759,131 0.28% Proofpoint          1,735,375 0.28% Trimble Navigation          1,725,588 0.28% InvenSense          1,678,177 0.27% LinkedIn          1,663,792 0.27% Total Systems Services          1,600,487 0.26% LogMeIn          1,549,789 0.25% Infinera          1,523,327 0.25% Akamai          1,450,303 0.23% Sunedison          1,387,082 0.22% Sapient          1,317,748 0.21% Calamp          1,291,419 0.21% Jive Software          1,138,570 0.18% Activision          1,092,276 0.18% Evolving Systems          1,083,508 0.17% Proto Labs             859,213 0.14% Servicenow             820,736 0.13% NetApp             636,343 0.10% Twitter             610,859 0.10% Cermetek Microel                   349 0.00% 420,277,598 67.77% Asia Pacific (ex-Japan) Samsung Electronics         13,016,357 2.10% Tencent         10,727,938 1.73% Taiwan Semiconductor          6,613,054 1.07% Baidu          6,407,192 1.03% SK Hynix          6,209,795 1.00% Mediatek          4,036,759 0.65% Himax Technologies          3,883,215 0.63% Systex          3,321,623 0.54% Bitauto Holdings          2,512,351 0.41% Avago          2,041,599 0.33% Siliconware Precision          1,935,376 0.31% Quanta Computer          1,909,929 0.31% Naver          1,344,193 0.22% 63,959,380 10.33% Europe SAP NPV          8,808,942 1.42% Seagate Technology          8,080,766 1.30% ARM          5,173,018 0.83% Ericsson          5,122,718 0.83% ASML          4,341,192 0.70% Impax Environmental Mkts          2,952,000 0.48% Arcam          2,951,753 0.48% Telit Communications          2,624,500 0.42% Monitise          2,178,371 0.35% Ingenico          2,069,253 0.33% Blinkx          2,026,026 0.33% Amadeus          1,921,984 0.31% Infineon Technologies          1,665,307 0.27% Yandex          1,078,204 0.17% Herald Ventures II Ltd Partnership             306,440 0.05% Herald Ventures Ltd Partnership             280,725 0.05% Low Carbon Accelerator               15,348 0.00% 51,596,547 8.32% Japan Keyence          4,742,602 0.76% Hirose Electric          4,564,671 0.74% Next Co          4,404,798 0.71% Omron          3,777,975 0.61% Disco Corporation          3,174,672 0.51% Nabtesco          2,679,087 0.43% Konica Minolta          2,560,486 0.41% SMS          2,515,058 0.41% GMO Payment Gateway          1,978,303 0.32% Yahoo Japan          1,766,316 0.28% Oisix          1,246,832 0.20% Access          1,126,216 0.18% 34,537,017 5.56% Middle East Check Point Software Technologies          6,690,451 1.08% Radware          4,084,618 0.66% Allot Communications          3,662,442 0.59% Nice Systems          3,367,815 0.54% Ituran Location & Control          1,516,311 0.24% Attunity          1,120,475 0.18% 20,442,111 3.29%
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 31 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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