Interim Management Statement

RNS Number : 4561T

Polar Cap Gbl Healthcare Growth&IT

28 September 2010

 



Polar Capital Global Healthcare Growth and Income Trust plc

The Board of Polar Capital Healthcare Growth and Income Trust plc (the "Company") is pleased to announce its first interim management statement which relates to the period from incorporation on 12 May 2010 to 31 August 2010 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. Material Events The Company has in issue 89,000,000 ordinary shares and 17,800,000 subscription shares which were admitted to listing on the Official List of the UK Listing Authority on 15 June 2010.  There have been no shares allotted or bought back for cancellation since that date.  The NAV per share on 15 June 2010 was 98p. 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. The Company has applied to the UK Listing Authority for admission of a further 8,899,999 ordinary shares under a block listing facility which may be used subject to guidelines laid down by the Board at prices not less than the net asset value (cum income and diluted if applicable).  This application was accepted on 27 September 2010. No dividends were declared or paid in the period.

	31 August  2010	30 July 2010
Ordinary share price (p)	99.5	101.5
Subscription share price (p)	11.0	13.0
NAV (undiluted) per ordinary share (p)	94.23	91.14
Premium (%)	5.59	11.36
Total Investments (£m)	84	81
AIC Gross Gearing Ratio (%)*	100	100
AIC Net Gearing Ratio (%)*	94	94
*Gearing calculations are exclusive of current year Revenue/Loss.
Performance (%)	1 to 31 August 2010	1 to 30 July 2010
Ordinary share price	-2.0	-0.3
NAV per Share (cum income)	3.4	-3.5
MSCI All Country World Index / Healthcare (sterling)	2.0	-3.7
Market Capitalisation Exposure (%)	31 August  2010	30 July 2010
Large (greater than US$ 5bn)	76.9	78.3
Medium (US$ 1bn to 5bn)	12.0	12.5
Small (less than US$ 1bn)	11.1	9.2
Sector Breakdown (%)	31 August  2010	30 July 2010
Life & Health Insurance	0.5	-
Healthcare Distributors	0.8	0.8
Healthcare Technology	0.8	0.9
Life Sciences Tools & Services	1.2	1.9
Biotechnology	2.0	1.9
Managed Healthcare	2.4	-
Healthcare Facilities	2.9	2.3
Healthcare Suppliers	3.0	2.4
Healthcare Services	3.4	4.2
Specialised REITs	6.7	5.8
Healthcare Equipment	7.0	7.7
Pharmaceuticals	69.5	65.7
Geographic Exposure (%)	31 August  2010	30 July 2010
Cash	4.1	6.8
China	1.0	1.0
Ireland	1.2	1.3
Brazil	1.2	1.7
Germany	1.8	2.6
Japan	2.1	2.0
Australia	2.2	2.0
France	7.6	7.8
United Kingdom	12.8	12.3
Switzerland	13.8	12.8
United States	52.2	51.8
Top Ten Holdings (%)	31 August  2010	30 July 2010
Pfizer	8.3	8.0
Bristol Myers Squibb	8.3	8.0
Novartis	8.2	7.6
GlaxoSmithKline	8.1	7.7
Sanofi Aventis	7.6	7.8
Eli Lilly	7.3	7.9
Merck & Co	6.4	6.4
Roche Holding	4.2	4.1
AstraZeneca	2.9	3.0
Abbot Labs	2.1	2.1
Total	63.4	62.5

Monthly fact sheets for the Company are available by email, post or fax on request from the company secretary and will be available from the Company's website in due course. 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 The most  recent net asset value was published on 28 September 2010 and was calculated as 98.66p per ordinary share (cum income and diluted if applicable)

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.

 

END

 

 

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