Interim Management Statement

RNS Number : 3148J

Polar Cap Gbl Healthcare Growth&IT

03 August 2012

 



Polar Capital Global Healthcare Growth and Income Trust plc (the "Company") Interim management statement for the period from 31 March 2012 to 30 June 2012 including information up to the date of publication of this statement. Issued on 2 August 2012

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 On 9 May 2011 the Board declared an interim dividend of 0.46p per ordinary share paid to shareholders on the register on 18 May 2011.  The ordinary shares traded ex-dividend from 16 May 2011and the dividend was paid on 31 May 2011. On 1 August 2012 the Board declared an interim dividend of 1.80p per ordinary share payable to shareholders on the register on 17 August 2012.  The shares will trade ex-dividend from 15 August 2012 and the dividend will be paid on 31 August 2012.  Latest NAVs The unaudited, undiluted NAV per share on 2 August 2012 was 122.7p.(cum income) and  the unaudited, diluted NAV per share (assuming the17,800,000 subscription share rights had been exercised at 100p) was 119.21p per share (cum income)

		As at 30 June 2012	As at 31 March 2012
Ordinary share price	(p)	113.25	117.25
Subscription share price	(p)	13.63	14.75
NAV (undiluted) per ordinary share	(p)	118.78	114.93
NAV (diluted) per ordinary share	(p)	115.89	112.63
Discount / (Premium) to undiluted NAV	(%)	4.66	2.02
Total Investments	(£m)	116.0	113.0
AIC Gross Gearing Ratio	(%)*	100.0	100.0
AIC Net Gearing Ratio	(%)*	100.0	100.0
*Gearing calculations are exclusive of current year Revenue/Loss.

Performance (%) (Net total return with income reinvested)	Over 1 month to 30 June 2012	Over the period 31 March 2012 to 30 June 2012
Ordinary share price	-	-3.0
NAV (undiluted) per Share (cum income)	5.3	3.8
MSCI All Country World Index / Healthcare (sterling)	4.3	3.0
Market Capitalisation Exposure (%)	30 June 2012	31 March 2012
Large (greater than US$ 5bn)	77.3	77.9
Medium (US$ 1bn to 5bn)	10.1	8.3
Small (less than US$ 1bn)	12.6	13.8
Sector Breakdown (%)	30 June 2012	31 March 2012
Pharmaceuticals	65.0	65.4
Healthcare Equipment	10.6	13.2
Biotechnology	6.3	3.0
Specialised REITs	6.2	6.8
Healthcare Services	3.2	2.6
Managed Healthcare	3.0	1.8
Healthcare Facilities	2.2	2.4
Healthcare Suppliers	1.6	1.5
Healthcare Distributors	1.3	1.3
Life Sciences Tools & Services	0.6	0.8
Life & Health Insurance	0.4	0.4
Multi-line Insurance	0.1	0.1
Cash	-	0.4
Healthcare Technology	-	0.3
Geographic Exposure (%)	30 June 2012	31 March 2012
United States	52.4	51.6
Switzerland	15.5	14.6
United Kingdom	15.2	15.1
Japan	6.9	6.9
France	4.1	2.7
Australia	2.0	2.0
Canada	1.6	1.7
Ireland	1.8	1.9
Hong Kong	0.4	-
Norway	0.3	-
China	0.2	0.8
Brazil	0.1	0.1
Israel	-	1.0
Germany	-	1.2
Cash		0.4
Top Ten Holdings (%)	30 June 2012	31 March 2012
Pfizer	8.5	8.5
Merck & Co	8.0	7.5
GlaxoSmithKline	7.7	7.7
Novartis	7.7	7.7
Roche Holding	6.2	6.3
Eli Lilly	4.7	4.5
Bristol Myers Squibb	4.1	3.9
Astellas Pharma	4.0	3.9
Sanofi	3.7	2.2
Abbott Labs	3.6	3.5
[Johnson & Johnson	3.0	2.9]

Monthly fact sheets 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. 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. 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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